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PEDC Board Meeting Minutes <br />April 20, 2018 <br />Page 4 of 5 <br />0 Paris Junior College is offering free tuition to seniors, <br />0 In the labor market there is a need for bookkeepers and accountants. <br />TxDot did approve the $70,000,000.00 for the development of Highway 82 between <br />Bonharn and the Larnar County line. This Would be a four -lane highway. TxDot has set <br />aside money for the 1.,00p 286 feasibility study. <br />American SpiralWeld has had some changes since President Trump put tariffs on steel. <br />They are evaluated how this affects their business. Mr, Clem of the Moore Law Firm is <br />establishing a plat for the land. The City Council approved the vendor for the Texas <br />Capital Fund, grant, for developing rail and we have moved forward with the <br />application. <br />Convene into Executive Session: <br />a) Section 551.087; Deliberation of Econornic Development Negotiations to deliberate <br />Commercial and Financial Information and Economic Incentives relating to the following: <br />Commercial real-estate development, <br />1) Acquisition of Land. <br />2) American SpiralWeld Pipe <br />3) Project Sun ffird <br />Chairman Manning convened the Board into Executive Session at 10:19 a.m. <br />Reconvene into Open Session and nossibly take action on items ) discussed in Executive Session. <br />Chairman Manning reconvened the Board into open session at 10:49 a.m. <br />Mr. Paris stated that in December the City Council approved the PEDC incentives and the tax <br />abatement for American SpiralWeld. We are revising two parts of this today. The PEDC. offering of <br />$500,000.00 in a forgivable loan and the City Council offering of a 10 -year tax abatement, We are <br />recommending revising the incentives by not adding any extra monies, but restructuring those <br />incentives. Adding $2,000,000.00 to the forgivable loan making it $2,500,000.00. Changing from the <br />10 -year tax abatement to a 7 -year de-escalating tax abatement. The percentages of the abatement de- <br />escalate until year seven. We are not adding monies. We are restructuring the incentive and <br />acknowledging that we must go to City Council for final approval. Mr. Manning made a motion to <br />restructure the incentive package for American Spiral Weld set forth by Mr. Paris with no change in the <br />dollar arnount and to take this to City Council for approval. Mr. Banks seconded the motion. Vote was <br />4 -ayes to 0 -nays, <br />Discuss Future Aunda Items. <br />No future agenda items were discussed. <br />