Pampa EDC Board discusses Las Pampas Square
The Pampa Economic Development Corporation board of directors held a meeting last Thursday night.
The bulk of the meeting was centered around the organization’s upcoming budget, but they also held some discussion regarding their website and Las Pampas Square.
Pampa EDC Board President Glennette Goode said there were three offers made to the corporation for Las Pampas Square: two for $1 million each and one for $1.45 with 10 percent down to be paid off over two years.
“The LPS Board, while not a complete consensus, doesn’t want to do that (the $1.4 million offer),” Goode said. “Obviously we want this Board’s input on it.”
Goode added the PEDC would still owe $2 million on the original loan for the purchase of LPS and would be carrying the note should they accept the $1.45 million offer. Board member Sue Fatheree asked how the payments for the $2 million would be affected should they accept the offer, to which Goode said would slightly decrease it, but not substantially.
The Board discussed at length the circumstances around the offers, but ultimately decided to not accept any of them.
The Board also discussed an offer from Phenyx Marketing for website and social media marketing.
Phenyx Marketing’s CJ Frazier has ties to Pampa and has worked with Fatheree on a proposal for the EDC.
“I liked what they are saying,” Fatheree said. “It’s a lot of money. But if I understood them in the summary on the conference call, the first year has a larger investment and then you don’t have as much creative options. As you go on, as you do have more creative options as you upgrade.”
Executive director Clay Rice said he likes the idea of Phenyx because they have ties to Pampa and would like to see Pampa succeed.
Board member Ted Hutto said in a recent phone call with Frazier, the company wants this job with Pampa EDC, but Hutto suggested trying to workout a deal with Phenyx that isn’t as expensive.
The Board agreed to look at working with Phenyx on trying to get another proposal from them.
Later in the meeting, Fatheree said in the treasurer’s report for the month of May that the sales tax revenue was up roughly $27,000 from 2019. Total on the year they are up $44,000 from this time last year.
“The sales tax was a pleasant surprise,” Goode said. “(Pampa City Manager) Shane Stokes and I recently talked, and his take on it is people don’t want to go to Amarillo to shop, so they are shopping here in Pampa. He is optimistic this is going to be a continuing trend.”
Rice noted the recent change in legislation allowing sales tax revenue to come from online shopping is also helping with sales tax revenue.
The Board then went into discussing their 2020-21 budget.
For more information on the Pampa EDC, visit www.pampaedc.com.