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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: Originating Department: Presented By: <br />Bill Porter, CEO of PRMC <br />Council Date: PEDC <br />October 8, 2012 <br />RECOMMENDED MOTION: <br />Approve abatement request as presented. <br />POLICY ISSUE�S�: <br />Economic Development <br />BACKGROUND: <br />Leo Sierra, PRMC Tax Advisox <br />Steve Gilbert, Executive Director <br />Agenda Item No.: <br />20 & 21. <br />PEDC has been working with Paris Regional Medical Center (PRMC) since 2010 to secure major capital <br />investrnent and facility expansion at the North Campus, while xetaining the operations and the viability of <br />the South Campus. On August 22, 2011, the Paris City Council passed Ordinance No. 2011-035, <br />authorizing the City of Paris to participate in the Texas Enterprise Zone Program. Since that time, PRMC <br />has proceeded with construction of their Northward Bound Project, making significant capital investment <br />in Paris. During the construction process, significant remodeling and moving different services has taken <br />place. As the North Campus project is completed in 2012 and early 2012, the South Campus will benefit <br />from the location of certain operations, and will continue to operate at near capacity. <br />The ordinance authorized providing tax incentives and nominating ESSENT PRMC, L.P. (d/b/a Paris <br />Regional Medical Cen.ter) to the Office of the Governor for designation as a qualified Enterprise Project. <br />PRMC is now a wholly owned subsidiary of RegionalCare Hospital Partners, Inc. PRMC's projects at the <br />North and South Campuses will contribute significandy to the achievement of the plans of the City for <br />development and revitalization of the City, retaining jobs and attracting private capital investment. <br />PRMC is the City's largest employer with over 1,000 direct employees. This abatement helps to retain these <br />jobs in our local economy. PRMC's capital investment for this project is: <br />North Campus: $27,100,000 <br />South Campus: 100,000 <br />Total: $27,200,000 <br />BOARD�COMMISSION RECOMMENDATION: <br />The PEDC Board recommends approval of PRMC's abatement request. <br />EXHIBITS: <br />Resolution & Ordinance. Exhibits may be viewed in the office of the City Clerk <br />ACTION: <br />❑ Financial Report <br />❑ Department Report <br />❑ Presentation <br />❑ Public Hearing <br />FISCAL NOTES: <br />❑ Minute Order <br />� Resolution <br />❑ Ordinance <br />❑ Other <br />BUDGET INFO: <br />Expense $0.00 <br />Budgeted Amt. $0.00 <br />YTD Actual $0.00 <br />Acct. Name N/A <br />Acct. Number N/A <br />City of Paris Revised 6/20/12 <br />