2016_11.01 EDC Packet ic
KENNEDALE
Kennedale Economic
Development Corporation
www.cityofkennedale.com
ECONOMIC DEVELOPMENT CORPORATION
AGENDA
BOARD OF DIRECTORS - REGULAR MEETING
November 1, 2016
CITY COUNCIL CHAMBERS, 405 MUNICIPAL DRIVE
REGULAR SESSION - 7:00 PM
I. CALL TO ORDER
II. ROLL CALL
III. MINUTES APPROVAL
A. Consider approval of the minutes from the September 27, 2016 regular meeting
IV. REGULAR ITEMS
A. Review and accept the KEDC Financial Report for September 2016
B. Discuss and consider action regarding the extension of Orasi Development and Chamber of
Commence management agreements
V. STAFF ANNOUNCEMENTS/REPORTS
A. Oak Crest Development
B. TownCenter
C. Chamber of Commerce Report
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. Hospitality Project
2. 1170 Kennedale Parkway
3. 503 E. Kennedale Parkway
4. Oak Crest Redevelopment
VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
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 the City Secretary at 817.985.2104 or(TDD) 1.800.735.2989
CERTIFICATION
I certify that a copy of the November 1, 2016, 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.
Leslie Galloway, City 816cretary
405 Municipal Drive, Kennedale, TX 76060 1 Telephone: 817.985.2102 1 Fax: 817-478-7169
ic
KENNEDALE
Kennedale Economic
Development Corporation
www.cityofkennedale.com
STAFF REPORT TO THE BOARD OF DIRECTORS
Date: November 1, 2016
Agenda Item No: MINUTES APPROVAL - A.
I. Subject:
Consider approval of the minutes from the September 27, 2016 regular meeting
II. Originated by:
III. Summary:
Minutes are prepared by the Deputy City Secretary and ready for approval.
IV. Recommendation:
Approve
V. Alternative Actions:
VI. Attachments:
1. JEconomic Development Corporation Meeting Minutes - September 27, 2016 9-27-16 Final. df
_)c
KENNEDALE
Kennedale Economic
Development www.ci yofi(enn Corporation rn ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS - REGULAR MEETING
MINUTES
September 27, 2016
I. 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: ATTEST:
President Robert Mundy Deputy City Secretary Kathy E. Moore
ic
KENNEDALE
Kennedale Economic
Development Corporation
www.cityofkennedale.com
STAFF REPORT TO THE BOARD OF DIRECTORS
Date: November 1, 2016
Agenda Item No: REGULAR ITEMS - A.
I. Subject:
Review and accept the KEDC Financial Report for September 2016
II. Originated by:
Finance Director, Director of Finance & IT
Bob Hart
III. Summary:
Finance Director, Krystal Crump will provide an overview of the September 2016 Kennedale Economic
Development Corporation Financial Report.
IV. Recommendation:
Approve
V. Alternative Actions:
VI. Attachments:
1. ISeptember 2016 Monthly Financials 12016 09 Monthly Financials. df
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
ECONOMIC DEVELOPMENT CORPORATION FINANCIALS SUMMARY
Budget Amendment
No budget amendments
Monthly Information
Sales Taxes are slightly exceeding budget expectations and prior year numbersto date.
Interest and admin chargeto general fund have not been booked yet.
Functional Grant line item-paid out property taxes for H&Oand paying out salestaxesfor H2O per
380 agreements.
Rental Fees, MMD Tax and Rental Insurance are reported on the Accrual Basis of Accounting, while
all other revenues and expenditures are reported on the Cash Basis. This procedure has been in
effect for several years, but can be changed should the Board wish.
Krystal Crump
Finance Director
ADD111ONAL I N FORM ATION
FUND 15-OPERATING FUND(ALLBILLSAND REVENUEFECBVED IN THIS FUND)
FUND 19-C RTALBOND FUND(FEMAININGC RTALMONEY)
FUND 95- PESB:?\/E FUND FOR DEBT FEW F EM ENT;
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
EDC CASH POSITION
FY14-15 FY15-16 CURRENT FY15-16
CATEGORY ACTUAL PROPOSED MONTH YTD
BEGINNING CASH BALANCE-FUND 15 $ 177,198 $ 90,295 $ 19,486 $ 90,295
BEGINNING TEXPOOL BALANCE-FUND 15 $ 19 $ 19 $ $ 19
BEGINNING TEXPOOL BALANCE-FUND 19 $ 29,429 $ 29,444 $ 29,520 $ 29,444
BEGINNING CASH BALANCE-FUND 95 $ 119,922 $ 119,962 $ 120,115 $ 119,962
TOTAL REVENUES $ 670,895 $ 912,036 $ 83,637 $ 587,418
TOTAL EXPENDITURES $ 733,118 $ 711,842 $ 23,690 $ 676,835
CHANGE IN CASH DURING PERIOD $ (86,848) $ 200,166 $ 25,952 $ (44,647)
ENDING CASH BALANCE-FUND 15 $ 90,295 $ 315,449 $ 45,439 $ 45,439
ENDING TEXPOOL BALANCE-FUND 15 $ 19 $ 19 $ $
ENDING TEXPOOL BALANCE-FUND 19 $ 29,444 $ 4,456 $ 29,520 $ 29,520
ENDING CASH BALANCE-FUND 95 $ 119,962 $ 119,962 $ 120,115 $ 120,115
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
ALL EDC FUNDS
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY- PY %OF BUDGET BUDGET
CATEGORY YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
BEGINNING FUND BALANCE $ 376,091 $ 376,091 $ 258,442 $ 164,504 $ 313,867
AD VALOREM TAXES 38,861 38,861 48,062 393 34,335 0 71.4% 13,727
SALES/BEVERAGE TAXES 457,222 457,222 350,000 60,202 337,827 15,209 96.5% 12,173
INVESTMENT EARNINGS 112 112 80 - 304 40 380.3% (224)
MISCELLANEOUS INCOME 57,855 57,855 384,120 2,045 114,347 - 29.8% 269,773
SURPLUS SALES/RENTALS 116,845 116,845 129,774 20,997 100,606 (4,918) 77.5% 29,168
TOTAL REVENUES $ 670,895 $ 670,895 $ 912,036 $ 83,637 $ 587,418 $ 10,331 64.47. $ 324,618
SUPPLIES 4,625 4,625 3,100 - 5,110 - 164.8% (2,010)
MAINTENANCE 39,375 39,375 23,592 273 19,709 83.5% 3,883
SUNDRY 243,724 243,724 210,258 18,150 312,617 (19,764) 148.7% (102,359)
DEBT 169,796 169,796 166,374 4,573 166,773 (3,475) 100.2% (399)
TRANSFERS 153,519 153,519 153,519 - 151,919 (0) 99.0% 1,600
CAPITAL 122,078 122,078 155,000 695 20,707 (887) 13.4% 134,293
TOTAL EXPENDITURES $ 733,118 $ 733,118 $ 711,842 $ 23,690 $ 676,835 $ (24,127) 95.1% $ 35,008
REVENUES OVER EXPENDITURES $ (62,224) $ (62,223) $ 200,194 $ 59,947 $ (89,417)
ENDING FUND BALANCE $ 313,867 $ 313,867 $ 458,635 $ 224,451 $ 224,451
ADJUSTMENTS
FUND BALANCE AS%OF EXP 42.8% 42.8% 64.4% 947.4% 33.2%
RESERVE(NO REQUIREMENT) $ - $ - $ - $ - $ -
RESERVE SURPLUS/(SHORTFALL) $ 313,867 $ 313,867 $ 458,635 $ 224,451 $ 224,451
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC4B FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY % BUDGET BUDGET
INCOME STATEMENT YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
OPERATING REVENUES 670,783 670,783 911,956 83,637 587,114 10,291 (1) 324,842
OPERATING EXPENDITURES (579,600) (579,599) (533,324) (23,690) (524,916) 24,126 0 (8,408)
OPERATING INCOME/(LOSS) 91,183 91,184 378,633 59,947 62,198 34,418 (1) 316,435
NONOPERATING REVENUES/(EXPENSES)
INTEREST EARNINGS 57 57 40 - 75 36 2 (35)
TRANSFERS IN - - - - - - -
(TRANSFEROUT) (153,519) (153,519) (153,519) - (151,919) 0 (1) (1,600)
NET OPERATING INCOME/(LOSS) (62,279) (62,278) 225,154 59,947 (89,646) 34,454 (0) 314,800
BEGINNING FUND BALANCE $226,740 $226,740 $ 109,049 $ 14,869 $164,462
ENDING FUND BALANCE(EXCLUDING OTHER FUNDS) $164,462 $164,462 $ 334,203 $ 74,816 $ 74,816
95:EDC413 RESERVE FUND $ 119,938 $ 119,977 $ 119,977 $ 120,115 $ 120,115
19:EDC413 CAPITAL BOND FUND $ 54,449 $ 4,456 $ 4,456 $ 29,520 $ 29,520
ENDING FUND BALANCE(INCLUDING OTHER FUNDS) $338,848 $288,894 $ 458,635 $224,451 $224,451
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC411 FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY- PY OF BUDGET BUDGET
CATEGORY YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
BEGINNING FUND BALANCE $ 226,740 $ 226,740 $ 109,049 $ 14,869 $ 164,462
AD VALOREM TAXES 38,861 38,861 48,062 393 34,335 0 71.4% 13,727
SALES/BEVERAGE TAXES 457,222 457,222 350,000 60,202 337,827 15,209 96.5% 12,173
