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2009_10.20 EDC Agenda PacketN OTICE O KENNEDALE ECONOMIC DEVELOPMENT CORPORATION BOARD OF DIRECTORS KENNED Notice is hereby given that a Regular Meeting will be held by the Kennedale Economic Development Corporation Board of Directors on the 20 day of October 2009 at 7:15 P.M.. in the Kennedale Municipal Building Council Chambers located at 405 Municipal Drive, Kennedale, Texas, at which time the following subjects will be discussed to wit: ael FA T MW (SEE ATTACHED AGENDA) Dated this 16 day of October 2009. By: Robert P. Mundy, President I, the undersigned authority, do hereby certify that the above Notice of Meeting of the Economic Development Corporation Board of Directors is a true and correct copy of said Notice and that I posted a true and correct copy of said Notice on the bulletin. board of City Hall of said City in Kennedale, Texas, a place convenient and readily accessible to the general public at all times, and said Notice was posted on October 16, 2009 at 11:00 o'clock A.M., and remained so posted continuously for at least 72 hours preceding the scheduled time of said Meeting. Persons with disabilities who plan to attend this meeting and who may need auxiliary aids or services such as interpreters for persons who are deaf or hearing impaired, readers, large print, are requested to contact the undersigned at (817) 985.2104 five (5) work days prior to the meeting so that appropriate arrangements can be made. Dated this the 6 �iidili7 t;p v y 16 day of October 2009. By: Kathy Turn W, TRMC /CMC City Secretary ' '16d1ci ;a:11W CITY OF KENNEDALE, TEXAS OFFICE OF THE CITY SECRETARY KEDC ROLL CALL DATE: OCTOBER 20, 2009 START TIME: PM END TIME: PM ROLL CALL: 1 m- dou-f CITY STAFF PRESENT: PRESENT ABSENT PRESIDENT ROBERT MUNDY -P4 VICE PRESIDENT BEV ERLY HAYES - P3 BOARD OF DIRECTOR DARRELL ERWIN - PI BOARD OF DIRECTOR DOURG PARKER -P2 BOARD OF DIRECTOR DONNIE GRAHAM -P5 BOARD OF DIRECTOR MARK YEARY - P6 BOARD OF DIRECTOR REBECCA MOWELL - P 7 1 m- dou-f CITY STAFF PRESENT: PRESE T ABSENT CITY MANAGER BOB HART CITY SECRETARY KATHY TURNER SAKURA M. DEDRICK DIR. OF FINANCE AGENDA KENNEDALE ECONOMIC DEVELOPMENT CORPORATION BOARD OF DIRECTORS REGULAR MEETING — OCTOBER 20, 2009 405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG. COUNCIL CHAMBERS 7:15 PM I. CALL TO ORDER II. ROLL CALL III. REGULAR ITEMS A. Consider election of President and Vice - President to serve a one -year term. B. Review and consider action to approve regular meeting minutes dated September 22, 2009. C. Review KEDC Financial Reports. D. Review and consider action to select a member to serve as a regular member on the Keep Kenmedale Beautiful Commission. E. Review and consider action to authorize President to execute Development Agreement with Cypress Properties for the development of the Kennedale TownCenter. F. Review and consider action to authorize the staff to repair and /or replace the roofs of the three- (3) buildings utilizing insurance proceeds. G. Review and consider action to change date and time of future meetings. IV. STAFF ANNOUNCEMENTS/REPORTS A. KEDC Executive Director Announcement/Reports 1. Street Map Project 2. Quine and Associates Termination Notice 3. Sustainable Grant Submission 4. Section House Update B. Orasi Development Report V. PRESIDENT/BOARD ANNOUNCEMENTS/REPORTS A. President Announcements/Reports 1. Report agenda items to be posted for future meetings. Page 1 of 2 VI. EXECUTIVE SESSION A. The Board of Directors 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. Development agreement with Cypress Properties for the development of Kennedale TownCenter. VII. RECONVENE INTO OPEN SESSION AND TAKE ACTION NECESSARY PURSUANT TO EXECUTIVE SESSION, IF NEEDED. VIII. ADJOURNMENT Page 1 of 2 Staff Repot To KEDC Board of Directors Date: October 20, 2009 Agenda Item No: III -A Subject: Consider election of President and Vice - President to serve a one -year term. Originated by: Kathy Turner, Secretary to EDC Summary: Board of Directors will vote in open session to select a President and Vice - President to serve a one -year term. The president shall preside at all meetings of the directors. He /she shall have the power to sign and execute all contracts and instruments of conveyance in the name of the corporation, to sign checks, drafts, notes and orders for the payment of money, and to appoint and discharge agents and employees, subject to the approval of the board. He /she shall have general and active management of the business of the corporation, and shall perform all the duties usually incident to the office of the president. The vice - president shall have such powers and perform such duties as may be delegated to him /her by the board. In the absence or disability of the president, the vice - president may perform the duties and exercise the powers of the president. Recommend tion: IVl OR Disposition by KEDC Board of Directors: � VD Staff Report To KEDC Board of Directors Date: October 13, 2009 Agenda Item No: III -B Subject: Review and consider approval of meeting minutes. Originated by : Kathy Turner, KEDC Secretary Summary: A draft copy of the meeting minutes dated September 22, 2009 are attached for your review and consideration. Recommendation: Recommend Approval. Disposition by KEDC Board of Directors: - ZAII 46 pu�or 312 KENNEDALE ECONOMIC REGULAR 405 MUNICIPAL I. CALL TO ORDER CORPORATION ER 22, 2009 .JNICIPAL BLDG. President, Robert Mundy called the meeting to order at 7:17 p.m. II. ROLL CALL Secretary, Kathy Turner called roll with the following board members present/absent: Present: Robert Mundy President Beverly Hayes Vice - President Doug Parker Board Member Donnie Graham Board Member Rebecca Mowell Board Member Absent: Darrell Erwin Mark Yeary Staff members present included: Bob Hart Sakura Moten - Dedrick Kathy Turner Jack Thompson III. REGULAR ITEMS Board Member Board Member Executive Director Treasurer Secretary Orasi Development — EDC Contractor A. Review and consider action to approve regular meeting minutes dated August 18, 2009. Rebecca Mowell moved to approve regular meeting minutes dated August 18, 2009, second by Doug Parker. Motion carried unanimously (5 -0). B. Review KEDC Financial Reports. Beverly Hayes moved to approve August 30, 2009 financial reports, second by Rebecca Mowell. Motion carried unanimously (5 -0). C. Review and consider support for 2009 NCTCOG Sustainability Grant Program. Donnie Graham moved to authorize President, Robert Mundy to execute a letter of support to participate in the 2009 NCTCOG Sustainability Grant Program, second by Vice President, Beverly Hayes. Motion carried unanimously (5 -0). 313 D. Review and consider action to change date and time of future meetings. President, Robert Mundy indicated that the next meeting date was October 20, 2009, and inquired if anyone had any conflicts. With no scheduling conflicts noted, October 20, 2009 meeting will be held as planned. IV. STAFF ANNOUNCEMENTS/REPORTS A. KEDC Executive Director Announcement/Reports 1. Joint meeting with the City Council on Thursday, October 8, 2009 at 5:30 p.m. Bob Hart, Executive Director indicated Council wished to meet with the various board /committees throughout the year to address any concerns, upcoming projects, as well as to receive input from the board /commission committee members and reflect on the direction of the board /commission committees. It was suggested members make a listing of topics they would like to discuss and provide ahead of time so appropriate responses could be made available during the work session. 2. Retail Development Executive Director, Bob Hart provided updates on the following: • Kennedale TownCenter Activities Revisions to proposed aerial map, termination of Management Contract with Quine & Associates, Inc., agreement with new Chicken Express owners, roof repairs to shopping center, contract status with David Johnson, and Section House inspection report. • Bowman Springs Road Re- alignment map layout of Bowman Springs Road and possible economic opportunities in regards to the re- alignment. 3. Industrial Development Bob Hart, Executive Director provided an update on the following: ® FWT, Inc. Expansion plans of FWT, Inc., due to increase in contract awards, and future meetings with potential clients in regards to recruitment of associated businesses to relocate to Kennedale. 314 ® H & O Die Supply Relocation of H & O Die Supply from Dallas, TX to Kennedale if high speed internet and phone service issues are resolved. ® Jetbridge Technology Relocation assistance for Jetbridge Technology. Also, Mr. Hart indicated that the acquisition of the property located at 1000 E. Kennedale Parkway might resurface within the next couple of months. 