14-D PEDC (10/09/03)MINUTES OF THE SPECIAL MEETING OF THE PARIS ECONOMIC
DEVELOPMENT CORPORATION
October 9, 2003
The Paris Economic Development Corporation met in special session on
Thursday, October 9, 2003, 1:00 P.M., at Paris Junior College, Bobby R.
Walters Applied Technology Building, Room 1206, 2400 Clarksville Street,
Paris, Texas. President Wall called the meeting to order with the following
Directors present: Richard Severson, Sims Norment and Rodney Bass. Also
present were Executive Director Gary Vest, Ex-officio Members Pam Anglin,
Mayor Curtis Fendley, City Manager Michael E. Malone, City Attorney Larry
W. Schenk, and Assistant City Clerk Tommy Haynes.
President Wall called for the approval of the minutes from the previous meeting
of August 20, 2003. A motion was made by Director Bass, seconded by
Director Sims, for approval of the minutes. The motion carried unanimously.
President Wall called for the approval of the minutes from the previous meeting
of September 18, 2003. A motion was made by Director Bass, seconded by
Director Severson, for approval of the minutes. The motion carried
unanimously.
President Wall called for the financial report.
Gene Anderson, Director of Finance, came forward presenting the sales tax
payment for the year and advised that is was pretty self-explanatory.
Mr. Anderson advised that they do not have the September Financials at this
time so he had furnished them with a cash flow statement. He said the unusual
payments made in August included the incentive payment to C-Tech of one
million dollars; the new industry project, which relates to the INdustrial Park,
in the amount of $23,705.00; and the TCIM incentive payment of $50,000.00.
He advised that they only owe one more payment of $25,000.00 for the TCIM
INcentive and it will be made in this fiscal year. Mr. Anderson said the other
expenditures were routine matters.
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October 9, 2003
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A motion was made by Director Bass to approve the financial report as
presented. The motion was seconded by Director Severson. The motion
carried unanimously.
President Wall announced that the next item on the agenda was the Director' s
Report.
Gary Vest said, as the Board knows, they have been working full time on the
Campbell Project and he had made two trips to Austin regarding this matter.
He said last week he went down with Mike Dunn, Bob Zane, and Mayor Curtis
Fendley, and they actually met with the Governor, Senator Ratliff, Cliff
Johnson, and Mike Morsey.
Mr. Vest said that they did submit a proposal on a project that came through
the Governors' Office of Economic Development. It is called Project Reserve,
which is a 700,000 square foot distribution center with 250 jobs. They have
not received any word on that at this time.
Mr. Vest said he went to the Texas Economic Development Council meeting
in Houston two weeks ago and was elected Chairman of the Texas Economic
Development Sales Tax Association. At that meeting, Mark Homer and
Senator Ratliff were honored as Outstanding Legislators of the Year primarily
because of their work on House Bill 2912, which Mark authored. They worked
closely with Mr. Homer and it means a lot for economic development.
Mr. Vest said that Campbell Soup has been their focus and their proposal has
been submitted and he has copies of the proposal for the Board to see during
the executive session.
President Wall declared the special session closed at 1:08 P.M. and the
executive session open in accordance with Sec. 551.087 of the Open Meetings
Act, discuss possible incentives, pending negotiations, and commercial or
financial information from business prospects and potential financing for the
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October 9, 2003
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following:
A. Possible Campbell Soup expansion.
At 1:47 P.M. President Wall declared the executive session closed and the
PEDC Board back in open session.
President Wall called for a motion to ratify the proposal to the Campbell Soup
Company.
A motion was made by Director Sims that the Paris Economic Development
Corporation approve the package of incentives for Campbell Soup as proposed.
Director Sims asked Mr. Vest to read the wording on the incentive. Mr. Vest
read the incentive as follows: ~On the new plastic line you have proposed with
a capital investment of 3 8.7 million dollars, the PEDC is offering a two million-
dollar cash incentive paid to Campbell up front. PEDC will require an
incentive agreement that details your capital investment, the number of jobs
created in a specified time, and that those jobs be maintained in Paris. All of
these terms and conditions are subject to negotiations to the mutual satisfaction
of both Campbell' s and the PEDC." The motion was seconded by Director Bass
and carried unanimously.
There being not further business, the meeting was adjourned.
ATTEST:
DON WALL, PRESIDENT.
TOMMY HAYNES, ASST. CITY CLERK