Laserfiche WebLink
220 <br /> <br /> <br /> PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> <br /> RESOLUTION NO. 96-001 <br /> <br /> WHEREAS, the North East Texas Economic Development District includes areas <br /> which have been designated as Long Term Economically Distressed (LTED) by the Federal <br /> Economic Development Administration; and, <br /> <br /> WHEREAS, the North East Texas Econoimic Development District, because of <br /> such LTED designations, is eligible to apply for an Economic Development Administration <br /> Title IX Revolving Loan Fund Grant under the provisions of the Public Works and <br /> Economic Development Act of 1965, as amended; and, <br /> <br /> WHEREAS, the Revolving Loan Fund Grant in the amount of $500,000.00 would <br /> require a local match in the amount of $167,000.00; and, <br /> <br /> WHEREAS, these funds can only be used in these LTED designated areas for the <br /> purpose of providing financing for economic development incentives; and, <br /> <br /> · WHEREAS, the Paris Economic Development Corporation has interest in and is <br /> located within an LTED designated area; recognizes the advantages of having access to a <br /> Revolving Loan Fund Program; and desires that these funds are made available to the <br /> North -East Texas Economic Development District's LTED designated areas; and, <br /> <br /> WHEREAS, the North -East Texas Economic'Development District will serve as <br /> the applicant agency to receive and administer such funds; and, <br /> <br /> WHEREAS, the Paris Economic Development Corporation has funds which can <br /> be used, as needed, up to the amount of $167,000.00 for the purpose of satisfying the local <br /> match requirements; NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that the Economic Development Administration approves the North <br /> East Texas Economic Development Districts Revolving Loan Fund Grant Application; <br /> other LTED areas will be given the opportunity and encouraged to participate as needed <br /> in the local match responsibilities; and that tbe Paris Economic Development Corporation <br /> reserves the right to periodically review and evaluate any changes in program guidelines <br /> which might affect the Paris Economic Development Corporation's commitment, <br /> <br /> BE IT FURTHER RESOLVED, that the Paris Economic Development <br /> Corporation commits, as needed, up to $167,000.00 for local matching funds for the <br /> Revolving Loan Fund Program Grant. <br /> <br /> PASSED AND ADOPTED on this the 10th day of January, 1996. <br /> <br /> Philip R. Cecil, President <br /> ATTEST: <br /> <br /> Richard M. Amis, Secretary-Treasurer <br /> <br /> APRROVED AS TO FORM: <br /> <br /> T. K. Haynes, City Attorney <br /> <br /> <br />