4. CGI Communications Video Project Bob Hart, Executive Director indicated that CGI Communications would begin the video project on Wednesday, September 23 5. Orasi Development Report Jack Thompson, KEDC Contract provider implied that efforts were moving forward, and he was providing assistance with the COG Grant, revisions to aerial maps, and CGI Communications video project. Thompson indicated that a good foundation is being proposed for future development. V. PRESIDENT/BOARD ANNOUNCEMENTS/REPORTS A. President Announcements/Reports Report agenda items to be posted for future meetings. No agenda items were reported. VI. ADJOURNMENT There being no further discussion, President Mundy asked for a motion to adjourn. Rebecca Mowell so moved, and Donnie Graham seconded the motion with all members present voting in favor. Motion carried (5 -0). Meeting adjourned at 8:56 p.m. APPROVED: President, Robert Mundy ATTF;ST: Kathy Turner, EDC Secretary � � � I Lr1- :, .; -. r Date: Agenda Item loco: Subject: Originated by: Summary: Budget /Amendment N/A Year -To -bate October 20, 2009 III -C DISCUSS AND REVIEW Sakura Moten- Dedrick AUGUST 2009 EDC FINANCIALS P O Y-1/11 t • Sales Tax: Please see attached charts (Monthly Graph, 3 -Year Historical Graph, 10 -Year Historical Data). • Investment Income: Both interest rates and our revenue returns have decreased significantly compared to this same time last year. • Rental Income: Slight increase in revenue over this time last year. Please see attached Year -To- Date Summary Report provided by Quine & Associates. • Other Income: $481K consists of $354K for TML Roof Insurance Claim Reimbursement and $127K Gas Well Licensing Fee received in Feb 09. • Personnel Costs: EDC Director position was eliminated in the current year, and this is why expenses are lower over this time last year. • Service: Contractual Services expenses for this year represent only those costs tied directly to the Town Center Plaza construction. Expenses should be $121K and remain as such; however, approximately $7000 coded incorrectly to this line; Orasi services should have hit Special Services. Correction to be made. Legal Services and Special Services expenses higher in cut-rent year due to payments related to Town Center Redevelopment, TIFF and MMD. Admin Service Charge expenses also higher in current year due to staff completion of reimbursement from EDC to General Fund on a regular monthly basis versus quarterly or even annually as in the past. Grants /Incentives: Significant decrease in expenses over this time last year. In Feb of this year, we have paid out approximately $5K to Interior & Exterior Improvements. We have also paid out approximately $32K for the Old City Hall Redevelopment. Town Center: We are lower in expenses compared to this time last year; however, expenses are trending normally. F-,timate • Staff has made the items below available in the FY09 -10 Proposed Budget. Operating Revenues Operating Expenditures Operating Income /(Loss) Nonoperating Revenues /(Expenses) Interest Earnings Transfers -In (Transfers -Out) Net Operating Income/ (Loss) Beginning Fund Balance (as of Oct. 1st) DOT AUGUST 2009 532,211 33,754 (1,040,207) (12,550) Y -T- 918,917 (479,283) $ 21,204 $ 439,635 50,000 423 9,326 (457,996) 21,626 448,961 1,215,833 hFNN'F �!F REVENUE TOTAL EDC REVENUES $ 592,127 $ 480,093 81.08% $ 582,211 '$ 928,243 159.43% EXPENSES PERSONNEL COSTS FY07 -08 FY07 -08 YTD 88.88% FY08 -09 FY08 -09 YTD 39.63% SUPPLIES EST ACTUAL August -08 PERCENT BUDGET August -09 PERCENT MAINTENANCE FUND BALANCE CARRY FORWARD: 9 30.01% SALES TAXES 331,269 295,446 89.19% 357,011 283,433 79.39% INVESTMENT EARNINGS 48,455 46,058 95.05% 50,000 9,326 18.65% FUND 95 INVESTMENT EARNINGS - - 0.00% - 110,168 0.00% RENTAL INCOME 212,403 138,590 65.25% 175,200 154,348 88.10% OTHER INCOME - 46.78% 0.00% - 481,136 0.00% TRANSFERS IN 111,309 53.69% 0.00% 100,000 100,000 0.00% TOTAL EDC REVENUES $ 592,127 $ 480,093 81.08% $ 582,211 '$ 928,243 159.43% EXPENSES PERSONNEL COSTS 110,172 97,923 88.88% 108,109 42,847 39.63% SUPPLIES 9,107 7,815 85.81% 21,600 5,272 24.41% MAINTENANCE 30 9 30.01% 1,000 - 0.00% SERVICE 640,542 424,226 66.23% 327,371 216,853 66.24% UTILITIES 978 935 95.60% 600 294 49.01% GRANTS/ INCENTIVES 104,231 110,168 105.70% 100,001 36,417 36,42% TOWNCENTER 47,770 41,010 85.85% 74,210 34,717 46.78% CAPITAL 112,164 111,647 99.54% 207,316 111,309 53.69% TRANSFER OUT 100,000 100,000 0.00% - - 0.00% TOWN CENTER REDEVELOPMENT - 200,000 31,573 15.79% TOTAL EDC EXPENDITURES $ 1,124,993 $ _893,732 79.44% 1,040,207 479,283 46.08% REVENUES IN EXCESS OF EXPENSES (457,996) ENDING FUND BALANCE: 757,837' ECONOMIC I° 5101 -01 -00 SALARIES ADMINISTRATIVE FY07 -08 FY07 -08 YTD 89.62% FY08 -09 FY08 -09 YTD 41.84% ACCOUNT ACCT NAME ACTUAL August -08 PERCENT BUDGET August -09 PERCENT 4001 -00 -00 PROPERTY TAX - CURRENT YR 4,235 3,763 88.84% 4,800 1,278 26.61% 4081 -00 -00 SALES TAX 327,488 291,665 89.06/ 354,000 283,433 80.07% 4082 -00 -00 MIXED BEVRG SALES TAX 3,780 3,780 1oo.00% 3,011 - 0.00% 4401 -00 -00 INVESTMENT INCOME 48,455 46,058 95.05% 50,000 9,326 18.65/ 4401 -00 -00 INVESTMENT INCOME (FUND 95) - - 0.00% 6,540 - 0.00% 4409 -00 -00 MISCELLANEOUS INCOME 5,754 5,754 0.00% 6,000 127,058 0.00% 4415 -00 -00 INSURANCE REIMBURSEMENT 173 158 0.00% - 354,078 0.00% 4805 -01 -00 RENTAL FEES - SHOPPING CTR 212,403 138,590 65.25% 175,200 154,348 88.10/ 4902 -00 -00 PROCEEDS - DEBT ISSUANCE - - 0.00% - - 0.00% REVENUES 592,127 480,093 0.00% 582,211 928,243 0.00% 5101 -01 -00 SALARIES ADMINISTRATIVE 76,120 68,217 89.62% 77,690 32,502 41.84% 5107 -01 -00 SALARIES- OVERTIME 5,738 5,408 94.24% 3,000 - 0.00% 5111 -01 -00 MOTOR VEHICLE ALLOWANCE 4,235 3,763 88.84% 4,800 1,278 26.61% 5114 -01 -00 LONGEVITY - 0.00% - 184 0.00% 5115 -01 -00 TMRS RETIREMENT SYSTEM 8,926 8,246 92.38% 9,344 3,871 41.42% 5116 -01 -00 UNEMPLOYMENT INSURANCE 45 45 1oo.00% - 108 0.00% 5117 -01 -00 FICA BENEFITS 6,629 5,963 89.95% 6,540 2,598 39.73% 5118 -01 -00 HOSPITALIZATION /LIFE INSURANCE 5,754 5,754 1oo.00% 6,000 2,071 34.51% 5120 -01 -00 LIFE INSURANCE 173 158 91.67% 255 58 22.59% 5121 -01 -00 DENTAL 285 285 1oo.00% 360 142 39.53% 5122 -01 -00 VISION INSURANCE 86 86 loo.00% 120 36 29.83% 5190 -01 -00 SALARIES OTHER 2,182 - 0.00% - 0.00% PERSONNEL 110,172 97,923 88.88% 108,109 42,847 39.63% 5220 -01 -00 UNIFORMS 218 218 1oo.00% 600 - 0.00% 5240 -01 -00 PRINTED SUPPLY 4,555 4,324 94.93% 14,000 3,789 27.06% 5260 -01 -00 GENERAL OFFICE SUPPLIES 754 605 80.31% 1,500 332 22.14% 5261 -01 -00 POSTAGE AND REIMBURSEMENT 871 829 95.18% 1,000 128 12.77% 5280 -01 -00 MINOR EQUIPMENT 1,870 1,037 55.43% 3,000 - 0.00% 5290 -01 -00 EXPENDABLE SUPPLY 841 803 95.47% 1,500 1,023 68.21% SUPPLIES 9,107 7,815 85.81% 21,600 5,272 24.41% 5403 -01 -00 BUILDING MAINTENANCE 9 9 - 5440 -01 -00 OFFICE EQUIPMENT MAINTENANCE 21 0.00% 1,000 0.00% MAINTENANCE 30 9 1,000 5501 -01 -00 ADVERTISING 980 980 100.00% 18,000 789 4.3B% 5510 -01 -00 ASSOC DUES /PUBLICATIONS /MEET 3,844 3,844 1ne.00% 1,400 334 23.86 5512 -01 -00 CONTRACTUAL SERVICES 563,913 408,506 72.44^/ 130,000 128,854 99.12% 5525 -01 -00 TRAINING /SEMINARS 34 9 26.47^/ 2,800 430 15.36% 5565 -01 -00 LEGAL SERVICE-CITY ATTORNEY 38 38 1oo.00% 25,000 21,762 87.05% 5567 -01 -00 AUDIT SERVICES - - 0.00% 3,000 3,000 0.00°/ 5569 -01 -00 IT SUPPORT 984 984 1oo.00% - 0.00% 5570 -01 -00 SPECIAL SERVICES 9,585 7,470 77.94% 85,500 17,370 20.32% 5575 -01 -00 EQUIPMENT RENTAL 373 - 0.00% 1,000 - 0.00% 5578 -01 -00 TRAVEL 2,457 2,395 97.47% 7,450 254 3.41% 5580 -01 -00 ENGINEERING SERVICES - 0.00% - - 0.00^/ 5595 -01 -00 ADMIN SERVICE CHARGE 58,334 0.00% 53,221 44,060 82.79% 5625 -01 -00 ISSUANCE COST - 0.00% - 0.00% SERVICE 640,542 424,226 66.23% 327,371 216,853 66.24% 5585 -01 -00 TELEPHONE SERVICE 978 935 95.60% 600 294 49.01% UTILITIES 978 935 600 294 5610 -01 -00 VISUAL GRANT 7,807 8,333 106.73% 100,000 36,417 36.42% 5615 -01 -00 FUNCTIONAL GRANT 96,423 101,835 1o5.61% 1 - 0.00% GRANTS / INCENTIVES 104,231 110,168 100,001 36,417 TOWNCENTER EXPENSES 47,770 41,010 86.86% 74,210 34,717 46.78% 10/16/20094:08 PM ECONOMIC DEVELOPMENT EVE EXPENDITURES FY07 -08 FY07 -08 YTD FY08 -09 FY08 -09 YTD ACCOUNT ACCT NAME ACTUAL August -08 PERCENT BUDGET August -09 PERCENT 5621 -01 -03 COST OF ISSUANCE - - 0.00% 1,000 - 0.00% 5643 -01 -03 2007 CO INTEREST'EDC 81,547 81,547 1oo.00% 81,316 81,309 99.99% 5644 -01 -03 2007 CO PRINCIPAL INTEREST 30,000 30,000 1oo.00% 30,000 30,000 100.00% 5800 -01 -00 LAND 617 100 16.19% 25,000 - 0.00% 5810 -01 -00 EDC ALTERNATE ROUTE- ENGINEERING - - 0.00% - 0.00% 5811 -01 -00 DESIGN -NEW HOPE RD 12" WLINE 0.00% - 0.00% 5813 -01 -00 KENNEDALE ENTRANCE SIGN 0.00% 45,000 0.00% 5820 -01 -00 BUILDING IMPROVEMENT 0.00% 25,000 0.00% 5861 -01 -00 MOTOR VEHICLES 0.00% 0.00% CAPITAL 112,164 111,647 99.64% 207,316 111,309 53.69% 5714 -01 -00 TRANSFER OUT TO PARK DEDICATION 100,000 100,000 100.00% - - 0.00% 5795 -01 -00 TRANSFER OUT TO EDC RESERVE 0.00% 0.00% TRANSFERS 100,000 100,000 100.00% #DIV 101 5570 -03 -00 SPECIAL SERVICES - - 0.00% 100,000 5,327 0.00% 5579 -03 -00 ARCHITECT /DESIGN SERVICES 0.00% 75,000 13,832 0.00% 5580 -03 -00 ENGINEERING SERVICES 0.00% 25,000 12,414 0.00% TOWN CENTER REDEVELOPMENT - 200,000 31,573 - TOTAL EDC EXPENDITURES $ 1,124,993 $ 893,732 79.44% $ 1,040,207 $ 479,283 46.08% 10/16/20094:08 PM 1 'r i Account O< ;OME .. Jan :.:`: Rental Income 17 Tax Escrows 1 Insurance Escro ... Jul CAM Escrows 1 Late Fees ,154 PR YR Insurance _ TOTAL INCOME 20 EXPENSES General & Admini Property Manage Office Expenses Bank charges Electricity -CAM Sweeping - CAM Porter Service -C Landscape - CA Fire Sprinkler /Ala Hard Surface Re Asphalt -CAM Elec, Supplies - Mntc. Supplies - Roofing Repair R &M -CAM Total General & A TOTALEXPENS NET PROFIT /LO 1 16 ADJUSTMENTS ' Prepaid Rent In VP buyer /selle 1. artner's Distri TOTAL ADJUSTM -11 CASH FLOW Cash Flow 12 (Cash) TownC Kcnnedaile - (KEN) Oct 2000 - Aug 2009 Page 1 KEN 8124/2005 10:54 AM ;t Nov FJec � .. Jan :.:`: >._. Feb;.; ,; °, .::far ... .,. p,pr :::.:: May. Jun`:. `, ... Jul ... Aug.. ,154 18,836 16,036 16,036 16,036 16,036 15,990 16,036 13,564 13,518 18,554 177,791 ,734 1,810 1,690" 1,696 1,696 1,696 1,696 