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208 <br /> <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that the request for assistance from Bitco be, and the same is <br /> hereby, granted as follows: <br /> <br /> 1. PEDC shall construct and furnish to Bitco, upon a building <br /> site furnished by PEDC and agreed to by Bitco, a 20,000 <br /> square foot building containing side walls of at least 24 <br /> feet, an administration building and a heat treatment <br /> building, in accordance with specifications agreed to by <br /> PEDC and Bitco, upon a lease .with purchase option <br /> agreement at PEDC's cost for a term of approximately <br /> three (3) years; and, <br /> <br /> 2. PEDC shall contribute $62,500.00, as PEDC's twenty-five <br /> percent (25%) share of the total loan by Northeast Texas <br /> Economic Development District to Bitco, such PEDC <br /> contribution shall be secured by irrevocable letter of credit <br /> or Certificate of Deposit; and, <br /> <br /> 3. PEDC shall guarantee seventy-five percent (75%) of the <br /> master loan being made by participating local banks to <br /> Bitco in the amount of approximately $360,000.00 in the <br /> event that the Small Business. Administration does not <br /> become the guarantor of local banks' 7(a) Small Business <br /> Administration (SBA) Loan on or before the 20th day of <br /> November, 1995." <br /> <br /> PASSED AND ADOPTED this 13th day of November, 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 /> The motion carried unanimously and the resolution was adopted. <br /> <br /> President Cecil staged that Agenda Item No. 2-C will not be <br /> acted upon at this time. City Attorney advised at the time <br /> action is needed on this resolution it can be passed around. <br /> <br /> <br />