03-A PEDC Min 09-10-04 - Laserfiche WebLink

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Paris Economic Development Corporation September 10,2004 Page 2 service type company. He said Chad had prepared a map locating the sites and listing the prices for those sites. Mr. Vest related that they were working with a confidential prospect called Prospect #072004115, which is a manufacturer of plastic pipe. Mr. Vest said he has been trying to get them to locate in the Superior Building. He explained if they do locate in that building, it would accomplish three things: 1. Bring a new employer to Paris 2. Remove the eyesore on the Loop 3. It would be a plus for the community He has been working with Dan Zimmerman, owner of the building, who would like to get rid of the building. Mr. Vest said that Mr. Zimmerman's mortgage on the building was $325,000.00. Mr. Zimmerman said he would like for PEDC to buy it or pick up the payments to lease-Purchase it. Mr. Vest indicated that he had sent Phase I of the Environmental Scan. He suggested PEDC get that building and put a new roof on it, which will cost a least $200,000.00. He said they could clean it up, then make the building and twenty (20) acres of land part of the Industrial Park. He wanted to get Phase II of the Environmental Scan done to make sure it could be cleaned up. He said the guy from the plastic pipe manufacturer would be in next week to look at the building. He felt it would be cheaper than building a new building. Mr. Vest said that although PJ Trailers had cooled off a little, they were still interested. He announced that the Hearne Street Project was nearly finished. Mr. Vest said that Reeves Hayter, the Project Engineer, had sent a letter to Stephens and Sons to tell them they have exceeded the term of their contract. He said concrete was being poured in the Industrial Park and they were liquidating damages. He felt a fine of $250.00 per day would give them incentive to finish quickly.