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SiG MINUTES OF THE REGULAR MEETING OF THE CITY COUNCIL JANUARY 12, 1998 The City Council of the City of Paris met in regular session, Monday, January 125 1998, 6:00 P. M., City Council Chambers, City Hall, Paris, Texas. Mayor Eric S. Clifford called the meeting to order with the following Council Members present: Charles Fulbright, Alan R. Boyd, Jerry L. Thomas, Millie McDonald, and Thetis L. Elder. City Manager, Michael E. Malone, City Attorney, T. K. Haynes, and City Clerk, Mattie Cunningham were also present. Invocation was given by W. E. Anderson, Director of Finance for the City of Paris. Mayor Clifford asked if there were any corrections to the minutes of previous meetings, there being none, the minutes were approved as presented. City Manager Malone announced that the next item on the agenda was receipt of reports from committees, boards and commissions, and minutes of the Paris Public Library Advisor Board, and the Paris Economic Development Corporation had been presented with no action being required. Mr. Gary Vest, Director of Economic Development /Chamber of Commerce C. E. O., appeared before the Council presenting the Paris Economic Development Corporation's Quarterly and Annual Report. Mr. Vest said he would review several things that happened during the year in relation to the Paris Economic Development Corporation. Mr. Vest said one thing that came out of legislature this year is that they are required to submit an annual report to the Texas Comptroller, and he and Gene Anderson had been over the form and it is ready to be submitted at the end of February. On the report is their total revenue, which they collected $804,000.00 in the quarter of a percent sales tax, $20,000.00 ' n interest, and collected $62,500.00 of a letter of credit on the Bitco Project giving a total of $886,000.00 for the last fiscal year. Expenditures for personnel $41,000, marketing and promotion $89, 000.00, 99,000.00 for direct incentives for local businesses and industries, $213,000.00 as part of the Airport Terminal that matched the grant program, $47,000.00 for City services for a total of $496,000.00 for the year. Mr. Vest said they also have capital assets just over a million dollars. Mr. Vest advised the Council that this is the report that