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

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"No former or sitting member of the City's Council shall be eligible for appointment to the Board until they have ceased to serve on City's Council for a period of at least one (1) year." And: "Section 4.12 Board's Relationship with City. The Board on its own authority and in compliance with State law may make commitments to pp to a maximum value of $400.000.00 on i .- sfollows: to anw one„froect without ha vine tobta onrii or aNroval from the Paris CiteCounci as o ows expenditures of funds from the Corporation's undesignated fund balance as defined in Section 8.11 of these Bylaws , approvalfrom the Par -is Cit Geuneih,, and/or grants of any .other assets including but not limited to land other in kind assets, and/or. to the extent same may be allowable by, law, the extension of the Co i.poration's credit to_ an , ntit ,wor person. -hoover Notwithstanding the fore oin p, the Board shall have no authority to negotiate or authorize tax abatement agreements without formal review and approval of said agreement by the Paris City Council. "The Board shall not borrow funds nor incur any indebtedness without first seeking the approval of the City Council. "In accordance with State law, the City shall require that the Corporation be responsible for the proper discharge of its duties assigned in this section. All policies for program administration shall be submitted for City approval, and the Board shall determine its policies and direction within the limitations of the duties imposed by applicable laws, the Articles of Incorporation, these Bylaws, contracts entered into with the City, approved budget, and fiduciary responsibilities.” BUDGET: N/A RECOMMENDATION: Consider and possibly approve the amendments to the PEDC bylaws set forth above. Any amendment to these bylaws requires five affirmative votes to pass. In the event that Council amends the bylaws to increase the number of directors to 7, Council will need to appoint 2 new directors. I would recommend that the first appointment be Chase Coleman, whose original appointment to a two-year term was ineffective when Council failed to pass the original amendment. Council should consider whether the second director should be appointed to a two-year or a three-year term.