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Lamar County — Paris Economic Development Plan <br />Virtually every business enterprise must routinely expend funds, that is, reinvest in itself, to <br />modernize its operation and remain competitive. Manufacturers must purchase new equipment; <br />software companies more powerful computers; and airlines better planes. A community is no <br />different. Paris, more than ever, must invest in its future, or the future is in doubt. The funds <br />generated by the tax will be legally restricted to be used to implement an economic development <br />program. <br />Specifically, the money would be used to fund: <br />• The purchase and development of the industrial park <br />• Training programs for primary employers <br />• Other incentives, such as a property tax rebate program instead of an abatement program, <br />low interest loan pool, cash grants <br />• The business start-up program and incubator <br />• The general operations of the economic development organization including the <br />marketing program <br />• Specific academic programs at the community college which are designed to enhance the <br />local economy <br />• Speculative buildings <br />By providing an adequate flow of money through this investment, the community will have a <br />very good chance of being successful in expanding Paris' economy and improving the standard <br />of living for all who live and work in the area. <br />The Task: A long term source of funding should be maintained. <br />Conclusion <br />Paris has the opportunity to direct its economic future. Unlike most rural communities which <br />have suffered significant economic decline over the last 30 years, it still has the financial <br />resources to initiate programs which alter its present downward trend and cause the economy to <br />grow both in size and quality. <br />This will improve the standard of living for all Paris residents as well as provide the financial <br />resources necessary to afford many of the "quality of life" amenities desired by the people. <br />However, improving the economy will not come about by accident. It will take a commitment <br />by the entire community to implement an aggressive economic development program. <br />Paris Economic Development Corporation Page 35 <br />