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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I S Paris Economic Development Corporation Paris Economic Development Budget Overview Prepared for the City of Paris, Texas By Pete Kampfer, PEDC In the 1980's the Texas State Agency for Economic Development operated with a budget of $1.5 million annually. Today the economic development corporations in Texas, supported by the sales tax, spend more than $300 million a year on economic development. The economic development function is no longer driven solely by the smoke stack chaser with an incentive package in hand. The cookie cutter presentation is no longer good enough; each development opportunity must be considered on an individual basis considering what is right for the industry and what is right for the community. To compete in today's industrial revolution we must be constantly innovative to address new productivity potential in a global economy. Paris has a great history of pro- active leadership in economic development going back to working with railroads, the utility companies and now the economic development corporation. Paris and Lamar County have the potential to have a steady economic growth over the next decade (1.5% /year) if we maintain an open mind, are prepared with necessary infrastructure (water, sewer, streets and highways, electricity, and broad band communications), provide necessary dollars and a pro- active leadership. Nationwide we are facing a shrinking pool of labor while Texas and Paris have an available labor force that can be a location advantage and a potential for growth. The key to utilizing this advantage will be in education. Can we train this potential workforce to meet the jobs of tomorrow? Business should have a major interest in education, primarily because of what business and industry are spending to prepare the workforce. The Paris Economic Development Corporation (PEDC) will continue to be the focal point for the development of Paris but we must continually work to be innovative in what we do. The PEDC Strategic Plan develops specific actions and programs that take advantage of Paris' strengths and mitigate weaknesses in order to accomplish the Council's charge. It focuses the activities of the PEDC by concentrating on those programs that have the best chance of succeeding. The Strategic Plan involves the process of