Loading...
2015_04.30 EDC MinutesECONOMIC DEVELOPMENT CORPORATION BOARD OF DIRECTORS - SPECIAL MEETING MINUTES April 30, 2015 CALL TO ORDER Robert Mundy called the meeting to order at 12 :01 p.m. President Mundy introduced Carolyn Marshall, the City's Interim Finance. Mundy stated unless there were objections some agenda items would be reordered to facilitate the Board's consideration as follows: Item D, E, C, F, B, and A. There were no objections. ROLL CALL Present: Robert Mundy, Adrienne Kay, Pat Turner, Ron Whitley, Mark Yeary and Rebecca Mowell Absent: Mike Johnson Staff Present: Bob Hart, Kathy Moore, Carolyn Marshall, Jack Thompson with Orasi Development/Chamber of Commerce, and Craig Hughes with Hughes Commercial Real Estate & Development III. REGULAR ITEMS A. Consider authorizing an agreement, which the Executive Director may execute amending the construction commencement performance date of TownCenter Building 7 from 2014 until 2016; Building 4 from 2015 until 2017; Building 5 from 2016 until 2018; and Building 2 from 2017 until 2019, subject to approval of form by the KEDC attorney. Director Hart stated that all performance dates will be moved up two (2) years from the original agreement dates with Kennedale Town Center, L.P. Motion: To approve authorizing an agreement, which the Executive Director may execute amending the construction commencement performance date of TownCenter Building 7 from 2014 until 2016; Building 4 from 2015 until 2017; Building 5 from 2016 until 2018; and Building 2 from 2017 until 2019, subject to approval of form by the KEDC attorney. Action: Approve, Moved By: Adrienne Kay, Seconded By: Ron Whitley. Motion Passed Unanimously B. Consider authorizing an agreement, which the Executive Director may execute indicating acceptance of the general Economic Development Corporation /Lender Agreement dated June 24, 2011 for each future phase or lot of new construction, subject to applicable laws and duty authorized economic development projects. Director Hart informed the Board that this agreement is a statement of intention since each future phase and lots are subject to separate authorizations by future Economic Development Corporation Board of Directors. Motion: To approve authorizing an agreement, which the Executive Director may execute indicating acceptance of the general Economic Development Corporation /Lender Agreement dated June 24, 2011 for each future phase or lot of new construction, subject to applicable laws and duty authorized economic development projects. Action: Approve, Moved By: Mark Yeary, Seconded By: Ron Whitley. Motion Passed Unanimously C. Consider authorizing an agreement, which the Executive Director may execute approving the assignment of the Commercial Property Management Agreement with D. Johnson Companies, Inc. to an entity to be designated by Hughes Commercial Texas, subject to approval of form by the KEDC attorney. Director Hart stated that this item is to assign Hughes Commercial Texas to the Commercial Property Management Agreement. Motion: To approve authorizing an agreement, which the Executive Director may execute approving the assignment of the Commercial Property Management Agreement with D. Johnson Companies, Inc. to an entity to be designated by Hughes Commercial Texas, subject to approval of form by the KEDC attorney. Action: Approve, Moved By: Rebecca Mowell, Seconded By: Adrienne Kay. Motion Passed Unanimously D. Consider authorizing an agreement, which the Executive Director may execute approving the assignment of the Economic Development Agreement for Development of Kennedale TownCenter (and the First Amendment and Second Amendment to Economic Development Agreement for Development of Kennedale TownCenter) from Kennedale Town Center, L.P. to an entity to be designated by Hughes Commercial Texas and providing for the deletion of "Chicken Express" in section 7g. Robert Mundy informed the group that the original base agreement (attached) contained an error by including Chicken Express in item 7G; he added that this item would be eliminated from the new agreement with Hughes Commercial. Motion: To approve authorizing an agreement, which the Executive Director may execute approving the assignment of the Economic Development Agreement for Development of Kennedale TownCenter (and the First Amendment and Second Amendment to Economic Development Agreement for Development of Kennedale TownCenter) from Kennedale Town Center, L.P. to an entity to be designated by Hughes Commercial Texas and providing for the deletion of "Chicken Express" in section 7g. Action: Approve, Moved By: Rebecca Mowell, Seconded By: Pat Turner. Motion Passed Unanimously E. Consider authorizing an agreement, which the Executive Director to execute providing for the assignment of the Ground Lease from Kennedale Town Center, L.P. to an entity to be designated by Hughes Commercial Texas, subject to approval of form by the KEDC attorney. Director Hart stated that this item assigns the replacement of Hughes Commercial Texas to the Ground Lease Agreement. Motion: To approve authorizing an agreement, which the Executive Director may execute providing for the assignment of the Ground Lease from Kennedale Town Center, L.P. to an entity to be designated by Hughes Commercial Texas, subject to approval of form by the KEDC attorney. Action: Approve, Moved By: Mark Yeary, Seconded By: Ron Whitley. Motion Passed Unanimously F. Consider authorizing an agreement, which the Executive Director may execute, authorizing the assignment of a Reciprocal Parking Agreement between the EDC and Kennedale Town Center, L.P. to an entity to be designated by Hughes Commercial Texas. Director Hart stated that this item is to assign the replacement of Hughes Commercial Texas to the Reciprocal Parking Agreement. Motion: To approve authorizing an agreement, which the Executive Director may execute, authorizing the assignment of a Reciprocal Parking Agreement between the EDC and Kennedale Town Center, L.P. to an entity to be designated by Hughes Commercial Texas. Action: Approve, Moved By: Pat Turner, Seconded By: Mark Yeary. Motion Passed Unanimously IV. ADJOURNMENT President Mundy informed the Board members that their next regularly scheduled meeting will be on May14, 2015. Motion: To adjourn the meeting. Action Adjourn, Moved By Rebecca Mowell, Seconded By Mark Yeary. Motion passed Unanimously The meeting was adjourned at 1:14 PM Deputy City ecretary Kathy E. Moore 1 U11111� 1111111i ' r I 0 o F Ai Mme ,,`• . ,.......,,._�c`� ,rte 9 r C — ATTEST: ��i 9 •'• � COUN1 ``����. APPROVED: