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198 <br /> <br /> Corporation to the extent of $62,500.00 in the working capital <br /> portion of this loan. Boardmember Amis made a motion that we <br /> provide assistance to Prospect #08-101-95, which was seconded <br /> by Boardmember Curtis Fendley. <br /> <br /> Resolution No. 95-014,-providing assistance to Prospect <br /> #08-101-95 including the 20,000 square building, a three year <br /> lease/purchase at cost of land and building and $62,500.00 to <br /> the Northeast Texas Economic Development Corporation <br /> conditioned upon the bank group making their loan was presented. <br /> <br /> RESOLUTION NO. 95-016 <br /> <br /> WHEREAS, the Paris Economic Development Corporation, hereinafter called PEDC, <br /> has received a request for assistance from Prospect No. 08-101-95, Bits International Company <br /> dba Bitco, hereinafter called Bitco, and it is deemed appropriate that such assistance be <br /> provided; NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that the request for assistance from Bitco be, and the same is hereby, granted <br /> as follows: <br /> <br /> 1. PEDC shall construct and furnish to Bitco upon a building site furnished <br /> by PEDC and agreed to by Bitco a 20,000 square foot building containing <br /> side walls of at least 16 feet, in accordance with specifications agreed to <br /> by PEDC and Bitco, upon a lease purchase agreement at PEDC's cost for <br /> a term of approximately three (3) years, or as otherwise negotiated; and <br /> 2. PEDC shall contribute $62,500.00, as PEDC's twenty-five percent (25 %) <br /> share of the total loan by Northeast Texas Economic Development <br /> District, hereinafter called NETEDD, to Bitco, such PEDC contribution <br /> shall be secured by irrevocable letter of credit or Certificate of Deposit; <br /> <br /> all of which is conditioned upon the loan in the amount of $250,000.00 being made by <br /> NETEDD, and the master loan in the amount of approximately $350,000.00 being made by the <br /> local participating banks as a 7(a) Small Business Administration (SBA) Loan to Bitco. <br /> <br /> PASSED AND ADOPTED this 16th day of August, 1995. <br /> <br /> Philip R. Cecil, President <br /> <br /> ATTEST: <br /> <br /> Richard M. Amis, 'Secretary-Treasurer <br /> <br /> APPROVED AS TO FORM: , <br /> <br /> T. K. Haynes, City' Attorney <br /> <br /> <br />