07/18/2023 Minutes - Laserfiche WebLink

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Manage And Expand the Community’s Land and Building Assets: In managing and expanding land and building assets, the PEDC has a Land Review Committee which consists of Chairman Bray, Mr. Fendley, and Mr. Homer. Ms. Hammond briefly thanked the board members participating in the committee for their time and efforts in serving on that committee. Ms. Hammond highlighted thatover the last year, the PEDC has finalized the acquisition of a 20-acre site completing the Southwest Industrial Park’s 200 acres. In addition, the PEDC recognized and negotiated a 123-acre site in South Paris for large, non-rail users. Ms. Hammond included commentary stating that the acquisition of this site was extremely important because the PEDC’s land with rail access should be preserved for rail users. Ms. Hammond continued by stating that the year previous, the PEDC began the process of making sure all of the PEDC properties had Phase I Environmental reports and that the sites were zoned appropriately. The PEDC will continue to perform all site due diligence on all PEDC-owned properties. Encourage Unified Vision for Paris, Lamar County, and the PEDC: Ms. Hammond noted that this was an exciting initiative where the PEDC partnered with the City and the Chamber. The brand was slowly released earlier this year in partnership with the Chamber, Visit Paris, and the City. She went on to express that there have been an overwhelming number of positive, unsolicited feedback that has been received thus far. She stated that she is really glad the PEDC embarked on the branding initiative and thanked the Steering Committee members, Dr. Hashmi, Mr. Roddy, and Mr. Terrell, for their time and for serving on the Marketing Committee. Ms. Hammond closed by conveying that the PEDC is continually working through updating materials with the new brand to include transparency with the public through a quarterly newsletter, weekly social posts, editorial to the Paris News, and regular communication with City Council Commissioners and PEDC partners. Explore Internal and External Funding Mechanisms: The PEDC has discussed exploring internal and external funding to supplement the PEDC quarter-cent sales tax revenue and stated that the PEDC is doing well in achieving this goal. Ms. Hammond briefly highlighted the refinancing of debt with the City for a lower-interest loan in the 2021 year. The PEDC has met with the City regarding infrastructure needs and those discussions led to the installation of water lines along the loop, serving approximately 300 acres of PEDC-owned land. Most recently the PEDC received a $1.3 million Economic Development Administration (EDA) grant from the US Department of Commerce for infrastructure improvements in the Northwest Industrial Park, awarded April 4, 2023. The grant is a 70/30 match with an estimated $550,000 representing the local match, partnering with th the City. Most of these funds will be used to improve 34 Street, benefiting the City as well as the PEDC Northwest Industrial Park. The City has agreed to install a loop of waterlines in the industrial park which the PEDC will be able to use as part of the in-kind contribution for the grant. Ms. Hammond provided a summary of 2022-2023. She recapped that the PEDC has had four attraction projects, directly supporting 260 new jobs with a total capital investment of $45 million. These projects have an estimated annual payroll of $14 million with an estimated total annual impact of $75 million. Since 2020 the PEDC has supported over 1000 jobs, 660 of those being new jobs to the community with a total capital investment of $319 million. These projects have an estimated annual payroll of $52 million and a total impact of $265 million. Ms. Hammond closed her report by thanking the board members for the time they dedicated to her, the PEDC, and the community. Chairman Bray opened the floor for questions and discussion.