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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Item No.: <br />9/3/2012 <br />Council Date: <br />PEDC <br />Steve Gilbert, Execurive Director <br />19. <br />9/ 10/2012 <br />RECOMMENDED MOTION: <br />Adopt a resolution approving a two year extension of the Paris EDC $2M Line of Credit with Capital <br />One Bank that expires 9/15/2012. <br />POLICY ISSUE(S): <br />Economic Development <br />BACKGROUND: <br />This is a renewal of an existing $2 million dollar line of credit. The Paris EDC has this line of credit <br />available in case an Economic Development Project requires it to be used. Terms of the line of credit <br />are: <br />• 2 year line of credit. <br />• Prime - 1.96 = Current rate of 1.29%. <br />• Monthly Interest Payment Only. <br />• Maintain $750,000 in liquidity. <br />• 1% renewal fee at closing. <br />BOARD/COMMISSION RECOMMENDATION: <br />Approved by Paris EDC Board on August 14, 2012, subject to Legal Counsel approval. <br />EXHIBITS: <br />Resolution <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ❑ Minute Order <br />Expense <br />$ <br />❑ Department Report Z Resolution <br />Budgeted Amt. <br />S <br />❑ Presentation ❑ Ordinance <br />y'TD Actual <br />s <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />Acct. Number <br />FiscAL NoTES: <br />Citv of Paris <br />P;evised 6/20/12 <br />116 <br />