03-B PEDC (11/20/02) - Laserfiche WebLink

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PEDC Meeting November 20, 2002 Page 3 not think EDA is going to give the assistance that they asked for. Mr. Vest reported that things had been quiet on Project Winter. Although another packet had been submitted, they had not heard from the company. The only way to contact the company is through Todd Thompson with Oncor or Angie Mendez with the Texas Department of Economic Development. President Guest announced that the next item on the agenda was to consider authorizing the negotiation of an economic development assistance agreement with Paris Custom Trailer. Director Fendley excused himself due to conflict of interest and he departed the meeting. Mr. Vest advised the Board that Paris Custom Trailer is a small manufacturing company in Paris and has been doing business since 1982. They have about twenty employees. He said that Cleve Fendley is the owner of the business and Mr. Fendley would like to expand his business. Mr. Vest advised that Mr. Fendley had looked at selling the business, but he is at the point where he wants to expand the operation. Mr. Vest said his financial statements for five years show that this is a profitable business. Mr. Fendley wants to add six new bays and add ten new employees to his operation. Mr. Vest had advised Mr. Fendley that PEDC's flexible incentive plan normally grants $2,000.00 per job. Mr. Fendley is requesting that assistance. After discussion, a motion was made by Director Severson, seconded by Director Dunn, authorizing Mr. Vest and the City Attorney to work out an agreement with Mr. Fendley and bring that agreement back to the Board for approval. The motion carried unanimously, voting 3-0, with Director Fendley having left the meeting. Director Fendley returned to the meeting and assumed his seat. Director Guest called for consideration of and action on authorizing the negotiation