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PEDC Board Meeting Minutes <br />Monday, November 22, 2021 <br />Page 3 of 3 <br />Discuss and Consider Action on Loan with the City of Paris to Refinance Debt <br />Mr. Homer made the motion to approve borrowing $2.5M from the City of Paris for a 10 -year period, with an <br />interest rate beginning at 2.14% and authorized Mr. Bray, the PEDC Chairman to execute the note. Mr. Coleman <br />seconded the motion <br />Vote: 5 -ayes to 0 -nays. <br />Land Acquisition <br />Mr. Roddy made the motion to approve the closing of the land transaction discussed during the executive <br />session under the terms of the purchase and sale agreements and authorize Mr. Bray, the PEDC Chairman and <br />Mr. Coleman, PEDC Vice -Chairman the authority to execute any and all documents in order to close said land <br />transaction. Mr. Terrell seconded the motion <br />Vote: 5 -ayes to 0 -nays. <br />Discuss Future Agenda Items <br />No future agenda items were brought forward to discuss. <br />Adiourn <br />Mr. Coleman made a motion to adjourn the meeting. Mr. Roddy seconded the motion. <br />Vote was 5 -ayes to 0 -nays <br />Mr. Bray adjourned the meeting at 6:46 p.m. <br />Respectfully submitted, <br />Stephen Kelly <br />Executive Assistant <br />Paris Economic Development Corporation <br />