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60 <br /> <br /> <br /> said the Paris Economic Development Corporation would not, but <br /> businesses in the area would be able to access it. Mr. Cecil <br /> questioned whether the Paris Economic Development Corporation <br /> portion could only be used for projects located in Paris/Lamar <br /> County. Mr. Vest said that was correct. <br /> <br /> Chairman Cecil wanted to know if the Paris Economic Development <br /> Corporation had input into the terms of the North East Texas <br /> Economic Development District's loan document. Mr. Vest said <br /> yes, the North East Texas Economic Development District would <br /> use their loan documents, but the Paris Economic Development <br /> Corporation would provide the cash much like the E.D.A. <br /> provided cash to the North East Texas Economic Development <br /> District to make these loans. Mr. Vest said the Paris Economic <br /> Development Corporation is providing a grant to the Northeast <br /> Texas Economic Development District so they can make these <br /> loans. Mr. Cecil asked if they would honor reasonable requests <br /> the Paris Economic Development Corporation had related to the <br /> loan documents. Mr. Vest, said yes, the Board could put <br /> whatever terms desired. Mr. Vest said when the loan is made <br /> Northeast Texas Economic Development District will administer <br /> the loan. Mr. Vest said basically you are loaning money out of <br /> this pool to substandard loans that are not the risk nature <br /> that would be accepted by a bank. <br /> <br /> Chairman Cecil said based on the number of jobs that Mr. <br /> Meadows from the Northeast Texas Economic Development District <br /> says he will create in Paris that, is within the parameters <br /> established for grants. Chairman Cecil stated the Board's <br /> parameters were $2,000.00 per job on a grant basis. Chairman <br /> Cecil called for questions regarding this project. Board <br /> member Williams wanted to know if there was a time limit given <br /> for those jobs to be filled. Chairman Cecil stated he felt the <br /> Board would want to make some kind of requirements on the jobs <br /> in the parameters. He suggested that this is a project that <br /> the Paris Economic Development Corporation could do with <br /> provisions that Board approval would be subject to obtaining <br /> bank financing, the four principals of We Craft, Inc., <br /> personally guarantee this loan and that payroll records be <br /> provided on an annual basis for tracking the 29 jobs to be <br /> created by February, 1996, and be maintained throughout the <br /> seven year term of the loan. Board member Williams said he had <br /> originally had some problems with this item, but after this <br /> discussion and understanding on the long term basis felt it <br /> would be beneficial to the community. <br /> <br /> Board member Dick Amis made a motion, seconded by Board member <br /> Leon Williams, that the Board participate in this project as <br /> outlined with amendments to the effect that this be subject to <br /> the obtained bank financing as outlined, to the loan documents <br /> containing the employee plan continuing from the end of the <br /> plan through the remainder of the term of the loan with Board <br /> monitoring, and the four individuals involved personally <br /> guaranteeing the debt. The motion carried unanimously 3 ayes <br /> and 0 nays. <br /> <br /> Mr. Vest advised the board that the minutes of this meeting <br /> would be provided to the Northeast Texas Economic Development <br /> District so the stipulations will be included in the contract. <br /> <br /> Board members Barney Bray and Curtis Fendley returned to the <br /> meeting. <br /> <br /> <br />