2010_08.24 EDC Agenda PacketAGENDA
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING - AUGUST 24, 2010
405 MUNICIPAL DR. - KENNEDALE MUNICIPAL BLDG.
COUNCIL CHAMBERS
7:15 PM
I. CALL TO ORDER
III. REGULAR ITEMS
A. Review and consider action to approve regular meeting minutes dated July 20, 2010.
B. Review KEDC Financial Reports.
C. Review and consider action to forward a recommendation to City Council to consider
2010 -2011 Fiscal Year Budget, KEDC Projects, and Texas Leverage Fund Project.
D. Review and consider action to approve Resolution No. 4, authorizing and approving a loan
from the office of the Governor Economic Development and Tourism Division authorizing
the execution and delivery of the Loan Agreement and related documents, authorizing the
pledge of sales and use tax receipts, and other matters in connection therewith.
E. Review and consider action on welcome monument sign to be located on Dick Price Road.
F. Receive report from the Keep Kennedale Beautiful Commission.
G. Review and consider action to change date and time of fixture meetings.
IV. STAFF ANNOUNCEMENTS/REPORTS
A. Executive Director Report.
1. TownCenter Development
2. Skate Board Shop Grant Request
B. Orasi Development Report
Page 1 of 2
V. PRESIDENTBOARD ANNOUNCEMENTS/REPORTS
A. President Announcements /Reports
Report agenda items to be posted for fixture meetings,
VI. EXECUTIVE SESSION
A. The Economic Development Corporation will meet in closed session pursuant to Section
551,087 of the Texas Government Code to deliberate the offer of a financial or other
incentive to a business prospect with which the city is conducting economic development
negotiations.
Acquisition of Real Property
® 1000 E. Kennedale Parkway
® 5500 W. Kennedale Parkway
Texas Leverage Fund for Grover Corporation
VII. RECONVENE INTO OPEN SESSION AND TAKE ACTION PURSUANT TO
EXECUTIVE SESSION, IF NECESSARY.
VIII. ADJOURNMENT
In compliance with the Americans with Disabilities Act, the City of Kennedale will provide for
reasonable accommodations for persons attending KEDC meetings. This building is wheelchair
accessible, and parking spaces for disabled citizens are available. Requests for sign interpreter
services must be made forty -eight (48) hours prior to the meetings. Please contact Kathy Turner,
City Secretary, at 817.985.2104 or (TDD) 1.800.735.2989
CERTIFICATION
I certify that a copy of the August 24, 2010, KEDC Agenda was posted on the City Hall bulletin board
next to the main entrance of the City Hall building, 405 Municipal Drive, of the City of Kennedale,
Texas, in a place convenient and readily accessible to the general public at all times and said Agenda was
posted on the following date and time: Friday, August 20, 2010 at 5:30 PM, and remained so posted
continuously for at least 72 hours preceding the schedule time of said meeting, in accordance with
Chapter 551 of the Texas Government Code.
Kathy Turner, TRMC /CMC
City Secretary
Date Agenda Removed from bulletin board
Page 2 of 2
f ly
To KEDC Board of Directors
Date: August 18, 2010
.-
Subject: Review and consider approval of meeting minutes.
Originated by: Kathy Turner, KEDC Secretary
Summary: A draft copy of the meeting minutes dated July 20, 2010 is attached for your
review and consideration.
Recommendation: Recommend Approval.
Disposition by KEDC Board of Directors:
o J, 4-6
348
MINUTES
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING — JULY 20, 2010
405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG.
COUNCIL CHAMBERS
7:15 PM
III
Cpl. f ;11
President Mundy called the meeting to order at 7:19 p.m.
II. ROLL CALL
Kathy Turner, Secretary called roll with the following persons present /absent:
Present: Robert Mundy
Donnie Graham
Doug Parker
Mark Yeary
Rebecca Mowell
Darrell Erwin
President
Vice - President
Board Member
Board Member
Board Member
Board Member
Absent: Beverly Hayes
Staff members present included:
Board Member
Sakura Moten- Dedrick
Kathy Turner
Jack Thompson
III. PUBLIC HEARING
Treasurer
Secretary
Orasi Development — Contract Provider
President Mundy opened the public hearing to receive citizens input regarding the Kennedale
Economic Development Corporation's intent to participate in "Projects," as defined in the
Development Corporation Act of 1979, as amended, Texas Revised Civil Statutes Annotated
Article 5190.6, including, but not limited to, designing, acquiring, improving, and operating the
following:
(1) Financing Project through the Texas Leverage Fund for the purposes of land
acquisition and construction of a new business facility.
President Mundy indicated that the above listed project would require an expenditure of fiends
collected from the 4B sales tax for Fiscal Year 2010 -2011, and if the KEDC Board of Directors
recommended approval of the project, the City Council would act on the recommendation at a
scheduled meeting on the 2 °a day of September 2010.
There being no persons registered to speak for or against proposed project, President Mundy
closed the public hearing at 7:21 p.m.
349
IV. REGULAR ITEMS
L ieai nd co sider action to approve regular meeting minutes dated June 22, 2010.
m moved to approve regular meeting minutes dated June 22, 2010 as
, second by Darrell Erwin. Graham, Erwin, Parker and Mowell voted aye, while
bstained due to absence of meeting. Motion carried (5 -0 -1).
B. Review KEDC Financial Reports.
Sakura Moten - Dedrick, Director of Finance and Treasurer addressed the financial reports
for the month ending in May 2010. Ms. Dedrick indicated sales tax was up due to an audit
in which monies were recovered, but overall collections were down. She reported all other
categories were trending fairly well.
C. Review of 2010 -2011 KEDC Fiscal Year Budget.
Sakura Moten - Dedrick, Director of Finance and Treasurer recapped the preliminary 2010-
2011 EDC fiscal year budget and advised that a final version would be presented during the
August meeting for review and consideration. A question and answer period followed in
regards to certain budgeted items in which will be presented to the City Manager for his
review and feedback at the next scheduled meeting.
D. Review and consider action to change date and time of future meetings.
It was noted that the next meeting date would be scheduled for Tuesday, August
24 ", which would allow for compliance of the 60 -day project notice for the Texas
Leverage Fund.
V. STAFF ANNOUNCEMENTS/REPORTS
A. Orasi Development Report
Jack Thompson, EDC Contract Provider provided updates on the following;
1. TownCenter Development — continuing to send out packets and feedback is positive;
2. Oak Crest Properties — advised of potential customer and waiting on response;
3. Skate Board Shop Grant Request — indicated paperwork was submitted to City
Manager to request a grant to open a skate board facility along Kennedale Parkway.
A. President Announcements /Reports
1. Report agenda items to be posted for future meetings.
President Mundy inquired if anyone from the board had any items they would like to
see placed on the next agenda. After a short discussion, it was suggested to place a
350
review and discussion item in regards to a welcome monument sign on Dick Price
Road, and to receive a report from the Keep Kennedale Beautiful Commission and
sponsors.
2. Chamber of Commerce request for participation in their August 4, 2010 Strategic
Planning Session from 2 p.m. to 8 p.m.
President Mundy announced the Kennedale Chamber of Commerce strategic
planning retreat scheduled for August 4, 2010 from 2 p.m. to 8 p.m., and indicated it
was important for the EDC Board to show representation at such event. After a brief
discussion, it was noted Rebecca Mowell would attend the event on behalf of the
board.
There being no further discussion, President Mundy indicated no executive session
would be held and moved to adjournment.
VII. EXECUTIVE SESSION
A. The Economic Development Corporation will meet in closed session pursuant to Section
551.087 of the Texas Government Code to deliberate the offer of a financial or other
incentive to a business prospect with which the city is conducting economic development
negotiations.
1. Acquisition of Real Property
• 1000 E. Kennedale Parkway
0 5500 W. Kennedale Parkway
2. Texas Leverage Fund for Grover Corporation
VIII. RECONVENE INTO OPEN SESSION AND TAKE ACTION PURSUANT TO
EXECUTIVE SESSION, IF NECESSARY.
Executive session was not held.
IX. ADJOURNMENT
There being no further discussion, President Mundy asked for a motion to adjourn.
Marls Yeaiy so moved and Rebecca Mowell seconded the motion with all members present
voting in favor. Motion carried (6 -0). Meeting adjourned at 8:01 p.m.
APPROVED:
President, Robert Mundy
ATTEST:
Kathy Turner, Secretary to EDC
To the Members of the EDC4B Board
Date: August 24, 2010
Agenda Item No: III-B.
Subject: DISCUSS AND REVIEW JANE 2010 EDC FINANCIALS
Originated by: Sakura Moten - Dedrick
Summary:
Budget /Amendment
N/A
Year -To -Date
• Sales Tax: Revenues are similar in comparison to last year. The EDC has experienced
approximately an 38% increase for the month of June compared to June of last year, a 0.8% loss
year -to -date remains in effect compared to this same time last year due to the slowing of the
economy (see Monthly Graph, 3 -Year Historical Graph, 10 -Year Historical Data).
• Investment Earnings: Due to declining interest rates, revenues continue to be much lower
compared to this same time last year.
• Miscellaneous Income: Revenues are lower this year in comparison to last year. Last year
included approximately $128K for a gas lease and $354K for an insurance reimbursement due
to roof damage. The repair of both the City & EDC roof damage has been completed, and
approximately $5K has been returned back to TML given reconciliation of all expenses in
comparison to the insurance reimbursement /settlement funds originally received.
• Surplus Sales/Rentals: No significant change.
• Personnel: EDC Director position was eliminated a few months into last year, and this is why
no expenses are reflected in the current month.
• Supplies: Increase in expenses over this time last year. Approximately $6K was expensed for
aerial maps in Oct 09 and an additional $I OK for printed supplies since Feb 10. These were
related to posters associated with the Kennedale Chamber and printed ads for the Kennedale
News for the ground breaking ceremony.
• Maintenance: No significant change.
• Sundry: Significant increase in expenses over this time last year. Last year included costs tied
to Town Center Plaza; however, this year includes a large portion tied to architecture and
design services related to the Town Center redevelopment.
• Debt: No significant change in reference to the $1.2M EDC Revenue Bond.
• Transfers: No significant change. The board did amend the budget in anticipation of a $25K
interest only payment on the $2M CO Bond. The actual payment of $26540 was due
05/01/2010. This was paid by the General Fund and then the General Fund was reimbursed by
EDC. Following reimbursement to General Fund will occur following its payment every Nov
($40K interest only) and May ($75K principal plus $40K interest).
® Capital: Significant increase in expenses over this time last year. Approximately $94K was for
roofing repairs to Subway in Nov 09/Dec 09 and $246K in Feb 10 (both directly offset by
insurance reimbursement proceeds received in the prior fiscal year), approximately $380K was
for the purchase of right -of -way /land in Apr 2010 for 1121 West Kennedale Parkway, and
approximately $95K for the Town Center Redevelopment construction (private, not related to
bonds).
Estimate
The FY09 /10 Amended Budget anticipated an ending fiend balance of approximately $495K, not
including the EDC Bond Fund Reserve. Due to the subsequent purchase of ROW /land in Apr 2010,
and the anticipated sale of such property before the end of FY09 /10, staff estimates the same fund
balance.
Recommended Motion: Staff recommends approval.
