2003-102-RES APPROVE INCENTIVE AGREEMENT BETWEEN PEDC AND C-TECH

Home Browse Search

INCENTIVE AGREEMENT STATE OF TEXAS ) ) ) KNOW ALL MEN BY THESE PRESENTS: COUNTY OF LAMAR THAT, the PARIS ECONOMIC DEVELOPMENT CORPORATION, acting by and through its President, Don Wall, duly authorized (hereinafter called "PEDC"), and C-TECH, INC., a Minnesota corporation acting by and through its duly authorized President, Michael Meshbesher (hereinafter called the "Company"), do hereby contract and agree as follows (the " Agreement"): WIT N E SSE T H: WHEREAS, PEDC, an Economic Development Corporation organized under the Texas Development Corporation Act of 1979, Article 5190.6 of Vernon's Texas Civil Statutes, exists for the purpose of encouraging and assisting qualified service and manufacturing entities in the creation of jobs in the Paris, Texas, area; and, WHEREAS, the Company plans to create and operate a new computer services business in Paris, Texas (hereinafter referred to as the "Business") and has represented to PEDC that the Company intends to ultimately employ the number of new employees to work in Paris, Texas, specified in Section B2 below, and to invest its own funds in a new building and in furniture, equipment and fixtures at the Paris location; and, WHEREAS, the Company has requested that PEDC provide (i) an incentive loan of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000.00) to the Company to be funded in two (2) advances to provide to the Company the economic assistance that it needs to open its new business in Paris, Texas and to create the new jobs; and (ii) a lot for the location of the Company's Business in a new industrial site situated in Paris, Texas; and WHEREAS, the new jobs and the investment by the Company in Paris, Texas, will encourage economic development in the community, and PEDC is willing to make the incentive loan and to conditionally convey the lot to the Company pursuant to the terms of this Agreement for such reasons; and EXHIBIT A 1