1999-02-10-PEDC - Laserfiche WebLink

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426 Mr. Vest stated that T.E.D.C. requested that the legislature give consideration to capital intensive industry incentives, research and development incentives, electric deregulation, and travel policy for state agents. He said that there is a program called InvesTexas that has asked the legislature to give some credit to companies spending large sums of money on capital investment in our state and on research and development. He said at the present time Texas does not help companies that research and develop products while most states give them significant incentives. He stated that this organization has asked for our support of this program by adopting a resolution, and he requested that this item be placed on next month's agenda. Mr. Vest reminded the boardmembers of the upcoming Lamar County Day in Austin to be held on February 24th and 25th and the importance to the East Texas Gulf Highway Program and Paris. President Rhodes stated the next item on the agenda was consideration of and action on a resolution approving a letter of commitment to Panda Energy International, Inc. He asked Mr. Vest to discuss this item. Mr. Vest stated that this is the incentive that was offered to Panda if they built a power plant in Paris. He said that the financing for Panda Energy International, Inc., is to close on Friday, so they have asked the Board to pay the incentive which will be accomplished through this resolution. City Attorney Scott Foster read the resolution. Resolution No. 99-001, approving the letter of commitment to Panda Energy International, Inc. PARIS ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 99-001 WHEREAS, the Paris Economic Development Corporation is a non-profit corporation governed by the Development Corporation Act of 1979 (the Act) and was established for the purposes of promoting, assisting, and enhancing economic development; and, WHEREAS, the means and measures authorized by the Act and the assistance provided therein with respect to Financing and providing grants are found to be in the public interest and serve a public purpose of the state in promoting the welfare of the citizens of the state economically by the securing and retaining of business enterprises and the resulting maintenance of a higher level of employment, economic activity, and stability; and, WHEREAS, in keeping with the purposes for which the legislature enacted the Development Corporation Act of 1979 and the purposes for which the voters of the City of Paris established the Paris Economic Development Corporation, it is deemed appropriate that the letter of commitment to Panda Energy International, Inc., dated March 27, 1998, be approved; NOW, THEREFORE, BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT CORPORATION, that the form of the letter of commitment to Panda Energy International, Inc., attached hereto as Exhibit A, be, and the same is hereby, approved.