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09.20.2011 EDC MinutesMINUTES KENNEDALE ECONOMIC DEVELOPMENT CORPORATION BOARD OF DIRECTORS REGULAR MEETING — SEPTEMBER 20, 2011 405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG. COUNCIL CHAMBERS CALL TO ORDER President Mundy called the meeting to order at 7:21 pm. 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 — Vice- President, P5 x MARK YEARY — P6 x REBECCA MOWELL — P 7 x CITY STAFF PRESENT ABSENT BOB HART, EXECUTIVE DIRECTOR x SAKURA MOTEN- DEDRICK, CITY FINANCE DIRECTOR x AMETHYST CIRMO, BOARD SECRETARY x III. REGULAR ITEMS A. Discuss and consider approval of the regular meeting minutes from August 23, 2011 A motion to accept the meeting minutes from August 23, 2011 was made by Rebecca Mowell, second by Pat Turner. Motion passed unanimously. B. Review KEDC Financial Report Sakura Moten - Dedrick presented information, noting that the drop in the sales tax is due to Majestic. Maintenance has also changed, mostly due to painting of several buildings in the KEDC Retail Addition. Most other categories remained the same. Ms. Dedrick also noted that the Oncor Rebate was received, amounting to around $8,000.00. A motion to accept the financial report as presented was made by Mark Yeary, second by Beverly Hayes. The motion passed unanimously. C. Discuss and consider approval of a resolution authorizing the Executive Director to sign the land sale contract for 1000 E Kennedale Parkway Bob Hart approached the board, explaining that this resolution was necessary for the title company to complete their work on the property. A motion to approve was made by Pat Turner, second by Rebecca Mowell. The motion passed unanimously. D. Discuss and consider approving a proposal from ZIAS Group, LLC for financial management of the Texas Leverage Fund Bob Hart presented information to the board, noting that the Texas Leverage Fund will likely be funded on September 21, 2011. The ZIAS Group has been highly recommended and would be managing the process, financials, and documentation between the EDC and Grover Company. The board made the decision to table this item until the November regular meeting. E. Review proposals for the sale of land at 1170 E Kennedale Parkway Bob Hart presented information on 2 proposals that were received. AH Ashton Holdings Inc 2. JDJRC General Partners offered $90,000 straight purchase contingent upon financing. F. Discuss parameters for redevelopment of Kennedale Parkway Justin Pruitt from UTA presented information to the board on the current UTA project regarding economic development incentives on Kennedale Parkway. I t ����� \ �y � , t . [•1 � I , r•�� i � L� , r�9 r: r_� L•r: i i E� A. Updates and information from the Executive Director, Orasi Development, and the Kennedale Chamber of Commerce 1. TownCenter — Bob Hart noted that progress is underway, with the new physical structure currently under construction. 2. 9/11 Memorial - The Memorial Dedication Ceremony will be held on October 15` 2011. 3. Section House — Bob Hart noted that the Section House will be open for the Christmas Tree Lighting Ceremony. 4. Other updates and information, if needed Bob Hart presented information regarding a grant from TXDOT /CEMAQ for use with sidewalk improvements in the areas of Kennedale Parkway from I- 20 to Eden Road and a second grant that would landscape Kennedale Parkway, the TownCenter, and 1 -20. The board moved to executive session at 8:19pm. 405 Municipal Drive, Kennedale, TX 76060 1 Telephone: 817.985.2102 1 Fax: 817 - 478 -7169 V. EXECUTIVE SESSION A. The Economic Development Corporation will meet in closed session pursuant to Section 551.072 of the Texas Government Code to deliberate the purchase, sale, exchange, lease, or value of real property. Sale of land at 1170 E Kennedale Parkway B. The Economic Development Corporation will meet in closed session pursuant to Section 551.087 of the Texas Government Code to deliberate the offer of a financial or other incentive to a business project with which the city is conducting economic development negotiations. 1. Grover Corporation with Texas Leverage Fund 2. Harris Manufacturing 3. Metal Rehab Technology VI. RECONVENE INTO OPEN SESSION AND TAKE ACTION PURSUANT TO EXECUTIVE SESSION, IF NECESSARY. President Mundy called the meeting back into open session at 9:10pm. VII. ADJOURNMENT A motion to adjourn was made by Pat Turner, second by Mark Yeary. The motion passed unanimously. The meeting was adjourned at 9:12pm. APPROVED:___ Robeft Mundy, Pees dent ATTES,: * A � Amethyst Cirmo City Secretary 405 Municipal Drive, I(ennedale, TX 76060 1 Telephone: 817.985.2102 1 Fax: 817- 478 -7169