2007-095-RES-Accepting and approving the Paris Economic Development Corporation Budget for the Fiscal year October 1, 2007; to September 30, 2008

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Lamar County — Paris Economic Development Plan • Seek out an organization which can provide the services and counseling necessary to assist the potential companies. Preferably, this service can be provided by PJC. However, a private company might have to be employed. • The Paris Junior College should discover means to step into the shoes of a typical university regarding this program. This includes having facilities available along with academic resources. The current curriculum is not as comprehensive as a four year university with research activity, but the community college is the only higher education program available. Therefore, it needs to find ways to assist the start -up companies as much as possible. • After the preceding steps have been completed, the Paris Economic Development Corporation should create an outreach program, informing not only Paris, but all surrounding counties that the program is available. Additional staff will be needed to implement this program. The Task: Within one year, a plan will be developed to create an economic development Start- Up Program which shall include identifying a funding source for the ownership of an incubator facility and the management costs of the program. The Task: Within two years the economic development organization will employ an individual who will coordinate the acquisition of the incubator and implement the Start-Up Program. This individual will also coordinate the Existing Industry Program. The Task: Within two years, sources of venture or start -up capital should be identified. The Task: Within Three years, the Start -Up Program will be fully operational including having a building, a relationship with a group to counsel the businesses, a relationship with the community college, and a multi- county out -reach program. Economic Development Organization Presently, the economic development program is being implemented by the Paris Economic Development Corporation. It has contracted with the Lamar County Chamber of Commerce to conduct the day -to -day operations. The Executive Director of the PEDC conducts most of the economic development activity. However, his ability to succeed is limited as one person simply cannot do it all. The economic development program is under budgeted at the present time. In order to have a comprehensive program, (Existing, Recruitment, and Start -Up) the issues identified in this Plan will have to be addressed and implemented. As a result, the current staffing and funding for the organization will have to be increased. Additionally, the Business Incentives Program needs to be expanded and many of the geographic — economic weaknesses need to be addressed. Paris Economic Development Corporation Page 14