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10.30.2012 EDC MinutesECONOMIC DEVELOPMENT CORPORATION MINUTES BOARD OF DIRECTORS - REGULAR MEETING October 30, 2012 CITY HALL COUNCIL CHAMBERS, 405 MUNICIPAL DRIVE CALL TO ORDER President Mundy called the meeting to order at 7:20 PM. II. ROLL CALL Present Robert Mundy, Rebecca Mowell, Pat Turner, Donnie Graham Absent: Beverly Hayes, Mark Yeary, Darrell Erwin 111. MINUTES APPROVAL A. Consider approval of minutes from September 25, 2012 meeting. Motion To approve the minutes with a correction to item IV -A, changing the motion to read "To authorize no more than $6,000 in improvements and conveyance of the electronic sign from the City." Action Approve, Moved By Rebecca Mowell, Seconded By Donnie Graham Motion Passed Unanimously IV. REGULAR ITEMS A. Consider renewing lease agreement with the Chamber of Commerce for the use of 205 W Kennedale Parkway (the Section House). Motion To renew the lease agreement with the Chamber of Commerce Action Approve, Moved By Donnie Graham, Seconded By Rebecca Mowell Motion Passed Unanimously B. Consider electing an EDC President and Vice President for 2012 -2013. Motion To nominate the incumbents (Robert Mundy, President, and Donnie Graham, Vice President) to serve again for the 2012 -2013 term. Action Approve, Moved By Pat Turner, Seconded By Rebecca Mowell Motion Passed Unanimously C. Review and accept the KEDC Financial Report for Sep 2012. Bob Hart presented the financial report, noting that there were no significant changes. He also noted that sales tax related to the sale of alcohol at Red's Roadhouse had not yet been reported. Motion To approve the financial report as presented. Action Approve, Moved By Pat Turner, Seconded By Donnie Graham. Motion Passed Unanimously D. Consider seeking the city attorney to prepare a contact amendment between the Kennedale Economic Development Corporation and the Kennedale TownCenter Development District and Cypress properties relative to the waiver of taxes pursuant to the development agreement; and authorizing the chair — or KEDC President — execute the agreement amendment. Bob Hart noted that both parties had neglected to complete this contract and that the amendment would correct the missed information related to potential taxation by the Tarrant Appraisal District. Motion To authorize the city attorney to prepare a contract amendment between the Economic Development Corporation and the TownCenter Development District relative to the waiver of taxes as presented. Action Approve, Moved By Rebecca Mowell, Seconded By Donnie Graham. Motion Passed Unanimously V. STAFF ANNOUNCEMENTS /REPORTS A. Updates from the Executive Director, Orasi Development, and the Kennedale Chamber of Commerce. 1. Chamber update None. 2. TownCenter (parking lot, lease, and sign status, etc) Bob Hart noted that the parking lot was complete. 3. Tax Increment Reinvestment Zone status Bob Hart noted that the first TIRZ meeting was held on October 29, and that all parties were very positive about the project. 4. RTR /NCTCOG sidewalk grant Bob Hart noted that the sidewalk project related to the RTR grant will likely be completed in the fall of 2013. 5. Cooper's Corner update Bob Hart noted that improvements to the shopping center were well underway. 6. ICSC update Jack Thompson of Orasi Development noted that they were ready for the ICSC conference, will be held next week. VI. EXECUTIVE SESSION A. The Economic Development Corporation will meet in closed session pursuant to Section 551.072 of the Texas Government Code to deliberate the purchase, lease, or value of real property. 1. Sale of property at 600 W. Kennedale Parkway. B. The Economic Development Corporation will meet in closed session pursuant to Section 551.087 of the Texas Government Code to deliberate the offer of a financial or other incentive to a business project with whom the city is conducting economic development negotiations. 1. Review and discuss initiatives for hotel development, including Oak Crest development engineering contracts. VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO EXECUTIVE SESSION, IF NEEDED It was noted that the above address (600 W Kennedale Parkway) was incorrect and has been corrected to 698 E Kennedale Parkway. Motion To authorize the Economic Development Corporation to proceed with negotiations and a deal related to the sale of 698 E Kennedale Parkway. Action Approve, Moved By Rebecca Mowell, Seconded By Pat Turner. �.` f Motion Passed Unanimously The next meeting will be held on November 27 at 7:15 PM. VIII. ADJOURNMENT Motion To adjourn. Action Adjourn, Moved By Donnie Graham, Seconded By Rebecca Mowell. Motion Passed Unanimously The meeting was adjourned at 8:30 PM.