03-B PEDC (04/16/03) - Laserfiche WebLink

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PEDC April 16, 2003 Page 8 employees in the Paris office. Your assistance finding a temporary location suitable for operating up to 12 months. The lease rate should not exceed $2/sq. ft. o A parcel of land in the Northwest Industrial Park, sufficient to house C- TECH's expanded operation, including room for expansion, delivery and parking. C-TECH will then on its own with a developer in Paris, or one of its choosing, build a permanent facility for their operation. This will give Paris an anchor business in its new park, and the property will be owned by the corporation. Mr. Vest said they were looking for a temporary place where they can set up shop and start operating while they build a building in the Northwest Industrial Park, but they need about a 50 thousand square foot building. They are looking for a one year lease. They looked at the K-Mart Building and the lease on it was $300,000.00, which was too much. They also looked at the Foxworth Building. They have found a building that they think will work and is owned by Chip Harper and it is located behind Rocking W BBQ. Mr. Vest said it has about 30 Thousand square feet and they felt it could work and the cost would be $60,000.00 for a year's lease. Mr. Vest informed the Board that Mr. Meshbesher has a national sales force and they go out and sell these systems to companies and he hopes to have 200 employees by the first of the second year. Director Fendley questioned why Mr. Meshbesher needed $1.5 million on hand. Mr. Roddy advised that is because of the large amount of inventory that is needed to be kept on hand. Director Fendley asked if the PEDC could take out a lien on the inventory, and it was the general consensus of the Board that they could. Mr. Vest said he called Mr. Meshbesher about some of the Board Members who might go up to Minnesota and look at his operation. They posed that question to him and they will pick them up and it will only be about 15 minutes