01/19/2021 MinutesPARIS ECONOMIC DEVELOPMENT CORPORATION
MONTHLY MEETING
Tuesday, Janu@ryk9 2021
5:30 O'CLOCK P.M.
Notice is hereby given that the Paris Economic Development Corporation shall meet in regular session at 5:30 p.m. on
Tuesday, January 19, 2021. The meeting will be held by video conference through W'wWW.,Z(�� �f�),1 31S and to join, access
with Meeting ID: 826 95941346, Password: 981814. The matters to be discussed and acted upon are as follows:
Board Members Present:
Josh Bray, Chairman
Shay Bills, Vice -Chairman
Mihir Pankaj, Secretary/Treasurer
Curtis Fendley
Chase Coleman
Stephen Terrell
A.J. Hashmi (Arrived at 5:35 p.m.)
Ex -Officio Members Present:
Pam Anglin, PJC President
Steve Clifford, Mayor
Paul Allen, Lamar County Chamber President
Paula Portugal, City Council
Call to Order
MINUTES
Staff Present:
Maureen Hammond, Executive Director
Chris Stout, Economic Development Associate
Paula Brownfield, Administrative Assistant
Guest(s) Present:
Mary Madewell, The Paris News
Legal Counsel:
Casey Gain, PEDC Attorney
City Council Liaison:
Renae Stone
Mr. Bray called the monthly meeting of the Paris Economic Development Corporation to order at 5:30 p.m. on
January 19, 2021. Mr. Bray asked the record to reflect a quorum of Board members is present for the meeting.
Invocation
Ms. Bills gave the invocation.
Welcome and Ooening Remarks
Mr. Bray stated on February 3rd at 11:30 a.m. the Board will hold a planning session at Love Civic Center.
Citizens' Input
Mr. Bray stated no emails were received from citizens. The Citizens' Input was closed.
Discuss and Consider A royal of the Minutes of the Re ular Meetin held December 15 2020
Mr. Fendley made a motion to approve the December 15, 2020 minutes. Mr. Pankaj seconded the motion. Vote
was 6 -ayes to 0 -nays.
PEDC Board Meeting Minutes
January 19, 2021
Page 2 of 3
Discuss and Consider Aporoval of the December 2020 Financial Statements
Mr. Pankaj went through the financial statements for the Board. Mr. Pankaj pointed out sales tax for the first
quarter of this fiscal year is up by $83,000.00 over the first quarter of the last fiscal year. Ms. Bills made a motion
to approve the December 2020 financials. Mr. Coleman seconded the motion. Vote was 7 -ayes to 0 -nays.
Discuss and Consider Action on Purchasin an Economic Im act Modeling Tool
Ms. Hammond presented information on economic impact modeling tools. She led the report by stating that the
PEDC does not have an economic impact tool to help in the evaluation of projects. Hammond explained that the
models assist in showing direct and indirect impact including household spending, real estate, tax revenue and
other relevant data. At this point, two models were presented and discussed. The first tool considered was Impact
Dashboard at a cost of $5,000.00 per year with a 5% increase per year. Applied Economics was the second
company discussed with a development cost of approximately $5,000.00. There is not a yearly fee associated with
this model, only nominal fees to update the software when needed. Following discussion, Mr. Fendley made a
motion to approve the use of Applied Economics as an economic impact modeling tool. Dr. Hashmi seconded the
motion. Vote was 7 -ayes to 0 -nays.
Pro'ect U dates:
American SpiralWeld Pipe — The track was reinspected yesterday and is ready for service. All the rail
work for American has been completed and paid to date.
J. Skinner—The track rehab for Skinner is complete and was inspected.
Convene into Executive Session:
1) Pursuant to Section 551.087 of the Texas Government Code to (1) discuss or deliberate
regarding commercial or financial information that the governmental body has received from
a business prospect that the governmental body seeks to have locate, stay, or expand in or
near the territory of the governmental body and with which the governmental body is
conducting economic development negotiations; or (2) to deliberate the offer of a financial or
other incentive to a business prospect described by Subdivision (1), to wit:
• Project Yellowstone
• Project Highway
Chairman Bray convened the Board into Executive Session at 5:55 p.m.
Reconvene into O en Session and Consider Action on Items Discussed in Executive Session
Chairman Bray reconvened the Board into Open Session at 6:11 p.m.
Dr. Hashmi made a motion to approve changes and execute the agreement for Project Yellowstone. Mr. Pankaj
seconded the motion. Vote was 7 -ayes to 0 -nays.
Discuss Future Agenda Items
Mayor Clifford mentioned the possibility of the City loaning money to the PEDC at a lower interest rate than the
banks.
PEDC Board Meeting Minutes
January 19, 2021
Page 3 of 3
Adjourn
Mr. Pankaj made a motion to adjourn. Mr. Fendley seconded the motion. Vote was 7 -ayes to 0 -nays. The meeting
adjourned at 6:14 p.m.
Respectfully submitted,
Paula Brownfield
Administrative Assistant
Paris Economic Development Corporation