2014_03.25 EDC Agenda PacketECONOMIC DEVELOPMENT CORPORATION
AGENDA
BOARD OF DIRECTORS - REGULAR MEETING
March 25, 2014
CITY HALL COUNCIL CHAMBERS, 405 MUNICIPAL DRIVE
REGULAR SESSION - 7:00 PM
I. CALL TO ORDER
II. ROLL CALL
III. MINUTES APPROVAL
A. Consider approval of minutes from the February 25, 2014 regular meeting.
IV. REGULAR ITEMS
A. Review and accept the KEDC Financial Report for January 2014.
B. Discuss and consider action for approval of Economic Development Corporation Independent
Auditor's Report for year ended September 30, 2013.
V. STAFF ANNOUNCEMENTS/REPORTS
A. Updates and information from the Executive Director.
1.Link Street & Oak Crest Development
2.Regional economic development conference plans
3.12 at 12 meeting on April 23, 2014
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.Discuss the sale of Oak Crest pad sites.
2.Discuss lease of Building 1 in Kennedale TownCenter
3.Discuss sale of 1000 E Kennedale Parkway.
4.Discuss the sale of 1083 Bowman Springs Road.
VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
A. Strategic Plan Discussion.
- Discuss the strategic direction of economic development efforts within the city.
VIII. ADJOURNMENT
In compliance with the Americans with Disabilities Act, the City of Kennedale will provide for reasonable
accommodations for persons attending City Council 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 Amethyst Cirmo, City Secretary, at
817.985.2104 or (TDD) 1.800.735.2989
CERTIFICATION
I certify that a copy of the March 25, 2014, Kennedale Economic Development Corporation 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 at least 72 hours preceding the
schedule time of said meeting, in accordance with Chapter 551 of the Texas Government Code.
Amethyst G. Cirmo, City Secretary
Staff Report to the Board of Directors
Date: March 25, 2014
Agenda Item No: MINUTES APPROVAL - A.
I. Subject:
Consider approval of minutes from the February 25, 2014 regular meeting.
II. Originated by:
Bob Hart
III. Summary:
Please see the attached minutes for approval.
IV. Recommendation:
Approve
V. Alternative Actions:
VI. Attachments:
1.minutes 02.25.2014 EDC Minutes.doc
ECONOMIC DEVELOPMENT CORPORATION
MINUTES
BOARD OF DIRECTORS - REGULAR MEETING
February 25, 2014
CITY HALL COUNCIL CHAMBERS, 405 MUNICIPAL DRIVE
I. CALL TO ORDER
Robert Mundy called the meeting to order at 7:04PM.
II. ROLL CALL
Present: Pat Turner, Robert Mundy, Mark Yeary, Rebecca Mowell, Adrienne Kay, Ronald Whitley, Mike
Johnson.
Absent: none
III. MINUTES APPROVAL
A. Consider approval of minutes from the January 28, 2014 regular meeting.
Motion To approve the minutes as presented. Action Approve, Moved By Rebecca Mowell
Seconded By Mark Yeary
Motion Passed Unanimously
IV. REGULAR ITEMS
A. Review and accept the KEDC Financial Report for December 2013.
Sakura Moten-Dedrick presented the report, noting that the results of the audit would be presented at
the City Council meeting on February 27 th .
Motion To approve the financial report as presented. Action Approve, Moved By Adrienne Kay
Seconded By Pat Turner
Motion Passed Unanimously
V. STAFF ANNOUNCEMENTS/REPORTS
A. Updates and information from the Executive Director.
1.Link Street project with Tarrant County
Bob Hart noted that Tarrant County was in the process of reexamining their funding of the Link
Street project, and a meeting with County officials would be held on Thursday, February 27 th to
discuss the implications of defunding this project.
2.Regional economic development branding efforts.
Bob Hart noted that in past years Jack Thompson from Orasi Development and several board
members have participated in a regional conference to promote Southeast Tarrant County.
This year’s conference will focus on promoting business and economic development in the
region and will be held in Arlington in the Fall of 2014. Mr. Hart asked that the board consider
attending the conference again this year.
President Mundy recessed the meeting into executive session at 7:20PM.
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.Discuss the sale of Oak Crest pad sites.
2.Discuss lease of Building 1 in Kennedale TownCenter
3.Discuss sale of 1000 E Kennedale Parkway.
4.Discuss the sale of 1083 Bowman Springs Road.
VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
President Mundy reopened the regular session at 8:41 PM.
No action pursuant to executive session was necessary.
VIII. WORK SESSION
A. Strategic Plan Discussion.
- Discuss the strategic direction of economic development efforts within the city.
