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0000.10 Regular City Council Meeting January 9, 2006 Page 10 Wilkerson stated we were a 4A and Gary Vest acknowledged same. She asked about the stipulation of those funds. Gary told Council those funds were to be used for industrial, manufacturing, and warehouse distribution type of projects. Council Member Manning inquired about the check written to C -Tech for $1,000,000.00. He stated that it was his understanding that C -Tech had not complied with the terms of the Agreement, in that they had not met the employee ratio, had not built their building and their stock was of little value. Council Member Manning expressed his concern with regard to C -Tech. Gary told Council they met their first deadline. He further informed Council that PEDC extended the incentive agreement, because PEDC had not been able to provide them a site with utilities as set out in the Agreement. Gary said by June 2006, they will have to be in at least a 30,000 square feet building and meet their employment requirement. Council Member Wilson wanted to know what would happen if they do not. Gary said C -Tech would have to start repaying the loan. Council Member Ray wanted to know why they are not listing a Paris address under their franchise taxes. Gary said their headquarters are in Minnesota. Council Member Ray stated that four months after signing a contract with PEDC, that C -Tech listed an Addison address and wanted to know why. Gary said he did not know. Council Member Manning said it was of great concern to him that on August 22, 2003, the Secretary of State forfeited C- Tech's charter. Gary Vest said he did not know that and it concerned him too. Council Member Wilson questioned Gary about the loan taken out by PEDC for the benefit of C- Tech. Council Member Wilson asked Gary if he borrowed $1,000,000.00 and gave C -Tech $500,000.00 in cash and Gary answered in the affirmative. Council Member Wilson asked if they got $1,500,000.00 in cash and Gary answered in the affirmative. Council Member Wilkerson wanted to know how much new business he brought in this year. Gary said he would have to look at his report, but could bring something back to Council. Council Member Wilson wanted to know why there were $1,500.00 worth of flag poles purchased and charged- to travel. Gary said travel was more than just travel. Council Member Wilkerson told Gary he should figure out -.how to separate the items. Council Member Wilson told Gary that he needed to put everything in the right category. He further told Gary that he -had co- mingled three entities and that was causing criticism. Council Member Wilson told Gary he needed to be more sensitive to public requests, because these entities were receiving tax payers dollars. Council Member Wilkerson asked Gary the amount of his total compensation and he informed her that it was $86,000.00. She inquired as to how that was payed. He told her about 60% was covered by PEDC and the remainder was covered by the Chamber. The PEDC also pays for FICA, insurance and retirement. 10. - Citizens Forum. No one spoke. A .