10.26.1999 EDC Minutes78
MINUTES OF
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
REGULAR MEETING — OCTOBER 26, 1999
100 E. BROADWAY ST. — COMMUNITY CENTER
President Vaughn called the meeting to order at 7:05 p.m.
Members present: Nita Vaughn, Robert Mundy, John Berry, Margaret Eichelberger, and Rob
Morris.
Members absent: Ron Kovach and Wayne Winters.
Staff present: Ted Rowe and Kathy Turner.
ITEM NO. 1— Consideration of Minutes: Regular Meeting — September 21, 1999
Robert Mundy moved to approve the regular meeting minutes dated September 21, 1999,
contingent upon correcting the spelling of "Barry" to read "Berry" in item number three, second
sentence, seconded by John Berry. Vaughn, Mundy, Berry, and Morris voted aye with
Eichelberger abstaining due to absence at that meeting.
ITEM NO. 2 — Consideration of Financial Reports.
Members reviewed the sales tax report and investment report. Due to year -end reports being
finalized, members will review month end reports at the next regularly scheduled meeting.
ITEM NO. 3 — Update on round table.
Members were updated on the attorney general opinion regarding if economic development 4B
sales tax monies could be spent on promotional purposes. Members were advised that money had
to be spent towards a project (something that is tangible). More review is under way by legal
counsel and board members were advised to proceed until a decision has been rendered. With
this in mind, the first round -table was scheduled for October 27 at 12 noon in the Precinct 2
Maintenance Facility with barbecue being served to 16 invitees.
It was requested that a form be presented to members so that a synopsis could be gathered from
feedback received from each invited guest.
ITEM NO. 4 — Consideration of grant proposal for economic development project.
Members were presented a sample document to establish a Commercial Revitalization Grant
Program. It was noted that a public hearing would have to be scheduled to add this to the current
list of projects before action could be taken.
Members reviewed, discussed in detail, and made modified changes to the document to read as
follows:
Purpose
Encourage functional and/or visual improvements of commercial properties in need of
rehabilitation by providing incentives to the businesses or property owners. The grant will match
eligible costs at a one to two ratio up to a maximum of Five Thousand Dollars ($5,000.00) for
repairs and restoration work to the facade of a building, resulting in regeneration and
improvement in its commercial viability.
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Applicants are considered against the following criteria:
Criteria
• Tract record of successfully operating a business for one year; and
• Equity investment by the owner of at least twice the amount as being requested
by the EDC up to Five Thousand Dollars ($5,000.00); and
• Commitment from other funding sources; and
• Impact of the project on the community and the need of the community.
Robert Mundy moved to select the Commercial Revitalization Grant Program as a probable
project and to schedule a public hearing, seconded by Margaret Eichelberger. Motion carried.
ITEM NO. 5 — Discussion of criteria for low interest loans.
Members were presented a draft outline to establish guidelines to implement the Kennedale
Economic Development Loan Program.
After a short discussion, it was noted that board members would wait and see what type of
interest was received from the round -table meeting on this item before implementing any criteria.
Members also requested additional information from other cities that are currently using a loan
program and would like to review their input on strengths and weakness of this type of prorgram.
ITEM NO. 6 — Consideration of grant or loan to Hogan Woodwork & Molding.
This item relates back to item number four. Board members agreed to proceed with the grant
revitalization program and schedule a public hearing hoping to allow time to offer a matching
grant to Hogan.
Robert Mundy moved in lieu of the project voted earlier (item number 4) be combined with item
number 6 to become a project, and this project to be scheduled for a public hearing, seconded by
Margaret Eichelberger. Motion carried.
ITEM NO. 7 — General discussion.
Items discussed included the following:
• Update on the city web site and future contract status; and
• Future project to purchase KISD land; and
• Status on city logo.
John Berry moved to adjourn the meeting at 9:16 p.m., seconded by Margaret Eichelberger.
Motion carried.
President, Nita D. `l aughn
ATTEST: