07-Minutes from various boards, commissions, and committees

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PEDC Board Meeting Minutes Jane 14, 2011 Discussion and possible action regarding unsecured line of credit at Capital One Bank. Steve reported that Erik Roddy of Capifial One Bank had approached him on a pre-approved $900,000 line of credit at a rate af .270 below prime. Steve stated that a line af credit would be a mechanism (tool) that PEDC could use for short term finazxcing to build infrastxucture, rail spur and/or a"build to suit" structure for a new company locating in Paris. Steve had asked for input from the City Attorney and. Interim City Manager on this subject, but had yet to hear fram anyone. Discussion took place as to whether the other banking institutions might be interested in particigating in this type of lending and whethex the $900,000 would be enough far a given praject. It was agreed that staff would contact the other lending institutions on a line of credit and report the results back to the Board at a fizture meeting. Diseussion and possible action regarding Budget for Fiscal Year 2011-12. Discussion toak place regarding PEDC's role in funding the Incubator, the need of an SBDC Counselor to serve Paris and Lamar County, how PJC could aff -set the $25,000 budgeted for the grant match by paying rent foz SBDC Counselor office space, rental of facility for training, etc. It was agreed that the current Administrative Assistant would remain part-time, the amaunt for funding the Incubatoz would decrease fram $95,500 to $70,500 plus the $25,000 for the grant match for an SBDC Couuselor, promote Shannon Barrentine to Assistant Executive Director, and that the bottom line for fixed costs be inereased no rnore than 3% over last year's budgeted amaunt (see attached). Motion was made by Dan Smith to approve the proposed Budget for Fiscal Year 2011-12 with amendments as listed; seconded by Doug Wehrman. Motion Carried 5-0. The Board convened into executive session at 5:08 p.m. pursuant to Section 551.072 and Section 551.087 of fhe "I'exas Government Code to discuss and deliberate an the following: A. Seefiion 551.072 - Reai 1'roperty B. Section 551.0$7 - Ecanonnic Development Negatiatzons Exeeufiive sessian ended at 6:20 p.m. The Board reconvened into open session. There was no action taken as a result of executive sessian. Dan Snnith znade a motion to adjourn at 6:20 p.m.; seconded by Rick Poston. Motion Carried 5-0. Respectfully subznitted, Shannon Barrentine, Economic Develapment Specialist PEDC 2 " 45