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18 <br /> <br /> Vice President Dunn called for consideration of and possible dkection to staff <br /> regarding the following: <br /> <br />A. Development Covenants for the Paris Business Park. <br />B. Bylaws for the Paris Business Park Property Owners' Association. <br />C. Structure of the Paris Business Park Property Owners' Association. <br /> <br /> Mr. Vest said the Board had discussed the Covenants several months ago and at <br /> that time City Attorney Schenk had made several recommendations for changes <br /> to the Covenants. He said they made all the changes that the City Attorney <br /> Schenk had presented. The only thing that is still up in the air about these <br /> covenants is, do they want to have this just as a property owner's association, or <br /> do they want to incorporate and make it a nonprofit corporation. Mr. Vest. said <br /> there are pros and .cons either way and he was looking for directions from the <br /> Board. <br /> <br /> City Attorney Schenk said he was more familiar with the Homeowners' <br /> Association, which is very similar. He said most of those are incorporated as a <br /> nonprofit corporation, primarily, for the purpose of liability protection, and it is <br /> not all that expensive in that form. The draft bylaws are in a form that you can <br /> convert into a corporation. He said all that would be needed is a set of articles. <br /> City Attorney Schenk discussed corporations and associations and stated that he <br /> did not know much about the tax implications and whether to incorporate as a <br /> nonprofit or not. He said the nonprofit status as a corporate entity would support <br /> protection from liability. He said, whether that was an important factor or not, <br /> <br /> <br />