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Regular Council Meeting April, 23, 2012 Page 6 1540 18. Deliberate and act on RESOLUTION NO. 2012 -045: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, DECLARING SUPPORT FOR THE PARIS ECONOMIC DEVELOPMENT CORPORATION'S APPLICATION TO THE UNITED STATES DEPARTMENT OF AGRICULTURE ( "USDA") AND UNITED STATES ECONOMIC DEVELOPMENT ADMINISTRATION ( "EDA ") RURAL JOBS & INNOVATION ACCELERATOR CHALLENGE FOR A GRANT IN THE AMOUNT OF $715,000. Assistant PEDC Director Shannon Barrentine said the PEDC was seeking support from the Paris City Council for the Paris EDC's application to the USDA & EDA Rural Jobs & Innovation Accelerator Challenge Grant in the amount of $715,000. She said the fund would enable the Paris EDC and the Red River Region Business Incubator (R3bi) to form the Northeast Texas Rural Competitiveness & Innovation Cluster, fostering entrepreneurial support, spurring rural innovation and advanced manufacturing in a two- state, six - county region including Paris /Lamar County, Clarksville/Red River County, Cooper/Delta County, Bonham/Fannin County, Commerce /Hunt County and Hugo /Choctaw County in Oklahoma. Fred Green from the Incubator answered questions from Council. A Motion to approve the Resolution declaring support for the PEDC's application to the U.S. Department of Agriculture and U.S. Economic Development Administration Rural Jobs and Innovation Accelerator Challenge for a grant in the amount of $715,000 was made by Council Member Pickle and seconded by Council Member Frierson. Motion carried, 7 ayes — 0 nays. 19. Deliberate and act on RESOLUTION NO. 2012 -046: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING A NEW LEASE AGREEMENT BETWEEN THE CITY OF PARIS, TEXAS AND CAREY EATHERLY FOR 684.8 ACRES OF LAND AT COX FIELD AIRPORT IN THE CITY OF PARIS, LAMAR COUNTY, TEXAS; AUTHORIZING THE MAYOR TO NEGOTIATE AND EXECUTE ALL NECESSARY DOCUMENTS; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. Mr. Anderson said the current pasture lease covered approximately 684.8 acres and expires May 14, 2012. Mr. Anderson further said that the land had been leased by Carey Eatherly since 1992; the proposed lease rate was $20.00 per acre; and the lease period was for twenty years with a ten year option. Mr. Eatherly proposed that the City Council approve a lease rate of $15.00 per acre and let him build fences around the boundary lines. Council Member Pickle inquired what Mr. Eatherly was currently paying and Mr. Eatherly responded $4.00 per acre. Mayor Hashmi inquired about the length of the boundary fence and the time it would take to build it. Mr. Eatherly said there was about three miles. Mr. Anderson said it would take approximately nine years to build the fence based on the difference between $15.00 and $20.00 per acre formula.