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Regular City Council Meeting <br />July 14,2003 <br />Page 2 <br /> <br />to see their first tenant by the first of the year. They will need the city's full <br />cooperation on getting the infrastructure in and getting plats approved, and as <br />soon as the engineers get done, they will see that first tenant. <br /> <br />Mr. Vest advised that there are a lot of things that affect economic <br />development. He discussed changes at the state level he felt were positive in <br />that Jeff Mosley has been named Executive Director of Economic Development <br />reporting directly to the Governor. The Department of Economic Development <br />is not longer an agency and is now part of the Governor's Office. <br /> <br />Mr. Vest said that the Texas Enterprise Fund was established, putting 295 <br />million dollars in a state fund to offer incentives to industries to move to Texas. <br />The Enterprise Program has been restructured and expanded to make it easier <br />to access by the cities. <br /> <br />Mr. Vest said there was a significant rewrite of the Development Corporation <br />Act which governs the 4A Corporation, which is the type corporation we have. <br />The definition of the types of programs that we can participate in has expanded. <br />Mr. Vest felt that this change would help the Paris Economic Development <br />Corporation. <br /> <br />Mr. Vest advised that they were still operating under four primary goals. Those <br />goals are retention and expansion of existing industries; recruitment of new <br />primary employers; start-up business and small business development; and <br />infrastructure / training. Mr. Vest advised that their Program of Work is <br />located at the back of the PEDC budget. Regarding the revenue statement, he <br />said he anticipates the cash position at the year end to be $528,000.00, and he <br />anticipates receiving about $930,000.00 in revenues for the next year. Mr. <br />Vest said they also have the revenues in the amount of $384,000.00 coming in <br />from Paris Packaging for their bond issue. He said they will have a total <br />resource of $1.8 million dollars for the coming year. Mr. Vest advised that, <br />taking into account the completion of the Hearne Street expansion, debt <br />service, and the final incentive payment to TCIM, he feels that PEDC will have <br /> <br /> <br />