1,695 1,601 1,601 1,791 18,713 134 179 115 115 115 115 115 115 64 64 166 1,297 ,112 1,199 1,009 1,009 1,009 1,009 1,009 1,009 811 811 1,207 11,189 365 365 327 587 914 T ,498 _ 22,023 19,182 18,855 y 18,855 18,855 18,809 - _ 18,855 16,0391 16,580 i - -_ 21,717 210,268 820 881 767 754 754 754 752 754 642 663 7,542 -6 17 1 18 46 -25 -25 189 474 490 481 454 496 533 460 133 133 146 3,990 315 168 158 300 300 300 300 300 300 300 2,730 70 30 90 60 32 90 32 30 100 102 32 670 640 320 320 320 320 320 320 320 320 320 3,520 150 150 150 150 600 5,550 5,550 4,131 4,131 54 537 177 1,184 64 140 59 800 3,016 57 57 025 355 731 505 3,616 40 70 - - -- - 110 330 1,923 - 2,001 - -- 3,462 _ 12,343 2,042 2,088 T 2,022 1,553 - - 2,311 -_i_ 1,479 - 35,554 330 1,923 2,001 3,462 12,343 2,042 2,088 2,022 1,553 2,311 1,479 35,554 168 20,101 17,181 15,393 6,512 16,813 16,721 16,833 14,486 14,269 20,238 174,714 -1,584 -1,584 159 1,159 920 - 17,327 - 35,698 - 15,393__ -6,512 - 16,81_3 - 16,721__ 1 6,8 33 ____ _ _ 138, 217 762 - 18,911 - 35,698 - 15,393 -6,512 - 16,813 - 16,721 - 16,833 - 138,642 406 1,190 ^ 17,181 - 20,305 8,881 -- 10,301 _ - � - -92 -- 1121 -2,348 14,269 , 20,238 36,072 K h c � 0 0 a .N o= U� E� CL u . c u LU rx- w Q u a 0 r Q ra Z Q C Q a u Ol a 0 I co m w U- z Q O w 0 O z O O O O O O O O 0 0 C 0 0 0 LO co N N LID ld� toIr to 60r 1 i • • • • • • • • • CL w V) 0 B J ZD d Q O U Z Q ::D O � r a O O N C Q G IL Q C � L W N O d O ve CO Ck. 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Q M J CO O N 0 It ( ( N 00 N ( N e° M= (D (D U') Cl) m r o NS m (nM Lo ®U N m N N M N N m Cl) N M N v N Q °J U)� 00) 0 M(O(D O�M-e N ® Q O U) Co — (O C64 M 0) (D M O It (D N= Lr -' M M N M O U) N to N U) N N ® U N M N N M N N co N N M N cm ' N Q co J (D M 00 d' O (D d' N O 0) M 0) (D o N CO CO U) CO O O a) d' (O 0) O U) ®Q0O 0000 W O)00 NM W r O r to 00 00 M (D d' Co O N d' Co tl� C O U N N M N M N M N N N M N M N Q M 1 r J N 0 d' U) O M co N U) 0) O r e O 0 � (D N M M W 0 �- co 00 W q Q U) I� 0) M It N d O O M CD M (O O�U)M V' OM NNE U) (D d' M ® U N M N N co N N d' N N M N M M r N Q U O W Q W Q d Q D W 0z0nU - Q2 -7 �Q(n To KEDC Board of Directors Date: October 15, 2009 Agenda Item No: III. -D Subject: Review and consider action to select a member to serve as a regular member on the Keep Kennedale Beautiful Commission. Originated by: Bob Hart, Executive Director Summary: The City Council recently approved an ordinance establishing the Keep Kennedale Beautiful Commission. The purpose of the commission is to promote public interest in the general improvement of the physical environment of the City and to support programs for refuse management, recycling, and beautification in conjunction and in cooperation with the citizens, government, businesses, and industries within the city limits, and serve as a liaison between the City Manager and the City Council. The powers and duties of the commission may include, but are not limited to the following: 1. Assist the City Manager and City Council in reducing litter, and problems associated; 2. Assist in development of further beautification programs for the community as may be needed; 3. Develop city -wide refuse and environmental policy plan(s) for review and adoption; 4. Evaluate effectiveness of such policy; 5. Determine and recommend to the City Council program priorities on a city -wide basis; 6. Recommend enforcement and additional program alternatives; 7. Monitor program accomplishments from data collected and examined under the Keep America Beautiful, Inc., Keep America Beautiful System guidelines and make an annual report to the City Council; and 8. Carry out such other tasks as the City Council and City Manager may designate. Page 1 of 2 The Commission will consists of five regular members and two alternates. During the October meeting, city council appointed four regular members consisting of three citizens, and one park board member. The Council reserved one place for the appointment of a KEDC Board member, as they feel this position will serve as a liaison between the Commission and KEDC Corporation. Recommendation: Disposition by KEDC Board of Directors: l Qt bl� tt'46 Page 2 of 2 Staff Repot To KEDC Board of Directors Date: October 16, 2009 Agenda Item No: III. -E Subject: Review and consider action to authorize President to execute a Development Agreement with Cypress Properties for the development of the Kennedale TownCenter. Originated by: Bob Hart, Executive Director Summary: We are nearing completion of negotiating the development agreement of Kennedale TownCenter with Cypress Properties. The attached draft is being revised as we speak and may have additional revisions by Tuesday night's meeting. Action is required to authorize President, Robert Mundy to sign the agreement once all provisions are met between city staff and Cypress Properties. I b 04 P&4 JIWO - �VM� L&4.0- a W4 Page 1 of 1 ECONOMIC DEVELOPMENT AGREEMENT FOR DEVELOPMENT OF KENNEDALE TOWNCENTER This Economic Development Agreement ( "Agreement ") is made and entered into by and between Kennedale Town Center, L.P., ( "the Partnership ") acting by and through David G. Johnson. Manager of KTC GP, L.L.C. the General Partner of the Partnership, the principal office of the Partnership being 3977 Fall Creels Road, Spicewood, Texas 78669, and the Kennedale Economic Development Corporation ( "Corporation "), a nonprofit corporation organized as a Type B Corporation under the Development Corporation Act of 1979, Tex. Loc. Gov't Code Ann. §` 505.001 — 505.355 (Vernon Supp. 2008) ( "Act "), for the purposes and considerations stated below. For convenience, the Partnership and the Corporation may be hereinafter referred to collectively as "parties" and individually as a "party." RECITALS: WHEREAS, the Corporation has purchased certain real property located within the corporate limits of the City of Kennedale, Texas ( "City ") (hereinafter referred to as the "Property "); WHEREAS, the Corporation has determined and found that the Project and Improvements, as hereinafter defined and described, and the expenditures of the Corporation set forth in this Agreement are suitable or required for the development of a new business enterprise and fall within the definition of a "Project" as defined in the Act; WHEREAS, the Corporation, after diligent search for a development partner spanning in excess of two years, requested the Partnership to develop the Property as a multi -use development to be known as Kennedale TownCenter that will include office and retail uses, as depicted in the approved plan showing the concept and phasing of the development, attached hereto as Exhibit "A" (the "Concept / Phasing Plan "); WHEREAS, the Corporation, having determined that substantial economic benefit and the creation of new opportunities of employment will accrue to the City as a result of the Partnership's development and operation of the Improvements, desires to have the Partnership construct the Improvements and operate and /or lease the Property for the operation of the Kennedale TownCenter, a retail shopping center and professional office complex. WHEREAS, the Corporation has determined that the Partnership's development and operation of the Improvements will eventually, after exercise of the option to purchase, increase the taxable value of the Property and will directly and indirectly result in the creation of additional jobs throughout the City, the value of which will outweigh the amount of expenditures required of the Corporation under this Agreement; WHEREAS, the Corporation, in order to encourage the development and operation of the Property, desires to lease the Property to the Partnership to develop as hereinafter set forth, and to extend an option to the Partnership to purchase the Property upon completion of the Project or as phases of the Project are completed, in the discretion of the Corporation; ECONOMIC DEVELOPMENT AGREEMENT PAGE 1 OF 101 -6 C:ADoconYCn!_s_ uxl ticttinx \ h�urE�er_ Itii�NN[�I3�AI,I;I'X,OOU \i.�7�aI cttii� A'Icuip�rrai} Intemet !Mks \U!_ G��nC �ntci Developnicnt-RD- Ub ik�cW.`,14e {tnvd ak \>h��e•e�He��ls \= lcxwnE `et��c r� l >ev�{caprnc�r�t- f2- p- NEiflae(10 /16/09) WHEREAS, the Partnership desires to obtain and the Corporation shall provide a 3gQ, minimum of three hundred fifty (350) parking spaces on the Property and the adjacent Municipal Drive for use by TownCenter visitors and employees, and City of Kennedale municipal complex P employees and visitors; WHEREAS, the Partnership desires to obtain and the Corporation agrees to provide certain additional Public Improvements such as landscaping, irrigation, parking lot lighting, street access improvements, and utility extensions as hereinafter described; WHEREAS, the Corporation, in order to accomplish the purposes of this Agreement, intends to utilize the resources of the Kennedale TownCenter Development District ( "District ") as necessary or appropriate including but not limited to the construction of Public Improvements by the District; WHEREAS, the Partnership acknowledges and accepts the benefits to be derived from the construction of Public Improvements and the imposition of taxes, assessments and impact fees by the District; NOW, THEREFORE, in consideration of the mutual benefits and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: Authorization Phis Agreement is authorized by Tex. Loc. Gov't Code Ann. Chapter 505. 