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PEDC Executive Director's Update <br />June 2011 <br />• Budget Highlights: <br />I. $1.19M estimated revenue far current FY, against $1.OM budget. <br />2. $427K estimated fund balance carryover frorn FY 20I0-11 to FY 2011-12. <br />3. $1.OM conservative revenue projections from 1/4 cent sates tax for FY 201 ]-12. <br />4. S2.8M in current cash including bond reserves and CDs. <br />5. Shannon B. position upgrade. <br />6. Shannon to fuli-time. <br />7. Staff training and professional development, assaciation memberships, etc. <br />8. Year 3 of Chamber lease agreement $60,000. <br />4. Retain Rachel Schory and Rickey Hayes. <br />10. Budget for all incentives payable from fund balance/carryover/cash reserves. <br />11. New and existing industry funds available (Sustainable Manufacturing Initiative <br />Recoxnmendations, Texas A&M, Diversity and Youth Summit, etc.) <br />12. Equipment (LCD prajector, laptop, software, iPad) and telephone upgrades as needed. <br />13, R3b1 staff and operationa] financial support, also aption to extend SBDC support. <br />• Fy 2011-12 Pian of Work update in progress, to align with 7 Criticallssues and Strategic P3an <br />Priorities and Regionnovate's recommendations. Key elements: <br />1. Business Attraction and Marketing. <br />2. Business Reteniion and Expansion. <br />3. R3bi and Entrepreneurial Supports. <br />4, Maantain and Market "Site Ready" Industrial Parks (NQrthwest and Airport). <br />5. PEDC Reporting and Accountability. <br />b. Develop and Promate a Positive, Pro-Business Climate for Paris and Lamar County by Providing <br />Leadership and Strategic Vision. <br />A. Legislative Agenda. <br />B. City of Paris Utilities and "Development Services." <br />C. Downtown and Historic District. <br />D. Workforce, Talent Attraction and Diversity. <br />• Diversity Update Repart Attached. City Council approved share of funding. Timeline pending. <br />• Two site visits with Rickey Hayes last week as follow-up to RECON Trade Show. <br />• Successful lncubator Grand Opening. Working on draft MOU with PJC. <br />• Regioruiovaie Update Attached. Kick-off ineetings June 22nd-24th. 4:00-5:30 pm, June 22nd. <br />• WF Solutions NE TX Regional Workforce Study with TIP Strategies underway. <br />• Highway 24 Project Opporiunities under development with TXDOT, SRRMA, I-30 Coaiition and <br />ather stakehalders. <br />1 <br />46 <br />