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Paris Economic Development Corp. <br />Sept. 12, 2001 <br />Page 3 <br /> <br />Mr. Vest said the company has asked for a one hundred percent refund of <br />Local Sales and Use Tax. This is the first time this has been requested. <br />Mr. Vest advised that in order for the PEDC to do this, they would also <br />have to receive enterprise designation to qualify for this request. He said <br />it was really doubtful that this type project could receive enterprise status. <br /> <br />The company was also asking for a Direct -Interest Loan package. Mr. <br />Vest would not recommend that PEDC enter into such an incentive. <br /> <br />Other requests were to promote economic development in the zone and <br />give prompt consideration to building permit request; utilization of the <br />Waterworks and Sewer System Revenue Bonds for the purpose of <br />improvements and the payment of professional services related to the <br />construction and financing of such projects; increase in Police and Fire <br />Protection for this vulnerable segment of our community; reduce utility <br />rates on Water and Wastewater by ten (10) percent, as well as the five (5) <br />percent rate reduction rider offered by TXU Electric and Gas, both for <br />seven years; and provide funding for improving of existing roads to the site <br />as needed. <br /> <br />Mr. Vest told the Board that the only thing he would recommend is the tax <br />abatement using the tax phase-in basis, which is a performance agreement, <br />and they would not get a tax break if they do not perform. <br /> <br />President Rhodes called for consideration of and action on a <br />recommendation to the City Council of the City of Paris on the tax <br />abatement application from S.I. Management, Inc. And KG Properties, <br />LLP. <br /> <br />No motion was made and the item died for lack of a motion. <br /> <br /> <br />