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10-H PEDC (8/20/03)
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10-H PEDC (8/20/03)
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Last modified
9/12/2012 8:19:16 AM
Creation date
10/8/2003 9:38:53 PM
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AGENDA
Item Number
10-H
AGENDA - Type
MINUTES
Description
Paris Economic Development Corporation
AGENDA - Date
8/20/2003
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Regular Meeting of the PEDC <br />August 20, 2003 <br />Page 6 <br />settled. <br />Director Norment stated that he is not advocating that they do not need an <br />association or a corporation, but what is going to be the primary purpose of <br />either one of these entities that can't be handled with deed restrictions and <br />zoning. He questioned the purpose of the association or the corporation. <br />Mr. Vest explained that it is because of the common area and the maintenance <br />of it. The City Attorney advised that this is a form of a vehicle of transition of <br />ownership from the PEDC to the owners of the property. They need to create <br />it, keep it up for a while until there are enough lots sold,and it is self sustaining, <br />then it shifts to them and becomes their responsibility and the PEDC is out of <br />the picture. <br />Mr. Vest said normally a developer comes in and they will do a residential <br />development. Most of the time they want to deed the streets back over to the <br />city once it is built. He said he did not think the city is real crazy about having <br />those, but that normally is the way it goes. He said they have a lot of common <br />area like this retention pond that is going to have to be maintained and these <br />covenants will assure that common area will be taken care of. <br />City Attorney Schenk said if the Board went strictly with an association they <br />would have to change back some of the language that they currently have in it <br />to make it a corporation, but it would not be all that difficult. <br />Mr. Vest pointed out that in the Bylaws all the changes were shaded. <br />City Attorney Schenk referred to "Article I- Officers" of the introductory <br />paragraph, the last sentence where it talks about the Board of Directors shall <br />have full authority to remove from office any officer of the Corporation by the <br />vote of a majority of the members of the entire Association. He suggested <br />restoring the language that he had before, which was reference to the Board, and <br />to add some additional language about the issue of the membership having <br />rights to remove, and change the word Association to Board. The City Attorney <br />
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