INVESTMENT EARNINGS 57 57 40 - 75 36 187.6% (35)
MISCELLANEOUS INCOME 57,855 57,855 384,120 2,045 114,347 - 29.8% 269,773
SURPLUS SALES/RENTALS 116,845 116,845 129,774 20,997 100,606 (4,918) 77.5% 29,168
TOTAL REVENUES $ 670,840 $ 670,840 $ 911,996 $ 83,637 $ 587,189 $ 10,327 64.4% $ 324,807
SUPPLIES 4,625 4,625 3,100 - 5,110 - 164.8% (2,010)
MAINTENANCE 39,375 39,375 23,592 273 19,709 83.5% 3,883
SUNDRY 243,724 243,724 210,258 18,150 312,617 (19,764) 148.7% (102,359)
DEBT 169,796 169,796 166,374 4,573 166,773 (3,475) 100.2% (399)
TRANSFERS 153,519 153,519 153,519 - 151,919 (0) 99.0% 1,600
CAPITAL 122,078 122,078 130,000 695 20,707 (887) 15.9% 109,293
TOTAL EXPENDITURES $ 733,118 $ 733,118 $ 686,842 $ 23,690 $ 676,835 $ (24,127) 98.57. $ 10,008
REVENUES OVER EXPENDITURES $ (62,279) $ (62,278) $ 225,154 $ 59,947 $ (89,646)
ENDING FUND BALANCE $ 164,462 $ 164,462 $ 334,203 $ 74,816 $ 74,816
ADJUSTMENTS
FUND BALANCE AS%OF EXP 22.47. 22.4% 48.757. 315.87. 11.1%
RESERVE(NO REQUIREMENT) $ - $ - $ - $ - $ -
RESERVE SURPLUS/(SHORTFALL) $ 164,462 $ 164,462 $ 334,203 $ 74,816 $ 74,816
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC4B FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
4002-00-00 MMD TAX-CURRENT YEAR 38,861 38,861 48,062 393 34,335 0 71.4% 13,727
AD VALOREM TAXES $ 38,861 $ 38,861 $ 48,062 $ 393 $ 34,335 $ 0 71.4% $ 13,727
4081-00-00 SALES TAX 457,222 457,222 350,000 60,202 337,827 15,209 96.5% 12,173
SALES/BEVERAGE TAXES $457,222 $457,222 $ 350,000 $ 60,202 $337,827 $ 15,209 96.5% $ 12,173
4401-00-00 INVESTMENT INCOME 57 57 40 - 75 36 187.6% (35)
INVESTMENT EARNINGS $ 57 $ 57 $ 40 $ - $ 75 $ 36 187.6% $ (35)
4409-00-00 MISCELLANEOUS INCOME 57,855 57,855 384,120 2,045 114,347 - 29.8% 269,773
MISCELLANEOUS INCOME $ 57,855 $ 57,855 $ 384,120 $ 2,045 $114,347 $ 29.8% $ 269,773
4805-00-00 RENTAL FEES-SHOPPING CENTER 116,477 116,477 121,274 20,871 98,580 (4,918) 81.3% 22,694
4806-00-00 RENTAL INSURANCE 368 368 8,500 126 2,026 23.8% 6,474
SURPLUS SALES/RENTALS $116,845 $116,845 $ 129,774 $ 20,997 $100,606 $ (4,918) 77.5% $ 29,168
TOTAL REVENUES $670,840 $670,840 $ 911,996 $ 83,637 $587,189 $ 10,327 64.4% $ 324,807
TOTAL REVENUES(EXCLUDING INTEREST/TRANSFERS) $670,783 $670,783 $ 911,956 $ 83,637 $587,114 $ 10,291
10%ADMIN CHARGE-GENERAL FUND 67,078 67,078 91,196 8,364 58,711 1,029
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15: EDC413 FUND
FY15-16
PROPOSED
4002-00-00 MMD TAX-CURRENT YEAR BASED ON FY13/14 ASSESSED VALUEOF 48,062
$2,783,693 AND TOTAL TAX RATE OF
2.880965 PER $100 (MINUS TRACT 1 R
FOR SURPLUS)
CITY OF KENNEDALE:$0.747500
KENNEDALE ISD:$1.492068
TARRANT COUNTY:$0.264000
TARRANT HOSPITAL:$0.227897
4081-00-00 SALES TAX GENERALLY BUDGET BASED ON PRIOR 350,000 350,000
3 YEARS OF HISTORY
4401-00-00 INVESTMENT INCOME EARNING BASED UPON AVERAGE 40 40
BALANCE/INTEREST RATE:
4409-00-00 MISCELLANEOUS INCOME SALE OF 1121 WEST KENNEDALE 360,000 384,120
PARKWAY
(APACHE/NACHO/FOX/WHEELER/HUN
DE PURCHASED FY09/10) - 3RD
PADSITE,4TH PADSITE REMAININC
MONTHLY FEE FROM CHAMBER FOR 24,000
SERVICES ($2000 MONTH)
MONTHLY FEE FROM CHAMBER PER 120
RENTALAGREEMENT($10 MONTH) PLUS
100 DEPOSIT
4411-00-00 TX LEVERAGE PROG REIMBURSEMENTS PRINCIPAL & INTEREST PAYMENTS -
RECEIVED FROM GROVER TO
REIMBURSE THE STATE EDC FOR $1.7M
LOAN
4805-00-00 RENTAL FEES-SHOPPING CENTER CHICKEN EXPRESS ($2518 MONTH, 22,662 121,274
RELOCATION JUL 2013, LEASE EXPIRES
05/31/17,GOES TO$0 UPON MOVE)
DOLLAR GENERAL ($4719 MONTH, 56,628
LEASE EXPIRES 07131117, 2%
MANAGEMENT FEE FOR AT RENEWA
BUILDING ONE VACANT ($8400 -
MONTH, LEASE EXPIRES 05/31/16, 2%
MANAGEMENT FEE FOR AT RENEWAL)
PREPAID TENANT FEES RECEIVED BUT 41,984
CORRESPONDING OFFSET OCCURS
WHEN BOOKED AGAINST CAM
EXPENSES (EXCLUDES RENTAL
INSURANCE CAM