Disposition by Board:
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
INCOME STATEMENT
15: EDC4B FUND
FY08.09 FY08 -09 FY08 -09 FY08 -09 FY09 -10 FY09.10 FY09 -10 FY09 -10
INCOME STATEMENT BUDGET AMENDED YTD JUN ACTUAL PROPOSED AMENDED YTD JUN ESTIMATE
OPERATING REVENUES
532,211
532,211
811,437
1,017,337
567,171
511,788
354,641
1,031,028
OPERATING EXPENDITURES
(1,040,207)
(1,040,207)
(421,199)
(529,367)
(744,417)
(1,631,540)
(1,341,217)
(2,132,514)
OPERATING INCOME /(LOSS)
(507,996)
(507,996)
390,239
487,970
(177,246)
(1,119,752)
(986,577)
(1,101,486)
NONOPERATING REVENUES/ (EXPENSES)
INTEREST EARNINGS
50,000
50,000
8,471
9,691
20,000
20,000
1,659
2,100
TRANSFERS IN
-
-
-
-
-
-
-
-
(TRANSFER OUT)
-
-
10,000
26,000
26,540
26,540
NET OPERATING INCOME /(LOSS)
(457,996)
(457,996)
398,710
497,662
(147,246)
(1,073,752)
(958,378)
(1,072,846)
BEGINNING FUND BALANCE
$1,097,354
$1,097,354
$1,097,354
$1,097,354
$ 1,595,015
$1,595,015
$1,595,015
$1,595,015
ENDING FUND BALANCE (EXCLUDING FUND 95)
$ 639,358
$ 639,358
$1,496,063
$1,595,015
$ 1,437,769
$ 495,264
$ 610,098
$ 495,630
95: EDC46 RESERVE FUND
$ 118,482
$ 118,482
$ 118,482
$ 119,418
$ 119,418
$ 119,418
$ 119,418
$ 119,418
ENDING FUND BALANCE (INCLUDING FUND 95)
$ 757,840
$ 757,840
$1,614,545
$1,714,433
$ 1,557,187
$ 614,681
$ 729,515
$ 615,047
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
FUND SUMMARY BY CATEGORY
15: EDC46 FUND
FY08 -09 FY08.09 FY08 -09 FY08 -09 FY09 -10 FY09 -10 FY09 -10 FY09 -10 YTD
CATEGORY BUDGET AMENDED YTD JUN ACTUAL PROPOSED AMENDED YTD JUN ESTIMATE PERCENT
BEGINNING FUND BALANCE $1,097,354 $1,097,354 $1,097,354 $1,097,354 $ 1,595,015 $ 1,595,015 $ 1,595,015 $ 1,595,015
AD VALOREM TAXES
-
-
-
-
-
-
-
-
0.0%
SALES /BEVERAGE TAXES
357,011
357,011
175,953
298,682
323,571
306,744
183,200
429,338
59.7%
INVESTMENT EARNINGS
50,000
50,000
8,471
9,691
20,000
20,000
1,659
2,100
8.3%
MISCELLANEOUS INCOME
-
-
481,136
481,136
-
-
20,895
397,327
#DIV /01
SURPLUS SALES /RENTALS
175,200
175,200
154,348
237,518
243,600
205,044
150,546
204,363
73.4%
TOTAL REVENUES
$ 582,211
$ 582,211
$ 819,908
$1,027,029
$ 587,171
$ 531,788
$ 356,300
$ 1,033,128
67.0%
PERSONNEL
SUPPLIES
MAINTENANCE
SUNDRY
DEBT
TRANSFERS
CAPITAL
TOTAL EXPENDITURES
REVENUES OVER EXPENDITURES
ENDING FUND BALANCE
ADJUSTMENTS
108, 109
108,109
42,792
37,549
-
-
-
-
0.0%
29,300
29,300
6,200
9,351
33,860
28,860
20,235
23,946
70.1%
22,680
22,680
18,177
23,052
23,790
23,790
19,634
28,605
82.5%
572,801
572,801
206,303
311,688
417,537
1,024,582
345,219
571,183
33.7%
212,317
212,317
147,726
147,726
164,230
114,230
114,149
114,149
99.9%
-
-
-
-
10,000
26,000
26,540
26,540
102.1%
95,000
95,000
-
-
95,000
414,078
815,441
1,368,091
196.9%
$1,040,207 $1,040,207 $ 421,199 $ 529,367 $ 744,417 $ 1,631,540 $ 1,341,217 $ 2,132,514 82.2%
$ (457,996) $ (457,996) $ 398,710 $ 497,662 $ (157,246) $ (1,099,752) $ (984,918) $ (1,099,386)
$ 639,358 $ 639,358 $1,496,063 $1,595,015 $ 1,437,769 $ 495,264 $ 610,098 $ 495,630
89.6%
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE LINE ITEM SUMMARY
15: EDC46 FUND
"EXEMPLIFYING EXCELLENCE"
FY08.09
FY08 -09
FYOB -09
FY08.09
FY09.10
FY09.10
FY09 -10
FY09.10
YTD
ACCOUNT
ACCOUNT NAME
BUDGET
AMENDED
YTD JUN
ACTUAL
PROPOSED
AMENDED
YTD JUN
ESTIMATE
PERCENT
4001 -00 -00
PROPERTY TAX-CURRENT YEAR
-
0.0%
4002 -00 -00
ASSESSMENTS - CURRENT YEAR
-
0.0%
AD VALOREM TAXES
$ -
$
$
$
$
$
$
$
0.0%
4081 -00 -00
SALES TAX
354,000
354,000
175,953
298,682
323,571
306,744
183,200
429,338
59.7%
4082 -00 -00
MIXED BEVERAGE TAX
3,011
3,011
-
-
-
-
-
-
0.0%
SALES /BEVERAGE TAXES
$357,011
$ 357,011
$ 175,953
$ 298,682
$ 323,571
$ 306,744
$ 183,200
$ 429,338
59.7%
4401 -00 -00
INVESTMENT INCOME
50,000
50,000
8,471
9,691
20,000
20,000
1,659
2,100
8.3%
INVESTMENT EARNINGS
$ 50,000
$ 50,000
$ 8,471
$ 9,691
$ 20,000
$ 20,000
$ 1,659
$ 2,100
8.3%
4409 -00 -00
MISCELLANEOUS INCOME
-
-
127,058
127,058
-
-
20,895
397,327
#DIV /01
4415 -00 -00
INSURANCE REIMBURSEMENT
-
354,078
354,078
-
-
0.0%
MISCELLANEOUS INCOME
$
$ -
$ 481,136
$ 481,136
$
$
$ 20,895
$ 397,327
#DIV /01
4805 -00 -00
RENTAL FEES - SHOPPING CENTER
175,200
175,200
154,348
237,518
243,600
205,044
149,552
202,375
72.9%
4806 -00 -00
RENTAL INSURANCE
-
-
-
-
-
-
994
1,988
#DIV /01
SURPLUS SALES /RENTALS
$175,200
$ 175,200
$ 154,348
$ 237,518
$ 243,600
$ 205,044
$ 150,546
$ 204,363
73.47o
TOTAL REVENUES
$582,211
$ 582,211
$ 819,908
$1,027,029
$ 587,171
$ 531,788
$ 356,300
$1,033,128
67.0%
TOTAL REVENUES (EXCLUDING INTEREST/TRANSFERS)
$ 663,259
$ 567,171
$ 511,788
$ 354,641
$1,031,028
10% ADMIN CHARGE - GENERAL FUND
66,326
56,717
51,179
35,464
103,103
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE LINE ITEM DETAIL
15: EDC46 FUND
FY09.10
PR(�PnSFI]
4002.00 -00 ASSESSMENT- CURRENT YEAR
BASED ON ASSESSED VALUE OF $826,108 AND TOTAL TAX RATE OF -
2.840677 PER $100 ($23,467 NOT ANTICIPATED UNTIL FY10 /11).
CITY OF KENNEDALE: $0.722500
KENNEDALE ISD: $1.488610
TARRANT COUNTY: $0.264000
TARRANT HOSPITAL: $0.227897
TARRANT COLLEGE: $0.137670
4081.00 -00 SALESTAX
GENERALLY BUDGET BASED ON PRIOR 3 YEARS OF HISTORY, DUE TO 323,571 323,571
CURRENT ECONOMIC CONDITIONS PROJECT FLAT /NO INCREASE
4401 -00 -00 INVESTMENT INCOME
BASED ON CURRENT ECONOMIC CONDITIONS, ANTICIPATE 20,000 20,000
UPCOMING YEAR RATES /EARNINGS TO DOUBLE FROM FY08 -09
PROJECTED INCOME
4409 -00 -00 MISCELLANEOUS INCOME
-
4805.00 -00 RENTAL FEES- SHOPPING CENTER
ACTUAL RENTAL PAYMENTS FROM SHOPPING CENTER TENANTS PER 205,044 205,044
LEASE AGREEMENTS (APPROXIMATELY $16500 PER MONTH INCLUDING
$500 FOR DOLLAR GENERAL RENEWAL INCREASE)
PREPAID TENANT FEES RECEIVED BUT CORRESPONDING OFFSET -
OCCURS WHEN BOOKED AGAINST CAM EXPENSES (APPROXIMATELY
$3500 PER MONTH
4806 -00 -00 RENTAL INSURANCE
RENTAL CAM COLLECTED ON LEASE AGREEMENTS AND THEN USED TO -
PAY TML INSURANCE (OFFSETTING EXPENSE UNDER TOWN SHOPPING
CENTER)
TOTALREVENUES $ 548,615
"EXEMPLIFYING EXCELLENCE"
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CYPRESS HISTORY FOR KENNEDALE TOWN SHOPPING CENTER
FY2009 -2010
ACCOUNT
INCOME
Rental Income
Tax Escrows
Insurance Escrows
CAM Escrows
Security Deposit
TOTAL INCOME
EXPENSES
General & Admin
Property Mgmt
Office Expenses
Bank Charges
Rental Commissions
Electricity
Sweeping
Porter service
Landscape
Fire Sprinkler /Alarm
Hard Surface Repair
Asphalt
Elec Supplies
Mntc Supplies
Roofing Repair
Signage
TOTAL EXPENSES
ADJUSTMENTS
Operating Balance
TOTAL ADJUSTMENTS
NET PROFIT /(LOSS) - CHECK
OCT NOV DEC JAN FEB MAR APR MAY JUN TOTAL
$ 16,568.00 $ 16,568.00 $
$ 1,696.00 $ 1,696.00 $
$ 115.00 $ 115.00 $
$ 1,040.00 $ 1,040.00 $
$ 19,419.00 $ 19,419.00 $
16,568.00 $ 16,568.00
1,669.00 $ 1,669.00
142.00 $ 142.00
1,040.00 $ 1,040.00
2,957.00 $ -
22,376.00 $ 19,419.00
$ 16,568.00
$ 1,669.00
$ 142.00
$ 1,040.00
$ 19,419.00
$ 16,568.00 $ 16,568.00 $
$ 1,669.00 $ 1,669.00 $
$ 142.00 $ 142.00 $
$ 1,040.00 $ 1,040.00 $
$ 19,419.00 $ 19,419.00 $
16,568.00 $ 16,568.00 $ 182,248.00
1,669.00 $ 1,669.00 $ 18,413.00
142.00 $ 142.00 $ 1,508.00
1,040.00 $ 1,040.00 $ 11,440.00
- $ - $ 2,957.00
19,419.00 $ 19,419.00 $ 216,566.00
