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<br />Board Minutes for the <br />Paris Economic Development Corporation <br />March 8, 2006 <br />4:00 P.M. <br /> <br />Board Members <br />Present: Sims Norment <br />Dick Severson <br />Rodney Bass <br /> <br />Board Members <br />Absent: Mike Dunn <br />Glen Bawcum <br /> <br />Ex-officio Members <br />Present: Brady Fisher <br />Curtis Fendley <br /> <br />Jamie Fussell <br /> <br />Staff Present: <br />Gary Vest <br />Chad Madding <br />Phil Smith <br />Gene Anderson <br /> <br />Guest: <br /> <br />Sims Norment called the meeting to order at 4:02 p.m. <br /> <br />The minutes of the February, 2006 meeting were approved on a motion by Dick <br />Severson and a second by Rodney Bass. <br /> <br />The financial report was presented by Gene Anderson for the month ending <br />January 28, 2006. Gene stated that all is well and our collections are up from last <br />year. Gene answered questions about the audit finding. The PEDC was sited for <br />having too much money in one bank. Gene said that when the state sends our tax <br />collections they are deposited into one bank and it is there until Mr. Anderson <br />distributes to the other banks. The financial report was approved on a motion by <br />Dick Severson and a second by Rodney Bass. <br /> <br />Gary spoke about the C-Tech Inc. Project and the approval by PEDC of the <br />subordination document to financing provided by Stuart Ackerberg and Bremer <br />Bank N.A. of Minneapolis, Minnesota. Phil Smith talked about the reverter of <br />land if the C-Tech company fails. The PEDC will be 3rd in the subordination <br />under Bremer Bank and Stuart Ackerberg (Paris Holdings LLC). There were <br />requests to change the dates of the payback periods but Gary Vest changed them <br />back to the original dates. The Paris Holdings LLC is using Bremer Bank to help <br /> <br />.. - r <br />