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1Paris Economic Development Corporation <br />Called Meeting Minutes <br />June 29, 2012 <br />Board Members Staff <br />Present: Pike Burkhart, Chairman Present: Steve Gilbert, PEDC <br />Rick Poston <br />Bruce Carr <br />Kenny Dority <br />Doug Wehrman <br />Ex-Officio Members Guest(s) <br />Present: Jon Landers, Chamber Chairman Present: <br />John Godwin, City Manager <br />Legal <br />CounseL• <br />City Council <br />Liaison: <br />Kent Mcllyar <br />Matt Frierson <br />Shannon Barrentine, PEDC <br />Fred Green <br />Gene Anderson, Finance Dir. <br />Toni Clem <br />Bill Harris <br />Jeff Parish, eParisTexas.com <br />Connie Beard, The Paris News <br />Kay O'Dell, NE TX WF Solutions <br />Pike Burkhart, Chairman, called the meeting to order at 1:06 p.m. He welcomed those present. <br />Discussion and possible action to provide direction to Staff re2arding the following oqtions: <br />1. To pav $1,450,000 in cash to Texas Department of Transportation (TxDOT)/Sulphur River <br />Regional Mobilitv Authoritv (SuRRMA) for Paris EDC's share of the Hiahwav 19/24 four-lane <br />widenin2 proiect (see languai!e for Section 2.5); or <br />2. To enter into a 20-vear State Infrastructure Bank (SIB) Loan Agreement alonE with Lamar <br />Countv and the Citv of Cooqer. The estimated annual pavment is $103,700. This ontion will constrain <br />Paris EDC's future ability to take on additional debt based on TxDOT's requirements. <br />Steve told those present the history of the upcoming State Infrastructure Bank (SIB) Loan through the <br />Sulphur River Regional Mobility Authority (SuRRMA). Steve had been working with William `Dub' <br />Sutherland as Special Counsel for this project to review all pertinent documents. Steve said that Mr. <br />Sutherland highly recommended that the Paris EDC pay their portion ofthe project ($1.45 Million) upfront <br />in order to forego the constraints that SIB/TxDOT wants to place on the Paris EDC, in the future. <br />Kenny Dority made a motion to approve upfront payment to SuRRMA in the amount of $1.45 Million as <br />their portion of the project with the knowledge that if the project comes in under budget the Paris EDC <br />would not reap the benefit but that Lamar County and the City of Paris would; seconded by Rick Poston. <br />Motion Carried 5-0. <br />Discussion and possible action regarding Revenue Bond Pavments pertainin2 to the Paris Packaging <br />Bonds and the timeline and costs associated with the defeasance qrocess. <br />This item was not necessary due to the action taken on item, above. <br />- - 17 <br />