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Minutes of PEDC Regular Meeting <br />August 22, 2001 <br />Page 7 <br /> <br />they could utilize, and graduates that could work in this industry. Mr. Vest <br />explained that what it is going to take is a creation of a private company, and <br />to create that private company, they are going to need someone to up-front <br />them with capital and the various resources they will need to get this business <br />up and running. He said that is where PEDC comes in. It is a different <br />concept, it is not like anything that has been done before, but if we could bank- <br />roll this start for this business, he felt it would succeed, then all of the PEDC <br />money would be paid back. Mr. Vest said they had been talking to Chip <br />Harper about possibly putting this in the old Cinamark Building across from <br />Paris Junior College. Mr. Vest said Mr. Harper is also interested in being an <br />equity partner by putting the building up as part of his equity. <br /> <br />After discussion, it was the consensus of the Board for Mr. Vest to continue <br />with this project and bring back to the Board a report. <br /> <br />There being no further business, the meeting was adjourned. <br /> <br />MICHAEL RHODES, PRESIDENT <br /> <br />ATTEST: <br /> <br />MATTIE CUNNINGHAM, CITY CLERK <br /> <br /> <br />