2. Definitions "Approved Plans" means the plans and specifications for the Partnership Improvements prepared by, or on behalf of, the Partnership and to be approved by all applicable governmental authorities and the EDC Board. In the event the plans and specifications comply with the applicable Planned Development approved for the Property, then no additional approvals by the EDC Board shall be required. " City" means the City of Kennedale, Texas. "Construction Cost" means the costs of all hard construction, construction equipment charges. the costs of construction materials, building systems installation and repairs, contractor fees, architectural and engineering costs, impact fees, and fees attributable to the construction of the Improvements plus tenant finish -out of the improvements located on the Property. Construction Cost shall also include demolition of any existing improvements. Construction Cost does not include marketing fees. "Corporation" means the Kennedale Economic Development Corporation. ECONOMIC DEVELOPMENT AGREEMENT PAGE 2 OF 161 -6 ()t>uunteo is tiui ctt \IcPti r cr,i I;NN(_t }i\[ I, I' ,O(iQ \I oc(tl Settings \Iuiiporaty Inlein_et tiles \01,hi> \t'owncenter_Dev l rl>(1 nt -RI }- )6 ehicLG'.AI�e.�ncltt(e \r rcec }7etlsk' }e> iE `e+�te }l)ttve1(41)ii)ei)4 -(2D -0 <lee(r0 /16/09) "District" means the Kennedale TownCenter Development District, created as a Municipal Management District by the Texas Legislature. "EDC Board" means the board of directors of the Corporation. "Existing Building 1 Improvements" means addition of a fagade to the Existing Building 1 shown on Exhibit "A ". "Force Majeure" means an event or circumstance which prevents one party from performing its obligations under this Agreement, which event or circumstance is not within the reasonable control of, or the result of the negligence of, the party claiming Force Majeure, and which, by the exercise of due diligence, the party claiming Force Majeure is unable to overcome or avoid or cause to be avoided. Force Majeure includes, but is not limited to: acts of God, fire, flood, hurricane, tornado, earthquake, war, and terrorism. "Ground Lease" means that certain 40 year ground lease pursuant to which the Corporation leases portions of the Property to the Partnership, the form of which is attached hereto as Exhibit "B" and incorporated herein for all purposes. The Ground Lease will contain a Purchase Option granting the Partnership the right to purchase the Property at the completion of the Project, or in the discretion of the Corporation, portions of the Project as they are completed. Apy sal of` th e Ilj' °o x r�A2 ur suatit t o - the p urchase - Opt i on will excludem ts_ �v ineral inte reshie h will be ret;_uned by the �'otl�otat�0III -- — -- — "Improvements" means collectively, the Partnership Improvements, the Public Improvements, the Existing Building 1 Improvements, and the Section House Improvements. "Partnership Improvements" means labeled on Exhibit "A" as Buildings 2 through 7 forth in Paragraph 4(b) below. the construction of six additional structures The sizes and phasing of such buildings is set "Partnership" means Kennedale Town Center, L.P. a Domestic Limited Partnership organized under the laws of Texas. "Payment Bond" means a bond executed on the part of the Partnership to the Corporation in an amount equal to one hundred percent (100 %) of the total cost of the Partnership Improvements, guaranteeing payment for all labor, materials and equipment used in the construction of the Improvements. "Project" means the lease by the Partnership of the Property pursuant to the Ground Lease and the option to purchase the Property by the Partnership, in accordance with the terms of the Purchase Option; the development of the Property by the Partnership for use as a retail shopping center and professional office complex; and the construction of Improvements to be made bNi the Partnership and Corporation; all as more fully set forth in this Agreement. cxp�;- ��€°s -i ��`r� =1 -� - vorifi��d- -4�y -- _. , •pf �� i€rn ' =��i ' t1�- i= lesi c��st��E��t- i�ri: -�u��l F'CONOIVIK DEVELOPMENT AGREEMENT PAGE 3 OF 1616 t` \Docunrent_s_and ti t�ir�Ls \l.tunfcr NNf _[_�nl I I' \i,ocji SetthjgsV Yeniporary In(ernet Yilcs \E)LI�itiUcr�wzC'ci�Ec� L�u��Icipi�r�nt -RL7- (}6 tlnc4�.AIwc�t�ite�l de \A� +cen�� n {�klfiwnt= e�te� [ )��Ic�13n3e+r!- 1;N- (aEr�ies (10/16/09) _ _ - - wiltioui limit tir» e ti(F°n c t a d .mss cc g+nn€ rit -1e . } s, t €<3 t cal a$1�C 7 r�4�E% tkE}E'r - �t€t} E3- �= �1 1- E',? A ° •- f3izisii iai- 'c c�r,scxi�� a�"rrs�f�t:sg - ` :" `fit` �. t - 1 i'i3(�':{� G'ofpofat "Property" means a certain approximate 6.8 acre tract of land located in Tarrant County, Texas, more particularly described on Exhibit "C" attached hereto and incorporated herein, together with all and singular the rights and appurtenances pertaining to such tract of land, including any right, title and interest of the Corporation in and to adjacent streets, alleys or rights -of -way. "Property Management Agreement" means the agreement, in the form attached hereto as Exhibit "D ", between the Partnership and the Corporation, in which the Partnership agrees to provide management and leasing services to the Corporation for portions of the Property. "Public Improvements" sliall- -means the improvements to be constructed by or on behalf of the Corporation incidental to the Improvements to be constructed by the Partnership, including but not limited to street access improvements, sidewalks, landscaping, irrigation, parking lot lighting. parking, and utility extensions, as described in Exhibit "E ". This definition does not prohibit the parties from mutually agreeing to allow the Partnership to bear the costs of constructing improvements which are defined as Public Improvements, as set forth in this Agreement. "Purchase Option" means the right of the Partnership to purchase the Property at or before the termination date of the Ground Lease pursuant to the terms and conditions contained in the Ground Lease. "Section House Improvements" means the buildings to be relocated and /or constructed on Lot 8, as depicted on Exhibit "A ", by the Corporation. This definition shall not include the parking lot improvements to be made to the Municipal Drive Right of Way or the parking lot improvements to be constructed on Lot 8. "Substantially Complete" means the date the City issues a certificate of occupancy for any Improvements. 3. Term. This Agreement shall be effective as of the date of execution by the parties. This Agreement will terminate on , 2024 or as otherwise provided in this Agreement. Notwithstanding the above, if either party is not in compliance with the covenants described in this Agreement as of the date of termination, then this Agreement shall remain in full force and effect for the purpose of enforcing the terms of this Agreement. ECONOMIC DEVELOPMENT AGREEMENT PAGE 4 OF 161 -6 (':ADouiments and (tit tei.KIt NNI'DAl I;l'X. 006 \Local Setti Internet Filcs \()1_,I'�5 \'Jo ��n('enlei Developmcni-M)- -- Ob.eIG��J \ 14e+ tfir�dulc�lt�� ; {cet }3e +�151'l'a��t�ce+alti+ 1)c��lelfti3et�t (�D- t7G.+{oc(10 /16/09) 4. Covenants of the Partnership. (a) In consideration of the Corporation agreeing to make certain Public Improvements on the Property, to lease portions of the Property to the Partnership at a rate temporarily below fair market value in accordance with the Ground Lease, and to grant the Partnership a Purchase Option in accordance with the terms of the Ground Lease, the Partnership agrees to: (1) Engage civil engineers and other qualified consultants for platting, zoning, geotechnical, utility, drainage, access, landscape and irrigation, and parking lot design on the Property as necessary and desirable to allow development of the Improvements in accordance with the Approved Plans and the Concept / Phasing Plan. The Partnership agrees and shall include in any agreement with the engineer that the Corporation shall be entitled to receive all work product of the engineer related to the Project and shall be entitled to use all work product of the engineer for any purpose related to the Project. (2) Engage an architect to design the layout of the Project, including a schematic and conceptual design at the Partnership's expense. (Already performed and accepted — Concept / Phasing Plan) (3) Execute the Payment Bond. The Partnership agrees no construction will commence on Partnership Improvements until the Payment Bond has been executed and a copy has been provided to the Corporation. The Payment Bond is only necessary for that phase or phases about to be constructed. (4) Provided the Corporation is in compliance with Section 7 of this Agreement, commence fagade improvements (in accordance with the Approved Plans) of Existing Building 1 when the funding is made available by the Corporation, and Substantially Complete construction of the fagade improvements within 180 days of commencement. (5) Substantially Complete the construction of each building in accordance with the Approved Plans and the Phasing Chart contained in Par. 4(b) below. Construction shall include demolition of certain structures currently on the Property, but no demolition shall occur until the necessary improvements have been completed and are prepared to allow tenants currently in the existing structures to be relocated to those improvements. (6) When the Corporation notifies the Partnership that it has funds available for the Section House Improvements, then the Partnership will construct such improvements if requested. In such event, the Partnership will be paid a fee equal to 10% of the total cost of the Section House Improvements- ¢zuz €1 tl 1�llilp sae tits Ass�3oiat€ d -tl�e rc - }. (7) Construct the Improvements in compliance in all material respects with all applicable local ordinances and state and federal law. ECONOMIC' DEVELOPMENT AGREEMENT PAGE 5 OF 161 -6 \I ?ucwnrnlg ami Si ([iit 4 \ktt n r,ICfiNN(a) \( [ ;iX,t }0O \L c£11 S [ttngs \lunparan Internet I iI sK>l,[ \ IrtiynC 'ciiter_I;)eveCq!