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PEDC <br />April 16, 2003 <br />Page 6 <br /> <br />perpetual caretaker once a percentage of the park is sold. PEDC has a very <br />minimum role in this association and it will not be eliminated but it will have <br />a lesser role. <br /> <br />Director Fendley wanted to know if there was an association, if he was a <br />member of that group and had a business in the park, would he assume some <br />liability as an individual, more so than he would if it was an incorporated <br />entity? City Attorney Schenk said he thought that was true, by law they will <br />assess liability to someone or some entity. City Attorney Schenk said he was <br />not making a recommendation either way and a number of his comments do not <br />have to do with whether it is a corporation or not. It was just things he saw in <br />the document. The City Attorney said he thought that the question of liability <br />could be a very real issue. He said he was more familiar with dealing with an <br />association in residential areas in Houston and all of those have been <br />incorporated. They can be an insured entity. They can require others to have <br />insurance. Director Wall stated that this should be an association because <br />most of the companies will be incorporated so they are going to have that shield <br />between them. Mr. Vest advised that Jim Shackleford has established many of <br />these associations and he felt that an association was the easier of the two ways <br />of dealing with this matter. Mr. Vest felt that the covenants and by-laws of the <br />association or corporation, whatever they setup, should be whatever is deemed <br />necessary by the majority of the membership. <br /> <br />After a considerable amount of discussion, a motion was made by Director <br />Wall, seconded by Director Fendley, to table action on Agenda Item No. 5E, <br />approving a resolution adopting Development Covenants for the Paris <br />Business Park, and Agenda No. 5F, a resolution approving and adopting the <br />By-Laws for the Paris Business Park Property Owners' Association, and place <br />these items on the next agenda. The motion carried 4 ayes, 0 nays. <br /> <br />Chairman Guest announced that the next item on the agenda was to receive <br />information, discuss, and take possible action on providing incentives for <br />Project Holt. <br /> <br /> <br />