15 & 16 - Proposed Amendments to the PEDC Bylaws and possible appointment of two members to the PEDC Board

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Item Nos. 15 & 16 TO: Mayor & City Council Grayson Path, City Manager FROM: Stephanie Harris, City Attorney SUBJECT: PROPOSED AMENDMENTS TO PEDC BYLAWS AND POSSIBLE APPOINTMENT OF TWO MEMBERS TO THE PEDC BOARD OF DIRECTORS DATE: August 6, 2020 BACKGROUND: Briefly, Council, at its last meeting on July 27th, failed to pass an amendment to increase the board of directors of the PEDC from 5 directors to 7, with one seat to be filled by a sitting Council member nominated by the PEDC Board subject to the approval of Council. The amendment having failed, the bylaws currently provide that the board of directors comprises 5 directors. Council Member Pilgrim has asked that an item be placed on the agenda to consider an amendment to increase the number of directors from 5 to 7. Mayor Clifford has asked that an item be placed on the agenda extending the requirement that the board seek and obtain Council approval for expenditures of over $400,000.00 from the corporation's undesignated fund balance to also include an offer of anything over the value of $400,000.00 including but not limited to land, other in kind assets, and, if the same is allowed by law, the extension of the corporation's credit to any entity or person. STATUS OF ISSUE: The proposed amendments are as follows: " Section 4.02 Number and Qualifications. The authorized number of Directors of this Board shall be five (5) seven 7m. "The City shall appoint the Directors of the Corporation. Each Director shall be a bona fide resident and shall reside within Lamar County, Texas. These five seven Directors shall constitute the Governing Body of the Paris Economic Development Corporation. "The City shall consider an individual's experience, accomplishments, and educational background in appointing members to the Board.