Bob Hart and Jack Thompson held a general discussion on the city’s overall strategic direction. Topics
covered included currently held EDC properties, the availability of grant funding, the pros and cons of
manufacturing and retail oriented development, upcoming special use permit expirations and the Board
of Adjustment’s strategic direction, the development of the TownCenter retail area, cleanup and
reclamation of Village Creek, and the pursuit of development in the Tax Increment Refinancing District
areas.
IX. ADJOURNMENT
Motion Adjourn. Action Adjourn, Moved By Mark Yeary, Seconded By Ron Whitley.
Motion Passed Unanimously
The meeting was adjourned at 9:11PM.
APPROVED:
_________________________________
President Robert Mundy
ATTEST:
_________________________________
City Secretary Amethyst G. Sloane
Staff Report to the Board of Directors
Date: March 25, 2014
Agenda Item No: REGULAR ITEMS - A.
I. Subject:
Review and accept the KEDC Financial Report for January 2014.
II. Originated by:
Sakura Moten-Dedrick, Director of Finance & IT
III. Summary:
Please see the attached information.
IV. Recommendation:
Approve
V. Alternative Actions:
VI. Attachments:
1.Jan 2014 EDC Financials 20140325 EDC Jan 14 Financials.pdf
JAN 2014 ECONOMIC DEVELOPMENT CORPORATION FINANCIALS
Budget/Amendment
No changes.
Year -To -Date
• Ad Valorem Tax: Increase in comparison over this time last year . Based on tax receipts
received from assessments.
• Sales /Beverage Tax: Increase in compar ison over this time last year (see Monthly Graph, 3 -
Year Historical Graph, 10 -Year Historical Data). Please note, sales tax receipts run two
months in arrears.
• Investment Earnings : Decrease in comparison over this time last year. Based on record low
ear ning rates and decrease in cash balance .
• Miscellaneous Income: Increase in comparison over this time last year . We received
approximately $12,000 for insurance reimbursements given TownCenter sign .
• Surplus Sales/Rentals : Decrease in comparison over this t ime last year . Approximately $8400
a month lost due to Surplus Warehouse closure.
• Transfers: No significant change.
• Personnel : No significant change.
• Supplies: Decrease in comparison over this time last year .
• Maintenance: D ecrease in comparison over this time last year .
• S undry : Decrease in comparison over this time last year .
• Debt: No significant change.
• Transfers: No significant change.
• Capital: Decrease in comparison over this time last year .
E stimate
We anticipate a FY12/13 ending fund balance of approximately ($405,767 ). This is ($555,081) for
operations / $29,411 capital bond project / $119,903 reserve bond. The board is due to accept the final
year end audit at this month ’s meeting.
We anticipate a FY 1 3/14 ending fund balance of $254,691 . This is $130,350 operations / $4,426
capital bond project / $119,915 reserve bond .
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CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
FUND SUMMARY BY CATEGORY
19: EDC4B CAPITAL BOND FUND
FY12-13FY12-13FY12-13FY12-13FY13-14FY13-14FY13-14FY13-14CY - PYFY12-13FY13-14
CATEGORYBUDGETAMENDEDYTD JANESTIMATEPROPOSEDAMENDEDYTD JANESTIMATECHANGEYTD %YTD %
BEGINNING FUND BALANCE-$ 46,182 $ 46,182 $ 46,182 $ 38,357 $ 29,411 $ 29,411 $ 29,411 $
INVESTMENT EARNINGS- - 56 100 - - 12 15 - #DIV/0!#DIV/0!
TRANSFERS- - - - - - - - - 0.0%0.0%
TOTAL REVENUES-$ -$ 56 $ 100 $ -$ -$ 12 $ 15 $ -$ #DIV/0!#DIV/0!
MAINTENANCE- - - - - - - - - 0.0%0.0%
SUNDRY- - - 6,779 - - - - - 0.0%0.0%
CAPITAL- - 234 10,091 25,000 25,000 - 25,000 25,000 #DIV/0!0.0%
TOTAL EXPENDITURES-$ -$ 234 $ 16,871 $ 25,000 $ 25,000 $ -$ 25,000 $ 25,000 $ #DIV/0!0.0%
REVENUES OVER EXPENDITURES-$ -$ (178 )$ (16,770 )$ (25,000 )$ (25,000 )$ 12 $ (24,985 )$
ENDING FUND BALANCE -$ 46,182 $ 46,003 $ 29,411 $ 13,357 $ 4,411 $ 29,423 $ 4,426 $
ADJUSTMENTS
FUND BALANCE AS % OF EXPN/AN/A19642.7%174.3%53.4%17.6%N/A17.7%
RESERVE (NO REQUIREMENT)-$ -$ -$ -$ -$ -$ -$ -$
RESERVE SURPLUS/(SHORTFALL)-$ 46,182 $ 46,003 $ 29,411 $ 13,357 $ 4,411 $ 29,423 $ 4,426 $
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE/EXPENDITURE LINE ITEM SUMMARY
19: EDC4B CAPITAL BOND FUND
FY12-13FY12-13FY12-13FY12-13FY13-14FY13-14FY13-14FY13-14CY - PYFY12-13FY13-14
ACCOUNTACCOUNT NAMEBUDGETAMENDEDYTD JANESTIMATEPRO POSEDAMENDEDYTD JANESTIMATECHANGEYTD %YTD %
4401-00-00INVESTMENT INCOME- - 56 100 - - 12 15 - #DIV/0!#DIV/0!
INVESTMENT EARNINGS-$ -$ 56 $ 100 $ -$ -$ 12 $ 15 $ -$ #DIV/0!#DIV/0!
4913-00-00TRANSFER IN-CAPITAL BOND FUND- - - - - - - - - 0.0%0.0%
TRANSFERS-$ -$ -$ -$ -$ -$ -$ -$ -$ 0.0%0.0%
TOTAL REVENUES-$ -$ 56 $ 100 $ -$ -$ 12 $ 15 $ (250 )$ #DIV/0!#DIV/0!
19: EDC4B CAPITAL BOND FUND
01: TOWN CENTER REDEVELOPMENT
FY12-13FY12-13FY12-13FY12-13FY13-14FY13-14FY13-14FY13-14CY - PYFY12-13FY13-14
ACCOUNTACCOUNT NAMEBUDGETAMENDEDYTD JANESTIMATEPRO POSEDAMENDEDYTD JANESTIMATECHANGEYTD %YTD %
5403-01-00BUILDING MAINTENANCE- - - - - - - - - 0.0%0.0%
MAINTENANCE-$ -$ -$ -$ -$ -$ -$ -$ -$ 0.0%0.0%
5525-01-00TRAINING/SEMINARS- - - - - - - - - 0.0%0.0%
5570-01-00SPECIAL SERVICES- - - - - - - - - 0.0%0.0%
5579-01-00ARCHITECT/DESIGN SERVICES- - - - - - - - - 0.0%0.0%
5580-01-00ENGINEERING SERVICES- - - 6,779 - - - - - 0.0%0.0%
SUNDRY-$ -$ -$ 6,779 $ -$ -$ -$ -$ -$ 0.0%0.0%
5800-01-00LAND- - - - - - - - - 0.0%0.0%
5847-01-00CONSTRUCTION- - 234 10,091 25,000 25,000 - 25,000 25,000 #DIV/0!0.0%
CAPITAL-$ -$ 234 $ 10,091 $ 25,000 $ 25,000 $ -$ 25,000 $ 25,000 $ #DIV/0!0.0%
TOTAL EXPENDITURES-$ -$ 234 $ 16,871 $ 25,000 $ 25,000 $ -$ 25,000 $ 25,000 $ #DIV/0!0.0%
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
FUND SUMMARY BY CATEGORY
95: EDC4B RESERVE FUND
FY12-13FY12-13FY12-13FY12-13FY13-14FY13-14FY13-14FY13-14CY - PYFY12-13FY13-14
CATEGORYBUDGETAMENDEDYTD JANESTIMATEPROPOSEDAMENDEDYTD JANESTIMATECHANGEYTD %YTD %
BEGINNING FUND BALANCE119,866 $ 119,862 $ 119,862 $ 119,862 $ 119,914 $ 119,903 $ 119,903 $ 119,903 $
INVESTMENT EARNINGS200 200 21 41 52 52 4 12 (148 ) 10.3%8.6%
TRANSFERS- - - - - - - - - 0.0%0.0%
TOTAL REVENUES200 $ 200 $ 21 $ 41 $ 52 $ 52 $ 4 $ 12 $ (148 )$ 10.3%8.6%
TRANSFERS- - - - - - - - - 0.0%0.0%
TOTAL EXPENDITURES-$ -$ -$ -$ -$ -$ -$ -$ -$ 0.0%0.0%
REVENUES OVER EXPENDITURES200 $ 200 $ 21 $ 41 $ 52 $ 52 $ 4 $ 12 $
ENDING FUND BALANCE 120,066 $ 120,062 $ 119,882 $ 119,903 $ 119,966 $ 119,955 $ 119,907 $ 119,915 $
ADJUSTMENTS- - - - - -
FUND BALANCE AS % OF EXPN/AN/AN/AN/AN/AN/AN/AN/A
RESERVE ($112,606 REQUIREMENT)112,606 $ 112,606 $ 112,606 $ 112,606 $ 112,606 $ 112,606 $ 112,606 $ 112,606 $
RESERVE SURPLUS/(SHORTFALL)7,460 $ 7,456 $ 7,276 $ 7,297 $ 7,360 $ 7,349 $ 7,301 $ 7,309 $
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
REVENUE/EXPENDITURE LINE ITEM SUMMARY
95: EDC4B RESERVE FUND
FY12-13FY12-13FY12-13FY12-13FY13-14FY13-14FY13-14FY13-14CY - PYFY12-13FY13-14
ACCOUNTACCOUNT NAMEBUDGETAMENDEDYTD JANESTIMATEPRO POSEDAMENDEDYTD JANESTIMATECHANGEYTD %YTD %
4401-00-00INVESTMENT INCOME200 200 21 41 52 52 4 12 (148 ) 10.3%8.6%
INVESTMENT EARNINGS200 $ 200 $ 21 $ 41 $ 52 $ 52 $ 4 $ 12 $ (148 )$ 10.3%8.6%
4915-00-00TRANSFER IN-EDC FUND- - - - - - - - - 0.0%0.0%
4920-00-00TRANSFER IN- - - - - - - - - 0.0%0.0%
OTHER AGENCY-$ -$ -$ -$ -$ -$ -$ -$ -$ 0.0%0.0%
TOTAL REVENUES200 $ 200 $ 21 $ 41 $ 52 $ 52 $ 4 $ 12 $ (148 )$ 10.3%8.6%
95: EDC4B RESERVE FUND
FY12-13FY12-13FY12-13FY12-13FY13-14FY13-14FY13-14FY13-14CY - PYFY12-13FY13-14
ACCOUNTACCOUNT NAMEBUDGETAMENDEDYTD JANESTIMATEPRO POSEDAMENDEDYTD JANESTIMATECHANGEYTD %YTD %
5715-00-00TRANSFER OUT-EDC FUND- - - - - - - - - 0.0%0.0%