>mc,nt -I:I)- - __ 06 ri�> c: �V :AItiar�nc<lnie \�� +e��r�csttla\ I "f7r+��c."c�k�e i��ftl�p>Et�c+tt- {�13- 0(��{ee (10/16/09) (8) Operate the Improvements or lease the Improvements for use as a retail space or office space pursuant to the Property Management Agreement for the entire term of this Agreement. (9) Enter into and comply with obligations under the Property Management Agreement with the Corporation to manage the existing structures on the Property and the Improvements, once built. The Partnership agrees to use all commercially reasonable efforts applicable to projects similar in nature, market type, and market share to the Project to keep the lease portions of the Property as fully leased as is commercially reasonable, at all times. (10) Comply with all obligations imposed under the Ground Lease. (11) Construct the Partnership Improvements at the Partnership's sole cost except as provided in Section 7, and title to the Improvements will remain in the name of the Corporation unless transferred to the Partnership in accordance with the Ground Lease. (12) Execute a mutually agreeable reciprocal access easement on the Property so that all phases of the Project will have access to the Public Improvements. 1��L_ Obtain arrcl t irisurancce in the lnin arrt0Ltilt s13 eci_f ed ill til Grou [.e a rld the Corporation_ as __an add ti _in cove - rir dan )es an_d liabilities n7ay ar from t c _use _or' OCCUp of the Prot)ertyby the Partriershit) and its contractors. — - -- - - (b) The construction of the Improvements shall take place pursuant to the following Phasing Chart, and in compliance with the minimum sizes and estimated Construction Costs as shown. The Corporation acknowledges that numerous factors and market conditions make it difficult to predict a construction schedule and completion date for each Improvement. The Partnership intends to construct the Partnership Improvements as the leasing market dictates, while using commercially reasonable efforts to lease space in the buildings. However, the Corporation requires the Partnership exercise due diligence in constructing the Improvements within a reasonable time frame. While the Corporation is not imposing strict timelines for completion dates for the Improvements, the Corporation and the Partnership agree to the construction deadlines, as follows and further agree that failure to comply with the deadlines shall be an event of default. Further, the Partnership agrees that each building will be substantially complete within eighteen (18) months of commencement of construction and that failure to finish each building within the specified eighteen months shall be an event of default. &q/e9 wi'PR /o ECONOMIC DEVELOPMENT AGREEMENT PAGE 6 OF E6( -(r (' \Documen,[s_and NNE[�AC ! IX,O' -- g -- t _� — — } ' - - 0 \I oval Se �nl aorar Int��p�t f dcs \OLL tiSV "l t��nc en(o_I7welo mwut -I�i }, Qb docVV \C <01) tic daIc Ngwenw 'l'o"kiWelIler Partnership Improvements Phasing Chart (c) For the consideration recited above in Paragraph 4(a), in the event the Partnership obtains financing from any source to construct the Partnership Improvements, the Partnership further covenants and agrees that no lien will be allowed to attach to the Property nor will the Partnership otherwise encumber the Property. Any documents executed by the Partnership that result in the creation of a lien shall provide that such lien may only attach to the Partnership's leasehold interest and /or rents due to the Partnership pursuant to the Ground Lease and shall in no event apply to the Property or the Corporation's interest in this Agreement. (d) The Partnership additionally covenants and agrees that it will be solely responsible and liable for any labor or materials furnished for the construction of the Partnership Improvements and that no mechanic's or other lien for any such labor or materials shall attach to or affect the Property or the estate or interest of the Corporation in and to the Property. The Partnership shall provide in all agreements executed by any contractor or subcontractor and all others who will furnish plans, labor or materials in connection with work on the Property that any mechanic's or materialmen's lien which may arise from such person furnishing labor or materials with respect to any such work shall apply only to the Partnership's leasehold interest hereunder and shall in no event apply to the Property or the Corporation's interest in this Agreement. (e) Whenever and as often as any lien shall be filed against the Property, based upon any act or interest of the Partnership or of anyone claiming through the Partnership, the Partnership shall take such action by bonding, deposit or paying any sum of money required to discharge any such lien. In such event, and provided the Partnership has not so acted for thirty (30) days after notice from the Corporation to the Partnership, the Corporation may pay the amount of such lien or discharge the same by deposit, and the amount so paid or deposited shall be immediately due and owing by the Partnership to the Corporation. 5. Covenant Running with the Land. As long as this Agreement is in effect, all rights, covenants, restrictions, burdens, privileges and charges set forth in this Agreement shall exist. Any person who, within the restrictions of this Agreement, shall assume or become vested of the leasehold estate of the FCONOM ICDEVELOPMENT AGREEMENT PAGE 7 OF 101 -0 (; Ai�oc�unu7is_;1fuE S�t[ings \I t�ll,iier l! t i .O00 \Loch Settings\ mporari tntemet 1 lies,AQ � \lo�pn( �i�terl_�uti�iq��mcnt RI_�- Ub. cl�SCerV:A( tt, E�r�€, tlnlc; A� +Ee +i�e�tt +V'Tf�ty €� €'et }te + C)eE�«p��+�t- f��3- E ?�< <k�E(10 /16/09) Building to be Minimum Commencement of Estimated Phase Constructed Size ( sg ft Construction Construction Costs 1 ( Existing Building 1) N/A N/A N/A 2 5 8,820 2011 $882,000 3 7 7,620 2012 $762,000 4 4 4,500 2013 $450,000 5 3 11,220 2014 $1,120,000 6 7,000 2015 $700,000 7 Section House N/A N/A N/A 8 6 6,600 2022 $660,000 (c) For the consideration recited above in Paragraph 4(a), in the event the Partnership obtains financing from any source to construct the Partnership Improvements, the Partnership further covenants and agrees that no lien will be allowed to attach to the Property nor will the Partnership otherwise encumber the Property. Any documents executed by the Partnership that result in the creation of a lien shall provide that such lien may only attach to the Partnership's leasehold interest and /or rents due to the Partnership pursuant to the Ground Lease and shall in no event apply to the Property or the Corporation's interest in this Agreement. (d) The Partnership additionally covenants and agrees that it will be solely responsible and liable for any labor or materials furnished for the construction of the Partnership Improvements and that no mechanic's or other lien for any such labor or materials shall attach to or affect the Property or the estate or interest of the Corporation in and to the Property. The Partnership shall provide in all agreements executed by any contractor or subcontractor and all others who will furnish plans, labor or materials in connection with work on the Property that any mechanic's or materialmen's lien which may arise from such person furnishing labor or materials with respect to any such work shall apply only to the Partnership's leasehold interest hereunder and shall in no event apply to the Property or the Corporation's interest in this Agreement. (e) Whenever and as often as any lien shall be filed against the Property, based upon any act or interest of the Partnership or of anyone claiming through the Partnership, the Partnership shall take such action by bonding, deposit or paying any sum of money required to discharge any such lien. In such event, and provided the Partnership has not so acted for thirty (30) days after notice from the Corporation to the Partnership, the Corporation may pay the amount of such lien or discharge the same by deposit, and the amount so paid or deposited shall be immediately due and owing by the Partnership to the Corporation. 5. Covenant Running with the Land. As long as this Agreement is in effect, all rights, covenants, restrictions, burdens, privileges and charges set forth in this Agreement shall exist. Any person who, within the restrictions of this Agreement, shall assume or become vested of the leasehold estate of the FCONOM ICDEVELOPMENT AGREEMENT PAGE 7 OF 101 -0 (; Ai�oc�unu7is_;1fuE S�t[ings \I t�ll,iier l! t i .O00 \Loch Settings\ mporari tntemet 1 lies,AQ � \lo�pn( �i�terl_�uti�iq��mcnt RI_�- Ub. cl�SCerV:A( tt, E�r�€, tlnlc; A� +Ee +i�e�tt +V'Tf�ty €� €'et }te + C)eE�«p��+�t- f��3- E ?�< <k�E(10 /16/09) Partnership hereunder, shall be bound by and liable upon all such rights, covenants, restrictions, burdens. privileges and charges set forth in this Agreement. 