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Minutes of PEDC Regular Meeting <br />August 22, 2001 <br />Page 2 <br /> <br />President Rhodes asked Gene Anderson, Director of Finance for the City of <br />Paris, to give the financial report for the month of July. <br /> <br />Mr. Anderson came forward presenting the financial report for the month of <br />July. Anderson advised that the sales tax collection of $68,482.69 for the <br />month of July is slightly down from last year's collection. He said for the year <br />the sales tax is up approximately 40%, and he would provide the board updated <br />sales tax revenue information. He advised that the interest earnings and the <br />loan payment for Paris Packaging rounded out the cash inflow. He explained <br />that the "cash out" reflected the payment of the interest on the Chapman note <br />and the TCIM incentive payment, which are the major expenditures for the <br />month of July. <br /> <br />A motion was made by Director Jay Guest, seconded by Director Fendley, to <br />approve the financial statement as presented. The motion carried unanimously. <br /> <br />President Michael Rhodes read from the letter addressed to Gary Vest from <br />Leo F. Rattigan, Jr., Executive Vice President - Finance and Administration <br />of TCIM as follows: <br /> <br />"In view of the substantial number of jobs created at the Paris facility during <br />the last twelve months, as presented to the Board on Julyl 1, TCIM Services, <br />Inc., respectfully requests that the Board approve an additional job incentive <br />for 200 permanent employees at $2,500.00 per job for sixty consecutive <br />months. We will be happy to provide any additional information that the Board <br />requires to consider this request". <br /> <br />President Rhodes said that, historically, the Paris Economic Development <br />Corporation has funded projects that are based upon capital improvement and <br />expansion of brick and mortar that lead directly to job creation in Paris and <br /> <br />2 <br /> <br /> <br />