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04.24.2012 EDC MinutesECONOMIC DEVELOPMENT CORPORATION MINUTES BOARD OF DIRECTORS - REGULAR MEETING April 24, 2012 CITY HALL COUNCIL CHAMBERS, 405 MUNICIPAL DRIVE I. CALL TO ORDER President Mundy called the meeting to order at 7:25 PM. II. ROLL CALL Roll Call Present Pat Turner, Beverly Hayes, Robert Mundy, Donnie Graham, Mark Yeary, Rebecca Mowell Absent/Excused Darrell Erwin III. MINUTES APPROVAL A. Consider approval of regular meeting minutes from March 27, 2012. President Mundy noted that the following changes had been made: 1. A change to the title from 'agenda' to 'minutes' 2. A space between the words 'executive' and 'session' on page 2 3. A change from the time of entry into executive session from 7:00 PM to 8:00 PM Motion To approve the minutes as amended. , Action Approve, Moved By Rebecca Mowell, Seconded By Beverly Hayes Motion Passed Unanimously IV. REGULAR ITEMS A. Discuss and consider action for approval of Independent Auditor's Report for year ended September 30, 2011. Sakura Moten - Dedrick introduced auditor Greg Shropshire from Pattillo, Brown, and Hill. Mr. Shropshire presented the results of the recent audit, which he also provided to the corporation. Motion To approve the September 30, 2011 annual financial report as presented. , Action Approve, Moved By Beverly Hayes, Seconded By Donnie Graham Motion Passed Unanimously B. Review KEDC Financial Report. Sakura Moten - Dedrick noted that no significant changes had been made since the last report. Motion To approve the report as presented. , Action Approve, Moved By Pat Turner, Seconded By Rebecca Mowell Motion Passed Unanimously C. Tax Increment Financing presentation. Bob Hart introduced L.D. Thomas and Ryan Rust from the University of Texas at Arlington presented a draft report on the potential Tax Increment Financing District in the New Hope Road area. V. STAFF ANNOUNCEMENTS /REPORTS A. Updates from the Executive Director, Orasi Development, and the Kennedale Chamber of Commerce. Bob Hart noted that the current director, Greg Hudson, will be leaving the chamber for a new position at the end of April. 1. QuikTrip update - Mr. Hart noted that land is currently being leveled and construction is well underway. 2. City Council Governance Workshop - Mr. Hart noted that the Council attended the annual workshop on April 20 and 21 to discuss budget and strategies for the next year. The city's focus will remain on positive development and enhancement over the next year. 3. Street project update - Mr. Hart noted that construction on Sublett and Little Road are almost complete. 4. May 5th: Cleanup with the Keep Kennedale Beautiful Commission, International Migratory Bird Day activities, and Citywide cleanup at the C &D Landfill - Mr. Hart mentioned each of the events and encouraged the board to participate if they were available. 5. May 19th: Bark in the Park /Kidfish /National Kids to Parks Day - Mr. Hart noted that these events were going to be held at Sonora Park throughout the day. 6. Red's Roadhouse Restaurant - The restaurant will be opening for a concert on May 31 A portion of the proceeds from this concert will go toward the city's emergency relief fund. The Corporation suspended the regular session and entered executive session at 8:48 PM. VI. 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. 1. Sale of property at 1000 E Kennedale Parkway to Speed FabCrete 2. Purchase of property at 5428 Kennedale Parkway 3. Consider a partnership for hotel development 4. Discuss partner recruitment for Bloxom Park development B. The Economic Development Corporation will meet in closed session pursuant to Section 551.087 of w�. 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. Review Texas Leverage Fund loan use request by Ross Karbosi 2. Discuss incentives for the Fowler Group VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO EXECUTIVE SESSION, IF NEEDED The Corporation reconvened into regular session at 9:35 PM. No action pursuant to executive session was necessary. The next regular meeting will be held on May 22, 2012 at 7:15 PM. VIII. ADJOURNMENT Motion To adjourn., Action Adjourn, Moved By Pat Turner, Seconded By Donnie Graham Motion Passed Unanimously The meeting was adjourned at 9:40 PM. APPROVED: President Robert Mundy ATTE j City Secretary, A, ethyst G. Cirmo 1551lll 1111 , 1 1 1 , 111 1 1!1111 1 ill 1 1!111 ill i Ili' 1 1" , 1' 11 11 1 1111111 1111 4 • i ..