6. Improvements. The Partnership shall be solely responsible for the design and construction of the Partnership Improvements and shall comply with all zoning regulations, subdivision regulations, building codes and other ordinances of the City applicable to the Partnership Improvements and the Approved Plans. 7. Covenants of the Corporation. (a) The Corporation agrees to reimburse the Partnership or pay directly to the provider, expenses incurred by the Partnership to engage civil engineers and other qualified consultants for platting, zoning, geotechnical, utility, drainage, access, landscape and irrigation, and parking lot design on the Property (all as required pursuant to Par. 4(a)(1) above) in an amount not to exceed $50,000. (b) The Corporation agrees to compensate the Partnership for services as construction manager in the Existing Building 1 Improvements in an amount of 10% of the actual costs of said improvements (including the Public Improvements associated therewith) to be paid in not more than 6 monthly installments as work progresses upon the submission to the Corporation of satisfactory documentation evidencing the expenditures for the construction of such improvements, provided the Partnership is in compliance with Section 4 of this Agreement. (c) Provided the Partnership is in compliance with Section 4 of this Agreement, the Corporation agrees to construct certain Public Improvements on the Property. The Corporation will construct Public Improvements related to the construction of the Improvements in phases. The Corporation will construct all Public Improvements within timeframes mutually agreeable to the parties which shall take in to account the construction schedule to be determined by the Partnership and the amount of funds available to the Corporation. (d) The Corporation may contract with the Partnership as construction manager to construct the Public Improvements for each phase in order to facilitate construction on the Property . Unless otherwise indicated, the Partnership will not be entitled to a fee for coordinating the construction of the Public Improvements. If the Partnership elects to not contract to construct the Public Improvements, then the Corporation shall contract with another party. I n either event, the Corporation shall pay the cost of the Public Improvements directly to the subcontractors, and will not allow any liens to be placed on the Property. (e) The Corporation may contract with the Partnership as construction manager to construct the Section House Improvements. The Corporation agrees to compensate the Partnership for services as construction manager in the Section House Improvements in an amount of 10% of the actual costs of said improvements (including the Public Improvements associated therewith) to be paid in monthly installments as work progresses upon the submission ECONOMI( DEVELOPMENT AGREEMENT PAGE 8 OF 161 -6 \Dcruunen(s and `,eltin s \I [urr r 1til N Jf:17n1 117 . 000 \! gc<tl S [irons \Icmpgraiti Internet k Eles \01X"5 \`t'��wa'c ter Dcvc 10 n7c W 1ZD- OG �Igcr4�� \ Ikt{ �c�cdalc >d� +cea�ac�tt�A'lu�c+��tk� I�c�ela[> +t�c+}l RD 13E�.c#et(10 /16/09) to the Corporation of satisfactory documentation evidencing the expenditures for the construction. ( f) The Public Improvements within the Municipal Drive right of way that are designed in direct support of each of Phases 5, 6, & 7 must be constructed prior to or simultaneously with construction of each said phase. (g) The Corporation agrees to enter into and comply with a Ground Lease (with Purchase Option) with the Partnership, in the form attached hereto as Exhibit "B ". The Corporation will lease to the Partnership the land necessary to construct Buildings 2 through 7 in the amount of $1.00 (one dollar) per year for the first 15 years of the term of the Ground Lease. However, the rent will increase to the fair market value at the end of the 15 year period if the Partnership does not exercise its option to purchase. During the term of the Ground Lease, all rents on Buildings 2 through 7 will be paid to the Partnership. Rents from Existing Building 1 and t House will be retained by the Corporation. Further, rents from all existing tenants will be retained by the Corporation until the tenants are relocated into the Partnership Improvements. (h) The Corporation agrees to subsidize the rents of certain tenants that will occupy Buildings to be constructed on the Property by the Partnership. The tenants to which this subsection applies are Chicken Express, Ace Cash, Subway and any other tenant occupying existing buildings on or after the effective date of this Agreement which were required to relocate due to demolition of buildings in order to construct the Improvements related to this Project. The Corporation agrees to pay the Partnership an amount ( "the Rent Subsidy ") to be determined by calculating the difference between the stated rental of $ per square foot for Buildings 4, 5, 6, & 7 and the amount per square foot paid by the existing tenants on the effective date of this Agreement. The Rent Subsidy shall be paid to the Partnership monthly on the 1 st day of the month beginning the first month that the tenants to whom this subsection applies are required to relocate due to the Project, and shall continue during the primary term of such leases plus any exercised extensions.g re he Partnership will pay the first $30 per sq uare foot of tena _finish out expenses and the Corporation will pay the diffence, subject to prior approval by the EDC Board.the - C' Tparati i pay or ere ocatron expenses. The tenant finish out and relocation costs paid by the Corporation will be considered part of the Project Costs def fed i - p the Ground Lease. -- - (i) The Corporation agrees to execute a Property Management Agreement with the Partnership for the management of the existing structures on the Property upon execution of this Agreement. The form of the Property Management Agreement is attached hereto as Exhibit "D ". (j) The Corporation will use its resources and best efforts to help support the Project and the leasing of space. (k) The Corporation will execute a mutually agreeable reciprocal access easement on the Property so that all phases of the Project will have access to the Public Improvements. ECONOMK' DEVELOPMENT AGREEMENT PAGE 9 OF 161(1 and ScC ill <s \k ill ruerKl`NNf:( }i1II T \.O0O --I SLE ---- S \ iemportryl um�t lch' ilcs\ OLk5ti\ 1'< i��ncun turi)cvclqpi�icii6 -fZl)- Ub �IE �cI�. �I4��a ac<1�4c;N`�t�e� }�ttt� \= i�fltv�E ettltr f >e��x�3�t�N�- L}- A(3,�3es(r0 /16/09) (1) The Corporation will not encumber any portion of the Property for which the Partnership has an option to purchase. The Corporation additionally covenants and agrees that on construction it undertakes, that it will be solely responsible and liable for any labor or materials furnished for said construction and that no mechanic's or other lien for any such labor or materials shall attach to or affect the Property for which the Partnership has an option to purchase. (rn) If the Corporation does not have adequate funding to construct any portion of the Public Improvements, then (i) the term of this Agreement (and the Partnership's option to purchase) shall be extended for that portion of time that funding is not available; (ii) the Partnership may pay for such Public Improvements and then get reimbursed through an agreement to be reached between the parties at that time; and (iii) the Corporation may sell one or more of the completed phases of the Project to the Partnership (including Existing Building 1 but not including the Section House or Municipal Drive) provided that the Corporation must use the funds from such purchase to fund the required Public Improvements. 8. Sign. The Partnership agrees to permit the Corporation to erect a sign on the Property which may state that the Corporation has provided funding for the Project and to allow the Corporation to use the name "Kennedale Town Center, L.P." and /or "Cypress Properties" and "David G. Johnson or his development company and representations of the Improvements and the Project in promotion of the City, the Corporation, the Partnership, and the Project. Hold Harmless. THE PARTNERSHIP, IN PERFORMING ITS OBLIGATIONS UNDER THIS AGREEMENT IS ACTING INDEPENDENTLY, AND THE CORPORATION ASSUMES NO RESPONSIBILITIES OR LIABILITIES TO THIRD PARTIES IN CONNECTION WITH THE PARTNERSHIP'S USE OR DEVELOPMENT OF THE PROPERTY, PROJECT OR IMPROVEMENTS. 111I PAI `1 "NI IZ E - 11P ASStJMI - R ESPONSMILITY FOR AN AGRI�,ES ` O [I`NDEMNI DI I,ND, A NI, A CED H ARMLESS T II? C "O[U )ORA-HON, I`6_` 0 F1tIC1ER S, AQEN`[`S I MPI. OYE1,S AN VOI,1J RS I B OI`11 "I14E P tJE UC AND PR.I QAPACIT S, 11� M AND Crli C "I,A1MS SUITS DEMANDS _,__I O` SF:`, DAMAGES CAFISI S OI ACTION, AND LIABI O EVERY KIND IN QLJJD1NC� LL BUT NOT UMIl ED `[`O,_ l XI?ENSF OF _ - 1_I I°I_GATfON OR SET'S [ I3M[ N_T C'C)IMT COSTS, AND ATTO RNEYS' FI= ES t�1IR -TI MAY ARIS1? DIJI? `I�O ANY DFA`I'I -I 01 - - - - - -- - -_ - -- - - - -- - _. -- - — KRJRY T Pf,"RSONOR TH F 1 (ASS _OF, .._L,OS - 01 -, ' OF, OR DAMA(AI; TO I?I OPI'R'I' ' AIZIS1NCr OUT OF OR CSC "C "tJIZI IN_CJ _A C_'C NSE III�;NCI�, O T II� A(-` "I'S -- -- -- - - OR OMISSIONS OF THE PA1Z I'NT;RSIIIP AND ITS CONI RACTORS ONTIJE PROPERTY, 10. Access to Information. The Partnership agrees to provide the Corporation access (at its sole expense) to information related to the construction of the Improvements during regular business hours upon reasonable notice. ECONOMIC' DEVELOPMENT AGREEMENT PAGE 10 OF 1016 ( \il«cunze1 an Smings \L tunier.Kl NNf CAI I T 000 \Local Settings \Tonporm Internet I tl�s \(71,1��5 \1'��«( urte_r - [? vcic�hiticut -[�C7_ - — — - - O(,.c(�icbV.A(�cE3 +i�d Wlc\ 11urECi�3cttt�\= E�3w��t'sr�krr 1>r��c�et }�r�ci�t- E��3 -A�lee (10/16/09) 11. Default. (a) In the event of a default by the Partnership with respect to any of its obligations hereunder, and the failure, after delivery of written notice of such default from the Corporation, to cure such default, then the Corporation may take the following action(s): (1) The Corporation may terminate this Agreement as it applies to uncompleted phases of the Project. (2) 'Fhe Corporati(p M—U - pia terminate the Ground Lease on aDy oti of the Property that has not been )LIrcliased by the Parttiership _L _P1WSLK1f1t_ to the PUrChtSe 0Dti011 J- Grouad Lease. Willi a L)qcl . completed phase of the Project that has beet) -)UrAl e il d -M S—Ay [lie PirtDersl�jpprSLatpt to the Ptirchase Wtion in the Ground Lease, - the - C.orporation sh have the oDtio.ri to -P-Urchase the hiad and hi within such phase for the cost of the 1),minqs tip Iniproveriients. This _j o tio pgreb� t Corporation n IQ - nust be exercised by the Corration withirl _ �_ -- _ six J6 )� monflis of ternihiatio.ri of the Grourid Lease,qiid is _payfable i ri cash At closJuig. Willi respgi t to oji1pleted or Lineorri feted ab ase of the llaa ecct that lj�vs t1ot b ee n nirchsed ), - te t-)artl lei's hjp, termination of the Ground Lease the iojndiio_ri shiall L)a the Parti.lership the 5 y cost of the of cot" "404-plidse-s-4-the-4410i �-. irt-sateh '+"oradoa shall 11 -of coii+p4eted4nifirov-eiBt-fit-affcW- 4 the event the Corporation terminates the Ground Lease with respect to uncompleted phases, then the Corporation shall also (i) pay to the Partnership tiny )revimisly U11paid, -Or ion of the $50,000 owed by the Corporatioti for costs if!Uirred b� the PartriershiD Linder Para ap �1 and gn hs 4 M Ll Land 7La) only for the uncompleted phases of the Project, as prorated on an equal basis among all eight phases), and (ii) continue to pay the Rent Subsidy as set forth in Paragraph 7(h) above as if this Agreement had not been terminated. (3) If the Partrict'shii) is iii at to inake )a�itt fi to the batik ort loads to]' or - L liens against ai ycLmit Or ially coiiiDleted Iii ( I Aeted rt I )VC11]e11tS,-L1D011 1106CC of defaLilt fro-ol the 1t 1- (.,'o mitioi shall have a firstj�jght of to metws my epnilLAct or C martially mpw_ _ f p Lew - - --d-- �- ---- :- eori e n)lted hi . 1mvertietits arid ISSU111C the batik loam, a b ect to the terms a by the bank ---- ---- n __ gKe�� _ This - provisioi - i shall be made a condition of any_ batik I eitteilt eXecl,tted by the F Loralln�- Project ECONOMIC DEVELOPMENT AGREEMENT PAGE 11 OF 1616 "0 , emiloraty Bind Se t t I gs\ k k tu f nei. K`FN N FDA H ; T X.000\1,oeal SC(01L� Jntemd - F' rtes Y-)JJ,'55\'1 own('cnter Qm e1-opmC!1t,-VJ)- (4-3) The Corporation may terminate the Property Management Agreement. (54) The Corporation may bring an action for reimbursement or payment of actual amounts agreed to be paid under this Agreement, but not an action for consequential damages. (6-5) The Corporation may extend the time for performance. (b) In the event of a default by the Corporation with respect to any of its obligations hereunder, and the failure, after delivery of written notice of such default from the Partnership to cure such default, then the Partnership may take the following action(s): (1) The Partnership may terminate this Agreement as it applies to uncompleted phases of the Project. In such event, the Partnership must also terminate the Ground Lease and Property Management Agreement with respect to uncompleted phases of the Project. In the event the Partnership terminates the Ground Lease with respect to uncompleted phases, then the Corporation shall -)--O� --pay to the Partnership ter_ pL(� iQ sl un p tL ) tio of the $50,01W Awed by the C'(�7 aratio�� for Casts i ncurred by the Partn e.rshi � t�l�c�e Par a- 1 a ffl alid 1 5 d -fir its cperse u . y cp -/- siF I?la� (but only for the uncompleted portions of the Project, as prorated on an equal basis among all eight phases), and (ii) continue to pay the Rent Subsidy as set forth in Paragraph 7(h) above as if this Agreement had not been terminated. (2) The Partnership may bring an action for reimbursement or payment of actual amounts agreed to be paid under this Agreement, but not an action for consequential damages. (3) If the Corporation does not have adequate funding to pay for any portion of the Public Improvements or Section House Improvements then (i) the term of this Agreement (and the Partnership's option to purchase) shall be extended for that portion of time that funding is not available; (ii) the Partnership shall have the option to pay for such improvements and then get reimbursed through an agreement to be reached between the parties at that time; and (iii) if offered for sale by the Corporation, the Partnership may purchase the completed phases of the Project (including Existing Building 1 but not including the Section House Improvements) provided that the Corporation must use the funds from such purchase to fund the required Public Improvements. (4) The Partnership may extend the time for performance. (e) In the event that a notice and opportunity to cure is required by either party following an event of default, then such opportunity to cure shall be not less than 30 days from receipt of notice. Furthermore, no remedy shall be taken following such 30 day period provided the defaulting party is diligently pursuing action to come into compliance. (d) Prior to either party exercising the remedies hereunder (except for an extension of time for performance or some agreed resolution), the parties agree to participate in a mediation to attempt to reach a satisfactory resolution of the issues. The cost of such mediation shall be borne E ?CONOMI(' DEVELOPMENT AGREEMENT PAGE 12 OF 16 - 16 (' \E�gunnu�ts, tie! tiettir7g \lcturn r.hl?NNI_Unl.l?l x.000 \(�oc.al 4ettin-gs\Te111porai} 111(ernet files \I'oNy'n("erntei-Do'do1m11m) O)- ( i6. dcry4l�.A tiE3 at�cc( tlo +tc+�iei�t�- 1`�� +�(.'uitEtF I��Ic�IxNCt�4-i�13 (�6.�! ©s(10/r6/09) equally by the parties. The non - defaulting party must send a request for mediation to the defaulting party prior to exercising any remedies. That request may be simultaneous with the notice and opportunity to cure. If the defaulting party refuses to participate in a mediation within 30 days of receipt of a request for mediation by the non - defaulting party, then the non - defaulting party is free to pursue available remedies (assuming the time period for notice and opportunity to cure has passed.) (e) An event of default hereunder shall mean: (1) The party fails to comply with any obligation it has under this Agreement; (2) The party fails to comply with any term of this Agreement, subject only to delays caused by Force Majeure; (3) An occurrence of an Event of Bankruptcy or Insolvency. For purposes hereof, an "Event of Bankruptcy or Insolvency" shall mean if the party makes an assignment for the benefit of creditors; or a receiver shall be appointed for any of the assets of the party and such appointment is not terminated within ninety (90) days after such appointment is initially made; or the party is the subject of a banla or other insolvency proceeding and such proceeding shall not be dismissed within ninety (90) days after the filing thereof. 12. Mutual Assistance. The Partnership and the Corporation shall do all things reasonably necessary or appropriate to carry out the terms and provisions of this Agreement and to aid and assist each other in carrying the terms and provisions. 13. Representations and Warranties. The Partnership represents and warrants to the Corporation that it will not knowingly or intentionally violate any federal, state or local laws in operating the Project and that all proposed Improvements shall conform to the applicable building codes, zoning ordinances and all other ordinances and regulations. 14. Section or Other Headings. Section or other headings contained in this Agreement are for reference purposes only and sha I I not affect in any way the meaning or interpretation of this Agreement. 15. Attorneys Fees. In the event any legal action or process is commenced to enforce or interpret provisions of this Agreement, the prevailing party in any such legal action shall be entitled to recover its reasonable attorneys fees and expenses incurred by reason of such action. 16. Entire Agreement. I'CONOW DEVELOPMENT AGREEMENT PAGE 13 OF 1010 (":APool nits mid Sittings %lurner_hI�NNC ?I)All 1sI'X.000 \L(�_c_tl Satin \1�n2por�u} [ntc,l_r�c_l I ilcs \C)1- ,K55V'1��ynC'cirfer,l) �e[ohi� ant -Rt ?_- 00.d I)eblet>EI3C +11-- R1)- 06AIee(10 /76/09) This Agreement, the Property Management Agreement, and the Ground Lease (with Purchase Option) contain the entire agreement between the parties with respect to the transaction contemplated herein. 17. Amendment. This Agreement may only be amended, altered, or revoked by written instrument signed by the Partnership and the Corporation. 18. Successors and Assigns. This Agreement shall be binding on and inure to the benefit of the parties, their respective successors and assigns. The Partnership may assign all or part of its rights and obligations hereunder only upon prior written approval of the Corporation, such approval not to be unreasonably withheld. 19. Notice. Any notice and /or statement required and permitted to be delivered shall be deemed delivered by depositing same in the United States mail, certified with return receipt requested, postage prepaid, addressed to the appropriate party at the following addresses, or at such other addresses provided by the parties in writing: PARTNERSHIP: KENNEDALE TOWN CENTER, L.P. Attn: David G. Johnson 3977 Fall Creels Road Spicewood, Texas 78669 \vith a copy to: Alan McGraw Alan M. McGraw, P.C. 211 Round Rock Avenue Round Rock, Texas 78664 CORPORATION: Kennedale Economic Development Corporation Attn: Director of Economic Development 405 Municipal Drive Kennedale, Texas 76060 \vith a copy to: Wayne K. Olson Taylor, Olson, Adkins, Sralla & Elam, L.L.P. 6000 Western Place, Suite 200 Fort Worth, Texas 76107 20. Applicable Law. ECONOMIC DEVELOPMENT AGREEMENT PAGE 14 OF 1 (' \0octimcnt's and SO Un gs \I L�frner,E�l NNf;'E)nl I T�,OOQ \Local Scttingsyt 1p m r} G7teinel Fi1cs \01X55\TownC`enta Develolmipt -(fit } - Oh.�l�rc��.AItiE+�t��< bile \f��ecer� }eit��"�3wo-�(_'c��ltf 1 ?evtlel3t�+e +�t F:-D O(>t�aF(10 %16/09) This Agreement is made, and shall be construed and interpreted under the laws of the State of Texas. In any proceeding brought for the enforcement or interpretation of this Agreement, venue shall lie in Tarrant County, Texas. 21. Severability. In the event any provision of this Agreement is illegal, invalid, or unenforceable under present or future laws, then, and in that event, it is the intention of the parties that the remainder of this Agreement shall not be affected thereby, and it is also the intention of the parties that in lieu of each clause or provision that is found to be illegal, invalid, or unenforceable a provision be added to this Agreement which is legal, valid and enforceable and is as similar in terms as possible to the provision found to be illegal, invalid or unenforceable. 22. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. 23. No Joint Venture. Nothing contained in this Agreement is intended by the parties to create a partnership or joint venture between the parties. KENNEDALE ECONOMIC DEVELOPMENT CORPORATION C Board President ATTEST: Board Secretary Date: ECONOMI(' DEVELOPMENT AGREEMENT PAGE 15 OF (b{_ {, (..iD�SCUmcntS and etti��s \( tue Lisr.00Q \E,oc�l settuigs \I�nrpo Inte - net files \(71 1ttiS \!' Develops 1 1 -1 D- -- - — - — Ob.�(getV.AK��t+ sec# �lelA� +ce+��k�= Tcirw }('ut��tt+ €�cv�!<at>�ei�i 1�1)- OE�.t1es(10 /16/09) KENNEDALE TOWN CENTER, L.P. By: KTC GP, L.L.C., its General Partner David Johnson, Manager Date: ATTEST': Notary Public HCONOMIC DEVELOPMENT AGREEMENT PAGE 16 OF 161 -6 C \Do umonts and Se_Fting4 \I loin r.kl NN[:Di�l l 1 \ _Of }p \Locztl S<ttrn \I Cmporav} [nt r let f rl s \01,I\.?ti\ I ownC c nteI' De el_o m }Cn( 1,0- - -- — - - - - - .. 0 \(terltruclrile \Agig ecnxent }vvii('etitu Devclol)tiieiit- Ri)- ti(rciee (10/16/09) Alternative Section This section has not been inserted into the draft agreement. . Termination by Corporation. This Agreement may be terminated by the Corporation prior to the end of the term set forth in Section 3 under the terms set forth below. If at the time of termination, any completed phase of the Project has been purchased by the Partnership pursuant to the Purchase Option in the Ground Lease, the Corporation shall have the option to purchase the land and Improvements within such phase for fair market value. With respect to any completed or uncompleted phase of the Project that has not been purchased by the Partnership, the Corporation may terminate the Ground Lease and pay the Partnership: (i) the fair market value of the leasehold interest (taking into account the value of the Improvements paid for by the Partnership and the value of the rental income, less the value attributable to the Public Improvements paid for by the Corporation; and (ii) any previously unpaid portion of the $50,000 owed by the Corporation for costs incurred by the Partnership under Paragraphs 4(a)(1) and 7(a). C: \Documents and Settings \kturner.KENNEDALETX.000 \Local Settings \Temporary Internet Files \OLK55 \Town Center Alternative Section.doc Add this Definition to the Ground Lease: "Project Costs" means all reasonable and necessary costs and expenses incurred and verified by the Corporation in connection with design, construction, and installation of the Public Improvements as defined in the Economic Development Agreement and the Existing Building 1 Improvements as defined in the Economic Development Agreement, including, without limitation, construction costs and expenses, engineering fees and expenses, and costs of permits, approvals, bonds and insurance, $50,000 of costs incurred pursuant to Paragraphs 4(a)(1) and 7(a) of the Economic Development Agreement and relocation of existing tenants and tenant finish out as provided in Paragraph 7(h) of the Economic Development Agreement. Project Costs do not include costs incurred with respect to the Section House Improvements as defined in the Economic Development Agreement, the cost of land, or the cost of parking improvements on Municipal Drive as defined in the Economic Development Agreement. The aforesaid costs and expenses shall be paid only if they qualify as project costs that can be funded by the Corporation under the Act. CADocumews and Settings\kturner.KENNEDALETX.000 \Local Settings \Temporary Internet Files \OLK55 \Town Center Project Cost detinition.doe Staff Repot To KEDC Board of Directors Date: October 16, 2009 Agenda Item No: III. -F Subject: Review and consider action to authorize the staff to repair and /or replace the roofs of the three (3) building utilizing insurance proceeds. Originated by: Bob Hart, Executive Director Summary: Staff is in the process of obtaining quotes to either repair and /or replace the roofs for the strip mall center, Chicken Express, and Subway buildings. Information will be provided during the meeting, and the board will need to consider authorizing repair and /or replacement of the roofs utilizing insurance proceeds. Recommendation: Disposition by KEDC Board of Directors: M 2a JU W Ito ew Page 1 of 1 t11 L li +Is �� S In 2008 the City of Kennedale had hail damage to its buildings included the three buildings at Town Center. The insurance adjuster at that time determined the following costs of replacement. Quick Roofing has submitted proposals for these roofs which are also included below: Modified roofing $328,700.00 - $18,867.38 Depreciation = $309,832.62 _tuick Roofing's Proposal $277,000.00 Modified roofing $24,500.00 - $3185.00 Depreciation = $21,315.00 Quick Roofing's Proposal $24,300.00 CHICKEN EXPRESS #44 Modified roofing $27,200.00 - $3536.00 Depreciation = $21,315.00 Quick `i• • Proposal 11 RI • building ^ are proposing • of an Epoxy-Flex •• • system over •. RR" instead of a complete tear R._ • !R" • roof is still in fairly •RJR conditio overlay will have a ten year warranty • i • i ii : The two complete new roofs on the strip mall and Subway will have a twenty year warranty on material and two years on workmanship. A copy of the insurance document for these roofs along with Quick Roof's proposal along with their certificate of insurance is attached. Also please note in the proposals there is a unit cost for deck replacement and wood nailer replacement which will be determined what areas need to be addressed )nce the existing roof is removed. We expect these costs to be minimal. Staff is requesting approval of the proposals so work can begin in the next couple weeks. I To KEDC Board of Directors Date: October 13, 2009 Agenda Item No: III -G Subject: Review and consider action to change date and time of future meetings. Originated by: Kathy Turner, Secretary Summary: Discussion will take place to see if there is a need to schedule any upcoming workshops and /or special meetings, as well as discuss the November 17, 2009 regular meeting date to see if there is a need to reschedule. r Recommendation: Disposition by KEDC Board of Directors: Staff Repot To KEDC Board of Directors Date: October 13, 2009 Agenda Item No: IV. Subject: Staff Announcements /Reports Originated by: Kathy Turner, Secretary EDC Summary: Board of Directors will receive announcements/reports from the following: Recommendation: at" A* Disposition by KEDC Board of Directors: 144 Aetl a� • c a d F w .. oU v Qa v e, O o o v v U ..y U pi a O 00 oD 00 e c m v `o •c N c m c c Co a � m ky-n'l VA To KEDC Board of Directors Date: October 13, 2009 Agenda Item No: V. Subject: President Announcements /Reports Originated by: Kathy Turner, KEDC Secretary Summary: President Announcements /Reports 1. Report agenda items to be posted for future meetings. M al IAV� " v � L Recommendation: Disposition by KEDC Board of Directors: P �' �11aw�f esE S 3Z- 971A=1 To KEDC Board of Directors Date: October 16, 2009 Agenda Item No: VI. Subject: Executive Session. Originated by: Kathy Turner, KEDC Secretary Summary: A. Board of Directors 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. Development Agreement with Cypress Properties for the development of Kennedale TownCenter. Recommendation: Disposition by KEDC Board of Directors: k ljl� ii I , To KEDC Board of Directors Date: October 16, 2009 Agenda Item No: VII. Subject: Reconvene into open session and take action necessary pursuant to executive session, if needed. Originated by : Kathy Turner, Secretary to EDC Summary: Recommendation: Disposition by KEDC Board of Directors: