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PEDC Board Meeting Minutes August 20, 2019 Page 2 of 2 cash account increased by $60,000.00 for the month. Ms. Bills made a motion to approve the July financials. Dr. Hashmi seconded the motion. Vote was 4 -ayes to 0 -nays. Discuss HB 3143 --Reauthorization of Pro pert a Redevelo ment and Tax Abatement Act. Mr. Paris said that the PEDC has been the point person for tax abatement connecting businesses with the City of Paris, Lamar County and Paris Junior College. New guidelines ask for a thirty day notice and a public hearing. Ms. Harris stated the Tax Abatement Authorization Act was to expire at the end of 2019. HB 3143 reauthorizes the act for another ten years. The entities are required to adopt guidelines for tax abatements every two years to participate in tax abatements. In the past this has been done by resolution or on the consent agenda. It will now require a public hearing at the meeting to adopt the guidelines. When a tax abatement will be considered, that meeting will need to be posted thirty days in advance. American S iralWeld Pi e U date: • Construction. Progress on construction is going well for American SpiralWeld. The pads are being created for the heavy concrete which will support the heavy machinery. Some of the machinery has come into the states and is being stored until installation. • Demolition of the Brownfield. The demo is complete. Payment is been processed for Nabors. An addendum was added because of second slab at Oliver. At Superior an old concrete vault was found underneath the slab. We are in the process of removing it. • Phase II Transfer of the Brownfield in October to ASWP. October the I" is the transfer date and it looks like everything is in order to keep the date. The general contractor would like to have this completed so they can move soil. • Phase III Wetlands Progress. We are moving forward with the Wetlands. There could be some modifications to them and more details will be at the September meeting. • Rail Development. Kiamichi Rail met with Pat Hook of American. J. Skinner and Huhtamaki want to use the rail as well. The timeline for the rail is looking good and more details will come in September. Discuss Future Ag nda Items. No future agenda items were discussed. Ad 'ourn Dr. Hashmi made a motion to adjourn. Mr. Pankaj seconded the motion. Vote was 4 -ayes to 0 -nays. The meeting was adjourned at 4:17 p.m. Respectfully submitted, Paula Brownfield Administrative Assistant Paris Economic Development Corporation