The directors of the Paris Economic Development Corporation on Tuesday voted in an afternoon meeting to move forward with the option of buying undisclosed land, which also saw a positive annual report presented by strong financial and executive director Maureen Hammond.
After spending about 30 minutes in the executive session, Director Curtis Fendley offered to secure the land purchase option agreement, pending City Council approval, and secure financing.
The potential purchase of property for economic growth purposes is one of the goals set by the board during a planning session earlier this year, and in recent months Fendley, Josh Bray and Mark Homer have been working on the board’s land review committee. Is.
In a review of the financial statements, Secretary of the Treasury Chase Coleman reported after 11 months of the budget year that the organization acknowledged $ 1.162 million in expenditures with a net profit of 53 538,000.
“In the month (August) we generated total (sales tax) revenue of 7 177,000 and reported expenses of 78 78,000,” Coleman said. We had a good year financially with sales tax revenue and we are currently spending less than budget.
In his annual report, Hammond echoed Coleman’s financial assessment.
“There is a lot of positive data on economic trends in Paris and Lamar County,” Hammond said. “Despite the cowardice and the uncertainty and challenges we have faced, the steady increase in sales tax revenue is a measure of how we are doing as a community as there is steady growth in new construction, commercial And both residents. “