TRANSFERS-$ -$ -$ -$ -$ -$ -$ -$ -$ 0.0%0.0%
TOTAL EXPENDITURES-$ -$ -$ -$ -$ -$ -$ -$ -$ 0.0%0.0%
"EXEMPLIFYING EXCELLENCE"
Staff Report to the Board of Directors
Date: March 25, 2014
Agenda Item No: REGULAR ITEMS - B.
I. Subject:
Discuss and consider action for approval of Economic Development Corporation Independent Auditor's Report
for year ended September 30, 2013.
II. Originated by:
Sakura Moten-Dedrick, Director of Finance & IT
III. Summary:
The auditor’s opinion on the financial statements for the year ended September 30, 2013 is that the statements
present fairly, in all material respects, the respective financial position of the governmental activities, the
business-type activities, the discretely-presented component unit, each major fund, and the aggregate
remaining fund information of the Kennedale Economic Development Corporation (KEDC) as of September 30,
2013. The statements also present the respective changes in financial position and cash flows, where
applicable, and the budgetary comparison for major fund-types, thus demonstrating the KEDC end of year
financial report is in conformity with the Generally Accepted Accounting Principles (GAAP) as provided by the
Governmental Accounting Standard Boards (GASB) of America.
Our auditors will be present to review their findings with the Board, as well as provide bound copies of the
report.
IV. Recommendation:
Approve
V. Alternative Actions:
Staff recommends Directors accept and approve the Independent Auditor’s Report as presented by Patillo,
Brown, & Hill, LLP.
VI. Attachments:
1.EDC Audit Report Ending Sep 30, 2013 2013 Draft EDC Audit.pdf
Staff Report to the Board of Directors
Date: March 25, 2014
Agenda Item No: STAFF ANNOUNCEMENTS/REPORTS - A.
I. Subject:
Updates and information from the Executive Director.
1.Link Street & Oak Crest Development
2.Regional economic development conference plans
3.12 at 12 meeting on April 23, 2014
II. Originated by:
Bob Hart
III. Summary:
At this time Executive Director Bob Hart and Jack Thompson from Orasi Development will provide updates on
the listed topics.
IV. Recommendation:
None
V. Alternative Actions:
VI. Attachments:
Staff Report to the Board of Directors
Date: March 25, 2014
Agenda Item No: EXECUTIVE SESSION - A.
I. Subject:
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.Discuss the sale of Oak Crest pad sites.
2.Discuss lease of Building 1 in Kennedale TownCenter
3.Discuss sale of 1000 E Kennedale Parkway.
4.Discuss the sale of 1083 Bowman Springs Road.
II. Originated by:
Bob Hart
III. Summary:
This discussion will be held during executive session.
IV. Recommendation:
V. Alternative Actions:
VI. Attachments:
Staff Report to the Board of Directors
Date: March 25, 2014
Agenda Item No: RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO EXECUTIVE
SESSION, IF NEEDED - A.
I. Subject:
Strategic Plan Discussion.
- Discuss the strategic direction of economic development efforts within the city.
II. Originated by:
Bob Hart
III. Summary:
The EDC will have a general discussion on strategic initiatives.
IV. Recommendation:
None
V. Alternative Actions:
VI. Attachments: