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PEDC Meeting <br />October 9, 2002 <br />Page 2 <br /> <br />Mr. Parker advised the Board that the funding would be used to purchase <br />gemstones, sterling silver spacers and all the materials that he uses to make and <br />assemble jewelry. Mr. Parker advised he has a cargo trailer that he is <br />customizing with shelving covering three walls with individual compartments <br />for the jewelry. <br /> <br />He said he has mass-produced jewelry that he buys and distributes, but there <br />is only a 25% to 30% mark up for this type jewelry. Mr. Parker explained that <br />if a person manufactures the jewelry, then he can keystone it, and it is a lot <br />more impressive. He said what this would allow them to do, eventually, is, if <br />they develop a large wholesale business, it will allow them to go ahead and get <br />the casting equipment and everything they need to actually produce things by <br />the hundreds and thousands when it comes to sterling silver charms and that <br />type of thing where you already have a market established for the product. Mr. <br />Parker said it was their plan to eventually have several full time jobs with <br />jewelers that can manufacture the product in Paris. <br /> <br />The Board discussed with Mr. Parker the process of keeping his retail operation <br />separate from his manufacturing business. Mr. Vest explained that there has <br />been Economic Development Corporations that have done retail projects, but <br />the intent of the legislation was never to do retail projects. He said since some <br />corporations have done that, our representative, Mark Homer, is going to <br />introduce legislation to remove the retail from the Economic Development <br />Corporations. He said that is why the Paris Economic Development <br />Corporation is being careful and making sure there is a separation and they <br />follow the intent of the law. <br /> <br />President Guest said the PEDC is going to have to come up with the verbiage <br />so that the PEDC stays consistent with the charter and with other people who <br />might want money in this community. This is something that Mr. Vest, City <br />Attorney Schenk, and the Board will have to work through. <br /> <br /> <br />