10-H PEDC (8/20/03) - Laserfiche WebLink

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Regular Meeting of the PEDC August 20, 2003 Page 4 At this time, the Board Members reviewed the Plans and Specifications for the Paris Industrial Park. Resolution No. 203-013, resolving that the Board of Directors of the Paris Economic Development Corporation approving the Plans and Specifications pending the changes as specified by the City Engineer for the Paris Business Park; authorizing the advertisement for bids and said construction, was presented. A motion was made by Director Bass, seconded by Director Severson, for approval of the resolution. The motion carried unanimously. Vice President Dunn called for consideration of and possible direction to staff regarding the following: A. Development Covenants for the Paris Business Park. B. Bylaws for the Paris Business Park Property Owners' Association. C. Structure of the Paris Business Park Property Owners' Association. Mr. Vest said the Board had discussed the Covenants several months ago and at that time City Attorney Schenk had made several recommendations for changes to the Covenants. He said they made all the changes that the City Attorney Schenk had presented. The only thing that is still up in the air about these covenants is, do they want to have this just as a property owner's association, or do they want to incorporate and make it a nonprofit corporation. Mr. Vest said there are pros and cons either way and he was looking for directions from the Board. City Attorney Schenk said he was more familiar with the Homeowners' Association, which is very similar. He said most of those are incorporated as a nonprofit corporation, primarily, for the purpose of liability protection, and it is not all that expensive in that form. The draft bylaws are in a form that you can convert into a corporation. He said all that would be needed is a set of articles. City Attorney Schenk discussed corporations and associations and stated that he did not know much about the tax implications and whether to