03.22.2011 EDC MinutesMEETING MINUTES
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING — MARCH 22 2011
405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG.
COUNCIL CHAMBERS
I. CALL TO ORDER
President Robert Mundy called the meeting to order at 7:18pm
II. ROLL CALL
BOARD MEMBERS
PRESENT
ABSENT
ROBERT MUNDY - PRESIDENT, P4
x
BEVERLY HAYES — P3
x
DARRELL ERWIN — P1
x
PAT TURNER — P2
x
DONNIE GRAHAM — P5
x
MARL{ YEARY — P6
x
REBECCA MOWELL —P7
x
CITY STAFF
IPRESENT
ABSENT
BOB HART, EXECUTIVE DIRECTOR
Ix
SAKURA AIOTEN- DEDRICK, CITY FINANCE DIRECTOR
x
III. REGULAR ITEMS
A. Discuss and consider approval of independent auditor's report for year ended September
30, 2010.
Due to a last minute scheduling conflict with the auditor, this item has been postponed until
the April meeting.
B. Review and consider action to approve regular meeting minutes dated February 15` 2011.
Motion to approve the February 15 °i meeting minutes as presented on paper was made by
Darrell Erwin, second by Donnie Graham. Motion passed (4 -0), with Beverly Hayes
abstaining.
C. Review KEDC Financial Report.
Sakura Moten - Dedrick presented the most recent EDC financial data to the board. No
significant changes have occurred since the previous month. Ms. Moten - Dedrick noted that
the city has seen eleven straight months of increase in sales tax revenue. Most of this can
be attributed to reallocations completed last year. Current maintenance costs are due to
fagade improvements that are currently being completed in TownCenter.
Ms. Moten - Dedrick also gave a brief update on the 2009/2010 budget, noting that the fund
balance was higher than expected due to increases in sales tax and less spending on sundry
items.
Board member Pat Turner asked for clarification regarding the expenditure line item
described as `special services.' Ms. Moten- Dedrick stated that most expenses that are not
engineering, architecture, or construction related generally fall into this category.
Examples given included contracted items such as the Section House and the relocation of
utility poles.
Motion to approve the financial data as received was made by Pat Turner, second by
Beverly Hayes. Motion passed (5 -0)
D. Amend fiscal year 2009/2010 Budget.
No budget amendments were necessary, and this item was removed from the agenda.
IV. STAFF ANNOUNCEMENTSIRE,PORTS
A. Executive Director /Orasi Development
Bob Hart addressed the Board on the following topics:
TownCenter
— Section House
o The section house will go bid next week.
— 9/11 Memorial
o Mr. Hart discussed the Memorial for the entrance of the World Trade
Center steel girder into Kennedale. Draft artistic plans will be in early
next week, and the city is still exploring potential dedication dates and
event speakers.
— Fagade improvements
o Mr. Hart announced that the lights, painting, and roof of current
TownCenter development will be completed within the next few
weeks.
2. Sustainability Gant Status
Mr. Hart addressed the council, explaining that the City has received clarity on the
status of the sustainability grant. The Attorney General has ruled that the sustainability
funds previously discussed can only be expended in counties involved in Section 121,
and therefore Tarrant County does not qualify. Instead, the city has switched to using
Community Multiscale Air Quality (CMAQ) monies, which are federal funds
administered by TxDOT. It may take 3 years for these funds to become frilly available.
3. I- 20/Kennedale Parkway Development Status
Mr. Hart announced that the city is still working with QuikTrip (QT) and with TxDOT
and that appraisal processes are currently underway. QT has purchased additional land
so that they can build a larger store model. Several restaurants have expressed interest
in the TownCenter area, and land has been shown to six potential developers.
The board recessed regular session and entered executive session at 739pm
V.
EXECUTIVE SESSION
A. The Economic Development Corporation will meet in
551.087 of the Texas Government Code to deliberat e
incentive to a business prospect with which the city is
negotiations.
Purchase of Land
— 1170 Kennedale Parkway
— 5414, 5421,5420, and 5424 High Ridge Road
— 6708 and 6704 Lindale Road
— 6713 and 6701 Oak Crest Drive
— 1120 Kennedale Parkway
— TXDOT parcels on Kennedale Parkway
1. Incentive
— Texas Leverage Fund financial analysis
2. Review proposals for sale and development of:
— 1000 E. Kennedale Parkway
closed session pursuant to Section
the offer of a financial or other
conducting economic development
— Business expansion incentives
VI.
RECONVENE INTO OPEN SESSION AND TAKE ACTION PURSUANT TO
EXECUTIVE SESSION, IF NECESSARY.
The board reconvened into regular session at 8:51pm.
VII. ADJOURNMENT
A motion to adjourn the meeting was made by Darrell Erwin, second by Donnie Graham. Motion passed
(5 -0)
The meeting was adjourned at 8:52pm.
Amethyst G. Cir , City Secretary
APPROVED
Robed Miin c Board esident