2020-025 - Amending the Bylaw of the Paris Economic Development Corporation

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3. The Board shall review and update its overall economic development plan by June 30 of each year to ensure that said plan is up to date with the current economic climate and is capable of meeting Paris' current economic development needs. 4. The Board shall develop an annual plan of work outlining the activities, tasks, projects, and programs to be undertaken by the Board during the upcoming fiscal year. The annual plan of work shall be submitted with the annual budget as outlined in Section 8.03 of these Bylaws. 5. The Board shall expend, in accordance with State law, the tax funds received by it on direct economic development where such expenditures will have a direct benefit to the citizens of Paris, Lamar County, Texas. As used in this section, "direct economic development" shall mean the expenditure of such tax funds for programs that directly accomplish or aid in the accomplishment of creating identifiable new jobs or retaining identifiable existing jobs, including job training or planning and research activities necessary to promote said new job creation. The Corporation be shall direct its focus primarily in the areas of. a. Business retention and expansion b. Formation of new business C. Business attraction 6. The Board shall develop qualification parameters for the evaluation of economic development projects prior to accepting funding requests. These parameters for evaluating funding requests may be amended from time to time: 7. The Corporation shall make an annual report to the City Council on or before February 1" of each year. 8. The Board Chairman may designate one or more committees of Directors, each consisting of two or more Directors. The committees may be formed to study certain projects or proposals before the Board and to report their findings and/or recommendations back to the entire Board as directed by the Board Chairman. Section 4.04 Implied Duties. The Board is authorized to do that which the Board deems desirable to accomplish any of the purposes or duties set out or alluded to in Section 4.03 of these Bylaws and in accordance with State law. Section 4.05 Tenure. The term of office for each Director shall be three (3) years and shall be limited to two (2) consecutive full terms. The number of Directors shall be seven (7). The City shall appoint the Directors at the second City Council meeting in June of each year with all terms beginning on July 1 and ending on June 30 of each year. The City Council may appoint new members to the Board to a shorter term (less than 3 years) as necessary to ensure staggered terms on the Board. BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 6-22-2020