2001-03-01-PEDC607
MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION
SPECIAL MEETING
MARCH 1, 2001
The Paris Economic Development corporation met in special session on Thursday,
March 1, 2001, 12:00 Noon., at Heritage Hall, 1009 West Kaufman Street, Paris,
Texas. President Mike Rhodes called the meeting to order with the following
Directors present: Jay Guest, Melba Harris, Michael Dunn and Don Wall. Also
present were ex-officio boardmembers Bobby Walters, Terry Christian, Executive
Director Gary Vest, City Manager Michael E1 Malone, City Attorney Larry Schenk
and City Clerk Mattie Cunningham.
President Rhodes announced that the first item on the agenda was a closed session in
accordance with Sec. 551.086 of the Open Meetings Act, discuss pending
negotiations and commercial or financial information from business prospects
regarding the following:
A. Discuss financial information regarding participation by the PEDC in
the Northeast Texas Economic Development District Revolving Loan
Fund and the Chapman Revolving Loan Fund in the amount of
$125,000.00 for use by Sesaco, Inc.
President Rhodes declared the open session closed at 12:16 P. M. and the closed
session open.
At 1:30 P. M. President Rhodes announced that the Board would go back into
open session.
Resolution No. 2001-003, resolving that the Director of Economic Development
be, and he is hereby authorized and directed to submit to the Northeast Texas
Economic Development District Revolving Loan Fund and the Chapman
Revolving Loan Fund a loan request in the amount of $125,000.00 for use by
Sesaco, and that the Director is hereby authorized and directed to execute a loan
agreement and any and all documents necessary to finalize the same and bind
the PEDC thereto; that the PEDC does hereby pledge its one-quarter (1/4) cent
economic development sales tax to the repayment of said loan, was presented
by City Attorney Schenk.
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Minutes Paris Economic Development Corporation
March 1, 2001
Page 2
After discussion, a motion was made by Director Don Wall, seconded by
Director Michael Dunn, for approval of the resolution. The motion carried 4
ayes, 1 nay, Board Member Melba Harris voting no.
President Rhodes called for consideration of and action on a recommendation
to the City Council of the City of Paris on the tax abatement application from
Sesaco, Inc.
After discussion, a motion was made by Director Don Wall, seconded by
Director Michael Dunn to recommend approval to the City Council of the City
of Paris the tax abatement application from Sesaco, Inc. The motion carried
unanimously.
There being no further business, President Rhodes adjourned the meeting.
MICHAEL RHODES, PRESIDENT
ATTEST:
MATTIE CUNNINGHAM
City Clerk