2010_01.12 EDC Agenda PacketN OTICE • F MEETING OF THE
��ENNEDA ECONOMIC DEVELOP
BOARD OF DIRECTORS
KENNEDALE, TEXAS
Notice is hereby given that a Regular Meeting will be held by the Kennedale Economic
Development Corporation Board of Directors on the 12 day of January 2010 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:
(SEE ATTACHED AGENDA)
Dated this 8'11 day of January 2010.
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 January 8, 2010 at 4 :30
o'clock PM., 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.
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day of January 2010.
By.
Kathy Tume , TRMC /CMC
City Secretary
AGENDA
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING — JANUARY 12, 2010
405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG.
COUNCIL CHAMBERS
7:15 PM
I. CALL TO ORDER
II. ROLL CALL
III. REGULAR ITEMS
A. Review and consider action to approve regular meeting minutes dated
December 7, 2009.
B. Review KEDC Financial Reports.
C. Review and consider action to submit Petition to MMD for financing
improvements and maintenance of properties located within the Kennedale
Retail Center Addition.
D. Review and consider action to approve Resolution No. 4, of the Kennedale
Economic Development Corporation approving a Project Agreement with
the City of Kennedale, Texas with respect to the Issuance of the City's
Combination Tax and Revenue Certificates of Obligation, Series 2010.
E. Review and consider action to authorize President to sign necessary
easement documents for the TownCenter Project.
F. Review and consider action to change date and time of future meetings.
IV. STAFF ANNOUNCEMENTS/REPORTS
A. KEDC Executive Director Announcement /Reports
1. Industrial activity:
® 1000 E. Kennedale Parkway
® Grover Corporation
2. Kennedale TownCenter activity
® 9 -1 -1 Monument
® Section House
• Bid Activity
Page 1 of 2
IV. STAFF ANNOUNCEMENTS/REPORTS CONTINUED
3. 16" Water Line Extension
4. Oak Crest Development
5. Fallen Heroes Monument
B. Orasi Development Report
V. PRESIDENTBOARD ANNOUNCEMENTS/REPORTS
A. President Announcements /Reports
1. Report agenda items to be posted for future meetings.
VI. ADJOURNMENT
Page 2 of 2
MEM' =!"
To ICED Board of Directors
Date: January 4, 2010
Agenda Item No: I1I -A
Subject: Review and consider approval of meeting minutes.
Originated by: Kathy Turner, KEDC Secretary
Summary: A draft copy of the meeting minutes dated December 7, 2009 is attached for your
review and consideration.
Recommendation: Recommend Approval.
Disposition by KEDC Board of Directors:
322
KENNEDALE ECO
I
REGULAF
405 MUNICIPAL
I. CALL TO ORDER
President, Robert Mundy called the meeting to order at 7:16 p.m.
II. ROLL CALL
• = V"6 I
009
AL BLDG.
Secretary, Kathy Turner called roll with the following board members present/absent:
Present: Robert Mundy
Donnie Graham
Mark Yeary
Darrell Erwin
Rebecca Mowell
Absent: Beverly Hayes
Doug Parker
President
Vice - President
Board Member
Board Member
Board Member
Board Member
Board Member
Staff members present included:
Bob Hart Executive Director
Kathy Turner Secretary
III. REGULAR ITEMS
A. Review and consider action to approve regular meeting minutes dated November 17, 2009.
Rebecca Mowell moved to approve revised meeting minutes dated November 17, 2009,
second by Mark Yeary. Motion carried (5 -0).
B. Review KEDC Financial Reports.
Darrell Erwin moved to approve October 2009 EDC Financial reports as submitted, second
by Vice - President, Donnie Graham. Motion carried (5 -0).
C. Review and consider action to approve Resolution No.. 3, requesting the City Council issue
Certificate of Obligations for the development of Kennedale TownCenter.
Darrell Erwin moved to approve Resolution No. 3, requesting the City Council issue
Certificate of Obligations for the development of Kennedale TownCenter. Rebecca
Mowell seconded the motion, and all members present voted in favor. Motion carried (5-
0).
323
D. Review and consider action to approve amendment to EDC 2009 -2010 Fiscal Year Budget.
Rebecca Mowell moved to approve amendment to EDC 2009 -2010 fiscal year budget,
second by Mark Yeary. Motion carried (5 -0).
E. Review and consider action to authorize lease of Lot 8, Kennedale TownCenter Addition to
the City.
Darrell Erwin moved to authorize President Mundy to sign the revised lease agreement of
Lot 8, Kennedale TownCenter Addition leasing lot 8 to the City, second by Vice President
Graham. Motion carried (5 -0).
F. Review and consider action to change date and time of future meetings (January 11 or 12,
2010).
After a brief discussion, it was agreed upon to move the scheduled January 19"' meeting to
January 12, 2010,
IV. STAFF ANNOUNCEMENTS/REPORTS
A. KEDC Executive Director Announcement/Reports
Bob Hart, City Manager/Executive Director provided an update on the following:
1. Industrial activity:
• 1000 E. Kennedale Parkway — Property went up for tax sale and is in the process
of being placed in the city's name
• Grover Corporation — Meeting with owner /operator to assist in re- locating to a
new facility in Kennedale
• Speed Fab -Crete — Expressed interest in same property for expansion of business
2. Kennedale TownCenter activity
• Section House — Met with architect and should have plans within six weeks
• Public and Private Activity Development — Advised construction should begin on
moving utilities and parking lot in February/March 2010; fagade work. should
begin in the summer of 2010
• Interlocal Agreement for Debt Service Repayment — Advised that item would be
placed on the January 2010 agenda for consideration
• Interlocal Agreement for Certificate of Obligations — Advised that item would be
placed on the January 2010 agenda for consideration
• Sewer Easement — An easement for sewer installation will be needed
• Review of Agreements — Revised agreements have been provided to Cypress
Properties legal counsel for review
3. Road Construction Update
® Bowman Springs Road — Excess right -of -way — Currently in bid process and will
award bid at the January 14, 2010 Council meeting
324
• Kennedale Sublett Road — Bid in February 2010 and award bid at the March 11,
2010 Council meeting
• Little School Road — Bid in the fall of 2010
• Dick Price Road — Tarrant County will begin rebuilding roadway in Spring 2010
• Mansfield Cardinal Road — Tarrant County currently rebuilding roadway from
Little School Road to the south city limit line
4. 16" Water Line Extension — Currently in bid process and will award at the January
14, 2010 council meeting
5. Fallen Heroes Monument — Advised talks are continuing and a decision is expected
in January 2010. Also, noted that the city was approved to receive 911 monument,
which would be placed on same parcel.