$ (2,547.09) $ (6,425.61) $ (1,514.46) $ (1,019.52) $ (1,120.00) $ (768.48) $ (1,740.00) $ (1,120.00) $ (1,154.35) $ (21,379.03)
$ $ $ (10,000.00) $ $ $ $ $ $ $ (10,000.00)
$ $ $ (10,000.00) $ $ $ $ $ $ $ (10,000.00)
$ 16,871.91 $ 12,993.39 $ 10,861.54 $ 18,399.48 $ 18,299.00 $ 18,650.52 $ 17,679.00 $ 18,299.00 $ 18,264.65 $ 185,186.97
Total Rental Income Posted $ 19,419.00 $ 6,876.69 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 184,767.69
$ (776.76) $
(776.76) $
(500.00) $
(500.00) $
(500.00) $
(500.00) $
(500.00) $
(500.00) $
(500.00) $
(6,053.52)
$ $
$
$
$
$
$
$
$
(34.35) $
(34.35)
$ $
(3,696.00) $
$
$
$
$
$
$
$
(3,696.00)
$ (224.56) $
(197.99) $
(394.46) $
(519.52) $
$
(268.48) $
$
$
$
(2,512.53)
$ (300.00) $
(600.00) $
(300.00) $
$
(300.00) $
$
(600.00) $
(300.00) $
(300.00) $
(3,300.00)
$ (90.00) $
- $
- $
$
$
$
- $
$
- $
(90.00)
$ (320.00) $
(640.00) $
(320.00) $
$
(320.00) $
$
(640.00) $
(320.00) $
(320.00) $
(3,520.00)
$ (150.00) $
$
$
$
$
$
$
$
$
(600.00)
$ (60.39) $
(514.86) $
$
$
$
$
$
$
$
(575.25)
$ (625.38) $
$
$
$
$
$
$
$
$
(625.38)
$ - $
$
$
$
$
$
$
$
$
_(372.00)
$ (2,547.09) $ (6,425.61) $ (1,514.46) $ (1,019.52) $ (1,120.00) $ (768.48) $ (1,740.00) $ (1,120.00) $ (1,154.35) $ (21,379.03)
$ $ $ (10,000.00) $ $ $ $ $ $ $ (10,000.00)
$ $ $ (10,000.00) $ $ $ $ $ $ $ (10,000.00)
$ 16,871.91 $ 12,993.39 $ 10,861.54 $ 18,399.48 $ 18,299.00 $ 18,650.52 $ 17,679.00 $ 18,299.00 $ 18,264.65 $ 185,186.97
Total Rental Income Posted $ 19,419.00 $ 6,876.69 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 17,608.00 $ 184,767.69
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC4B FUND
01: ADMINISTRATION
"EXEMPLIFYING EXCELLENCE"
FY08.09
FY08.09
FY08.09
FY08 -09
FY09 -10
FY09 -10
PY09 -10
FY09.10
YTD
ACCOUNT
ACCOUNT NAME
BUDGET
AMENDED
YTD JUN
ACTUAL
PROPOSED
AMENDED
YTD JUN
ESTIMATE
PERCENT
5101 -01 -00
SALARIES
77,690
77,690
32,502
32,502
0.0%
5107 -01 -00
OVERTIME
3,000
3,000
-
-
0.0%
5111 -01 -00
AUTO ALLOWANCE
4,800
4,800
1,278
1,278
0.0%
5114 -01 -00
LONGEVITY
-
-
184
184
0.0%
5115 -01 -00
RETIREMENT
9,344
9,344
3,871
3,871
0.0%
5116 -01 -00
UNEMPLOYMENT INSURANCE
-
-
108
108
0.0%
5117 -01 -00
FICA
6,540
6,540
2,598
2,598
0.0%
5118 -01 -00
MEDICAL INSURANCE
6,000
6,000
2,071
2,071
0.0%
5120 -01 -00
LIFE INSURANCE
255
255
58
58
0.0%
5121 -01 -00
DENTAL INSURANCE
360
360
95
95
0.0%
5122 -01 -00
VISION INSURANCE
120
120
29
29
0.0%
5190 -01 -00
VACATION /SICK/TERM /LEAVE ADJ
-
-
-
(5,243)
0.0%
PERSONNEL
$108,109
$ 108,109
$ 42,792
$ 37,549
$ -
$
$
$
0.0%
5220 -01 -00
UNIFORMS
600
600
-
-
300
300
-
-
0.0%
5240 -01 -00
PRINTED SUPPLIES
14,000
14,000
2,474
4,449
25,000
22,000
19,247
22,000
87.5%
5260 -01 -00
GENERAL OFFICE SUPPLIES
1,500
1,500
332
332
500
500
155
250
30.9%
5261 -01 -00
POSTAGE
11000
1,000
128
128
1,000
500
-
250
0.0%
5280 -01 -00
MINOR EQUIP /SMALLTOOLS <$5K
3,000
3,000
-
-
1,000
-
196
196
#DIV /01
5290 -01 -00
EXPENDABLE SUPPLIES
1,500
1,500
1,023
1,023
1,500
1,000
12
250
1.2%
SUPPLIES
$ 21,600
$ 21,600
$ 3,957
$ 5,932
$ 29,300
$ 24,300
$ 19,610
$ 22,946
80.77o
5403 -01 -00
BUILDING MAINTENANCE
-
-
-
-
-
-
-
4,815
0.0%
5440 -01 -00
OFFICE EQUIP /SOFTWARE MAINT
1,000
11000
-
0.0%
MAINTENANCE
$ 1,000
$ 1,000
$
$
$
$
$ -
$ 4,815
0.0%
5501 -01 -00
ADVERTISING
18,000
18,000
527
789
11,000
5,000
13,780
15,000
275.6%
5510 -01 -00
ASSOC DUES /PUBLICATIONS
1,400
1,400
334
334
11000
200
925
1,000
462.5%
5512 -01 -00
CONTRACTUAL SERVICES
300,500
130,000
121,695
121,854
-
-
-
-
0.0%
5525 -01 -00
TRAINING /SEMINARS
2,800
2,800
430
430
2,500
1,000
-
-
0.0%
5565 -01 -00
LEGAL SERVICES
25,000
25,000
19,623
27,340
40,000
40,000
24,772
40,000
61.9%
5567 -01 -00
AUDIT SERVICES
3,000
3,000
3,000
3,000
4,000
4,000
1,500
11500
37.5%
5569 -01 -00
IT SUPPORT
-
-
-
-
-
-
-
-
0.0%
5570 -01 -00
SPECIAL SERVICES
90,000
85,500
11,469
27,870
78,920
103,420
76,515
135,000
74.0%
5575 -01 -00
EQUIPMENT RENTAL
11000
1,000
-
-
-
-
358
358
#DIV /01
5578 -01 -00
TRAVEL
7,450
7,450
254
284
6,000
700
122
250
17.4%
5580 -01 -00
ENGINEERING SERVICES
25,000
-
-
-
-
-
-
-
0.0%
5585 -01 -00
TELEPHONE SERVICES
600
600
294
294
-
-
-
-
0.0%
5595 -01 -00
ADMIN CHARGE - GENERAL FUND
53,221
53,221
38,885
66,326
56,717
52,862
38,039
103,103
72.0%
SUNDRY
$527,971
$ 327,971
$196,512
$ 248,521
$ 200,137
$ 207,182
$156,011
$ 296,211
75.3%
5610 -01 -00
VISUAL GRANT
100,000
100,000
36,417
36,417
50,000
-
-
-
0.0%
5615 -01 -00
FUNCTIONAL GRANT
1
1
-
-
-
0.0%
5625 -01 -00
ISSUANCE COST
-
-
-
-
-
0.0%
DEBT
$100,001
$ 100,001
$ 36,417
$ 36,417
$ 50,000
$
$
$
0.07.
5701 -01 -00
TRANSFER OUT - GENERAL FUND
-
-
-
-
10,000
1,000
0.0%
5714 -01 -00
TRANSFER OUT - DEDICATION FUND
-
-
-
0.0%
5795 -01 -00
TRANSFER OUT -EDC RESERVE FUND
-
-
-
0.0%
TRANSFERS
$ •
$
$
$
$ 10,000
$ 1,000
$
$
0.07o
5800 -01 -00
LAND
25,000
25,000
25,000
-
379,584
379,584
#DIV /01
5813 -01 -00
KENNEDALE ENTRANCE SIGN
45,000
45,000
45,000
45,000
-
-
0.0%
5820 -01 -00
BUILDING IMPROVEMENT
25,000
25,000
25,000
369,078
350,310
351,003
94.9%
CAPITAL
$ 95,000
$ 95,000
$
$
$ 95,000
$ 414,078
$729,894
$ 730,587
176.37o
TOTAL EXPENDITURES
$853,681
$ 653,681
$279,679
$ 328,419
$ 384,437
$ 646,560
$905,515
$1,054,559
140.17o
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC413 FUND
01: ADMINISTRATION
FY09 -10
aanancan
5101 -01 -00
SALARIES
EDC DIRECTOR POSITION OMITTED.
5107 -01 -00
OVERTIME
EDC DIRECTOR POSITION OMITTED.
5115 -01 -00
RETIREMENT
EDC DIRECTOR POSITION OMITTED.
5117 -01 -00
FICA
EDC DIRECTOR POSITION OMITTED.
5118 -01 -00
MEDICAL INSURANCE
EDC DIRECTOR POSITION OMITTED.
-
5120 -01 -00
LIFE INSURANCE
EDC DIRECTOR POSITION OMITTED.
5121 -01 -00
DENTAL INSURANCE
EDC DIRECTOR POSITION OMITTED.
5122 -01 -00
VISION INSURANCE
EDC DIRECTOR POSITION OMITTED.
5220 -01 -00
UNIFORMS
NEW SHIRTS FOR CONVENTIONS /MEETINGS
300 300
5240 -01 -00
PRINTED SUPPLIES
PRINTED MAPS OF ENTIRE CITY
2,000 22,000
EDC COPIES /BROCHURES
3,000
CITY MARKETING FLYERS /AERIAL PHOTOS
5,000
FOXY SERVICES FOR QUARTERLY NEWSLETTER ($600 MONTH) AND
12,000
CHRISTMAS EDITION ($1500), SPLIT 66% EDC /34% CITY PLUS ADDTL
$6200 FOR BROADENING OF NEWSLETTER
5260 -01 -00
GENERAL OFFICE SUPPLIES
FILES /FOLDERS /PAPER /PENCILS (REDUCED DUE TO CONTRACTING
500 500
OUT EDC DIRECTOR POSITION
5261 -01 -00
POSTAGE
FOR MAIL OUTS /MARKETING PACKAGES (REDUCED DUE TO
500 500
CONTRACTING OUT EDC DIRECTOR POSITION
5280 -01 -00
MINOR EQUIP /SMALL TOOLS <$5K
ADDITIONAL EQUIPMENT ASSOCIATED WITH
-
PRESENTATIONS /MARKETING (REDUCED DUE TO CONTRACTING OUT
EDC DIRECTOR POSITION
5290 -01 -00
EXPENDABLE SUPPLIES
MEETING SUPPLIES
1,000 1,000
LOCAL SIGNS
5440 -01 -00
OFFICE EQUIP /SOFTWARE MAINT
REDUCED DUE TO CONTRACTING OUT EDC DIRECTOR POSITION
5501 -01 -00
ADVERTISING
PROMOTIONAL ADVERTISING (CITY STREET MAPS)
5,000 5,000
PARK EVENTS CONTRIBUTION IF NEEDED (REDUCED DUE TO INCREASE
-
IN PRINTED SUPPLIES LINE ITEM FOR NEWSLETTER, NOT CURRENTLY
BUDGETED BUT IS BEING EXPENSED)
MARKETING HANDOUTS
5510 -01 -00
ASSOC DUES /PUBLICATIONS
TEXAS ECONOMIC DEVELOPMENT COMMISSION
200 200
MISCELLANEOUS EDC RELATED MEMBERSHIPS BY STAFF /BOARD
-
MISCELLANEOUS EDC RELATED SUBSCRIPTIONS BY STAFF /BOARD
-
5512 -01 -00
CONTRACTUAL SERVICES
NO LONGER USE THIS LINE. MERGED INTO SPECIAL SERVICES (5570).
