11.01.2011 EDC MinutesMINUTES
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
SPECIAL MEETING — NOVEMBER 1, 2011
405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG.
COUNCIL CHAMBERS
CALL TO ORDER
President Mundy called the meeting to order at 7:18pm.
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
REGULAR ITEMS
A. Discuss and consider approval of the regular meeting minutes from October 18, 2011
A motion to approve the minutes as presented was made by Mark Yeary, second by Darrell
Erwin. The motion passed 5 -0 -1, with Beverly Hayes abstaining.
B. Consider authorizing the president to execute a commercial lease and a purchase
and sale agreement with Pennington Family, LP for property located at 1170 E.
Kennedale Parkway.
Executive Director Bob Hart approached the board and described the changes that had
been made to the contract since the last meeting. It was noted that the rent amount
would cover the first year's interest and that the tenant had the option to purchase the
property earlier than five years if he wished to do so.
A motion to authorize the president to execute the contract for 1170 E Kennedale
Parkway was made by Pat Turner, second by Rebecca Mowell. The motion passed
unanimously.
The board closed open session and entered executive session at 7:28pm.
IV. EXECUTIVE SESSION
A. 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. The Fowler Group
V. RECONVENE INTO OPEN SESSION AND TAKE ACTION PURSUANT TO
EXECUTIVE SESSION, IF NECESSARY.
The board reconvened into open session at 7:51.
No action pursuant to executive session was necessary.
VI. ADJOURNMENT
A motion to adjourn was made by Mark Yeary, second by Rebecca Mowell. The motion
passed unanimously.
The meeting was adjourned at 7:53pm.
APPROVED:
/Robert Mundy, President ::
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Amethyst Ciro, City Secretary
405 Municipal Drive, Kennedale, TX 76060 1 Telephone: 817.985.2102 1 Fax: 817- 478 -7169