B. Orasi Development Report
Jack Thompson, EDC Contract Provider updated members on current activity, which
included assisting Grover Corporation with relocation efforts, and actively pursuing quick
serve restaurants for Wal -Mart pad sites.
V. PRESIDENT/BOARD ANNOUNCEMENTS/REPORTS
A. President Announcements/Reports
1. Report agenda items to be posted for future meetings.
No report of agenda items to be posted for future meetings.
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 8:07 p.m.
APPROVED:
President, Robert Mundy
ATTEST:
Kathy Turner, EDC Secretary
To KEDC Board of Directors
Date: January 8, 2010
Agenda Item No: III -B.
Subject: Review of KEDC Financial Reports.
Originated by: Kathy Turner, City Secretary
Summary: The Director of Finance has been out of the office ill. Reports will be provided prior
to the meeting.
Recommendation:
Disposition by KEDC Board of Directors:
Staff Report
To the Members of the EDC4B Board
Date: January 11, 2010
Agenda Item No:
Subject: DISCUSS AND REVIEW NOVEMBER 2009 EDC FINANCIALS
Originated by: Sakura Moten- Dedrick
Summary:
Budizet /Amendment
As a result of Town Center Redevelopment activities and the issuance of Contractual Obligation (CO)
bonds, Council approved several amendments to the EDC FY2009 /10 budget during its meeting in
December. These budget amendments will not be reflected until the next EDC meeting in February,
which will cover December 2009 financials.
Year -To -Date
• Sales Tax: See attached charts (Monthly Graph, 3 -Year Historical Graph, 10 -Year Historical
Data). Please note that like last month's report for Oct 09, revenue is much higher this month
over this time last year for Nov due to the fact that we are still in our year -end audit process and
just recently completed the required accruals for the months of Oct and Sep 08 given that sales
tax runs 2 months in arrears. The same will be true this time next year when we compare
Oct/Nov 09 to Oct/Nov 10. Oct/Nov 10 will be higher than Oct/Nov 09. Without reference to
accrual entries, the EDC has experienced approximately a 16% loss when looking at actual sales
receipts compared to this same time last year. Staff has just recently received the latest
Confidential Sales Tax Report from the Comptroller and upon compiling the data will make this
information available for next month's meeting.
• Investment Income: Due to declining interest rates, revenues continue to be much lower
compared to this same time last year.
• Rental Income: No difference compared to this time last year. With the termination of Quine's
contract, we did not receive payment for the months of Oct/Nov 09 until mid - December.
Despite this, we have again attached a Year -To -Date Summary Report for FY08 -09, as well as
individual summary reports for Oct/Nov 09. In addition to Oct/Nov 09 rental fees received
mid - December (reflected on next month's financials), we also tools in approximately $15K in
final closeout funds from Quine for security deposits and escrow amounts. These have been
posted to our ledger as assets and will remain as such until deposits are required to be refunded.
Dec 09 rental fees were collected and forwarded to David Johnston accordingly. Staff is
working closely with David on a reporting format to accurately depict Dec 09 income and
expenses. We do not anticipate receipt of such a statement until mid - January or later given this
transition.
• Personnel Costs: EDC Director position was eliminated a few months into last year, and this is
why no expenses are reflected in the current month.
• Supplies: Slight increase in expenses over this time last year. Approximately $6K was
expensed for aerial maps in Oct 09.
• Service: Significant decrease in expenses over this time last year. Last year included costs tied
to Town Center Plaza. Current expenses include contract payments to Orasi (Special Services)
and Admin Charges transferred to the General Fund on a monthly basis.
• Capital: Slight increase in expenses over this time last year. Both years included payments on a
2007 CO; however, an additional $12K was paid out for land acquisition to Ronnie Nowell and
Russ & Christy Seals in Oct 09 and $24K for roofing repairs to Subway in Nov 09 (directly
offset by insurance reimbursement proceeds received in the prior fiscal year).
• Town Center Redevelopment: Slight increase in expenses over this time last year. Oct 09
included approximately $1500 to Shrickel, Rollins & Associates and $1200 in Nov 09 to CM
Architects for architect services.
Estimate
N/A
Operating Expenditures
(1,088,495)
(46,865)
(111,478)
Operating Incomel(Loss)
(521,324
$ (19,695
$ (64,651
Nonoperating Revenues /(Expenses)
Interest Earnings
20,000
261
547
Transfers -In
-
-
-
(Transfers -Out)
(10,000)
-
-
Net Operating Income/ (Loss)
(511,324)
(19,434)
(64,104)
Beginning Fund Balance (as of Oct. 1st)
1,709,070
Ending Fund Balance
$ 1,644,966
118,482
Ending Fund Balance (Excluding Reserve
Bond Fund 95)
$ 1,526,484
6.
. . KENNELkICE .
ECONOMIC DEVELOPMENT CORP. FUND
FY08 -09 FY08 -09 YTD FY09 -10 FY09 -10 YTD
11/1/2008 November -08 PERCENT 1111/2009 November -09 PERCENT
FUND BALANCE CARRY FORWARD:1 1,215.8331 1.215.8331 1 1.709.0701 1.709.070
REVENUES
SALES TAXES
298,682 169
0.06%
323,571 46,827
14.47%
INVESTMENT EARNINGS
9,691 3,470
35.80%
20,000 547
2.73%
FUND 95 INVESTMENT EARNINGS
- -
0.00%
-
0.00%
RENTAL INCOME
237,518
0.00%
243,600
0.00%
OTHER INCOME
481,136
0.00%
-
0.00%
TRANSFERS IN
-
0.00%
-
0.00%
TOTAL EDC REVENUES
$ <1,027,027 $ 3,638
0.35% $
587,171 $ ; 47,374
8.07%
EXPENSES
PERSONNEL COSTS
37,551
13,838
36.85%
-
-
#DIV /O1
SUPPLIES
5,932
1,115
18.80%
29,300
6,488
22.14%
MAINTENANCE
-
-
#DIV /01
-
-
#DIV /01
SERVICE
248,227
71,164
28.67%
200,137
26,468
13.22%
UTILITIES
294
-
0.00%
-
-
#DIV /01
GRANTS/ INCENTIVES
36,417
-
0.00%
50,000
0.00%
TOWNCENTER
48,094
4,330
9.00%
45,750
-
0.00%
CAPITAL
111,309
40,652
36.52%
563,308
75,834
13.46%
TRANSFER OUT
-
0.00%
10,000
0.00%
TOWN CENTER REDEVELOPMENT
45,966
-
200,000
2,688
1.34%
TOTAL EDC EXPENDITURES '$
533,790
$ ' 131,098
24.56%
1,098,495
111,478
10.15%
REVENUES IN EXCESS OF EXPENSES
493,237
(127,460)
(511,324)
(64,104)
ENDING FUND BALANCE:
1,709,070
1 1,088,373 1
1,197,746 1
1,644,966
MINUS RESERVE BOND FUND
118,482
118,482
118,482
118,482
FUND BALANCE (EXCLUDING FUND 95)
1,590,588
969,891
1,079,264
1,526,484
ACCOUNT ACCT NAME
004 -00 -87
4001 -00 -00 PROPERTY TAX - CURRENT YR
4081 -00 -00 SALES TAX
4082 -00 -00 MIXED BEVRG SALES TAX
4401 -00 -00 INVESTMENT INCOME
4401 -00 -00 INVESTMENT INCOME (FUND 95)
4409 -00 -00 MISCELLANEOUS INCOME
4415 -00 -00 INSURANCE REIMBURSEMENT
4805 -01 -00 RENTAL FEES - SHOPPING CTR
4902 -00 -00 PROCEEDS - DEBT ISSUANCE
FY08 -09
FY08 -09 YTD
9,917
FY9 -10
FY09 -10 YTD
-
ESTIMATE
November -08
PERCENT
BUDGET
November -09
PERCENT
-
-
#DIV 101
-
-
#DIV /01
298,682
169
0.06%
323,571
46,827
14.47%
-
-
#DIV /01
-
-
#DIV /01
9,691
3,470
35.80%
20,000
547
2.73%
-
-
#DIV /01
-
-
#DIV /01
127,058
2,598
0.00%
30.90%
-
#DIVroI
354,078
5118 -01 -00 HOSPITALIZATION /LIFE INSURANCE
0.00%
-
-
#DIV /o!
237,518
#DIV /01
0.00%
243,600
-
0.00%
-
-
#DIV /01
5121 -01 -00 DENTAL
-
#DIV /01
REVENUES 1,027,027 3,638 0.36% 587,171 47,374 8.07%
5101 -01 -00 SALARIES ADMINISTRATIVE
32,502
9,917
30.51%
-
#DIV /01
5107 -01 -00 SALARIES- OVERTIME
-
-
#DIV /01
-
#DIV /01
5111 -01 -00 MOTOR VEHICLE ALLOWANCE
1,278
578
45.19%
-
#DIV /0!
5114 -01 -00 LONGEVITY
184
-
0.00%
-
#DIV 101
5115 -01 -00 TMRS RETIREMENT SYSTEM
3,871
1,334
34.47%
-
#DIV /01
5116 -01 -00 UNEMPLOYMENT INSURANCE
108
-
0.00%
-
#DIV /01
5117 -01 -00 FICA BENEFITS
2,598
803
30.90%
-
#DIV /01
5118 -01 -00 HOSPITALIZATION /LIFE INSURANCE
2,071
1,116
53.89%
-
#DIV /01
5120 -01 -00 LIFE INSURANCE
58
29
49.66%
-
#DIV /01
5121 -01 -00 DENTAL
95
47
49.94%
-
#DIV /01
5122 -01 -00 VISION INSURANCE
29
14
49.38%
-
#DIV /o!
5190 -01 -00 SALARIES OTHER
(5,243)
-
0.00%
-
#DIV /01
PERSONNEL
37,551
13,838
36.86%
-
#DIV 10I
5220 -01 -00 UNIFORMS
-
-
#DIV /01
300
-
0.00%
5240 -01 -00 PRINTED SUPPLY
4,449
652
14.66%
25,000
6,465
25.86%
5260 -01 -00 GENERAL OFFICE SUPPLIES
332
246
74.23%
500
23
4.68%
5261 -01 -00 POSTAGE AND REIMBURSEMENT
128
93
72.45%
1,000
-
0.00%
5280 -01 -00 MINOR EQUIPMENT
-
-
#DIV /01
1,000
0.00%
5290 -01 -00 EXPENDABLE SUPPLY
1,023
124
1212%
1,500
000%
SUPPLIES
5
1,115
18.80%
29,300
6,488
22.14%
5403 -01 -00 BUILDING MAINTENANCE
-
-
-
5440 -01 -00 OFFICE EQUIPMENT MAINTENANCE
#DIV /01
#DIV /01
MAINTENANCE
-
#DIV/0I
#DIV/01
5501 -01 -00 ADVERTISING
789
0.00%
11,000
0.00%
5510 -01 -00 ASSOC DUES /PUBLICATIONS /MEET
334
22
6.59%
1,000
-
0.00%
5512 -01 -00 CONTRACTUAL SERVICES
121,854
70,935
58.21%
-
#DIV /01
5525 -01 -00 TRAINING /SEMINARS
430
-
0.00%
2,500
0.00%
5565 -01 -00 LEGAL SERVICE -CITY ATTORNEY
27,340
0.00%
40,000
3,139
7.85%
5567 -01 -00 AUDIT SERVICES
3,000
0.00%
4,000
-
0.00%
5569 -01 -00 IT SUPPORT
-
#DIV /ol
-
-
#DIV /o!
5570 -01 -00 SPECIAL SERVICES
27,870
180
0.65%
78,920
18,646
23.63%
5575 -01 -00 EQUIPMENT RENTAL
-
-
#DIV /01
-
-
#DIV /01
5578 -01 -00 TRAVEL
284
27
9.51%
6,000
0.00%
5580 -01 -00 ENGINEERING SERVICES
-
-
#DIV 101
-
-
#DIV /01
5595 -01 -00 ADMIN SERVICE CHARGE
66,326
0.00%
56,717
4,683
8.26/
5625 -01 -00 ISSUANCE COST
-
#DIV /o!
-
#DIV /01
SERVICE
248,227
71,164
28.67%
200,137
26,468
13.22%
5585 -01 -00 TELEPHONE SERVICE
294
-
0.00%
-
#DIV /o!
UTILITIES
294
0.00%
-
-
#DIV10I
5610 -01 -00 VISUAL GRANT
36,417
0.00%
50,000
0.00/
5615 -01 -00 FUNCTIONAL GRANT
-
#DIV /01
#DIV /01
GRANTS / INCENTIVES
36,417
0.00%
50,000
0.00%
TOWNCENTER EXPENSES
48,094
4,330
9.00%
45,750
0.00%
1/11/20105:01 PM
ACCOUNT ACCT NAME
004 -00 -87
5621 -01 -03 COST OF ISSUANCE
5643 -01 -03 2007 CO INTEREST EDC
5644 -01 -03 2007 CO PRINCIPAL INTEREST
5800 -01 -00 LAND
5810 -01 -00 EDC ALTERNATE ROUTE- ENGINEERING
5811 -01 -00 DESIGN -NEW HOPE RD 12" WLINE
5813 -01 -00 KENNEDALE ENTRANCE SIGN
5820 -01 -00 BUILDING IMPROVEMENT
5861 -01 -00 MOTOR VEHICLES
CAPITAL
FY08 -09
FY08 -09 YTD
FY9 -10
FY09 -10 YTD
ESTIMATE
November -08
PERCENT
BUDGET
November -09
PERCENT
-
-
#DIV /01
-
-
#DIV /01
81,309
40,652
50.00%
79,230
39,534
49.90%
30,000
-
0.00%
35,000
-
0.00%
-
#DIV /OI
25,000
12,000
48.00%
-
-
#DIV /01
-
-
#DIV /01
-
-
#DIV /01
-
-
#DIV /0l
#DIV /01
45,000
0.00%
#DIV /ol
379,078
24,300
6.41%
#DIV /Ol
-
#DIV /01
111,309
40,652
36.62%
563,308
75,834
13.46%
5701 -01 -00 TRANSFER OUT - GENERAL FUND #DIV /01 10,000 0.00%
5714 -01 -00 TRANSFER OUT -PARK DEDICATION #DIV /OI - #DIV /01
TRANSFERS #DlvlOf 10,000 0.00%
5570 -03 -00 SPECIAL SERVICES 18,370 0.00% 100,000 - 0.00%
5579 -03 -00 ARCHITECT /DESIGN SERVICES 13,832 0.00% 75,000 2,688 3.58%
5580 -03 -00 ENGINEERING SERVICES 13,764 0.00% 25,000 - 0.00%
TOWN CENTER REDEVELOPMENT 45,966 0.00% 200,000 2,688 1.34%
TOTAL EDC EXPENDITURES $ 533,790 $ 131,098 24.56% $ 1,098,495 $ 111,478 10.15%
1/11/20105;01 PM
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Page I
C ash Flo 12 Cash) KEN
. w
TownCenter Kenned4le -.(KEN) 1011912009
Oct 2008 - 8ep' 2009 09:49 AM
T
)ME
Rental Income 17,154 18,836 16,036 16,036 16,036 16,036 16,990 16,036 13,564 13,518 20,173 17,999 197,409
% Rental Income 6,990 5,990
Tax Escrbws 1,734 1,810 1,696 1,696 1,696 1,696 1,696 1,696 1,601 1,601 1,886 1,696 20,504
Insurance Escro 134 179 115 116 115 116 116 115 64 64 217 115 1,463
CAM Escrows 1,112 1,199 1,009 1,009 1,009 1,009 1,009 1,009 811 811 1,436 1,040 12,458
Late Fees 366 365
PR YR Insurance 327 587 914
TOTAL INCOME
20,498
22,023
19,182
18,856
18,866
18,866
18,809
18,855
16,039
16,580
29,702
20,850
239,102
EXPENSES
General & Admin!
Property Manage
820
881
767
764
754
764
752
754
642
1,861
834
9,664
Office Expenses
-6
17
17
18
46
Bank charges
-25
-25
Rental Commiss!
2,700
2,700
Electricity-CAM
189
474
490
481
454
496
533
460
133
133
146
132
4,122
Sweeping - CAM
316
158
158
300
300
300
300
300
300
300
300
3,030
Porter Service-C
70
30
90
60
32
90
32
30
100
102
32
85
755
Landscape -CA
640
320
320
320
320
320
320
320
320
320
320
3,840
Fire Sprinkler/Ala
150
150
150
160
600
Hard Surface Re
5,550
1,950
7,600
Asphalt-CAM
4,131
175
4,306
Elec. Supplies»
54
637
177
1,184
64
140
59
800
50
3,066
Mntc. Supplies -
67
300
357
Roofing Repair
2,025
355
731
605
3,616
R & M - CAM
40
70
110
Total General & A
4,330
1,923
2,001
3,462
12,343
2,042
2,088
2,022
1,553
2,311
6,092
4,421
43,588
TOTAL EXPENS
4,330
1,923
2,001
3,462
12,343
2,042
2,088
2,022
1,653
2,311
5,092
4,421
43,888
NET PROFITILO
16.168
20,101
17,181
15,393
6,512
16,813
16,721
16,833
14,486
14,269
24,610
16,429
195.616
P ISTMENTS
, paid Rent In
-1,584
-1,584
t-JP buyer/selle
1,159
1,169
Partners DIstri
- 12,920
-17,327
- 35,698
-15,393
-6,512
-16.813
16721
-16,833
-63,364
-191,681
TOTAL ADJUSTM
.11,762
-18,911
-35,698
-16,393
-6,512
-16,813
-16,721
-16,833
-53,364
-192.006
CASH FLOW
4,406
1,190
17,181
-20,305
-8,881
10,301
-92
112
-2,348
14,269
24,610
-36,935
3,508
Cash Flow (Cash) Page 1
TownCenter Kennedale - (KEN) KEN
Oct 2009 1111912009
12;29 PM
Prepared For: Prepared By:
KENNEDALE ECONOMIC DEVELOPMENT COR QUINE & ASSOCIATES, INC.
405 MUNICIPAL DR PO BOX 833009
KENNEDALE, TX 76060 RICHARDSON, TX 75083 -3009
NET PROFIT /LOSS
ADJUSTMENTS
Partner's Distribution
TOTAL ADJUSTMENTS
CASH FLOW
2,547.09 13.12 37,881.52 19.25
16,871.91 86.88
- -- - -16,428.92
- 16,428.92
158,936.84 80.75
7 177,7 62.43
- 177,762.43
442.99
- 18,825.59
Beginning Cash 18,928.92
Ending Balance 19,371.91
Month to Date
%
Year t o Date
%
INCOME
Rental income
16,568.00
85.32
161,952.50
82.29
% Rental Income
0.00
0.00
5,989.59
3.04
Tax Escrows
1,696.00
8.73
16,960.00
8.62
Insurance Escrows
115,00
0.59
1,150,00
0.58
CAM Escrows
1,040.00
5.36
10,179.50
5.17
PR YR Insurance Income
0.00
0.00
586.77
_ 0.3
TOTAL INCOME
19,419.00
100.00
196,818.36
100.00
EXPENSES
General & Administrative
Property Management
77616
4.00
7,872.73
4.00
Office Expenses
0.00
0.00
52.14
0.03
Rental Commissions
0.00
0.00
2,700.00
1.37
Electricity -CAM
224.56
1.16
3,193.78
1.62
Sweeping - CAM
300.00
1.54
2,857.50
1.45
Porter Service -CAM
90.00
0.46
654.98
0.33
Landscape - CAM
320.00
1.65
3,200.00
1,63
Fire Sprinkler /Alarm - CAM
150.00
0.77
600.00
0.30
rd Surface Repair -CAM
0.00
0.00
7,500.00
3.81
.,phalt »CAM
0,00
0.00
4,306.00
2.19
Elec. Supplies - CAM
60.39
0.31
2,357.96
1.20
Mntc. Supplies - CAM
0.00
0.00
300.00
0,15
Roofing Repair
625.38
3.22
2,216.07
1.13
R & M - CAM
0.00
_ 0.00
70.36
0.04
Total General & Admin
2,547.09
13.12
37,881.52
19.25
NET PROFIT /LOSS
ADJUSTMENTS
Partner's Distribution
TOTAL ADJUSTMENTS
CASH FLOW
2,547.09 13.12 37,881.52 19.25
16,871.91 86.88
- -- - -16,428.92
- 16,428.92
158,936.84 80.75
7 177,7 62.43
- 177,762.43
442.99
- 18,825.59
Beginning Cash 18,928.92
Ending Balance 19,371.91
2MR7 , 0171M
To KEDC Board of Directors
Date: January 8, 2010
Agenda Item No: III -C.
Subject: Review and consider action to submit Petition to MMD for financing improvements
and maintenance of properties located within the Kennedale Retail Center Addition.
Originated by: Kathy Turner, City Secretary
Summary: The attached petition is submitted in accordance to the MMD Bill, which requires the
property owner (KEDC) to submit a petition to finance improvements and to impose
a maintenance assessment of properties within the MMD to the Board of Directors
prior to such action taken place.
By approving this petition, the MMD Board will be able to assess a value on real
property in the district and use the proceeds of the tax, assessment, or impose fee for:
(1) any district purpose, including the payment of debt or other contractual
obligations; or
(2) the payment of maintenance and operating expenses.
approval Recommendation: Moved to approve Petition and submit recommendation to the
MMD Board of Directors for
improvements and to impose a maintenance assessment of
properties located within the Kennedale Retail Center
,4ddition.
Disposition by KEDC Board of Directors:
PETITION
REQUESTING THE MMD TO
FINANCE IMPROVEMENTS /IMPOSE A MAINTENANCE
ASSESSMENT OF PROPERTIES LOCATED
IN THE KENNEDALE RETAIL CENTER
TO THE MUNICIPAL MANAGEMENT DISTRICT BOARD OF DIRECTORS
OF THE CITY OF KENNEDALE, TEXAS, TARRANT COUNTY, TEXAS:
The undersigned owner of the hereinafter described property, being more particularly described
in Exhibit "A ", attached hereto and incorporated herein by reference for all purposes of this Petition, does
hereby petition the MMD Board of Directors to allow for financing improvements and to impose a
maintenance assessment of properties located within the Kennedale Retail Center located within
Kennedale, Tarrant County, Texas, and does hereby certify and represent the following:
The Kennedale Economic Development Corporation owns the property described in Exhibit "A ",
and no other entity or person has an ownership interest in said property.
2. Robert P. Mundy certifies that he holds the position of President of the Kennedale Economic
Development Corporation and as such has the authority to sign this petition on behalf of said
corporation.
President, Robert P. Mundy
Kennedale Economic Development Corp.
STATE OF TEXAS
COUNTY OF TARRANT
This instrument was acknowledged before me on this day of January 2010, by Robert
P. Mundy, President of the Kennedale Economic Development Corporation, a Texas Non - Profit
Corporation, on behalf of said corporation.
Notary Public in and for the State of Texas
(SEAL)
Type or Print Notary's Name
Commission Expiration
EXHIBIT "A"
An approximately 6.868 acre tract, more particularly described as Lots 1R, 2R, 3R,
4R, 5, 6, 7, and 8, Block A, Kennedale Retail Center Addition, and a 0.781 acre
right -of -way being known as Municipal Drive and being a strip of land located in
the Canzada Rose Survey, Abstract 1285, Tarrant County, Texas, being a total of
7.649 acres.
To KEDC Board of Directors
Date: January 8, 2010
Agenda Item No: III -D.
Subject: Review and consider action to approve Resolution No. 4, of the Kennedale
Economic Development Corporation approving a Project Agreement with the City of
Kennedale, Texas with respect to the Issuance of the City's Combination Tax and
Revenue Certificates of Obligations, Series 2010.
Originated by: Kathy Turner, City Secretary
Summary: The attached resolution and project agreement will finalize action needed to issue
combination tax and revenue certificates of obligations for the financing,
construction, acquisition and payment of the current improvements to the Kennedale
TownCenter, and will allow the City Council to sale the Certificates of Obligations
on January 14, 2010 with an expected delivery on February 10, 2010.
Recommendation: Motion to approve Resolution No. 4 of the Kennedale Economic
Development Corporation approving a Project Agreement with the
City of Kennedale, Texas with respect to the Issuance of the City's
Combination Tax and Revenue Certificates of Obligations, Series
2010, and forwards a recommendation to City Council to consider
same.
RESOLUTION NO.
RESOLUTION OF THE KENNEDALE ECONOMIC DEVELOPMENT
CORPORATION APPROVING A PROJECT AGREEMENT WITH THE
CITY OF KENNEDALE, TEXAS WITH RESPECT TO THE ISSUANCE OF
THE CITY'S COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2010
STATE OF TEXAS §
COUNTY OF TARRANT §
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION §
WHEREAS, at an election held on August 10, 1996, a majority of the citizens of the CITY
OF KENNEDALE, TEXAS (the "City ") voting at said election authorized the City to levy a sales and
use tax on the receipts at retail of taxable items within the City at a rate of one -half of one percent
(the "Economic Development Sales Tax ") to be used exclusively for the purposes set forth in the
Development Corporation Act of 1979, Article 5190.6, V.A.T.C.S., as amended (effective as of
April 1, 2009, the Development Corporation Act of 1979 was amended and codified as Texas Local
Government Code, Title 12, Subtitle C1, Chapters 501 through 507) (the "Act "); and
WHEREAS, pursuant to the provisions of the Act, the City created the KENNEDALE
ECONOMIC DEVELOPMENT CORPORATION (the "Corporation ") as a nonstock, nonprofit industrial
development corporation to act on behalf of the City to satisfy the public purposes set forth in
Section 413 of the Act; and
WHEREAS, the City has designated an area of the City for development as a new downtown
area to provide public gathering space and to spur new economic development, all with access to
municipal buildings and services (the "Town Center District Project "); and
WHEREAS, pursuant to Section 271.049, Texas Local Government Code, the City Council
of the City, on December 10, 2009, deemed it advisable to give notice of intention to issue
certificates of obligation (the "Certificates of Obligation ") for the purpose of paying, in whole or
in part, contractual obligations incurred to make public infrastructure improvements to the Town
Center District Project, to wit: (1) construct improvements and extensions to the City's waterworks,
sewer and storm sewer systems; (2) construct, improve and repair City streets, parking lots and
sidewalks, together with drainage improvements, utility line construction, relocation and
replacement, utilities improvements, traffic and street signalization, landscaping and lighting
improvements; (3) relocate and restore historic section house; (4) provide local match for federal
grant to make street, sidewalk, landscaping, intersection, and lighting improvements; and (5) pay
all or a portion of the City's contractual obligations for professional services rendered by engineers,
attorneys, and financial advisors in connection with the above projects; and
WHEREAS, the Board of Directors of the Corporation hereby deems it advisable and
approves that the principal and interest on the Certificates of Obligation be paid from the Economic
Development Sales Tax; and
WHEREAS, the Corporation finds it necessary and advisable to enter into a Project
Agreement with the City, as attached hereto as Exhibit A, (the "Project Agreement ") to evidence
the duties and responsibilities of the respective parties with respect to the financing, construction,
acquisition and payment of the current improvements to the Town Center District Project;
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION THAT:
SECTION 1. Approval of Project Agreement The Project Agreement attached hereto as
Exhibit A is hereby approved, and the President and Secretary of the Corporation are authorized to
approve any changes and execute the Project Agreement on behalf of the Corporation.
SECTION 2. Incorporation of Recitals The findings and preambles set forth in this
Resolution are hereby incorporated into this Resolution and made a part hereof for all purposes.
SECTION 3. Effective Date This Resolution shall become effective immediately upon its
passage and approval.
[The remainder of this page intentionally left blank.]
PASSEDANDAPPROVED BYTHEBOARD OFDIRECTORS OFTHEKENNEDALE
ECONOMIC DEVELOPMENT CORPORATION ON THE 12"' DAY OF JANUARY, 2010.
LOW
President, Board of Directors
ATTEST:
Secretary, Board of Directors
(SEAL)
[SIGNATURE PAGE TO CORPORATION's RESOLUTION]
EXHIBIT A
PROJECT AGREEMENT
Draft dated January 6, 2010
PROJECT AGREEMENT
THIS AGREEMENT (the "ProjectAgreement "), dated as of January 14, 2009, is executed
by and among the CITY OF KENNEDALE, TEXAS (the "City ") and the KENNEDALE ECONOMIC
DEVELOPMENT CORPORATION (the "Corporation ").
WITNESSETH.•
WHEREAS, at an election held on August 10, 1996, a majority of the citizens of the City
voting at said election authorized the City to levy a sales and use tax on the receipts at retail of
taxable items within the City at a rate of one -half of one percent (the "Economic Development Sales
Tax ") to be used exclusively for the purposes set forth in the Development Corporation Act of 1979,
Article 5190.6, V.A.T.C.S., as amended (effective as of April 1, 2009, the Development Corporation
Act of 1979 was amended and codified as Texas Local Government Code, Title 12, Subtitle C1,
Chapters 501 through 507) (the "Act "); and
WHEREAS, pursuant to the provisions of the Act, the City created the Corporation as a
nonstock, nonprofit industrial development corporation to act on behalf of the City to satisfy the
public purposes set forth in Section 4B of the Act; and
WHEREAS, the City has designated an area of the City for development as a new downtown
area to provide public gathering space and to spur new economic development, all with access to
municipal buildings and services (the "Town Center District Project "); and
WHEREAS, the Board of Directors of the Corporation, in connection with the issuance of
the Corporation's Sales Tax Revenue Bonds, Taxable Series 2007, and as the Board of Directors of
a corporation created by an eligible city with a population of 20,000 or less, has previously found
the Town Center District Project to promote new or expanded business development; and
WHEREAS, pursuant to the requirement set forth in Section 505.158(b) of the Act, the City
Council, as the governing body of the City and in connection with the issuance of the Corporation's
Sales Tax Revenue Bonds, Taxable Series 2007, duly approved a resolution authorizing the Town
Center District Project after giving the resolution two separate readings; and
WHEREAS, a notice describing the Town Center District Project was published in the South
Tarrant on August 3, 2006, which notice satisfies the requirement set forth in Section 505.160
of the Act; and
WHEREAS, in satisfaction of the requirements set forth in Section 505.159 of the Act, the
Corporation has held at least one public hearing on the Town Center District Project, including
specifically a public hearing held on August 15, 2006; and
WHEREAS, pursuant to Section 271.049, Texas Local Government Code, the City Council
of the City, on December 10, 2009, deemed it advisable to give notice of intention to issue
certificates of obligation (the "Certificates of Obligation ") for the purpose of paying, in whole or
in part, contractual obligations incurred to make public infrastructure improvements to the Town
Center District Project, to wit (1) construct improvements and extensions to the City's waterworks,
sewer and storm sewer systems; (2) construct, improve and repair City streets, parking lots and
sidewalks, together with drainage improvements, utility line construction, relocation and
replacement, utilities improvements, traffic and street signalization, landscaping and lighting
improvements; (3) relocate and restore historic section house; (4) provide local match for federal
grant to make street, sidewalk, landscaping, intersection, and lighting improvements; and (5) pay
all or a portion of the City's contractual obligations for professional services rendered by engineers,
attorneys, and financial advisors in connection with the above projects; and
WHEREAS, at a meeting on January 12, 2010, the Board of Directors of the Corporation
deemed it advisable and approved that the principal and interest on the Certificates of Obligation,
or any refunding bonds later issued to refinance the Certificates of Obligation, be paid from the
Economic Development Sales Tax; and
WHEREAS, it is expected that the Certificates of Obligation shall be sold by the City on
January 14, 2010 and are expected to delivered on February 10, 2010; and
WHEREAS, the parties hereto find it necessary and advisable to enter into this Project
Agreement to evidence the duties and responsibilities of the respective parties with respect to the
financing, construction, acquisition and payment of the current improvements to the Town Center
District Project;
NOW THEREFORE, in consideration of the covenants and agreements herein made, and
subject to the conditions herein set forth, the City and the Corporation contract and agree as follows:
SECTION 1. DEFINITIONS AND INCORPORATION OF PREAMBLES. The terms
and expressions used in this Project Agreement, unless the context shows clearly otherwise, shall
have the meanings set forth herein, including terms defined in the Preambles hereto, which
preambles are incorporated in and made a part hereof for all purposes.
SECTION 2. OBLIGATION OF THE CORPORATION TO PAY FOR THE TOWN
CENTER DISTRICT PROJECT. The Corporation agrees to pay, and will pay, the debt service
of the Certificates of Obligation, or any refunding bonds later issued to refinance the Certificates of
Obligation, by transferring an amount of Economic Development Sales Tax on a timely annual basis
with regard to principal (i.e., on or before April 15 of each year beginning in 2011) and on a timely
semi - annual basis with regard to interest (on or before April 15 and October 15 of each year
beginning 2010) to the City for further payment of the Certificates of Obligation until the end of the
term of this Project Agreement as specified below in Section 8.
SECTION 3. OBLIGATION OF THE CITY TO PROVIDE NOTICE OF AMOUNT
OF ECONOMIC DEVELOPMENT SALES TAX DUE. The City agrees to certify and provide
to the Corporation on a timely annual basis the total debt service requirements for the Certificates
of Obligations for the upcoming fiscal year. Such certification shall include specifically the amounts
2
due by the Corporation on or before April 15 of the upcoming fiscal year (with respect to principal
and interest) and on or before October 15 of the upcoming fiscal year (with respect to interest) to
the City for the payment of principal and interest of the Certificates of Obligations.
SECTION 4. ACQUISITION AND CONSTRUCTION CONTRACTS AND USE OF
TRANSFERRED ECONOMIC DEVELOPMENT SALES TAX SOLELY FOR PAYMENT
OF PROJECT FINANCING COSTS. The City, and if necessary, the Corporation, will enter into
such contracts as are necessary to provide for acquiring and constructing the Town Center District
Project. The City agrees that any Economic Development Sales Tax transferred to it pursuant to this
Project Agreement shall only be used for the payment of the Certificates of Obligations.
SECTION 5. AGREEMENT TO PROCEED PROMPTLY. The City and the Corporation
agree to proceed promptly with the construction of the Town Center District Project. The City and
Corporation hereby covenant that they will make a diligent effort to complete such acquisition and
construction as soon as practicable. The City and the Corporation do not anticipate any delays in
completing the construction of the Town Center District Project, but the City and the Corporation
shall not be liable to each other for any damages caused by any delays in completion of the Town
Center District Project.
SECTION 6. FORCE MAJEURE. If, by reason of Force Majeure, any party hereto shall
be rendered unable wholly or in part to carry out its obligations under this Project Agreement, then
such party shall give notice and full particulars of such Force Majeure in writing to the other party
within a reasonable time after occurrence of the event or cause relied upon, and the obligation of the
party giving such notice, so far as it is affected by such Force Majeure, shall be suspended during
the continuance of the inability then claimed, except as hereinafter provided, but for no longer
period, and any such party shall endeavor to remove or overcome such inability with all reasonable
dispatch. The term "Force Majeure" as employed herein, shall mean acts of God, strikes, lockouts,
or other industrial disturbances, acts of public enemy, orders of any kind of the Government of the
United States or the State of Texas or any civil or military authority, insurrections, riots, epidemics,
landslides, lightning, earthquake, fires, hurricanes, storms, floods, washouts, droughts, arrests,
restraint of government and people, civil disturbances, explosions, breakage or accidents to
machinery, pipelines, or canals, or other causes not reasonably within the control of the party
claiming such inability. It is understood and agreed that the settlement of strikes and lockouts shall
be entirely within the discretion of the party having the difficulty, and that the above requirement
that any Force Majeure shall be remedied with all reasonable dispatch shall not require the
settlement of strikes and lockouts by acceding to the demands of the opposing party or parties when
such settlement is unfavorable to it in the judgment of the party having the difficulty. It is specif-
ically excepted and provided, however, that in no event shall any Force Majeure relieve the
Corporation of its obligation to transfer Economic Development Sales Tax revenues to the City, as
described above, for the payment of the Certificates of Obligation.
SECTION 7. REGULATORY BODIES. This Project Agreement and the Town Center
District Project shall be subject to all valid rules, regulations, and laws applicable thereto passed or
promulgated by the United States of America, the State of Texas, or any governmental body or
agency having lawful jurisdiction or any authorized representative or agency of any of them.
SECTION 8. TERM OF PROJECT AGREEMENT. The term of this Project Agreement
shall be for the period during which the Certificates of Obligation, or any refunding bonds later
issued to refinance the Certificates of Obligation, or any interest thereon are outstanding and unpaid.
All obligations set forth herein for the Corporation to pay debt service on the Certificates of
Obligation shall also be deemed to include the payment of debt service on any such refunding bonds
issued to refinance the Certificates of Obligation.
[The remainder of this page intentionally left blank.]
4
IN WITNESS WHEREOF, the Corporation and the City, acting under authority of their
respective governing bodies, have caused this Project Agreement to be duly executed in several
counterparts, each of which shall constitute an original, all as of the date first written above, which
is the date of this Project Agreement.
ATTEST:
City Secretary
(SEAL)
ATTEST:
Secretary, Board of Directors
(SEAL)
CITY OF KENNEDALE, TEXAS
Mayor
KENNEDALE ECONOMIC
DEVELOPMENT CORPORATION
President, Board of Directors
MIA
[SIGNATURE PAGE TO PROJECT AGREEMENT]
Staff Report
To KEDC Board of Directors
Date: January 8, 2010
Agenda Item No: III -E.
Subject: Review and consider action to authorize President to sign necessary easement
documents for the TownCenter Project.
Originated by: Kathy Turner, City Secretary
Summary: This item is on the agenda to receive authorization for President Mundy to sign
necessary water line and /or sewer line easement documents for the development of
the TownCenter.
Recommendation:
Disposition by KEDC Board of Directors:
To KEDC Board of Directors
Date: January 4, 2010
Agenda Item No: III -F
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 February 16, 2010 regular
meeting date to see if there is a need to reschedule.
Recommendation:
N-IT'Im
To KEDC Board of Directors
Date: January 8, 2010
Agenda Item No: N.
Subject: Staff Announcements /Reports
Originated by: Bob Hart, Executive Director
Summary: Board of Directors will receive announcements /reports from the following:
A. KEDC Executive Director
1. Industrial activity:
• 1000 E. Kennedale Parkway
• Grover Corporation
2. Kennedale TownCenter Activity
• 9 -1 -1 Monument
• Section House
• Bid Activity
3. 16" Water Line Extension
4. Oak Crest Development
5. Fallen Heroes Monument
B. Orasi Development Report
Recommendation:
Disposition by KEDC Board of Directors:
F T MM =1
To KEDC Board of Directors
Date: January 4, 2010
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.
Recommendation:
Disposition by KEDC Board of Directors:
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