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PEDC Regular Meeting <br />June 16, 2004 <br />Page 4 <br />Mr. Vest presented before, during and after pictures of the progress on the work <br />done at the Industrial Park to date. He explained that because of some <br />difficulty in getting the grades right for the streets, the project has gone a little <br />slower than it should, but the concrete is supposed to be pouring next week. He <br />continued that while the concrete is being poured, they will be laying conduit <br />and PVC pipe for the electrical and telephone. <br />Hearne Street, which is the entrance into Rogers & Wade, he mentioned is one <br />of the big projects they have been working on for some time. He said the street <br />was cut and the fuel tank they found has been taken care of properly. <br />In the executive summary, Mr. Vest called their attention to the unemployment <br />rate at 5.9%, which is the lowest its been in quite some time. He indicated that <br />the tax revenue had stabilized and is moving in a positive direction. He said <br />they have had five (5) months of increase, and although it has been a great <br />increase, it is an upward trend which is an indication of the economy <br />strengthening. <br />Mr. Vest speculated that in 2005, the unemployment rate will continue to <br />decline and the sales tax will improve. He said the Industrial Park is moving <br />along well and they expect Phase I to be finished by the end of the summer. He <br />cited the cooperative effort with the City of Paris has facilitated this. He stated <br />that C-Tech was ready to start construction in the Industrial Park. He said the <br />building will be about 60,000 square feet, which will be the first building to go <br />up in the Industrial Park. <br />Mr. Vest forecasted that the PEDC will place much of their marketing and <br />advertising emphasis on the Industrial Park in the coming year. He mentioned <br />he would like for Phase I to fill up, then there will be a need to start Phase II in <br />2005. He also said the Hearne Street project will be finished by the end of the <br />summer. <br />He emphasized that transportation continued to be a big goal for PEDC. He <br />