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PEDC Board Meeting Minutes October 14, 2014 Page 2 of 7 Mr. and Mrs. Upchurch left at 4:06 p.m. Approval of minutes from the September 9, 2014 regular meeting; September 15 2014• joint meeting with the Paris City Council: and September 19 2014 called meeting Don Wilson made a motion to accept the Minutes as submitted for September 9a' 2014; second by David Turner. Motion Carried 4 -0. Don Wilson made motion to accept the Minutes as submitted for September 11th 2014; seconded by David Turner. Motion Carried 4 -0. John Brockman made motion to accept the Minutes as submitted for September 19a' 2014; second by David Turner. Motion Carried 4 -0. Approval of September 2014 financials Shannon Barrentine told those present that financials would not be available for another two weeks due to fiscal year end. Interim Executive Director's Report: • Visit to Kilgore and Tyler on "best practices" September 29, 2014 pertaining to Tax Abatement and Incentive Agreement compliance. Shannon Barrentine, Edwin Pickle, Rebecca Clifford, Don Wilson, and Janice Ellis, City Clerk, traveled to Kilgore EDC and Tyler EDC. Shannon Barrentine stated that it was a very beneficial trip and she echoed what Edwin Pickle stated at the city council meeting the evening before. There was a lot of good documentation that probably needs to be incorporated in various areas of our compliance. The Executive Director at Kilgore EDC has been there 25 plus years, as well as,the Executive Director in Tyler. They know what works and what doesn't work in Economic Development. Don Wilson stated that it was very informative and you can see that they have been down the same road we have. It's interesting to see that if a company said they would have 100 employees at the end of the year and they only had 90 they paid 90% of the incentive agreement and they worked it out. Tyler's incentive agreement states that if they don't make 75% it rolls over to the next year and if you go over 75% they pay the company, if no change, they don't pay. A lot of good information was sent to us. To be consistent and industry friendly a template to go by was well worth the trip. Don Wilson stated that Tyler EDC gets zero tax payer money it's like the old Paris Industrial Foundation if you want to be on the Tyler EDC Board you have to pay a minimum of $2,500 dollars a year dues to be a member of the Tyler EDC. The Tyler Board is picked from EDC members. They go through the same steps with the city but the city takes all the sales tax money and they use it specifically for infrastructure and bond payment. We