07B PARIS ECONOMIC DEVELOPMENT CORPORATION

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Paris Economic Development Corporation Board Meeting Minutes January 23, 2008 Board Members Staff Present: Pete Kampfer Present: John Wright Rachel Schory Chad Brown Ex Officio Members Glen Bawcum Present: Jesse Freelen Dan Smith Renee Harvey Dick Severson Kent McIlyar Kay 0'Dell Guest: Tony Williams Dan Smith called the meeting to order at 4:02 p.m. Minutes from the two previous meetings, December 17 and December 28, 2007, were reviewed. Both sets of minutes were approved unanimously on a motion by Dick Severson seconded by Glen Bawcum. The 2007 audit and summary of reportable conditions were reviewed and discussed. The reportable conditions summary noted a balance exceeding $100,000 in the Liberty Bank account. This was recognized as a variation from normal internal controls, but the board did not recommend making any changes to this account. A question was raised about the Special Services item on the audit report. This amount was used to purchase an FM radio tower. The purchase had been mentioned to the board and the money was accessed on approval by the director upon City of Paris request. Also noted was the fact that PEDC did not present a Management Discussion of Audit items to be included in the Audit report. Mr. Dan Smith recommended that this report be included in next year's audit. Finally, there was discussion about holding periodic budget reviews so that any variances in budget and expenditures can be identified in a timely manner rather than waiting until the audit report is received. Budget reviews are not required by law to be conducted. All financial items, including the 2007 audit, summary of reportable conditions, and December 2007 financial report, were unanimously approved on a motion by John Wright seconded by Dick Severson. Mr. Pete Kampfer presented the Executive Directors report. Mr. Kampfer provided the board members with a list of trade shows he will attend this year. He also presented two pieces of marketing being used to draw attention to Paris and the EDC website; the items are a post card and CD with all the major marketing/recruitment pieces used by PEDC. Mr. Kampfer's one-year employment anniversary is approaching on February 12, 2008. In conjunction with this, an evaluation is planned as per the recommendation of two board members who were involved in hiring Mr. Kampfer. The final item mentioned for the director's report was the certified retirement community application, The application is currently being completed and Mr. Kampfer plans to ask the board to approve payment of the $8500 application fee at a later date. The Board convened into executive session at 4:28 p.m. pursuant to Section 551.087 of the Texas Government Code to discuss and deliberate an offer of a financial or other incentive to a business prospect to locate, stay, or expand in Paris and consider any commercial and financial information related to the business prospect. The Executive Session was closed at 6:36 p.m. . . _ _ , _