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<br />Lamar County - Paris Economic Development Plan
<br />
<br />· Copies of the Economic Development Plan and all support studies should be made
<br />available to the general public.
<br />
<br />· Community forums regarding the economy and the status of Plan implementation should
<br />be held on a regular basis.
<br />
<br />The Task: Within three months of the adoption of the Plan, the community will be provided
<br />with a series of presentations regarding the need for and the content of the Plan.
<br />
<br />The Task: On an annual basis, the community will be invited to participate in a gathering to
<br />discuss the status Plan implementation.
<br />
<br />Funding the Plan:
<br />
<br />It is a characteristic of the strongest economies in the United States to have active, well financed,
<br />and professionally managed economic development programs.
<br />
<br />In order for Paris to be successful, funding needs to be provided to finance the various elements
<br />of the Plan.
<br />
<br />The following chart provides a general pro forma budget for implementing all of the previously
<br />described programs.
<br />
<br /> Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
<br />Economic DeveloDment Corn.
<br />Operations & Staff 324,500 356,950 392,645 431,910 475,100 522,610 574,872
<br />Additional Marketing 85,000 95,000 105,000 115,000 125,000 135,000 145,000
<br />Industrial Park
<br />Land Purchase 2,500,000
<br />Infrastructure
<br />Development 2,000,000 1,000,000 500,000
<br />Maintenance 50,000 55,000 60,000 65,000 70,000 75,000 80,000
<br />~
<br />Purchase & Rehab
<br />Incubator 750,000
<br />Incubator Maintenance 30,000 32,500 35,000 37,500 40,000 42,500 45,000
<br />Consulting Company 25,000 27,500 30,000 32,500 35,000 37,500 40,000
<br />Speculative Buildin9 1,000,000 1,000,000
<br />Incentive Program
<br />
<br />Training 70,000 80,000 125,000 150,000 175,000 200,000 225,000
<br />Grants 70,000 80,000 125,000 150,000 175,000 200,000 225,000
<br />~ ~~~~~~~
<br />Total 3,954,500 2,776,950 1,922,645 2,031,910 1,645,100 2,262,610 1,384,872
<br />Not shown is the income side ofthe program. The land at the industrial park will not necessarily
<br />be given away; most of it will be sold, albeit at a low price. Additionally, there will be rent paid
<br />on both the incubator and the speculative buildings.
<br />
<br />Recommendations:
<br />
<br />While there is always resistance by the public to increase taxes to pay for the general operations
<br />of government, the money generated from this tax will be a direct investment by the people to
<br />preserve and enhance their local economy. The return on their investment will be multifold.
<br />
<br />Paris Economic Development Corporation
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