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Paris Economic Development Corporation
<br />(A Component Unit of the City of Paris, Texas)
<br />Notes to Financial Statements (Continued)
<br />September 30, 2012
<br />Note 5: Bonds Payable (Continued)
<br />Debt Service requirements related to these bonds are as follows for the years ended September 30:
<br />Bonded Debt Requirements
<br />Years Principal Interest
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017
<br />2018
<br />$ 290,000 $ 65,264
<br />290,000 58,536
<br />300,000 50,271
<br />315,000 40,221
<br />325,000 28,251
<br />340,000 14,926
<br />Total
<br />$ 355,264
<br />348,536
<br />350,271
<br />355,221
<br />353,251
<br />354,926
<br />$ 1,860,000 $ 257,469 $ 2,117,469
<br />A summary of long-term liability transactions for the year ended September 30, 2012, is as follows:
<br />Balance Balance Due
<br />September 30, September 30, Within
<br />2011 Additions Reductions 2012 One Year
<br />$ 2,140,000 $ - $ 280,000 $ 1,860,000 $ 290,000
<br />Note 6: Commitments
<br />PEDC has extended several incentive agreements to various companies and other commitments:
<br />(1) Warehouse company - Company is to create 35 new jobs providing an incentive amount of
<br />$105,000.
<br />(2) Commercial dairy - The incentive is to provide cash payments for creating 150 new jobs in Paris
<br />and Lamar County for five years. This amount is estimated to be $664,300 and expected to
<br />begin in 2017.
<br />(3) Soup manufacturer - The incentive is to participate in the cost of a solar storage structure to the
<br />extent of $100,000.
<br />(4) Truck accessories - Company is to open a manufacturing facility in Paris, Texas, and create 15
<br />new jobs. The incentive is for $324,250 for new jobs, training, and infrastructure. At September
<br />30,2012, $226,118 of the incentive remains to be satisfied. PEDC has also executed a guaranty
<br />in connection with a$100,000 note to a bank.
<br />(5) Retail and office structure — Incentive is to participate in reimbursement of sewer line
<br />construction to the extent of $250,000.
<br />(6) Therapeutic proteins manufacturer and distributor — Facilities to be located in Paris Industrial
<br />Park to create ne� ;>bs. PEDC has committed $219,760 to complete a market analysis, a site
<br />and facilities plan, and a bridge loan. Additional incentives may be extended in the future.
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