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Paris Economic Development Corporation <br />Special Called Meeting Minutes <br />September 28, 2011 <br />Board Members <br />Staff <br />Steve Gilbert <br />Present: Pike Burkhart, Sr. <br />Present: <br />Shannon Barrentine <br />Bruce Carr <br />Shawn Napier, City Engineer <br />Kenny Dority <br />Doug Wehrman (via telephone) <br />Ex-officio Members <br />Guest(s) <br />Present: Mindy Moree <br />Present: <br />Kregg Slakey, Bodyguard Bumpers <br />Dr. Pam Anglin <br />Kelli & Grant Mallicote, <br />Mayor Hashmi <br />Bodyguard Bumpers <br />Fred Green, R3bi Director <br />Greg Wilson, eParisTexas.com <br />Legal <br />City Council <br />Counsel: Kent McIlyar <br />Liaison(s): <br />Edwin Pickle <br />Pike Burkhart, called the meeting to order <br />at 4:04 p.m. <br />The Board convened into executive session at 4:07 p.m. pursuant to Section 551.072 and Section <br />551.087 ofthe Texas Government Code to discuss and deliberate on the following: <br />A. Section 551.072 - Real Property <br />B. Section 551.087 - Economic Development Negotiations <br />Executive session ended at 5:10 p.m. The Board reconvened into open session. As a result of <br />executive session discussion, the Board took the following action: <br />Kenny Dority made the motion to provide BodyGuard Bumpers an incentive to locate their <br />business in the PEDC's Northwest Industrial Park in the former C-Tech Building as follows: PEDC will <br />provide a$100,000 cash incentive for creating 20 new high-skilled manufacturing jobs in the City of <br />Paris, payable upon execution of an incentive agreement. When these 20 jobs have been created and <br />officially documented, the company is encouraged to request additional cash incentives for new job <br />creation over and above the original 20 jobs. PEDC will also provide a 20% loan guaranty of collection <br />for $1.45 million in project related loans. PEDC's maximum exposure under this guaranty of collection <br />will be limited to $290,000. PEDC's guaranty of collection shall be reduced by $100,000 per year, and <br />shall cease at the end of year three from the date the loans are executed and have the City Attorney and <br />Executive Director draft the incentive document; seconded by Bruce Carr. Motion Carried 3-0. <br />There being no further business, the Board adjourned at 5:10 p.m. <br />Respectfully submitted, <br />Shannon Barrentine <br />Asst. Executive Director <br />PEDC <br />24 <br />