4806-00-00 RENTAL INSURANCE RENTAL CAM COLLECTED ON LEASE 8,500 8,500
AGREEMENTS AND THEN USED TO PAY
TML INSURANCE (OFFSETTING EXPENSE
UNDER TOWN SHOPPING CENTER)
TOTAL REVENUES $ 911,996
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC4B FUND
01:ADMINISTRATION
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY %OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
5240-01-00 PRINTED SUPPLIES 4,505 4,505 3,000 5,110 170.3% (2,110)
5260-01-00 GENERAL OFFICE SUPPLIES - - 50 - 0.0% 50
5261-01-00 POSTAGE 120 120 50 - 0.0% 50
SUPPLIES $ 4,625 $ 4,625 $ 3,100 $ $ 5,110 $ 170.37. $ (2,010)
5501-01-00 ADVERTISING 359 359 1,200 20 210 17.5% 990
5510-01-00 ASSOC DUES/PUBLICATIONS 4,755 4,755 4,020 - 5,356 133.2% (1,336)
5525-01-00 TRAINING/SEMINARS - - 250 - - 0.0% 250
5565-01-00 LEGAL SERVICES 9,700 9,700 1,000 950 5,662 (8,700) 566.2% (4,662)
5567-01-00 AUDIT SERVICES 2,000 2,000 2,000 - 2,000 100.0%
5570-01-00 SPECIAL SERVICES 82,708 82,708 72,600 7,711 105,053 (15,000) 144.7% (32,453)
5578-01-00 TRAVEL 70 70 100 - - 0.0% 100
5580-01-00 ENGINEERING SERVICES 17,038 17,038 1,000 55,070 (10,000) 5507.0% (54,070)
5595-01-00 ADMIN CHARGE-GENERAL FUND 60,557 60,557 91,196 52,710 6,336 57.8% 38,486
5610-01-00 VISUAL GRANT - - - 6,279 11,122 - 0.0% (11,122)
5615-01-00 FUNCTIONAL GRANT 39,097 39,097 - 1,557 50,521 (37,744) 0.0% (50,521)
SUNDRY $ 216,284 $ 216,284 $ 173,366 $ 16,516 $ 287,703 $ (65,108) 166.0% $ (114,338)
5625-01-00 ISSUANCE COST - - - - - 0.0%
DEBT $ $ $ $ $ $ 166.07o $
5800-01-00 LAND 20,887 20,887 695 1,968 (20,887) 0.0% (1,968)
CAPITAL $ 20,887 $ 20,887 $ $ 695 $ 1,968 $ (20,887) 0.0% $ (1,968)
TOTAL EXPENDITURES $ 241,795 $ 241,795 $ 176,466 $ 17,211 $ 294,782 $ (85,995) 167.07. $ (118,316)
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15: EDC4B FUND
01:ADMINISTRATION
FY15-16
PROPOSED
5240-01-00 PRINTED SUPPLIES PRINTED MAPS OF ENTIRE CITY - 3,000
EDC COPIES/BROCHURES 3,000
CITY MARKETING FLYERS/AERIAL PHOTOS -
5260-01-00 GENERAL OFFICE SUPPLIES FILES/FOLDERS/PAPER/PENCILS 50 50
5261-01-00 POSTAGE FOR MAIL OUTS/MARKETING PACKAGES 50 50
5280-01-00 MINOR EQUIP/SMALLTOOLS<$5K ADDITIONAL EQUIPMENT ASSOCIATED WITH -
PRESENTATIONS/MARKETING
5290-01-00 EXPENDABLE SUPPLIES TOWN CENTER GRAND OPENING
9/11 MEMORIAL
5440-01-00 OFFICE EQUIP/SOFTWARE MAINT - -
5501-01-00 ADVERTISING PROMOTIONAL ADVERTISING, LEGAL NOTICES 1,200 1,200
AND BUDGET HEARING AD 1200
5510-01-00 ASSOC DUES/PUBLICATIONS TEXAS ECONOMIC DEVELOPMENT 200 4,020
COMMISSION
CITY($1875) &EDC ($675) KENNEDALE 2,550
CHAMBER MEMBERSHIP
DALLAS CHAMBER ($870) & TX MONTHLY 1,270
ECONOMIC GUIDE AD ($0), DALLAS CHAMBER
MAP ADD 400
5525-01-00 TRAINING/SEMINARS EDC TRAINING THROUGH VARIOUS 250 250
ASSOCIATIONS BY BOARC
5565-01-00 LEGAL SERVICES BILLABLE HOURS FOR CITY ATTORNEY ON EDC 1,000 1,000
RELATED PROJECTS (I.E., HOTEL, OTHER
POTENTIAL OPPORTUNITIES'
5567-01-00 AUDIT SERVICES PATILLO, BROWN & HILL SERVICES FOR 2,000 2,000
INDEPENDENT ANNUAL AUDIT (FYI 1/12 $1500,
FY12/13 $1500, FY13/14 $2K, FY14/15 $2K,
FY15 16 2250
5570-01-00 SPECIAL SERVICES TOW N CENTER CONSULTING FIRM 66,000 72,600
(APPROXIMATELY $5500/MONTH BEGINNING
JUL 2014, TO INCLUDE $3500 FOR EDC
SERVICES, $2000 FOR CHAMBER SERVICES) -
$2000 DIRECT REVENUE OFFSET FROM
CHAMBER EACH MONTH
CONTRACT WITH MUNISERVICES FOR SALES TAX
AUDIT SERVICES, 35% CONTINGENCY IF
REALLOCATIONS ARE UNCOVERED DUE TO
REPORTING ERRORS (APPLIES TO FIRST 8
CONSECUTIVE REPORTING QUARTERS
FOLLOWING CORRECTION, SHARED 75%
CITY/%25 EDC)
WEBSITE MAINTENANCE BY CONSULTANT 6,600
550/MONTH
5575-01-00 EQUIPMENT RENTAL -
5578-01-00 TRAVEL TRAVEL RELATED TO OTHER EDC 100 100
TRAINING/SEMINARS BY STAFF/BOARS
5580-01-00 ENGINEERING TIED TO POTENTIAL ACTIVITIES/PROJECTS (I.E., 1,000 1,000
HOTEL ETC.
5585-01-00 TELEPHONE SERVICES - -
5595-01-00 ADMIN CHARGE-GENERAL FUND CHARGE FOR SERVICES PROVIDED BY 91,196 91,196
GENERAL FUND RESOURCES (10% TOTAL
REVENUES EXCLUDING INTEREST RANSFERS
5615-01-00 FUNCTIONAL GRANT -
5701-01-00 TRANSFER OUT-GENERAL FUND
5800-01-00 LAND
TOTAL EXPENDITURES $ 176,466
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC413 FUND
01:ADMINISTRATION
03:DEBT SERVICE
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
5643-01-03 2007$1.2M TAX BOND-INTEREST 65,625 65,625 62,203 62,135 (3,475) 99.9% 68
5644-01-03 2007$1.2M TAX BOND-PRINCIPAL 50,000 50,000 50,000 50,000 - 100.0% -
5645-01-03 2011 $1.7M TX LEVERAGE-INT 17,024 17,024 15,798 1,367 15,930 (1,226) 100.8% (131)
5646-01-03 2011 $1.7M TX LEVERAGE-PRI 37,147 37,147 38,373 3,205 38,709 1,226 100.9% (336)
DEBT $169,796 $169,796 $ 166,374 $ 4,573 $166,773 $ (3,475) 100.27o $ (399)
5702-01-03 TRANSFER OUT-DEBT SERVICE FUND 153,519 153,519 153,519 - 151,919 (0) 99.0% 1,600
TRANSFER $153,519 $153,519 $ 153,519 $ - $151,919 $ (0) 99.07. $ 1,600
TOTAL EXPENDITURES $323,315 $323,315 $ 319,893 $ 4,573 $318,692 $ (3,475) 99.67. $ 1,201
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15: EDC413 FUND
O1:ADMINISTRATION
03: DEBT SERVICE
FY15-16
PROPOSED
5620-01-03 ISSUANCE COSTS AGENT FEES TO HANDLE BOND
AMORTIZATIONS
5621-01-03 PAYING AGENT FEES FEES RELATED TO THE ACQUISITION OF
NEW DEBT (BANK/BOND
ATTORNEY/FINANCIAL ADVISOR). BANK
IS PAYING AGENT IN PRIVATE
PLACEMENT AND GENERALLY DOES
NOT CHARGE.
5643-01-03 2007$1.2M TAX BOND-INTEREST DUE 11/01 31,102 62,203
DU E 05/01 31,102
5644-01-03 2007$1.2M TAX BOND-PRINCIPAL DUE 05/01 50,000 50,000
5645-01-03 2011 $1.7M TX LEVERAGE-INT DUE BY 1ST OF EACH MONTH (BEGINS 15,798 15,798
11/01/2011
5646-01-03 2011 $1.7M TX LEVERAGE-PRI DUE BY 1ST OF EACH MONTH (BEGINS 38,373 38,373
11/01/2011
5702-01-03 TRANSFER OUT-DEBT SERVICE FUND DUE 1 1/01 INTEREST 2010 $2.OM CO 36,759 153,519
BOND
DUE 05/01 INTEREST 2010 $2.OM CO 36,759
BOND
DUE 05/01 PRINCIPAL : 2010 $2.OM CO 80,000
BOND
TOTAL EXPENDITURES $ 319,893
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC4B FUND
02:TOWN SHOPPING CENTER
FY14-15 FY14-15 FYI 5-16 CURRENT FY15-16 CY-PY OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
5403-02-00 BUILDING MAINTENANCE 39,375 39,375 23,592 273 19,709 83.5% 3,883
MAINTENANCE $ 39,375 $ 39,375 $ 23,592 $ 273 $ 19,709 $ 83.5% $ 3,883
5530-02-00 ELECTRIC SERVICES 5,297 5,297 5,000 517 5,401 108.0% (401(
5545-02-00 INSURANCE-PROPERTY 6,347 6,347 8,500 - 6,121 72.0% 2,379
5570-02-00 SPECIAL SERVICES 15,796 15,796 13,392 1,116 13,392 100.0% -
SUNDRY $ 27,441 $ 27,441 $ 26,892 $ 1,633 $ 24,914 $ 92.6% $ 1,978
TOTAL EXPENDITURES $ 66,816 $ 66,816 $ 50,484 $ 1,906 $ 44,622 $ 88.47o $ 5,862
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15: EDC413 FUND
02:TOWN SHOPPING CENTER
FY15-16
PROPOSED
5403-02-00 BUILDING MAINTENANCE WATER ($350/MONTH) 4,200 23,592
FIRE SPRINKLER-CAM ($150/QUARTER) 600
LANDSCAPE/MATERIALS-CAM
($1 166/MONTH) 13,992
MAINTENANCE-CAM ($400/MONTH) 4,800
5530-02-00 ELECTRIC SERVICES ELECTRICITY-CAM 5,000 5,000
5545-02-00 INSURANCE-PROPERTY COVERAGE THROUGH TEXAS 8,500 8,500
MUNICIPAL LEAGUE (CHICKEN
EXPRESS/DOLLAR GENERAL BUILDING
ON TML SCHEDULE, ALL OTHER
BUILDINGS CARRIED ON CYPRESS
5570-02-00 SPECIAL SERVICES PROPERTY/ASSET MANAGEMENT ($500 6,000 13,392
PER MONTH)
SEP 2015 - FEB 2017:SUBWAY$150,ACE 7,392
$466 OR $7392 FY 15/16 - FY 16/17
ANNUAL
MAR 2017-AUG 2018:SUBWAY$150 OR -
1800 FY17 18 ANNUAL
TOTAL EXPENDITURES $ 50,484
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC4B FUND
03:TOWN CENTER REDEVELOPMENT
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY %OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
5580-03-00 ENGINEERING SERVICES 10,000 10,000 0.0% 10,000
SUNDRY $ $ $ 10,000 $ $ $ 10,000 0.0% $ 10,000
5847-03-00 CONSTRUCTION 80,000 80,000 0.0% 80,000
CAPITAL $ $ $ 80,000 $ $ $ 80,000 0.0% $ 80,000
$ $ $ 90,000 $ $ $ 90,000 0.0% $ 90,000
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15: EDC413 FUND
03:TOWN CENTER REDEVELOPMENT
FY15-16
PROPOSED
5580-03-00 ENGINEERING SERVICES PARKING LOT MODIFICATION 10,000 10,000
5847-03-00 CONSTRUCTION CHICKEN EXPRESS BUILDING HEALTH 5,000 80,000
INSPECTIONS/ASBESTOS SURVEY
CHICKEN EXPRESS TEAR DOWN/DEMOLITION 25,000
CHICKEN EXPRESS PARKING LOT MODIFICATION
50,000
TOTAL EXPENDITURES :,1 90,000
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15:EDC4B FUND
04:TEXAS LEVERAGE PROGRAM
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY- PY OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
5800-04-00 LAND 101,192 101,192 50,000 18,739 (60,000) 37.5% 31,261
CAPITAL $ 101,192 $ 101,192 $ 50,000 $ $ 18,739 $ (60,000) 37.57. $ 31,261
$ 101,192 $ 101,192 $ 50,000 $ $ 18,739 $ (60,000) 37.5% $ 31,261
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
15: EDC4B FUND
04:TEXAS LEVERAGE PROGRAM
FY15-16
PROPOSED
5800-00-00 LAND HOTELPROPERTY 50,000 50,000
TOTAL EXPENDITURES $ 50,000
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
19:EDC4B CAPITAL BOND FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY- PY OF BUDGET BUDGET
CATEGORY YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
BEGINNING FUND BALANCE $ 29,429 $ 29,429 $ 29,441 $ 29,520 $ 29,444
INVESTMENT EARNINGS 15 15 15 - 76 (5) 505.6% (61)
TOTAL REVENUES $ 15 $ 15 $ 15 $ $ 76 $ (5) 505.6% $ (61)
CAPITAL - - 25,000 - - 0.0% 25,000
TOTAL EXPENDITURES $ - $ - $ 25,000 $ $ - $ 0.0% $ 25,000
REVENUES OVER EXPENDITURES $ 15 $ 15 $ (24,985) $ $ 76
ENDING FUND BALANCE $ 29,444 $ 29,444 $ 4,456 $ 29,520 $ 29,520
ADJUSTMENTS
FUND BALANCE AS%OF EXP N/A N/A 17.8% N/A N/A
RESERVE(NO REQUIREMENT) $ - $ - $ - $ - $
RESERVE SURPLUS/(SHORTFALL) $ 29,444 $ 29,444 $ 4,456 $ 29,520 $ 29,520
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
19:EDC4B CAPITAL BOND FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
4401-00-00 INVESTMENT INCOME 15 15 15 76 (5) 505.6% (61)
INVESTMENT EARNINGS $ 15 $ 15 $ 15 $ $ 76 $ (5) 505.67o $ (61)
TOTAL REVENUES $ 15 $ 15 $ 15 $ $ 76 $ (5) 505.67o $ (61)
19:EDC4B CAPITAL BOND FUND
01:TOWN CENTER REDEVELOPMENT
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY 76 OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
5847-01-00 CONSTRUCTION 25,000 0.0% 25,000
CAPITAL $ $ $ 25,000 $ $ $ 0.076 $ 25,000
TOTAL EXPENDITURES $ $ $ 25,000 $ $ $ 0.076 $ 25,000
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
19: EDC4B CAPITAL BOND FUND
FY15-16
PROP
4401-00-00 INVESTMENT INCOME EARNING BASED UPON AVERAGE 15
BALANCE INTEREST RATE,'
TOTAL REVENUES
19: EDC4B CAPITAL BOND FUND
01:TOWN CENTER REDEVELOPMENT
FY15-16
PROPQUD-
5847-01-00 CONSTRUCTION WATER TANK IN TOWNCENTER 25,000 25,000
TOTAL EXPENDITURES $ 25,000
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
95:EDC4B RESERVE FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY- PY %OF BUDGET BUDGET
CATEGORY YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
BEGINNING FUND BALANCE $ 119,922 $ 119,922 $ 119,952 $ 120,115 $ 119,962
INVESTMENT EARNINGS 40 40 25 - 153 9 613.4% (128)
TOTAL REVENUES $ 40 $ 40 $ 25 $ $ 153 $ 9 613.47. $ (128)
TOTAL EXPENDITURES $ - $ - $ - $ $ - $ 0.0% $
REVENUES OVER EXPENDITURES $ 40 $ 40 $ 25 $ $ 153
ENDING FUND BALANCE $ 119,962 $ 119,962 $ 119,977 $ 120,115 $ 120,115
ADJUSTMENTS - -
FUND BALANCE AS%OF EXP N/A N/A N/A N/A N/A
RESERVE($112,606 REQUIREMENT) $ 112,606 $ 112,606 $ 112,606 $ 112,606 $ 112,606
RESERVE SURPLUS/(SHORTFALL) $ 7,356 $ 7,356 $ 7,371 $ 7,509 $ 7,509
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE,TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
95:EDC4B RESERVE FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY % BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
4401-00-00 INVESTMENT INCOME 40 40 25 153 9 613.4% (128)
INVESTMENT EARNINGS $ 40 $ 40 $ 25 $ $ 153 $ 9 613.476 $ (128)
TOTAL REVENUES $ 40 $ 40 $ 25 $ $ 153 $ 9 613.476 $ (128)
95:EDC4B RESERVE FUND
FY14-15 FY14-15 FY15-16 CURRENT FY15-16 CY-PY %OF BUDGET BUDGET
ACCOUNT ACCOUNT NAME YTD ACTUAL ADOPTED MONTH YTD CHANGE USED REMAINING
TRANSFERS $ $ $ $ $ $ 0.07o $
TOTAL EXPENDITURES $ $ $ $ $ $ 0.07o $
"EXEMPLIFYING EXCELLENCE"
CITY OF KENNEDALE, TEXAS
ANNUAL PROGRAM OF SERVICES
MONTHLY FINANCIALS
95: EDC413 RESERVE FUND
FY15-16
PROPOSED
4401-00-00 INVESTMENT INCOME EARNING BASED UPON AVERAGE 25
BALANCE INTEREST RATES
TOTAL REVENUES
FY15-16
PROPOSED
TOTAL EXPENDITURES
"EXEMPLIFYING EXCELLENCE"
ic
KENNEDALE
Kennedale Economic
Development Corporation
www.cityofkennedale.com
STAFF REPORT TO THE BOARD OF DIRECTORS
Date: November 1, 2016
Agenda Item No: REGULAR ITEMS - B.
I. Subject:
Discuss and consider action regarding the extension of Orasi Development and Chamber of
Commence management agreements
II. Originated by:
III. Summary:
The Comprehensive Operations Assistance Agreement between the Economic Development
Corporation and the Kennedale Chamber of Commerce is attached for review and to approve
the extension of the agreement for an additional 12 months.
IV. Recommendation:
V. Alternative Actions:
VI. Attachments:
1. Jorasi Development/ Chamber Agreement Renewal JEDC Chamber A reement-2016.doc
Comprehensive Operations Assistance Agreement
This Agreement is made and entered into this day of
, 2016, by and between the Kennedale Economic Development
Corporation, hereinafter called "EDC," and the Kennedale Chamber of Commerce,
hereinafter called "Chamber."
WITNESSETH:
WHEREAS, the Chamber desires to obtain the services of the EDC to provide
Operational Services for the Chamber on the terms outlined herein;
NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained, the parties hereto agree as follows:
Section 1. Duties
The EDC hereby agreesto perform thefollowing functions and servicefor the
benefit of the Chamber:
• I nvolvement with regional chamber organizations
• Business visits and membership recruitment
• Development of membership benefitsand educational opportunities
• Support membership—monthly luncheon and Business After hours
• Special events coordination - parade, golf tournament, and support of Art
in the Park
• Support board meetings and committee meetings
• Staff management
• Promotion of the 12 @ 12 quarterly luncheon
• Bi-annualIegislativedaytriptoAustin
• The EDC Board and the Chamber board to meet j of ntly twice each year
• The officers of the EDC and the Chamber executive committee to meet
tw ice each year
• Career fad r with Iocal busi nesses
• M ai ntai n Web-si to mad ntenance and design
• Design and production of newsletters, print advertisements, and other
marketing materials.
• Developi ng I ncentive packages
• Retention and expansion programs
• Economi c base anal ysi s
• Demographic research
• Represent Chamber at Trade Shows
The Chamber understands that any person provided by the EDC to perform the
services hereunder is an officer or employee of the EDC; thus, should the Chamber have
personnel problems beyond day-to-day chamber operations that need to be resolved, it
should bedonethrough the EDC and not with theofficer or employee directly.
Section 2. Term, Renewal and Extension
Term. The initial term of this Agreement shall be from July 1, 2014 through
September 30, 2014.
Renewal and Extension. The Chamber shall consider this Agreement for
renewal no less than sixty (60) days prior to the end of the initial term. Either party may
allow this Agreement to terminate with a written "Notice of Intent Not to Renew"
provided to the other party no less than thirty (30) days prior to the end of the i nitial term.
Any extension or modificationsof theterm, scopeand provisionsof this Agreement shall
be separately negotiated by the EDC and the Chamber. Service provisions and fixed
hourly rates for specific economic development projects and other such special projects
above and beyond the basic services set forth in this Agreement may be jointly agreed
upon by the Chamber and the EDC.
Section 3. Compensation
The Chamber agrees to pay the EDC for its services rendered pursuant hereto a
fee of $2,000 per month and provide office space for use by the EDC.
The EDC shall also be reimbursed any reasonable business expenses incurred
while performing duties for the Chamber. Such business expenses include but are not
limited to off-site computer expenses, direct Chamber advertising expenses, special data
and/or demographic purchases, hotel room and meals when required to be away from the
Dallas/Fort Worth region, and materials required to produce reports and presentations,
postage, etc. The EDC shall get permission from the Chamber prior to making such
expenditures.
Section 4. Indemnification
The Chamber shall indemnify and hold harmless the EDC against any costs and
expenses(including attorney's f ees) and am ou nts act ual I y and reasonably incurred by the
EDC in connection with the defense of any civil, criminal or administrative action, suit or
proceeding in which the EDC is made a party or with which the EDC is threatened, by
reason of this Agreement or because of any act w i t h i n the course and scope of the EDC's
duties and functions hereunder; provided the EDC acted in good faith and in a manner in
which the EDC reasonably bel ieved to be i n, or not opposed to, the best i nterest of the
Chamber. Notwithstanding the foregoing, the EDC shall not be entitled to
indemnification regarding (1) any matter in which the EDC shall beadjudged to be solely
liable for negligence or misconduct in the performance of the EDC's duties, or (2) any
matter in which the EDC fails to notify the Chamber of a claim within a reasonable time
or fails to cooperate in the defense of such claim, but only to the extent that the defense
of such claim is prejudiced by the EDC'sfailureto give noticeor to cooperate.
Section 5. General Provisions
The text herein shall constitute the entire agreement between the parties. This
Agreement supersedes all other agreements, either oral or in writing, between the parties
to this Agreement, with respect to the services of the EDC to the Chamber. If any
provision, or any portion thereof, contained in this Agreement is held to be
unconstitutional, invalid or unenforceable, the remainder of this Agreement, or portion
thereof, shall be deemed severable, shall not be affected and shall remain in full force and
effect.
Section 6. Termination of Agreement for Cause
If, through any cause, either party shall fail to fulfill in a timely and proper
manner any of its obligations under this Agreement, or if either party shall violate any of
the covenants, agreements or stipulations of this Agreement, the other party shall
thereupon have the right to terminate thisAgreement by giving written notice to the party
of cause. In that event, all finished or unfinished documents, data, studies, surveys and
reports prepared by the EDC shall be delivered to the Chamber and shall become the
property of the Chamber upon recei pt of compensation for the current month.
Section 7. Other Terminations
Either party may terminate thisAgreement at any time by giving written noticeto
the other party of such termination and specifying the effective date thereof, at least sixty
(60) days before the effective date of such termination. It is mutually agreed that if this
Agreement is terminated by the Chamber as provided herein, all finished and unfinished
documents, charts and studies prepared by the EDC in the performance of thisAgreement
shall become the sole property of the Chamber and shall be delivered to the Chamber by
the EDC upon receipt of compensation for the last month of work completed.
Section 8. Assignability
The EDC shall not assign any interest in thisAgreement without the prior written
consent of the Chamber.
Section 9. Confidentiality
Any reports, information, data, etc. given to or prepared or assembled by the EDC
under thisAgreement shall not be made availableto any individual or organization by the
EDC without the prior written approval of the Chamber, unless required by state law.
I n Witness Whereof, the parties by their duly authorized officers have caused this
Agreement to be executed as of the date above.
Kennedale Economic Development Corporation
By: (signature)
Robert Mundy, President
Kennedale Chamber of Commerce
By: (signature)
Rebecca Carlton, Chai r
ic
KENNEDALE
Kennedale Economic
Development Corporation
www.cityofkennedale.com
STAFF REPORT TO THE BOARD OF DIRECTORS
Date: November 1, 2016
Agenda Item No: STAFF ANNOUNCEMENTS/REPORTS - A.
I. Subject:
Oak Crest Development
B. TownCenter
C. Chamber of Commerce Report
II. Originated by:
Bob Hart
III. Summary:
The Director will provide an update on these items.
• Oak Crest Development
• TownCenter
• Chamber of Commerce Report
IV. Recommendation:
None
V. Alternative Actions:
VI. Attachments:
ic
KENNEDALE
Kennedale Economic
Development Corporation
www.cityofkennedale.com
STAFF REPORT TO THE BOARD OF DIRECTORS
Date: November 1, 2016
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. Hospitality Project
2. 1170 Kennedale Parkway
3. 503 E. Kennedale Parkway
4. Oak Crest Redevelopment
II. Originated by:
Bob Hart
III. Summary:
These items will be discussed during the Executive Session.
• Hospitality Project
• 1170 Kennedale Parkway
• 503 E. Kennedale Parkway
• Oak Crest Redevelopment
IV. Recommendation:
V. Alternative Actions:
VI. Attachments: