03-D PEDC Min 8-18-04 - Laserfiche WebLink

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MINUTES OF THE REGULAR MEETING OF THE PARIS ECONOMIC DEVELOPMENT COROPORATION August 18,2004 The Paris Economic Development Corporation met in regular session on Wednesday, August 18, 2004 at 4:00 p.m. at the Love Civic Center, 20025 South Collegiate Street, Paris, Texas. President Wall called the meeting to order with the following Directors present: Sims Norment, Richard Severson, And Rodney Bass. Also present were Executive Director Gary Vest, Ex-officio member Tanis Hager, Mayor Curtis Fendley, City Attorney Larry W. Schenk and Assistant City Clerk Sherian Dixon. President Wall called for approval of the minutes from the July 21, 2004 Paris Economic Develpment Corporation meeting. A motion was made by Sims Norment and seconded by Richard Severson, for approval of the minutes. The motion carried unanimously. President Wall asked Gene Anderson, Finance Director for the City of Paris, to come forward and give the Financial Report for the month of July. Mr. Anderson stated that the sales tax payment was up in August and $5800 of that was due to an audit adjustment. He said for the year, they were up by $23,840.00 for the year, which is a 2.7% increase. As for the Cash Flow Report, Mr. Anderson stated there were only routines items with no exceptions. President Wall asked if there had been any dispersals on the Hearne Street Project for this month. Executive Director Gary Vest said there had not. Mr. Vest indicated there will be a lot of expenses because they haven't even made a payment on the industrial Park yet. Mr. Anderson said the current year budget for the sales tax is $930,000.00 and all that was needed to meet the budget would be to collect $55,000.00 next month. President Wall wanted to know the totals from the Sales Tax Weekend. Mr. Anderson indicated they wouldn't show up until October. A motion was by Director Norment and seconded by Director Bass to accept the Financial Report. The motion carried unanimously. Executice Director Gary Vest came forward to give the Directors Report. He said the prospect activity had been quiet in Paris, as well as all over the State, which he said is not uncommon during a Presidential Election year. He said they do have two projects that are pending with the State but there has been no activity on those. He said We Pack has proposed to add 175,000 square feet to their plant. He said they have asked for tax abatements, help with financing, and helping them with some of the revolving loan funds. Mr. Vest felt like this was a good project. He said this is work they are currently doing in Sulphur Springs and would like to move here. They have acquired acreage for this. He mentioned another project that was confidential. He said they would be meeting with