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264 <br /> <br /> PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> RESOLUTION NO.. 96-010 <br /> <br /> WHEREAS, the Paris Economic Development Corporation is a non-profit corporation <br /> governed by the Development Corporation Act of 1979 and was established for the purpose of <br /> promoting, assisting and enhancing economic development; and, <br /> <br /> WHEREAS, the promotion and development of new business enterprises is deemed to <br /> benefit the public welfare as the same results in the maintenance of a higher level of <br /> employment, economic activity and stability; and, <br /> <br /> WHEREAS, the Paris Economic Development Corporation bas granted assistance to Bits <br /> International Company, dba Bitco, in the form of tile construction of three (3) buildings on 8.119 <br /> acres of property on Loop 286 N.W., the granting of a three (3) year lease agreement with an <br /> option to buy said property at PEDC's cost, the contribution of $62,500.00 to the Northeast <br /> Texas Economic Development District as PEDC's share of the total loan made to Bitco, and the <br /> guaranteeing or seventy-five percent (75%) of the master loan made to Bitco by participating <br /> banks; and, <br /> <br /> WHEREAS, in order to assure Bitco's success in maintaining the newly created jobs <br /> which are essential to the welfare and prosperity of the citizens of Paris, it is deemed appropriate <br /> that it be awarded an operating costs grant in the amount of $100,000.00, said grant being <br /> contingent upon approval of Bitco's loan guaranty application by the Small Business <br /> Administration; and, <br /> <br /> 'WHEREAS, in the interest of time, it further deemed appropriate that this resolution <br /> awarding such grant be executed in accordance with Section 5.06 of the Bylaws of the Paris <br /> Economic Development Corporation; NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that an operating costs grant in the amount of $100,000.00 be, and the same <br /> is hereby, awarded to Bits International Company, dba Bitco, said grant being contingent upon <br /> approval of Bitco's loan guaranty application by the Small Business Administration; and, <br /> <br /> BE IT FURTHER RESOLVED, that the Director of Finance of the City of Paris, W. <br /> E. Anderson, be, and be is hereby, authorized and directed to dispense said grant in the amount <br /> of $100,000.00 to Bitco forthwith; and, <br /> <br /> BE 1T FURTHER RESOLVED, that this resolution be executed in accordance with <br /> Section 5.06 of the Bylaws of the Paris Economic Development Corporation. <br /> <br /> PASSED AND ADOPTED this 16th day of August, 1996. <br /> <br /> Curtis Fendley, President <br /> <br /> Barney Bray, IIl, Vice-P4~esklgnt . <br /> <br /> Richard M. Amis, Secretary-Treasurer <br /> <br /> Leon Williams, Director <br /> <br /> <br />