-
5525 -01 -00
TRAINING /SEMINARS
EDC TRAINING THROUGH VARIOUS ASSOCIATIONS BY BOARD
1,000 1,000
ICSC CONFERENCE REGISTRATION BY BOARD 3 MEMBERS
5565 -01 -00
LEGAL SERVICES
BILLABLE HOURS FOR CITY ATTORNEY ON EDC RELATED PROJECTS
25,000 40,000
($2100 PER MONTH)
OTHER LEGAL SERVICES FOR TIFF /MMD /TOWN CENTER PROJECT
15,000
5567 -01 -00
AUDIT SERVICES
PATILLO, BROWN & HILL SERVICES FOR INDEPENDENT ANNUAL AUDIT
4,000 4,000
5569 -01 -00
IT SUPPORT
5570 -01 -00
SPECIAL SERVICES
TOWN CENTER CONSULTING FIRM (APPROXIMATELY $3500 PER
45,000 103,420
MONTH)
BRANDING /IMAGE SERVICES
50,000
E -CIVIS GRANT WRITING PROGRAM
8,000
PARKWAY BANNERS
-
DATAPROSE SERVICE FOR STUFFING OF NEWSLETTER ($35 MONTH),
420
SPLIT 67% EDC /34% CITY
5575 -01.00
EQUIPMENT RENTAL
5578 -01 -00
TRAVEL
MILEAGE /FOOD FOR LOCAL EDC RELATED BUSINESS MEETINGS BY
- 700
STAFF /BOARD
ISCS CONFERENCE AIRFARE BY BOARD (3 MEMBERS)
-
ICSC CONFERENCE HOTEL ($2000) / FOOD ($800)
-
TRAVEL RELATED TO OTHER EDC TRAINING /SEMINARS BY
700
STAFF /BOARD
5585 -01 -00
TELEPHONE SERVICES
NO LONGER UTILIZE SERVICE (REDUCED DUE TO CONTRACTING OUT
-
EDC DIRECTOR POSITION
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC4B FUND
01: ADMINISTRATION
FY09 -10
PROPORM
5595.01.00
ADMIN CHARGE- GENERAL FUND
CHARGE FOR SERVICES PROVIDED BY GENERAL FUND RESOURCES
51,179
51,179
(10% TOTAL REVENUES EXCLUDING INTEREST /TRANSFERS)
5610 -01 -00
VISUAL GRANT
GRANT ASSISTANCE PROVIDED TO LOCAL BUSINESSES
5701 -01 -00
TRANSFER OUT - GENERAL FUND
BOARD APPROVAL TO ASSIST IN SECTION HOUSE RELOCATION
1,000
1,000
5800 -01 -00
LAND
LAND /RIGHT -OF -WAY PURCHASE FOR THE BENEFIT OF EDC
5813 -01 -00
KENNEDALE ENTRANCE SIGN
NEW ENTRANCEWAY SIGNS (2 )/SITE IS TBD
45,000
45,000
5820.01.00
BUILDING IMPROVEMENT
QUIK TRIP GAS STATION FAgADE STONE WORK
15,000
369,078
EXPENSES TO REPLACE SUBWAY, CHICKEN EXPRESS, LUMBAR YARD
354,078
AND DOLLAR GENERAL BUILDING ROOFS (OFFSET FROM MONEY
RECEIVED FROM TML INSURANCE REIMBURSEMENT
TOTAL EXPENDITURES $ 644,877
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC4B FUND
01: ADMINISTRATION
03: DEBT SERVICE
"EXEMPLIFYING EXCELLENCE"
FY08.09
FY08.09
FYOB -09
FY08 -09
FY09 -10
FY09.10
FY09 -10
FY09 -10
YTD
ACCOUNT
ACCOUNT NAME
BUDGET
AMENDED
YTD JUN
ACTUAL
PROPOSED
AMENDED
YTD JUN
ESTIMATE
PERCENT
5620 -01 -03
ISSUANCE COSTS
-
-
0.0%
5621 -01 -03
PAYING AGENT FEES
1,000
1,000
0,0%
5643 -01 -03
2007 $1.2M TAX BOND - INTEREST
81,316
81,316
81,309
81,309
79,230
79,230
79,149
79,149
99.9%
5643 -01 -03
2007 $1.2M TAX BOND - INTEREST
30,000
30,000
30,000
30,000
35,000
35,000
35,000
35,000
100.0%
DEBT
$112,316
$ 112,316
$111,309
$ 111,309
$ 114,230
$ 114,230
$114,149
$ 114,149
99.9%
5702 -01 -03
TRANSFER OUT -DEBT SERVICE FUND
-
-
-
-
-
25,000
26,540
26,540
106.2%
TRANSFER
$ -
$ -
$ -
$ -
$ -
$ 25,000
$ 26,540
$ 26,540
106.27o
TOTAL EXPENDITURES
$112,316
$ 112,316
$111,309
$ 111,309
$ 114,230
$ 139,230
$140,689
$ 140,689
101.0%
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC4B FUND
01: ADMINISTRATION
03: DEBT SERVICE
FY09 -10
PROPOSED
5620 -01 -03
ISSUANCE COSTS
AGENT FEES TO HANDLE BOND AMORTIZATIONS
5621 -01 -03
PAYING AGENT FEES
FEES RELATED TO THE ACQUISITION OF NEW DEBT (BANK /BOND
ATTORNEY /FINANCIAL ADVISOR). BANK IS PAYING AGENT IN PRIVATE
PLACEMENT AND GENERALLY DOES NOT CHARGE.
5643 -01 -03
2007 $1.2M TAX BOND - INTEREST
DUE 11 /01
39,615 79,230
DUE 05/01
39,615
5644 -01 -03
2007 $1.2M TAX BOND - PRINCIPAL
DUE 05/01
35,000 35,000
5702 -01 -03
TRANSFER OUT -DEBT SERVICE FUND
DUE 11/01 INTEREST: 2010 $2.OM CO BOND
- 25,000
DUE 05/01 INTEREST: 2010 $2.OM CO BOND
25,000
DUE 05/01 PRINCIPAL. 2010 $2.OM CO BOND
TOTAL EXPENDITURES $ 139,230
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC413 FUND
02: TOWN SHOPPING CENTER
"EXEMPLIFYING EXCELLENCE"
FY08 -09
FY08 -09
FY08 -09
FY08.09
FY09 -10
FY09 -10
FY09.10
FY09 -10
YTD
ACCOUNT
ACCOUNT NAME
BUDGET
AMENDED
YTD JUN
ACTUAL
PROPOSED
AMENDED
YTD JUN
ESTIMATE
PERCENT
5280 -02 -00
MINOR EQUIP /SMALL TOOLS <$5K
7,700
7,700
2,243
3,419
4,560
4,560
625
1,000
13.7%
SUPPLIES
$ 7,700
$
7,700
$ 2,243
$ 3,419
$ 4,560
$
4,560
$ 625
$ 1,000
13.7%
5403 -02 -00
BUILDING MAINTENANCE
21,680
21,680
18,177
23,052
23,790
23,790
19,634
23,790
82.5%
MAINTENANCE
$ 21,680
$
21,680
$ 18,177
$ 23,052
$ 23,790
$
23,790
$ 19,634
$ 23,790
82.5%
5501 -02 -00
ADVERTISING
1,000
1,000
-
-
-
-
-
-
0.0%
5510 -02 -00
ASSOC DUES /PUBLICATIONS
1,230
1,230
-
-
-
0.0%
5512 -02 -00
CONTRACTUAL SERVICES
14,800
14,800
6,237
13,236
-
-
-
-
0,0%
5530 -02 -00
ELECTRIC SERVICES
6,100
6,100
3,579
3,990
7,800
7,800
2,497
5,500
32.0%
5545 -02 -00
INSURANCE - PROPERTY
20,900
20,900
-
-
-
-
3,779
3,779
#DIV /01
5565 -02 -00
LEGAL SERVICES
-
-
-
-
-
-
-
-
0.0%
5570 -02 -00
SPECIALSERVICES
800
800
(25)
(25)
9,600
9,600
8,637
10,636
90.0%
SUNDRY
$ 44,830
$
44,830
$ 9,791
$ 17,202
$ 17,400
$
17,400
$ 14,913
$ 19,915
85,7%
TOTAL EXPENDITURES
$ 74,210
$
74,210
$ 30,211
$ 43,673
$ 45,750
$
45,750
$ 35,171
$ 44,705
76.9%
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC4B FUND
02: TOWN SHOPPING CENTER
FY09 -10
PenrncFn
5280 -02 -00
MINOR EQUIP /SMALL TOOLS<$5K
ELECTRIC SUPPLIES ($360 PER MONTH)
4,320
4,560
MAINTENANCE SUPPLIES 20 PER MONTH
240
5403.02 -00
BUILDING MAINTENANCE
POWER WASHING -CAM
250
23,790
SWEEPING -CAM ($300 PER MONTH)
3,600
LANDSCAPE -CAM ($320 PER MONTH)
3,840
PORTER SERVICE -CAM ($100 PER MONTH)
1,200
FIRE SPRINKLER -CAM ($150 PER QUARTER)
600
ASPHALT /HARD SURFACE REPAIR -CAM ($4000 /$5000)
9,000
R &M -CAM
2,000
ROOFING REPAIR
3,000
VACANCY PREPARATION
300
5501 -02 -00
ADVERTISING
5510 -02 -00
ASSOC DUES /PUBLICATIONS
-
5512 -02 -00
CONTRACTUAL SERVICES
NO LONGER USE THIS LINE. MERGED INTO SPECIAL SERVICES (5570)
-
5530 -02 -00
ELECTRIC SERVICES
ELECTRICITY -CAM 650 PER MONTH
7,800
7,800
5545 -02 -00
INSURANCE - PROPERTY
RECORDED ON BALANCE SHEET SINCE COLLECTED AS ESCROW
-
ACCOUNT
5570 -02 -00
SPECIAL SERVICES
PROPERTY /ASSET MANAGEMENT 800 PER MONTH
9,600
9,600
TOTAL EXPENDITURES $ 45,750
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC4B FUND
03: TOWN CENTER REDEVELOPMENT
"EXEMPLIFYING EXCELLENCE"
FY08.09
FY08 -09
FY08 -09
FY08.09
FY09.10
FY09 -10
FY09 -10
FY09.10
YTD
ACCOUNT
ACCOUNT NAME
BUDGET
AMENDED
YTD JUN
ACTUAL
PROPOSED
AMENDED
YTD JUN
ESTIMATE
PERCENT
5570 -03 -00
SPECIAL SERVICES
100,000
18,370
100,000
266,667
115,978
115,643
43.5%
5579 -03 -00
ARCHITECT /DESIGN SERVICES
-
75,000
13,832
75,000
266,667
47,187
48,687
17.7%
5580 -03 -00
ENGINEERING SERVICES
25,000
13,764
25,000
266,667
11,131
90,727
4.2%
SUNDRY
$
$ 200,000
$
$ 45,966
$ 200,000
$ 800,000
$ 174,296
$ 255,057
21.8%
5875 -03 -00
CONSTRUCTION
-
-
-
-
-
85,547
637,504
#DIV /01
CAPITAL
$
$ -
$
$ -
$ -
$ -
$ 85,547
$ 637,504
#DIV /01
$ -
$ 200,000
$
$ 45,966
$ 200,000
$ 800,000
$ 259,842
$ 892,561
32,5%
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC46 FUND
03: TOWN CENTER REDEVELOPMENT
FY09 -10
PROPOSE
570 -03 -00 SPECIAL SERVICES MUNICIPAL MANAGEMENT DISTRICT (MMD) AND TAX INCREMENT 15,000 100,00(
FINANCE (TIFF) FORMATION AND MAINTENANCE FEES
LANDSCAPING 35,000
REPAINTING 50,000
579 -03 -00 ARCHITECT /DESIGN SERVICES URBAN PLANNING, LAND SURVEYING, TOPOGRAPHY SERVICES 75,000 75,00(
580 -03 -00 ENGINEERING SERVICES DEVELOPMENT /REDEVELOPMENT ASSOCIATED WITH MIXED USE SITES 25,000 25,00(
TOTAL EXPENDITURES $ 200,000
la
"EXEMPLIFYING EXCELLENCE"
To the Members of the EDC4B Board
Date:
Agenda Item No:
Subject:
Originated by:
Summary:
August 24, 2010
III -C.
APPROVE KEDC PROJECTS & FY10 -11 BUDGET & TEXAS
LEVERAGE FUND PROJECT AND RECOMMEND TO COUNCIL
Sakura Moten- Dedrick
On June 22, 2010, the Kennedale Economic Development Board held a public hearing to receive
input regarding the expenditure of funds for KEDC Projects, which will require expenditure of
funds collected from the 4B sales tax for Fiscal Year 2010 -2011. Subsequently, it held another
public hearing to receive input regarding the expenditure of funds for the Texas Leverage Fund
Project and further reviewed the FY2010 /2011 Proposed Budget on July 20, 2010.
In order for the Council to approve and adopt the City's FY2010 /2011 Budget (KEDC
budget /projects included) and tax rate at their regularly scheduled meeting on September 9, 2010,
the KEDC must make a recommendation to Council given its review of the aforementioned items.
Recommended Motion: Staff recommends approval.
Disposition by Board:
NOTICE OF PROJECTS AND PUBLIC HEARING
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
NOTICE IS HEREBY GIVEN that the Kennedale Economic Development Corporation intends to participate in
"Projects," as defined in the Development Corporation Act of 1979, as amended, Texas Revised Civil Statutes
Annotated Article 5190.6, including, but not limited to, designing, acquiring, improving, and operating the following:
1) "TownCenter Project," Operations/Management/Marketing of a "mid- city" downtown district including but not
limited to the commercial, medical, retail, and (New Urbanism style, typically higher density / multi - storied)
residential growth of TownCenter Kennedale and its surrounding area;
2) "Redevelopment Project," The development of new and renovation of existing commercial/residential and
municipal / KEDC projects designed to enhance Kennedale's lifestyle and quality of life;
3) "TownCenter Beautification Project," The further development/ beautification /landscaping/upgrading of the
TownCenter Kennedale area and its adjoining TCK Plaza;
4) "Arts Project," The planning, implementation, and operation of Civic / City Events and establishment of a
City /TCK Public Arts Program;
5) "Sign Project," The construction of a new Kennedale Entranceway Monument Sign at a site TBD;
6) "Parkway Project," The creation & implementation of Kennedale Parkway, Village Creels, and 1 -20 commercial
and residential Urban Renewal / Development/Redevelopment / Revitalization / Beautification plans / Kennedale
Parkway Landscape Median and actual projects derived from these plans;
7) "Development Project," The Creation of a Tax Increment Financing District(s) (TIF) and Municipal Management
District (MMD) including Consultation, Planning, Legal, and Engineering Services;
8) "Branding Project," A Kennedale Marketing and Implementation Plan aimed at City Branding and attracting new
Kennedale projects and businesses;
9) "Grant Project," The continuation of the existing Revitalization Grant Program and funding;
10) "Industrial Expansion Project," Industrial expansion and recruitment program, including loans and land leases.
