2016_09.27 EDC MinutesI. CALL TO ORDER
President Robert Mundy called the meeting to order at 7:01 p.m.
II. ROLL CALL
Present: Michael Johnson, Adrienne Kay, Rebecca Carlton, Robert Mundy, Pat Turner, Ronald
Whitley, Mark Yeary
Absent: None
III. MINUTES APPROVAL
A. Consider approval of the minutes from the August 23, 2016 regular meeting
Motion To approve the August 23, 2016 Economic Development Corporation meeting
minutes. Action Approve, Moved By Rebecca Carlton, Seconded By Mark Yeary.
Motion passed Unanimously
IV. REGULAR ITEMS
A. Review and accept the KEDC Financial Report for August 2016
Finance Director Krystal Crump provided an overview for the August 2016 Financial Report for
the Economic Development Corporation. Additionally, she provided a brief review of the
current budget amendments. In closing, she informed the Board that Red's Roadhouse was
current on their rental agreement.
Motion To approve the August 2016 Finance Report for the Economic Development
Corporation. Action Approve, Moved By Rebecca Carlton, Seconded By Michael Johnson.
Motion passed Unanimously
B. Authorize President to execute documentation related to buildings 5, 6, and 7 of the
TownCenter; including, but not limited to Deed of Trust and Security Agreement, Certificate of
Non - Foreign Status, Statute of Fraud Notice, Agreement for Ingress- Egress and Parking
Easement, Loan Assumption Agreement and Assignment Agreement
President Mundy provided a brief review regarding the financing requirements for Building 6
and 7 at TownCenter; he noted that it was necessary for the Economic Development
Corporation to grant the right for use of the land. Additionally, he stated that he and EDC
Director Bob Hart, and City Attorney Wayne Olson have reviewed the documentation to ensure
that the Economic Development Corporation's interests are protected. He recommends
approval to execute documents.
Motion To authorize President Mundy to execute documentation related to the construction of
buildings 6 and 7 at TownCenter. Action Approve, Moved By Rebecca Carlton, Seconded
By Adrienne Kay.
Motion passed Unanimously
V. STAFF ANNOUNCEMENTS /REPORTS
A. Oak Crest Development
B. TownCenter
C. Chamber of Commerce Report
Jack Thompson, Orasi Development/Kennedale Chamber reported on ongoing projects.
Jack informed the Board that he would provide information on Oak Crest during Executive
Session. He noted that McDonalds is scheduled to open mid - October. He stated that
TownCenter is moving along, with construction underway for buildings six and seven; adding
that Craig Hughes is actively pursuing other tenants for the existing empty spaces.
Jack reported that the Chamber had good attendance at the September State of the City
luncheon. He invited everyone to join Kennedale Chiropractic for a spooky Halloween
Business After Hours event. There will be a costume contest, party games, and tons of food
and drinks. This is a free event and is open to the public. Additional items of interest included
the Chamber's coffee chat networking event; the October State of the State luncheon; and the
November 27th Chamber golf tournament.
VI. EXECUTIVE SESSION
President Mundy recessed into executive session at 7:30 p.m.
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. Hospitality Project
2. 1170 Kennedale Parkway
VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
President Mundy reconvened into open session at 8:12 p.m.
The regular October meeting is scheduled for October 25, 2016; however, Krystal Crump stated
that Bob Hart would be out of town that week and we should set an alternate date. The Board
agreed on November 1, 2016 as an alternate date, if needed.
VIII. ADJOURNMENT
Motion To adjourn. Action Adjourn, Moved By Robert Mundy, Seconded By Mark Yeary.
Motion passed Unanimously
The meeting was adjourned at 8:21 p.m.
APPROVED:
President Robert IVIundy