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PEDC Board Meeting Minutes April 20, 2018 Page Ѝ of Ў Paris Junior College is offering free tuition to seniors. In the labor market there is a need for bookkeepers and accountants. TxDot did approve the $70,000,000.00 for the development of Highway 82 between Bonham and the Lamar County line. This would be a four-lane highway. TxDot has set aside money for the Loop 286 feasibility study. American SpiralWeld has had some changes since President Trump put tariffs on steel. They are evaluated how this affects their business. Mr. Clem of the Moore Law Firm is establishing a plat for the land. The City Council approved the vendor for the Texas Capital Fund, CDBG grant, for developing rail and we have moved forward with the application. Convene into Executive Session: a) Section 551.087; Deliberation of Economic Development Negotiations to deliberate Commercial and Financial Information and Economic Incentives relating to the following: Commercial real-estate development. 1) Acquisition of Land 2) American SpiralWeld Pipe 3) Project Sun Bird Chairman Manning convened the Board into Executive Session at 10:19 a.m. Reconvene into Open Session and possibly take action on item(s) discussed in Executive Session. Chairman Manning reconvened the Board into open session at 10:49 a.m. Mr. Paris stated that in December the City Council approved the PEDC incentives and the tax abatement for American SpiralWeld. We are revising two parts of this today. The PEDC offering of $500,000.00 in a forgivable loan and the City Council offering of a 10-year tax abatement. We are recommending revising the incentives by not adding any extra monies, but restructuring those incentives. Adding $2,000,000.00 to the forgivable loan making it $2,500,000.00. Changing from the 10-year tax abatement to a 7-year de-escalating tax abatement. The percentages of the abatement de- escalate until year seven. We are not adding monies. We are restructuring the incentive and acknowledging that we must go to City Council for final approval. Mr. Manning made a motion to restructure the incentive package for American SpiralWeld set forth by Mr. Paris with no change in the dollar amount and to take this to City Council for approval. Mr. Banks seconded the motion. Vote was 4-ayes to 0-nays. Discuss Future Agenda Items. No future agenda items were discussed.