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<br />President Guest called for consideration of and action on a resolution approving <br />and adopting Development Covenants for the Paris Business Park. <br /> <br />Mr. Vest explained that these covenants would govern the Industrial Park. City <br />Attorney Schenk has looked at them and has prepared a twelve page summary <br />of his suggested changes. Mr. Vest said these covenants call for a property <br />owners association. <br /> <br />Mr. Vest said that the City Attorney is leaning more towards a corporation entity <br />that would govern the Park. City Attorney Schenk said that the only reason that <br />he did that was under Article 1, Definition, it states that "the Association will <br />mean or refer to Paris Business Partners Property Owners Association, Inc.". <br />That is the reason he made reference to those issues of an incorporation entity. <br />Mr. Vest said he did not think it would make a whole lot of difference either <br />way they go. Mr. Vest said he has visited with the architect who has done this <br />for dozens of developments, and his recommendation is for an association. Mr. <br />Vest said it was the architect's recommendation to keep it as simple as possible. <br />He said that the second thing they should keep in mind is for the association or <br />the corporation to accomplish what they wanted to do. Mr. Vest felt they should <br />look through this covenant and decide what they wanted to do, but for his <br />money, all common areas are properly maintained and the development <br />standards are adhered to, and to remove PEDC as the perpetual caretaker once <br />a percentage of the park is sold. PEDC has a very minimum role in this <br />association and it will not be eliminated but it will have a lesser role. <br /> <br />Director Fendley wanted to know if there was an association, if he was a <br />member of that group and had a business in the park, would he assume some <br />liability as an individual, more so than he would if it was an incorporated entity? <br />City Attorney Schenk said he thought that was true, by law, they will assess <br />liability to someone or some entity. City Attorney Schenk said he was not <br />making a recommendation either way and a number of his comments do not <br /> <br /> <br />