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PEDC Board Meeting Minutes February 21, 2017 Page 2 of 4 building be constructed on the property within a certain amount of time. When this did not take place, the property was deeded back to us and we paid the property taxes owed on it. The PEDC will have the property taken off the tax rolls. Mr. Banks asked if we could recoup the amount we paid and Mr. Wilson said that was not possible. Mr. Banks asked about a charge for $182.78 from Capital One in the Miscellaneous category. Ms. Brownfield stated that part of it was for the annual renewal and the other was a late fee. Capital One does not give us much time to process the bill before it becomes late. The total cash and reserve balance at the end of January is $3,271,774.78. Mr. Wilson moved for approval of the January 2017 Financials. Mr. Banks seconded the motion. Vote was 5 -ayes and 0 -nays. Discuss possible participation in the Loop 286 study. Mr. Paris started the conversation pointing out that a Resolution that was done for Highway 271 and there are unfunded aspects of Highway 82 to look at. As the traffic from these highways increases there might be a need for a study for Loop 286. Back in 1972 the flow and speed of traffic on Loop 286 was not close to capacity, now it can be over capacity at certain times. Mr. Noel Paramanantham, Paris District Engineer for the TxDot, presented how a study of Loop 286 is needed to show traffic flow as Highway 271 becomes four -lane from Tyler to Paris. TxDot would like to start a study of short-term, mid -term and long -term projects on the Loop. They have a list of projects which are rated and moved up or down the list by project importance. We can leverage the project by using local funding towards the study. This shows Austin that Paris can leverage and move this project forward. Mr. Manning asked about the amount of miles that will need to be done. The North Loop is about five or six miles and the whole Loop is between ten and fifteen miles. Mr. Wilson asked about the percentage that other communities have used as leverage. Mr. Paramanantham said he has seen cities put up to 50% and others 5% to 10 %; typically TxDot sees 10% to 20% as match money. Mr. Paris said that part of the discussion at the meeting with TxDot was about access roads being added if more thoroughfare is built in the north section of the Loop. There is not enough room to add access roads on the North Loop. The South Loop would be better suited to adding access roads. Mr. Paramanantham is concerned that once all of Highway 271 is four -lane a bottleneck will occur when traffic reaches Loop 286. Mr. Wilson asked about a time frame on an estimate for the study and how soon TxDot would need a commitment from the PEDC. Mr. Paramanantham told the Board it could decide on a maximum dollar amount to contribute or a percentage of the total. Mr. Paris has talked to the industries in Paris and one of their big concerns are the roads in and around Paris. Mr. Brockman asked how soon our commitment was needed. Mr. Paris answered that he would like to confer with Mr. Paramanantham on costs and bring back the Board a range of the costs involved. Mr. Banks asked Ms. Harris if this had been researched as an appropriate use of funds and she answered that she had not researched it yet. Mr. Banks asked that Mr. Paris bring this to both the City of Paris and Lamar County since our roads benefit them, also. Another question was concerning the North Loop and if there were thoughts about making an outer loop to the north of where the North Loop is now. Mr. Hughes asked if this will be just the North Loop or the entire Loop; and it would include the entire Loop. Mr. Manning stated that the consensus was to take it forward. Discuss the status of Highway 24 completion with SURRMA Board Secretary, Holland Harper. Mr. Holland Harper is the Treasurer of SuRRMA, our Rural Mobility Authority. He was accompanied by the Chairman of SuRRMA, Dr. Delbert Horton. Mr. Harper told us the definition of a Mobility Authority is "a state sanctioned entity to help improve mobility in corridors between multiple entities ". Lamar County and the City of Paris both belong to SuRRMA, as well as, other counties and cities in the area. The last 10 miles of Highway 24 was expanded from two lanes to four lanes creating a better link from