03-E PEDC (5/21/03) - Laserfiche WebLink

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Paris Economic Development Corporation May 21, 2003 Page 6 Council Conference in Plano on April 23-25, 2003. They have been working on a lot of legislative issues, such as Mark Homer's House Bill 2912. He said that it did get out of the House and passed over to the Senate side and Senator Ratliffis carrying it there. Senator Ratliffis going to present it in the morning at 8:00 A.M. and Gary said he had to be present to testify in favor of it. They have run into a lot of opposition to this bill. Mr. Vest explained for the new members that this is a clean up bill on the 4A and 4B Corporations. Mr. Vest explained that there is a lot of opposition from librarians as they decided they can use the sales tax money to build libraries. President Wall explained that should this bill not go through, they will not eliminate the economic development sales tax this term. He said it will still be in existence, and should they do it the next term, the PEDC remains in existence as long as there is an obligation. President Wall said that PEDC bonded indebtedness extended for the next 17 years, so it is not going to hurt the PEDC very much. At 4:33 P. M., President Wall announced that the Board would go into a closed session in accordance with Sec. 551.086 of the Open Meetings Act, to discuss possible incentives, pending negotiations, and commercial or financial information from business prospects regarding the following: A. Project Holt. At 5:40 P.M., Presented Wall announced that the Board was back in open session. Director Severson made a motion to authorize legal council negotiations with Project Holt regarding the incentive agreement. was seconded by Director Sims and carried 5 ayes, 0 nays. to continue The motion President Wall advised that no action was required on Agenda Item No. 8, discussion of and possible action on establishing incentives to be offered to the prospect Project Holt and to be included in an incentive agreement, and