Laserfiche WebLink
Regular Meeting of the PEDC <br />August 20, 2003 <br />Page 5 <br />incorporate as a nonprofit or not. He said the nonprofit status as a corporate <br />entity would support protection from liability. He said, whether that was an <br />important factor or not, this entity itself is a corporation, but ultimately all the <br />lots are supposed to be sold or used. He said it seems if it was an incorporated <br />entity, it might have a little more substance because what you want it to do is, <br />you want it to succeed as much as the Industrial Park because that is who will <br />be responsible for maintaining the common areas and streets. Mr. Vest said <br />once all the lots are sold, they will be out of the picture, and the covenants <br />address that. When the property is sold, the Corporation will be in full <br />control. <br />Mr. Vest said he had talked to a person at Adams and they said their experience <br />was one hundred percent with associations. He also talked with Jim <br />Shackerford and his experience was with associations. Mr. Vest said he had <br />checked some of the neighboring cities and they have gone with associations. <br />According to Gary, Mr. Shackerford says when your organization is an <br />association they can always incorporate at any time, and this may be the easiest <br />way to do it. <br />City Attorney Schenk said the only thing he was concerned about was that the <br />ownership of the property needs to be legally recognized in the corporate <br />association. <br />Mr. Vest said there is one thing which is a loose end and that is the fact that <br />PEDC does not own this property. This property belongs to the Paris Industrial <br />Foundation. The PEDC needs to get with the Paris Industrial Foundation, and <br />the intent all along was that they would eventually transfer the property to the <br />PEDC, but right now they do not own the property. Mr. Vest said before they <br />put out any bids on construction, which should be in two weeks, they are going <br />to have a meeting with the Paris Industrial Foundation and take that action. City <br />Attorney Schenk said that if you don't own the property, then you cannot place <br />covenants on the property. <br />It was the consensus of the Board to call that group together and get this matter <br />