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<br /> <br />this entity itself is a corporation, but ultimately all the lots are supposed to be <br />sold or used. He said it seems if it was an incorporated entity, it might have a <br />little more substance because what you want it to do is, you want it to. iucceed <br />as much as the Industrial Park because that is who will be responsible for <br />maintaining the common areas and streets. Mr. Vest said once all the lots are <br />sold, they will be out of the picture, and the covenants address that. When the <br />property is sold, the Corporation will be in full control. <br /> <br />Mr. Vest said he had talked to a person at Adams and they said their experience <br />was one hundred percent with associations. He also talked with Jim Shackerford <br />and his experience was with associations. Mr. Vest said he had checked some <br />of the neighboring cities and they have gone with associations. According to <br />Gary, Mr. Shackerford says when your organization is an association they can <br />always incorporate at any time, and this may be the easiest way to do it. <br /> <br />City Attorney Schenk said the only thing he was concerned about was that the <br />ownership of the property needs to be legally recognized in the corporate <br />association. . <br /> <br />Mr. Vest said there is one thing which is a loose end and that is the fact that <br />PEDC does not own this property. This property belongs to the Paris Industrial <br />Foundation. The PEDC needs to get with the Paris Industrial Foundation, and <br />the intent all along was that they would ·eventually transfer the.property to the <br />PEDC, but right now they do not own the property. Mr. Vest said before they <br />put out any bids on construction, which should be in two weeks, they are going <br />to have a meeting with the Paris Industrial Foundation and take that action. City <br />Attorney .Schenk said that if you don't own the property, then you cannot place <br />covenants on the property. <br /> <br />It was the consensus of the Board to call that group together and get this matter <br />settled. <br /> <br />Director Norment stated that he· is .not advocating that they do not need an <br />association or a corporation, but what is going to be the primary purpose of <br />either one of these entities that can't be handled with deed restrictions and <br /> <br /> <br />