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Lamar County - Paris Economic Development Plan
<br />• Copies of the Economic Development Plan and all support studies should be made
<br />available to the general public.
<br />• Community forums regarding the economy and the status of Plan implementation should
<br />be held on a regular basis.
<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 />The Task: On an annual basis, the community will be invited to participate in a gathering to
<br />discuss the status Plan implementation.
<br />Funding the Plan:
<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 />In order for Paris to be successful, funding needs to be provided to finance the various elements
<br />of the Plan.
<br />The following chart provides a general pro forma budget for implementing all of the previously
<br />described programs.
<br />Not shown is the income side of the 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 />Recommendations:
<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 />Paris Economic Development Corporation Page 34
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Year 6
<br />Year 7
<br />Year 8
<br />Economic Development Cora.
<br />Operations & Staff
<br />324,500
<br />356,950
<br />392,645
<br />431,910
<br />475,100
<br />522,610
<br />574,872
<br />Additional Marketing
<br />85,000
<br />95,000
<br />105,000
<br />115,000
<br />125,000
<br />135,000
<br />145,000
<br />Industrial Park
<br />Land Purchase
<br />2,500,000
<br />Infrastructure
<br />Development
<br />2,000,000
<br />1,000,000
<br />500,000
<br />Maintenance
<br />50,000
<br />55,000
<br />60,000
<br />65,000
<br />70,000
<br />75,000
<br />80,000
<br />Incubato r
<br />Purchase & Rehab
<br />Incubator
<br />750,000
<br />Incubator Maintenance
<br />30,000
<br />32,500
<br />35,000
<br />37,500
<br />40,000
<br />42,500
<br />45,000
<br />Consulting Company
<br />25,000
<br />27,500
<br />30,000
<br />32,500
<br />35,000
<br />37,500
<br />40,000
<br />Speculative Building
<br />1,000,000
<br />1,000,000
<br />Incentive Program
<br />Training
<br />70,000
<br />80,000
<br />125,000
<br />150,000
<br />175,000
<br />200,000
<br />225,000
<br />Grants
<br />70,000
<br />80,000
<br />125,000
<br />150,000
<br />175,000
<br />200,000
<br />225,000
<br />Loans
<br />50.000
<br />50.000
<br />50.000
<br />50,000
<br />50,004
<br />50,000
<br />50,000
<br />Total
<br />3,954,500
<br />2,776,950
<br />1,922,645
<br />2,031,910
<br />1,645,100
<br />2,262,610
<br />1,384,872
<br />Not shown is the income side of the 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 />Recommendations:
<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 />Paris Economic Development Corporation Page 34
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