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Paris Economic Development Corporation 14 i -
<br />(A Component Unit of the City of Paris, Texas) y
<br />Notes to Financial Statements (Continued)
<br />September 30, 2011
<br />Note 6: Notes and Bonds Payable (Continued)
<br />Debt Service requirements related to these bonds and the notes are as follows for the years ended
<br />September 30:
<br />Bonded Debt Requirements
<br />Years
<br />Principal
<br />Interest
<br />Total
<br />2012
<br />$ 280,000
<br />$ 70,192
<br />$ 350,192
<br />2013
<br />290,000
<br />65,264
<br />355,264
<br />2014
<br />290,000
<br />58,536
<br />348,536
<br />2015
<br />300,000
<br />50,271
<br />350,271
<br />2016
<br />315,000
<br />40,221
<br />355,221
<br />2017
<br />325,000
<br />28,251
<br />353,251
<br />2018
<br />340,000
<br />14,926
<br />354,926
<br />$ 2,140,000 $ 327,661 $ 2,467,661
<br />A summary of long-term liability transactions for the year ended September 30, 2011, is as follows:
<br />Balance
<br />September 30,
<br />Wnln Additinm
<br />$ 2,415,000 $ -
<br />Note 7: Commitments
<br />Balance Due
<br />September 30, Within
<br />Rerinctinnc MI 1 C)ne. Year
<br />$ 275,000 $ 2,140,000 $ 280,000
<br />PEDC has extended several incentive agreements to various companies:
<br />(1) Call center facility - The agreement expires December 31, 2012, and is payable periodically over
<br />the life of the contract. The amount of the incentive is based on the number of employees and a
<br />reimbursement for equipment purchased and tenant improvement. The contract also provides
<br />for refunds should a default by the company occur. Remaining commitment at September 30,
<br />2011, is $100,000.
<br />(2) Warehouse company - Company is to create 35 new jobs providing an incentive amount of
<br />$105,000.
<br />(3) Commercial dairy - Facility is not yet operating but the incentive is to provide reimbursement
<br />(beginning in the sixth year of operation) for the difference in a flat water rate and the amount
<br />actually charged for five years. This amount is estimated to be $664,300.
<br />(4) Soup manufacturer - The incentive is to participate in the cost of a solar storage structure to the
<br />extent of $100,000.
<br />(5) Bumper manufacturer - Company is to create 20 new jobs providing an incentive amount of
<br />$100,000.
<br />(6) Retail and office structure - Incentive is to participate in reimbursement of sewer line
<br />construction to the extent of $250,000.
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