10.28.2008 EDC Minutes (2)285
MINUTES
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
SPECIAL MEETING — OCTOBER 28, 2008
405 MUNICIPAL DR. — KENNEDALE MUNICIPAL BLDG.
COUNCIL CHAMBERS
President, Robert Mundy called the special meeting to order at 7:16 p.m.
Members present: President, Robert Mundy, Board of Directors Doug Parker, Donnie Graham,
and Mark Yeary.
Members absent: Vice - President, Beverly Hayes, Board of Directors Rebecca Mowell, and
Darrell Erwin.
Staff present: KEDC Director, Mike Soab.
I. REGULAR ITEMS
a. Review and consider action to grant application from Lance Crosswhite for
redevelopment of former Kennedale city hall site.
Doug Parker moved to authorize grant application from Lance Crosswhite for
redevelopment of former Kennedale city hall site with a maximum grant cap of
up to Thirty Two Thousand Dollars ($32,000.00) based on a twenty percent
(20 %) reimbursement ratio subject to the following conditions listed in
agreement:
(1) demo the existing building,
(2) design and construct the improvements as per applicant's application
package and statements made,
(3) occupy and operate the project as an office for three (3) years after the
written documentation required by Section 7(b) of the Agreement is received
by the Corporation,
(4) occupy the facility with at least three people and employee at least two (2)
additional people during the following year,
(5) make a capital investment (including all expenses incurred) in the property in
an amount equal to at least One Hundred Fifty Thousand Dollars
($150,000.00) by April 30, 2009,
(6) if applicant's company (21st Century Direct) does not occupy the new facility
for the stated three (3) years, applicant's obligation to repay the
Revitazliation Grant extended shall be waived, provided:
a. Applicant sells or rents the building to another company of equal
economic value to the City or to a City sales tax generator;
b. If the building becomes vacant, Applicant makes a good faith effort to
sell or lease the building (e.g. putting up a sale or rental sign, hiring a
Real Estate company to market the site) or;
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c. Any obligation for Applicant to repay any grant monies for any reason
shall be reduced by the number of full months the applicant /building
meets the above standards in increments of 1/36 per month in
compliance At the end of the third year of compliance, any obligation to
repay is null and void.
Motion was second by Donnie Graham.
Doug Parker, Donnie Graham, and Mark Yearly voted aye, while President,
Robert Mundy, voted nay. Motion carried. (3 -1).
b. Review and consider action to add agenda items to future meetings.
No action on this item.
c. Review and consider action to change date and time of future meetings.
President, Robert Mundy advised that the next regular monthly meeting is
scheduled for Wednesday, November 12, 2008.
VI. ADJOURNMENT
Doug Parker moved to adjourn the meeting at 8:47 p.m., second by Mark Yeaiy. Motion
carried. (4 -0).
APPROVED:
President, Robert
ATTEST:
Kathy Turner, Secretary