11) "Industrial Recruitment Project," The recruitment of new and retention of existing Kennedale industrial businesses
and development /redevelopment of industrial park(s); including but not limited to rail spurs, infi and
office parks, etc;
12) "Transit Project," The attraction and development of DFW Metroplex area commuter transit / light rail / mass
transportation services including the development of a Kennedale rail station and related improvements;
13) "Landbank Project," The purchase / leasing / sale or other means of transfer of real estate land and properties for
the accomplishment of the above designated projects;
14) "Financing Project," The issuance, purchase, sale, or other means of transfer of Bonds and other debt instruments
designed to fund the above objectives including, but not limited to implementing a Tax Increment Financing (TIF)
District / Municipal Management District (MMD) and mixed -use project(s) development /redevelopment;
15) "Community Grant Project," The implementation of an E -Civis Grant Writing Program;
16) "Staff Support Project," Contractual staff services (Orasi Development); and
17) "Administrative Project," All necessary services and related expenses for the above projects including but not
limited to project master - planning; engineering; alternate energy sources; project advertising / marketing; related
consultant and legal services; new construction / remodeling / maintenance of landscaping, roadways, City / KEDC
owned or leased buildings, and their related improvements.
The Economic Development Corporation will hold a public hearing to receive input regarding the expenditure of funds
for such Projects during a meeting to be held on Tuesday, June 22, 2010 at the Kennedale Municipal Building, 405
Municipal Drive, Kennedale, TX at 7:15 p.m. The above listed projects will require expenditure of funds collected
from the 4B sales tax for Fiscal Year 2010 -2011. If the KEDC Board of Directors recommends approval of such
Projects, the City Council will act on this recommendation at their regularly scheduled meeting on the 91h day of
September 2010. Citizens are encouraged to attend the public hearing for comments or may furnish written
correspondence to the City Secretary's Office, 405 Municipal Drive, Kennedale, TX 76060, prior to the hearing.
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
FUND SUMMARY BY CATEGORY
15: EDC46 FUND
"EXEMPLIFYING EXCELLENCE"
FY06.07
FY07.08
FY08 -09
FY09 -10
FY09 -10
FY09 -10
FY09 -10
EY10 -11
CY -PY
CATEGORY
ACTUAL
ACTUAL
ACTUAL
BUDGET
AMENDED
YTD APR
ESTIMATE
PROPOSED
CHANGE
BEGINNING FUND BALANCE
$ 1,979,937
$ 1,871,189
$ 1,097,351
$ 1,595,012
$ 1,595,012
$ 1,595,012
$ 1,595,012
$
495,627
$ 323,848
AD VALOREM TAXES
-
-
-
-
-
-
-
23,467
23,467
SALEWEVERAGE TAXES
323,109
331,269
298,682
323,571
306,744
97,563
429,338
324,438
17,694
INVESTMENT EARNINGS
93,095
48,455
9,691
20,000
20,000
1,467
2,100
4,200
(15,800)
MISCELLANEOUS INCOME
-
-
481,136
-
-
-
397,327
-
-
SURPLUS SALEVRENTALS
45,762
212,403
237,518
243,600
205,044
97,296
204,363
239,244
34,200
TOTAL REVENUES
$ 461,966
$ 592,127
$ 1,027,029
$ 587,171
$ 531,788
$ 196,325
$ 1,033,128
$
591,349
$ 59,561
PERSONNEL
104,916
110,172
37,549
-
-
-
-
-
-
SUPPLIES
7,972
12,131
9,351
33,860
28,860
17,808
23,946
31,610
2,750
MAINTENANCE
124,590
14,525
23,052
23,790
23,790
17,468
28,605
17,790
(6,000)
SUNDRY
90,485
671,771
311,688
417,537
1,024,582
302,534
571,183
249,810
(282,739)
DEBT
162,606
215,777
147,726
164,230
114,230
114,149
114,149
111,798
(2,433)
TRANSFERS
80,146
100,000
-
10,000
26,000
26,540
26,540
154,619
128,619
CAPITAL
-
617
-
95,000
414,078
735,074
1,368,091
197,501
(338,578)
TOTAL EXPENDITURES
$ 570,714
$ 1,124,993
$ 529,367
$ 744,417
$ 1,631,540
$ 1,213,572
$ 2,132,513
$
763,127
$ (498,380)
REVENUES OVER EXPENDITURES
$ (108,748)
$ (532,866)
$ 497,662
$ (157,246)
$ (1,099,752)
$ (1,017,246)
$ (1,099,386)
$
(171,778)
$ 557,941
ENDING FUND BALANCE
$1,871,189
$1,338,323
$1,595,012
$ 1,437,766
$ 495,261
$ 577,766
$ 495,627
$
323,848
$ 881,789
ADJUSTMENTS
(240,972)
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE LINE ITEM SUMMARY
15: EDC4B FUND
"EXEMPLIFYING EXCELLENCE"
FY06.07
FY07.08
FY08 -09
FY09 -10
FY09 -10
FY09 -10
FY09.10
FY10.11
CY- PY
ACCOUNT
ACCOUNT NAME
ACTUAL
ACTUAL
ACTUAL
BUDGET
AMENDED
YTD APR
ESTIMATE
PROPOSED
CHANGE
4001 -00 -00
PROPERTY TAX - CURRENT YEAR
-
-
-
4002 -00 -00
ASSESSMENTS - CURRENT YEAR
-
23,467
23,467
AD VALOREM TAXES
$
$
$
$
$
$
$
$ 23,467
$ 23,467
4081 -00 -00
SALES TAX
320,527
327,488
298,682
323,571
306,744
97,563
429,338
324,438
17,694
4082 -00-00
MIXED BEVERAGE TAX
2,582
3,780
-
-
-
-
-
-
-
SALES /BEVERAGE TAXES
$323,109
$331,269
$ 298,682
$
323,571
$
306,744
$ 97,563
$ 429,338
$ 324,438
$ 17,694
4401 -00 -00
INVESTMENT INCOME
93,095
48,455
9,691
20,000
20,000
1,467
2,100
4,200
(15,800)
INVESTMENT EARNINGS
$ 93,095
$ 48,455
$ 9,691
$
20,000
$
20,000
$ 1,467
$ 2,100
$ 4,200
$ (15,800)
4409 -00 -00
MISCELLANEOUS INCOME
-
-
127,058
-
-
-
397,327
-
4415 -00 -00
INSURANCE REIMBURSEMENT
-
354,078
-
-
MISCELLANEOUS INCOME
$
$
$ 481,136
$
$
$
$ 397,327
$
$
4805 -00 -00
RENTAL FEES - SHOPPING CENTER
45,762
212,406
237,518
243,600
205,044
96,728
202,375
235,244
30,200
4806 -00 -00
RENTAL INSURANCE
-
-
-
-
-
568
1,988
4,000
4,000
SURPLUS SALES /RENTALS
$ 45,762
$212,406
$ 237,518
$
243,600
$
205,044
$ 97,296
$ 204,363
$ 239,244
$ 34,200
TOTAL REVENUES
$461,966
$592,130
$1,027,029
$
587,171
$
$31,788
$ 196,325
$1,033,128
$ 591,349
$ 59,561
TOTAL REVENUES (EXCLUDING INTEREST/TRANSFERS)
$ 663,259
$
567,171
$
511,788
$ 194,858
$1,031,028
$ 587,149
$ 75,361
10 %ADMIN CHARGE - GENERAL FUND
66,326
56,717
51,179
19,486
103,103
58,715
7,536
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE LINE ITEM DETAIL
15: EDC4B FUND
FY10 -11
PenancFn
4002 -00 -00 ASSESSMENT - CURRENT YEAR
BASED ON ASSESSED VALUE OF $826,108 AND TOTAL TAX RATE OF
23,467 23,467
2.840677 PER $100 ($23,467 NOT ANTICIPATED UNTIL FY10 /11
CITY OF KENNEDALE: $0.722500
KENNEDALE ISD: $1.488610
TARRANT COUNTY: $0.264000
TARRANT HOSPITAL: $0.227897
TARRANT COLLEGE: $0.137670
4081 -00 -00 SALES TAX
GENERALLY BUDGET BASED ON PRIOR 3 YEARS OF HISTORY
324,438 324,438
4401 -00 -00 INVESTMENT INCOME
BASED ON CURRENT ECONOMIC CONDITIONS, ANTICIPATE
4,200 4,200
UPCOMING YEAR RATES /EARNINGS TO DOUBLE FROM FY08 -09
PROJECTED INCOME
4409 -00 -00 MISCELLANEOUS INCOME
OIL /GAS LEASE ROYALTIES BASED ON PRODUCTION, ANY ACTUAL
-
LEASE PROCEEDS WOULD BE ADDITIONAL (CITY MANAGER INSERTED
AS PLACEHOLDER
4805 -00 -00 RENTAL FEES - SHOPPING CENTER
ACTUAL RENTAL PAYMENTS FROM SHOPPING CENTER TENANTS PER
199,094 235,244
LEASE AGREEMENTS
PREPAID TENANT FEES RECEIVED BUT CORRESPONDING OFFSET
36,150
OCCURS WHEN BOOKED AGAINST CAM EXPENSES (EXCLUDES RENTAL
INSURANCE CAM
4806 -00 -00 RENTAL INSURANCE
RENTAL CAM COLLECTED ON LEASE AGREEMENTS AND THEN USED TO
4,000 4,000
PAY TML INSURANCE (OFFSETTING EXPENSE UNDER TOWN SHOPPING
CENTER)
TOTAL REVENUES $ 591,349
VL!� �17�T�f►d[�3� [��IL�►�C�7�Y
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC4B FUND
01: ADMINISTRATION
FY06 -07 FY07.08 FY08 -09 FY09 -10 FY09 -10 FY09.10 FY09 -10 FY70 -11 CY- PY
ACCOUNT ACCOUNT NAME ACTUAL ACTUAL ACTUAL BUDGET AMENDED YTD APR ESTIMATE PROPOSED CHANGE
5101 -01 -00
SALARIES
72,740
76,120
32,502
CONTRACTUAL SERVICES
5525 -01 -00
TRAINING /SEMINARS
5565 -01 -00
LEGAL SERVICES
5567 -01 -00
5107 -01 -00
OVERTIME
4,663
5,738
-
5575 -01 -00
EQUIPMENT RENTAL
5578 -01 -00
TRAVEL
-
ENGINEERING SERVICES
5111 -01 -00
AUTO ALLOWANCE
3,958
4,235
1,278
SUNDRY
34
430
2,500
-
-
5114 -01 -00
LONGEVITY
-
-
184
27,340
40,000
40,000
20,570
40,000
25,000
5115 -01 -00
RETIREMENT
8,407
8,926
3,871
4,000
1,500
1,500
1,500
(2,500)
-
5116 -01 -00
UNEMPLOYMENT INSURANCE
45
45
108
-
-
-
24,759
-
27,870
5117 -01 -00
FICA
6,224
6,629
2,598
(8,000)
-
373
-
-
-
5118 -01 -00
MEDICAL INSURANCE
5,379
5,754
2,071
2,457
284
6,000
700
90
250
5120 -01 -00
LIFE INSURANCE
123
173
58
-
-
-
-
-
-
5121 -01 -00
DENTAL INSURANCE
238
285
95
24,151
103,103
58,715
5,853
5122 -01 -00
VISION INSURANCE
79
86
29
-
5190 -01 -00
VACATION /SICK/TERM/LEAVE ADJ
3,061
2,182
(5,243)
PERSONNEL
$104,916
$110,172 $
37,549 $
- $
-
$ $
$
$
5220 -01 -00
UNIFORMS
405
218
-
300
300
300
5240 -01 -00
PRINTED SUPPLIES
3,242
4,555
4,449
25,000
22,000
17,059
22,000
22,000
5260 -01 -00
GENERAL OFFICE SUPPLIES
1,561
754
332
500
500
125
250
250
(250)
5261 -01 -00
POSTAGE
624
871
128
1,000
500
-
250
500
-
5280 -01 -00
MINOR EQUIP /SMALLTOOLS <$5K
764
1,870
-
1,000
-
196
-
-
5290 -01 -00
EXPENDABLE SUPPLIES
1,375
841
1,023
1,500
1
-
250
4,000
3,000
SUPPLIES
$ 7,972
$ 9,107 $
5,932 $
29,300 $
24,300
$ 17,183 $
22,946 $
27,050 $
2,750
5403 -01 -00 BUILDING MAINTENANCE
5440 -01 -00 OFFICE EQUIP /SOFTWARE MAINT
MAINTENANCE
5501 -01 -00
ADVERTISING
5510 -01 -00
ASSOC DUES /PUBLICATIONS
5512 -01 -00
CONTRACTUAL SERVICES
5525 -01 -00
TRAINING /SEMINARS
5565 -01 -00
LEGAL SERVICES
5567 -01 -00
AUDIT SERVICES
5569 -01 -00
IT SUPPORT
5570 -01 -00
SPECIALSERVICES
5575 -01 -00
EQUIPMENT RENTAL
5578 -01 -00
TRAVEL
5580 -01 -00
ENGINEERING SERVICES
5585 -01 -00
TELEPHONE SERVICES
5595 -01 -00
ADMIN CHARGE - GENERAL FUND
-
SUNDRY
5610 -01 -00 VISUAL GRANT
5615 -01 -00 FUNCTIONAL GRANT
5625 -01 -00 ISSUANCE COST
DEBT
9 4,815
21 - -
$ $ 30 $ $ $ $ $ 4,815 $ $
2,909
980
789
11,000
5,000
8,343
15,000
5,000
-
1,086
3,844
334
11000
200
165
1,000
3,375
3,175
56,191
563,913
121,854
-
-
-
-
-
-
495
34
430
2,500
1,000
-
-
1,000
$162,606
11,311
38
27,340
40,000
40,000
20,570
40,000
25,000
(15,000)
-
-
3,000
4,000
4,000
1,500
1,500
1,500
(2,500)
-
984
-
-
-
-
-
-
-
24,759
9,585
27,870
78,920
103,420
56,292
135,000
95,420
(8,000)
-
373
-
-
-
-
358
-
$ 617
2,191
2,457
284
6,000
700
90
250
700
TOTAL EXPENDITURES
1,417
978
294
-
-
-
-
-
-
22,750
58,334
66,326
56,717
52,862
24,151
103,103
58,715
5,853
$123,108 $641,520 $ 248,521 $ 200,137 $ 207,182 $111,111 $ 296,211 $ 190,710 $ (16,472)
4,790 7,807 36,417 50,000 -
49,569 96,423 - - -
32,338 - - -
86,696 $104,231 $ 36,417 $ 50,000 $ $ $ $ $
5701 -01 -00
TRANSFER OUT- GENERAL FUND
-
-
10,000
1
-
(1,000)
5714 -01 -00
TRANSFER OUT - DEDICATION FUND
50,000
100,000
-
-
5795 -01 -00
TRANSFER OUT -EDC RESERVE FUND
112,606
-
-
-
-
TRANSFERS
$162,606
$100,000
$
$ 10,000
$ 1,000
$
$
$ -
$ (1,000)
5800 -01 -00
LAND
80,146
617
25,000
-
379,577
379,584
10,000
10,000
5813 -01 -00
KENNEDALE ENTRANCE SIGN
-
-
45,000
45,000
-
-
45,000
-
5820 -01 -00
BUILDING IMPROVEMENT
-
-
25,000
369,078
349,996
351,003
15,000
(354,078)
CAPITAL
$ 80,146
$ 617
$
$ 95,000
$ 414,078
$729,574
$ 730,587
$ 70,000
$ (344,078)
TOTAL EXPENDITURES
$565,444
$965,677
$ 328,419
$ 384,437
$ 646,560
$857,867
$1,054,559
$ 287,760
$ (358,800)
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC4B FUND
01: ADMINISTRATION
FYI 0 -11
PRhPO F )
5101 -01 -00
SALARIES
EDC DIRECTOR POSITION OMITTED.
5107 -01 -00
OVERTIME
EDC DIRECTOR POSITION OMITTED.
5115 -01 -00
RETIREMENT
EDC DIRECTOR POSITION OMITTED.
5117 -01 -00
FICA
EDC DIRECTOR POSITION OMITTED.
5118 -01 -00
MEDICAL INSURANCE
EDC DIRECTOR POSITION OMITTED.
5120 -01 -00
LIFE INSURANCE
EDC DIRECTOR POSITION OMITTED.
5121 -01 -00
DENTAL INSURANCE
EDC DIRECTOR POSITION OMITTED.
5122 -01 -00
VISION INSURANCE
EDC DIRECTOR POSITION OMITTED.
5220 -01 -00
UNIFORMS
NEW SHIRTS FOR CONVENTIONS /MEETINGS
300
300
5240 -01 -00
PRINTED SUPPLIES
PRINTED MAPS OF ENTIRE CITY
2,000
22,000
EDC COPIES /BROCHURES
3,000
CITY MARKETING FLYERS /AERIAL PHOTOS
5,000
FOXY SERVICES FOR QUARTERLY NEWSLETTER ($600 MONTH) AND
12,000
CHRISTMAS EDITION ($1500), SPLIT 66% EDC /34% CITY PLUS ADDTL
$6200 FOR BROADENING OF NEWSLETTER
5260 -01 -00
GENERAL OFFICE SUPPLIES
FILES /FOLDERS /PAPER /PENCILS (REDUCED DUE TO CONTRACTING
250
250
OUT EDC DIRECTOR POSITION
5261 -01 -00
POSTAGE
FOR MAIL OUTS /MARKETING PACKAGES (REDUCED DUE TO
500
500
CONTRACTING OUT EDC DIRECTOR POSITION
5280 -01 -00
MINOR EQUIP /SMALLTOOLS<$5K
ADDITIONAL EQUIPMENT ASSOCIATED WITH
-
PRESENTATIONS /MARKETING (REDUCED DUE TO CONTRACTING OUT
EDC DIRECTOR POSITION
5290 -01 -00
EXPENDABLE SUPPLIES
TOWN CENTER GRAND OPENING
1,000
4,000
9111 MEMORIAL
3,000
5440 -01 -00
OFFICE EQUIP /SOFTWARE MAINT
REDUCED DUE TO CONTRACTING OUT EDC DIRECTOR POSITION
5501 -01 -00
ADVERTISING
PROMOTIONAL ADVERTISING
5,000
5,000
PARK EVENTS CONTRIBUTION (IF NEEDED)
-
MARKETING HANDOUTS
5510 -01 -00
ASSOC DUES /PUBLICATIONS
TEXAS ECONOMIC DEVELOPMENT COMMISSION
200
3,375
INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL
300
KENNEDALE CHAMBER MEMBERSHIP (MOVED FROM CITY MANAGER
1,875
DALLAS CHAMBER
1,000
5512 -01 -00
CONTRACTUAL SERVICES
NO LONGER USE THIS LINE. MERGED INTO SPECIAL SERVICES (5570).
-
-
5525 -01 -00
TRAINING /SEMINARS
EDC TRAINING THROUGH VARIOUS ASSOCIATIONS BY BOARD
1,000
1,000
ICSC CONFERENCE REGISTRATION BY BOARD 3 MEMBERS
5565 -01 -00
LEGAL SERVICES
BILLABLE HOURS FOR CITY ATTORNEY ON EDC RELATED PROJECTS
25,000
25,000
2100 PER MONTH
5567 -01 -00
AUDIT SERVICES
PATILLO, BROWN & HILL SERVICES FOR INDEPENDENT ANNUAL AUDIT
1,500
1,500
5569 -01 -00
IT SUPPORT
5570 -01 -00
SPECIAL SERVICES
TOWN CENTER CONSULTING FIRM (APPROXIMATELY $3500 PER
45,000
95,420
MONTH)
BRANDING /IMAGE SERVICES
50,000
PARKWAY BANNERS
-
DATAPROSE SERVICE FOR STUFFING OF NEWSLETTER ($35 MONTH),
420
SPLIT 67% EDC /34% CITY
5575 -01 -00
EQUIPMENT RENTAL
5578 -01 -00
TRAVEL
MILEAGE /FOOD FOR LOCAL EDC RELATED BUSINESS MEETINGS BY
-
700
STAFF /BOARD
ISCS CONFERENCE AIRFARE BY BOARD (3 MEMBERS)
-
ICSC CONFERENCE HOTEL ($2000) / FOOD ($800)
-
TRAVEL RELATED TO OTHER EDC TRAINING /SEMINARS BY
700
STAFF /BOARD
5585 -01 -00
TELEPHONE SERVICES
NO LONGER UTILIZE SERVICE (REDUCED DUE TO CONTRACTING OUT
-
-
EDC DIRECTOR POSITION
5595 -01 -00
ADMIN CHARGE - GENERAL FUND
CHARGE FOR SERVICES PROVIDED BY GENERAL FUND RESOURCES
58,715
58,715
(10% TOTAL REVENUES EXCLUDING INTEREST /TRANSFERS)
5610.01 -00
VISUAL GRANT
GRANT ASSISTANCE PROVIDED TO LOCAL BUSINESSES
-
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC4B FUND
01: ADMINISTRATION
FY10 -11
PRnpr)!zr-n
5701 -01 -00
TRANSFER OUT - GENERAL FUND
5800 -01 -00
LAND
LAND /RIGHT -OF -WAY PURCHASE FOR THE BENEFIT OF EDC (TXDOT 10,000 10,000
PROPERTY AT 1121 WEST KENNEDALE PARKWAY
5813 -01 -00
KENNEDALE ENTRANCE SIGN
NEW ENTRANCEWAY SIGNS 45,000 45,000
5820 -01 -00
BUILDING IMPROVEMENT
QUIK TRIP GAS STATION FA ADE STONE WORK 15,000 15,000
TOTAL EXPENDITURES $ 287,760
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC48 FUND
01: ADMINISTRATION
03: DEBT SERVICE
FY06.07 FY07.08 FY08.09 FY09 -10 FY09 -10 FY09.10 FY09 -10 FY10 -11 CY -PY
ACCOUNT ACCOUNT NAME ACTUAL ACTUAL ACTUAL BUDGET AMENDED YTD APR ESTIMATE PROPOSED CHANGE
5620 -01 -03 ISSUANCE COSTS - -
5621 -01 -03 PAYING AGENT FEES - - - - - - -
5643 -01 -03 2007 $1.2M TAX BOND- INTEREST - 81,547 81,309 79,230 79,230 79,149 79,149 76,798 (2,433)
5643 -01 -03 2007 $1.2M TAX BOND - INTEREST - 30,000 30,000 35,000 35,000 35,000 35,000 35,000
DEBT $ - $111,547 $ 111,309 $ 114,230 $ 114,230 $114,149 $ 114,149 $ 111,798 5 (2,433)
5702 -01 -03 TRANSFER OUT -DEBT SERVICE FUND - 25,000 26,540 26,540 154,619 129,619
TRANSFER $ $ $ $ $ 25,000 $ 26,540 $ 26,540 $ 154,619 $ 129,619
TOTAL EXPENDITURES $ $111,547 $ 111,309 $ 114,230 $ 139,230 $140,689 $ 140,689 $ 266,416 $ 127,186
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC4B FUND
01: ADMINISTRATION
03: DEBT SERVICE
FY10 -11
PROPOSED
5620 -01 -03
ISSUANCE COSTS
AGENT FEES TO HANDLE BOND AMORTIZATIONS
5621 -01 -03
PAYING AGENT FEES
FEES RELATED TO THE ACQUISITION OF NEW DEBT (BANK /BOND
ATTORNEY /FINANCIAL ADVISOR). BANK IS PAYING AGENT IN PRIVATE
PLACEMENT AND GENERALLY DOES NOT CHARGE.
5643 -01 -03
2007 $1.2M TAX BOND - INTEREST
DUE 11 /01
38,399 76,798
DUE 05/01
38,399
5644.01 -03
2007 $1.2M TAX BOND- PRINCIPAL
DUE 05/01
35,000 35,000
5702 -01 -03
TRANSFER OUT -DEBT SERVICE FUND
DUE 11/01 INTEREST : 2010 $2.OM CO BOND
39,809 154,619
DUE 05/01 INTEREST: 2010 $2.OM CO BOND
39,809
DUE 05/01 PRINCIPAL: 2010 $2.OM CO BOND
75,000
TOTAL EXPENDITURES $ 266,416
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC411 FUND
02: TOWN SHOPPING CENTER
5501 -02 -00 ADVERTISING
5510 -02 -00 ASSOC DUES /PUBLICATIONS
5512 -02 -00
FY06.07
FY07.08
FY08 -09
FY09 -10
FY09.10
FY09 -10
FY09.10
FY10 -11
CY -PY
ACCOUNT ACCOUNT NAME
ACTUAL
ACTUAL
ACTUAL
BUDGET
AMENDED
YTD APR
ESTIMATE
PROPOSED
CHANGE
5280 -02 -00 MINOR EQUIP /SMALLTOOLS <$5K
-
3,023
3,419
4,560
4,560
625
1,000
4,560
SPECIAL SERVICES
SUPPLIES
$ -
$ 3,023
$ 3,419
$ 4,560
$ 4,560
$ 625
$ 1,000
$ 4,560
$
5403 -02 -00 BUILDING MAINTENANCE
1,481
14,496
23,052
23,790
23,790
17,468
23,790
17,790
(6,000)
MAINTENANCE
$ 1,481
$ 14,496
$ 23,052
$ 23,790
$ 23,790
$ 17,468
$ 23,790
$ 17,790
$ (6,000)
5501 -02 -00 ADVERTISING
5510 -02 -00 ASSOC DUES /PUBLICATIONS
5512 -02 -00
CONTRACTUAL SERVICES
3,180 9,730
13,236
- - -
-
-
5530 -02 -00
ELECTRIC SERVICES
609 4,813
3,990
7,800 7,800 1,737
5,500
7,800 -
5545 -02 -00
INSURANCE - PROPERTY
- -
-
- - 3,779
3,779
4,000 4,000
5565 -02 -00
LEGALSERVICES
-
-
- - -
-
- -
5570 -02 -00
SPECIAL SERVICES
- 15,708
(25)
9,600 9,600 7,103
10,636
6,000 (3,600)
SUNDRY
$ 3,789 $ 30,251
$ 17,202 $
17,400 $ 17,400 $ 12,619
$ 19,915 $
17,800 $ 400
TOTAL EXPENDITURES $ 5,270 $ 47,770 $ 43,673 $ 45,750 $ 45,750 $ 30,711 $ 44,705 $ 40,150 $ (5,600)
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC4B FUND
02: TOWN SHOPPING CENTER
FY10 -11
vRnvncFn
5280 -02 -00
MINOR EQUIP /SMALL TOOLS<$5K
ELECTRIC SUPPLIES ($360 PER MONTH)
4,320
4,560
MAINTENANCE SUPPLIES 20 PER MONTH
240
5403 -02 -00
BUILDING MAINTENANCE
POWER WASHING -CAM
250
17,790
SWEEPING -CAM ($300 PER MONTH)
3,600
LANDSCAPE -CAM ($320 PER MONTH)
3,840
PORTER SERVICE -CAM ($100 PER MONTH)
1,200
FIRE SPRINKLER -CAM ($150 PER QUARTER)
600
ASPHALT /HARD SURFACE REPAIR -CAM
5,000
R &M -CAM
2,000
ROOFING REPAIR
11000
VACANCY PREPARATION
300
5501.02 -00
ADVERTISING
5510 -02 -00
ASSOC DUES /PUBLICATIONS
5512 -02 -00
CONTRACTUAL SERVICES
-
-
5530 -02 -00
ELECTRIC SERVICES
ELECTRICITY -CAM
7,800
7,800
5545 -02 -00
INSURANCE - PROPERTY
COVERAGE THROUGH TEXAS MUNICIPAL LEAGUE
4,000
4,000
5570 -02 -00
SPECIAL SERVICES
PROPERTY /ASSET MANAGEMENT ($K0 PER MONTH )
6,000
6,000
TOTAL EXPENDITURES $ 40,150
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM Of SERVICES
EXPENDITURE LINE ITEM SUMMARY
15: EDC46 FUND
03: TOWN CENTER REDEVELOPMENT
"EXEMPLIFYING EXCELLENCE"
FY06.07
FY07.08
FY08.09
FY09 -10
FY09.10
FY09 -10
FY09 -10
FY10.11
CY - PY
ACCOUNT
ACCOUNT NAME
ACTUAL
ACTUAL
ACTUAL
BUDGET
AMENDED
YTD APR
ESTIMATE
PROPOSED
CHANGE
5570 -03 -00
SPECIAL SERVICES
18,370
100,000
266,667
115,643
115,643
-
(266,667)
5579 -03 -00
ARCHITECT /DESIGN SERVICES
13,832
75,000
266,667
52,030
48,687
26,000
5580 -03 -00
ENGINEERING SERVICES
13,764
25,000
266,667
11,131
90,727
15,300
SUNDRY
$
$
$ 45,966
$ 200,000
$ 800,000
$ 178,804
$ 255,057
$ 41,300
$(266,667)
5875 -03 -00
CONSTRUCTION
-
-
-
5,500
637,504
127,501
5,500
CAPITAL
$
$
$ -
$ -
$ -
$ 5,500
$ 637,504
$ 127,501
$ 5,500
$
$
$ 45,966
$ 200,000
$ 800,000
$184,304
$ 892,561
$ 168,801
$(261,167)
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
EXPENDITURE LINE ITEM DETAIL
15: EDC46 FUND
03: TOWN CENTER REDEVELOPMENT
FY10 -11
PRnPOgFn
5570 -03 -00
SPECIAL SERVICES
-
5579 -03 -00
ARCHITECT /DESIGN SERVICES
SECTION HOUSE 26,000 26,000
5580 -03 -00
ENGINEERING SERVICES
ESTIMATE 6 MONTHS OF WORK BEGINNING MAY 2010, WITH 1/6 OF 15,300
REMAINING IN NEW FISCAL YEAR (ENGINEERING ONLY $260,657 =
$168,857 PUBLIC, $91,800 PRIVATE ) 15,300
5847 -03 -00
CONSTRUCTION
ESTIMATE 6 MONTHS OF WORK BEGINNING MAY 2010, WITH 1/6 OF 127,501
REMAINING IN NEW FISCAL YEAR (TOTAL WITHOUT ENGINEERING
$2,172,147 = $1,407,143 PUBLIC, $765,004 PRIVATE ) 127,501
TOTAL EXPENDITURES $ 168,801
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
FUND SUMMARY BY CATEGORY
19: EDC4B CAPITAL BOND FUND
FY06 -07 FY07 -08 FY08 -09 FY09 -10 FY09 -10 FY09 -10 FY09 -10 FY10 -11 CY -PY
CATEGORY ACTUAL ACTUAL ACTUAL BUDGET AMENDED YTD APR ESTIMATE PROPOSED CHANGE
BEGINNING FUND BALANCE $ - $ - $ $ $ - $ $ $ 692,995
INVESTMENT EARNINGS - - - - 700 1,400 500 500
TRANSFERS - - - - - 2,006,635 2,006,635 - -
TOTAL REVENUES $ $ $ $ $ - $2,007,335 $2,008,035 $ 500 $ 500
MAINTENANCE - - - - 873 873 - -
SUNDRY - - - 834 141,548 28,143 28,143
CAPITAL - - - - 372,304 1,172,619 234,524 234,524
TOTAL EXPENDITURES $ $ $ $ $ $ 374,011 $1,315,040 $ 262,667 $ 262,667
REVENUES OVER EXPENDITURES $ - $ - $ - $ - $ $ 1,633,323 $ 692,995 $ (262,167) $ (262,167)
ENDING FUND BALANCE $ $ $ $ $ $1,633,323 $ 692,995 $ 430,828 $(262,167)
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE /EXPENDITURE LINE ITEM SUMMARY
19: EDC4B CAPITAL BOND FUND
19: EDC48 CAPITAL BOND FUND
01: TOWN CENTER REDEVELOPMENT
ACCOUNT
FY06 -07
FY07.08
FY08 -09
FY09 -10
FY09 -10
FY09.10
FY09 -10
FY10.11
CY - PY
ACCOUNT ACCOUNT NAME
ACTUAL
ACTUAL
ACTUAL
BUDGET
AMENDED
YTD APR
ESTIMATE
PROPOSED
CHANGE
4401 -00 -00 INVESTMENT INCOME
MAINTENANCE
$
$
700
1,400
500
500
INVESTMENT EARNINGS
$
$
$
$
$
$ 700
$ 1,400
$ 500
$ 500
4913 -00 -00 TRANSFER IN- CAPITAL BOND FUND
21,956
-
5580 -01 -00
-
2,006,635
2,006,635
-
TRANSFERS
$
$
$
$
$
$2,006,635
$2,006,635
$
$
TOTAL REVENUES
$
$
$
$
$
$2,007,335
$2,008,035
$ 500
$ 500
19: EDC48 CAPITAL BOND FUND
01: TOWN CENTER REDEVELOPMENT
ACCOUNT
ACCOUNT NAME
FY06.07
ACTUAL
FY07.08
ACTUAL
FY08 -09
ACTUAL
FY09 -10
BUDGET
FY09 -10
AMENDED
FY09.10
YTD APR
FY09 -10
ESTIMATE
FY10.11
PROPOSED
CY - PY
CHANGE
5403 -01 -00
BUILDING MAINTENANCE
873
873
MAINTENANCE
$
$
$
$
$
$ 873
$ 873
$
$
5570 -01 -00
SPECIAL SERVICES
21,956
21,956
-
5580 -01 -00
ENGINEERING SERVICES
-
834
141,548
28,143
28,143
SUNDRY
$
$
$
$
$
$ 834
$ 141,548
$ 28,143
$ 28,143
5847 -01 -00
CONSTRUCTION
-
372,304
1,172,619
234,524
234,524
CAPITAL
$
$
$
$
$
$ 372,304
$1,172,619
$ 234,524
$ 234,524
TOTAL EXPENDITURES
$
$
$
$
$
$ 374,011
$1,315,040
$ 262,667
$ 262,667
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE /EXPENDITURE LINE ITEM DETAIL
19: EDC4B CAPITAL BOND FUND
FY10 -11
PROPOSED
4401.00 -00 INVESTMENT INCOME EARNING BASED UPON AVERAGE BALANCE /INTEREST RATES 500 500
TOTAL REVENUES $ 500
19: EDC46 CAPITAL BOND FUND
01: TOWN CENTER REDEVELOPMENT
FY10 -11
PROPOSED
5403 -01 -00
BUILDING MAINTENANCE
-
5570 -01 -00
SPECIAL SERVICES
-
5580 -01 -00
ENGINEERING SERVICES
ESTIMATE 6 MONTHS OF WORK BEGINNING MAY 2010, WITH 116 OF 28,143
REMAINING IN NEW FISCAL YEAR (ENGINEERING ONLY $260,657 =
$168,857 PUBLIC, $91,800 PRIVATE ) 28,143
5847 -01 -00
CONSTRUCTION
ESTIMATE 6 MONTHS OF WORK BEGINNING MAY 2010, WITH 1/6 OF 234,524
REMAINING IN NEW FISCAL YEAR (TOTAL WITHOUT ENGINEERING
$2,172,147 = $1,407,143 PUBLIC, $765,004 PRIVATE ) 234,524
TOTAL EXPENDITURES $ 262,667
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
FUND SUMMARY BY CATEGORY
95: EDC46 RESERVE FUND
REVENUES OVER EXPENDITURES $ 114,851 $ 3,631 $ 936 $ 1,920 $ 1,920 $ 126 $ 250 $ 500 $ 1,920
ENDING FUND BALANCE $ 154,445 $118,482 $ 119,418 $ 121,338 $ 121,338 $ 119,543 $ 119,668 $ 120,168 $ 1,920
ADJUSTMENTS (39,594) - - - - - - - 0
"EXEMPLIFYING EXCELLENCE"
FY06 -07
FY07 -08
FY08 -09
FY09 -10
FY09 -10
FY09 -10
FY09 -10
FY10 -11
CY -PY
CATEGORY
ACTUAL
ACTUAL
ACTUAL
BUDGET
AMENDED
YTD APR
ESTIMATE
PROPOSED
CHANGE
BEGINNING FUND BALANCE
$ 39,594
$114,851
$ 118,482
$ 119,418
$
119,418
$ 119,418
$ 119,418
$
119,668
INVESTMENT EARNINGS
2,245
3,631
936
1,920
1,920
126
250
500
1,920
TRANSFERS
112,606
-
-
-
-
-
-
-
-
TOTAL REVENUES
$ 114,851
$ 3,631
$ 936
$ 1,920
$
1,920
$ 126
$ 250
$
500
$ 1,920
TRANSFERS
-
-
-
-
-
-
-
-
-
TOTAL EXPENDITURES
$ -
$ -
$ -
$ -
$
-
$ -
$ -
$
-
$ -
REVENUES OVER EXPENDITURES $ 114,851 $ 3,631 $ 936 $ 1,920 $ 1,920 $ 126 $ 250 $ 500 $ 1,920
ENDING FUND BALANCE $ 154,445 $118,482 $ 119,418 $ 121,338 $ 121,338 $ 119,543 $ 119,668 $ 120,168 $ 1,920
ADJUSTMENTS (39,594) - - - - - - - 0
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE /EXPENDITURE LINE ITEM SUMMARY
95: EDC46 RESERVE FUND
95: EDC413 RESERVE FUND
FY06.07 FY07.08 FY08 -09 FY09.10 FY09 -10 FY09 -10 FY09.10 FY10.11 CY -PY
ACCOUNT ACCOUNT NAME ACTUAL ACTUAL ACTUAL BUDGET AMENDED YTD APR ESTIMATE PROPOSED CHANGE
5715 -00 -00 TRANSFER OUT -EDC FUND - - -
TRANSFERS $ $ $ $ $ $ $ $ $
TOTAL EXPENDITURES $ $ $ $ $ $ $ $ $
"EXEMPLIFYING EXCELLENCE"
FY06.07
FY07.08
FY08 -09
FY09.10
FY09 -10
FY09 -10
FY09.10
FY10 -11
CY - PY
ACCOUNT
ACCOUNT NAME
ACTUAL
ACTUAL
ACTUAL
BUDGET
AMENDED
YTD APR
ESTIMATE
PROPOSED
CHANGE
4401 -00 -00
INVESTMENT INCOME
2,245
3,631
936
1,920
1,920
126
250
500
1,920
INVESTMENT EARNINGS
$ 2,245
$ 3,631
$ 936
$ 1,920
$ 1,920
$ 126
$ 250
$ 500
$ 1,920
4915 -00-00
TRANSFER IN -EDC FUND
-
-
-
-
-
-
-
-
-
4920 -00-00
TRANSFER IN
112,606
-
-
-
-
OTHER AGENCY
$112,606
$
$
$
$
$
$
$
$
TOTAL REVENUES
$114,851
$ 3,631
$ 936
$ 1,920
$ 1,920
$ 126
$ 250
$ 500
$ 1,920
95: EDC413 RESERVE FUND
FY06.07 FY07.08 FY08 -09 FY09.10 FY09 -10 FY09 -10 FY09.10 FY10.11 CY -PY
ACCOUNT ACCOUNT NAME ACTUAL ACTUAL ACTUAL BUDGET AMENDED YTD APR ESTIMATE PROPOSED CHANGE
5715 -00 -00 TRANSFER OUT -EDC FUND - - -
TRANSFERS $ $ $ $ $ $ $ $ $
TOTAL EXPENDITURES $ $ $ $ $ $ $ $ $
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE /EXPENDITURE LINE ITEM DETAIL
95: EDC4B RESERVE FUND
FY10 -11
PROPOSED
4401 -00 -00 INVESTMENT INCOME EARNING BASED UPON AVERAGE BALANCE /INTEREST RATES 500 500
4915 -00 -00 TRANSFER IN -EDCB PER BOND COVENANTS, WE ARE REQUIRED TO ESTABLISH THIS FUND - -
AND DEPOSIT INTO IT A SPECIFIC AMOUNT OF RESERVES. THESE
RESERVES ARE TO BE USED SOLELY FOR THE PURPOSE OF RETIRING THE
LAST OF ANY PARITY BONDS AS THEY BECOME DUE OR PAYING OFF
ANY PRINCIPAL /INTEREST WHENDEBT SERVICE FUNDS ARE
INSUFFICIENT.
TOTAL REVENUES $ 500
5715 -00 -00 TRANSFER OUT -EDCB FUND -
TOTAL EXPENDITURES $
"EXEMPLIFYING EXCELLENCE"
To KEDC Board of Directors
W-M
Agenda Item No:
August 20, 2010
111-D.
Subject: Review and consider action to approve Resolution No. 4, authorizing and
approving a loan from the office of the Governor Economic Development
and Tourism Division authorizing the execution and delivery of the Loan
Agreement and related documents, authorizing the pledge of sales and use tax
receipts, and other matters in connection therewith.
Originated by: Kathy Turner, City Secretary
Summary: Bob Hart will address item during the meeting.
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Recommendation: or e
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RESOLUTION NO. 4
A RESOLUTION AUTHORIZING AND APPROVING A LOAN FROM
THE OFFICE OF THE GOVERNOR ECONOMIC DEVELOPMENT AND
TOURISM DIVISION, AUTHORIZING THE EXECUTION AND
DELIVERY OF THE LOAN AGREEMENT AND RELATED
DOCUMENTS, AUTHORIZING THE PLEDGE OF SALES AND USE
TAX RECEIPTS, AND OTHER MATTERS IN CONNECTION
THEREWITH.
WHEREAS, the Kennedale Economic Development Corporation (the "Corporation")
was created by the City of Kennedale, Texas (the "City ") pursuant to Chapter 505 (Type B) of
the Development Corporation Act, Texas Local Government Code, as amended (the "Act "), for
the purpose of financing the costs of one or more projects within the meaning of the Act;
WHEREAS, the levy by the City of an economic development sales and use tax for the
benefit of the Corporation under the Act was authorized by a majority of the qualified voters of
the City voting at an election called and held for that purpose;
WHEREAS, the City has established and levied, and maintains and collects on behalf of
the Corporation the economic development sales and use tax pursuant to the Act;
WHEREAS, on receipt of the proceeds of the economic development sales and use tax,
the City delivers the proceeds to the Corporation to use in carrying out its functions;
WHEREAS, the Office of the Governor Economic Development and Tourism Division
(the "Division") has developed the Texas Leverage Fund Program to enable industrial
development corporations, such as the Corporation, to leverage the economic development sales
and use tax receipts described above by providing an alternative source of easy to access capital
with favorable terms; and
WHEREAS, there has been presented to the Corporation a proposed form of the Loan
Agreement between the Division and the Corporation (the "Loan Agreement "), including a
Promissory Note from the Corporation to the Division (the "Note "), pursuant to which the
Division will lend from the Texas Leverage Fund to the Corporation the amount of
$1,700,000.00, the proceeds of such loan to be used for laird acquisition and construction of ar
new facility and thereby finance the costs of the Project;
NOW, THEREFORE, RESOLVED BY BOARD OF DIRECTORS OF
THE CORPORATION
Section 1. The Board hereby finds that the funds requested will be used for eligible
"costs" of "projects" as defined in the Act.
Page 1 of 3
Section 2. The Board hereby approves the Loan Agreement and the Note in substantially
the form and substance presented to the Board and the President or any Vice President is hereby
authorized and directed, for and on behalf of the Corporation, to execute the Loan Agreement
and the Note, and the Secretary is authorized and directed, for and on behalf of the Corporation,
to attest the Loan Agreement and the Note and to affix the seal of the Corporation thereon, and
such officers are hereby authorized to deliver the Loan Agreement and the Note. Upon
execution by the parties thereto and delivery thereof, the Loan Agreement and the Note shall be
binding upon the Corporation in accordance with their respective terms and provisions.
Section 3. The officers executing the Loan Agreement and the Note are hereby
authorized to approve such changes thereto as they deem advisable.
Section 4. The Board hereby authorizes the pledge and assignment to the Division of a
lien on and security interest in the economic development sales and use tax receipts described
above as security for the obligations of the Corporation under the Loan Agreement and the Note.
Section 5. All action (not inconsistent with the provisions of this Resolution) heretofore
taken by the Board and officers of the Corporation directed toward the Project shall be and the
same hereby are ratified, approved, and confirmed.
Section 6. The officers of the Corporation are hereby authorized to take all action in
conformity with the Act necessary or reasonably required to effectuate the loan evidenced by the
Loan Agreement and the Note, and this Resolution, including, without limitation, the execution
and delivery of any contracts, loan agreements, security agreements and any and all other
instruments, certificates, documents, or papers necessary to carry out the intent and purposes of
the Loan Agreement, the Note, and this Resolution.
Section 7. The Board hereby authorizes and directs the Executive Director, for and on
behalf of the Corporation, to engage professionals to assist the Corporation in various activities
with respect to the Project, including, without limitation, the borrowing of money as set forth
herein and the monitoring of the construction of the Project.
Section 8. The Executive Director of the Corporation is hereby directed and authorized
to expend corporate funds in accordance with the Corporation's approved budget for "costs ", as
defined in the Act, to the extent necessary to finalize and effectuate the Project.
Section 9. If any section, paragraph, clause, or provision of this Resolution shall be held
to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph,
clause, or provision shall not affect any of the remaining provisions of this Resolution. In case
any obligation of the Corporation authorized or established by this Resolution is held to be in
violation of law as applied to any person or in any circumstance, such obligation shall be deemed
to be the obligation of the Corporation to the fullest extent permitted by law.
Page 2 of 3
PASSED AND APPROVED this 24 day of August, 2010.
President, Robert Mundy
ATTEST:
Kathy Turner, Secretary
Page 3 of 3
To KEDC Board of Directors
Date:
August 20, 2010
Agenda Item No: III-E.
Subject: Review and consider action on welcome monument sign to be located on
Dick Price Road.
Originated by: Kathy Turner, City Secretary
Summary: This item was placed on the agenda at the request of Doug Parker. Mr.
Parker will address the board during the meeting in regards to a proposed
monument sign to be located on Dick Price Road.
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Recommendation: 0 aq
Disposition by KEDC Board of Directors:
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To KEDC Board of Directors
August 20, 2010
Agenda Item No: III -F.
Subject: Receive report from the Keep Kennedale Beautiful Commission.
Originated by: Kathy Turner, City Secretary
Summary:
Recommendation:
A report will be received from the Keep Kennedale Beautiful Commission.
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To KEDC Board of Directors
Date: August 20, 2010
Agenda Item No: III -G.
Subject: Review and consider action to change date and time of future meetings.
Originated by: Kathy Turner, City 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 September 21, 2010
regular meeting date to see if there is a need to reschedule.
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Recommendation:
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Disposition by KEDC Board ®f Directors:
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To ICEDC B of Directors
Date: August 20, 2010
Subject: President /Board Announcements/Reports
Originated by: Kathy Turner, KEDC Secretary
Summary: A. President Announcements/Reports
1. Report agenda items to be posted for future meetings.
Recommendation:
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To KEDC Board of Directors
Date: August 20, 2010
Agenda Item No: VI.
Subject: Executive Session.
Originated by : Kathy Turner, KEDC Secretary
Summary: A. The Economic Development Corporation will meet in closed session
pursuant to Section 551.087 of the Texas Government Code to
deliberate the offer of a financial or other incentive to a business
prospect with which the EDC is conducting economic development
negotiations.
1. Acquisition of Property
® 1000 E. Kennedale Parkway
® 5500 W. Kennedale Parkway
2. Texas Leverage Fund for Grover Corporation
Recommendation:
To KEDC Board of Directors
Date: August 20, 2010
Agenda Item No: VII.
Subject
Originated by:
Summary:
Recommendation:
Reconvene into open session and take action necessary pursuant to executive
session, if needed.
Kathy Turner, Secretary to EDC
Disposition by KEDC Board of Directors: