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2016_11.22 EDC Minutes) KENNEDALE Nennedale Economic Devotopme"' Corporation ECONOMIC DEVELOPMENT CORPORATION .WWcicityofkennedadales om wwwle.c BOARD OF DIRECTORS - REGULAR MEETING MINUTES November 22, 2016 I. CALL TO ORDER Vice - President Pat Turner called the meeting to order at 7:09 p.m. 11. ROLL CALL Present: Rebecca Carlton, Pat Turner, Ronald Whitley, Mark Yeary Absent: Michael Johnson, Adrienne Kay, Robert Mundy III. MINUTES APPROVAL A. Consider approval of the minutes from the November 1, 2016 regular meeting Motion To approve the November 1, 2016 Economic Development Corporation meeting minutes. Action Approve, Moved By Mark Yeary, Seconded By Ronald Whitley. Motion passed Unanimously IV. REGULAR ITEMS A. Review and accept the KEDC Financial Report for October 2016 Jack Thompson, Orasi Development/Kennedale Chamber was available to answer questions regarding the October Economic Development Corporation Financial Report. Motion To approve the October 2016 Finance Report for the Economic Development Corporation. Action Approve, Moved By Rebecca Carlton, Seconded By Mark Yeary. Motion passed Unanimously B. Consider electing an EDC President and Vice President for 2016 -2017. The Economic Development Corporation bylaws require that a President and Vice President be elected on an annual basis. Motion To reappoint Robert Mundy as Board President. Action Approve, Moved By Mark Yeary, Seconded By Ronald Whitley. Motion passed Unanimously Motion To reappoint Pat Turner as Board Vice- President. Action Approve, Moved By Ronald Whitley, Seconded By Rebecca Carlton. Motion passed Unanimously A. TownCenter B. Chamber of Commerce Report Jack Thompson, Orasi Development/Kennedale Chamber reported on ongoing projects for Director Bob Hart. Jack informed the Board that TownCenter is moving along, with construction underway for buildings six and seven; noting that the project is anticipated to be complete around April /May 2017. Additionally, he stated that bathrooms were installed in building 1 in the small space next to Dollar General; and the electrical was also sub - divided for future lease ability. Mark Yeary questioned if the City anticipated any negative impact to the Kennedale Dollar General in lieu of the new store opening down the road. Jack reported that the Chamber had a very busy month; they held their annual golf tournament with 109 players. He noted that the weather was rainy and attendance was low; however, they still netted $25,000 on the event. Jack stated that the November Chamber Luncheon had high attendance for speaker, Congressman Joe Barton. In closing, he informed the Board that their November Coffee Chat was the last event on their schedule for 2016. VI. EXECUTIVE SESSION Vice - President Pat Turner recessed into executive session at 7:26 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. Oak Crest Redevelopment VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO EXECUTIVE SESSION, IF NEEDED Vice - President Pat Turner reconvened into open session at 7:48 p.m. There was action concerning the authorization to move forward on the hotel real estate contract and developer agreement with Karmali Holdings, Inc. Motion To authorize the Executive Director to move forward on the real estate contract and developer agreement with Karmali Holdings, Inc. Action Approve, Moved By Ronald Whitley, Seconded By Mark Yeary. Motion passed Unanimously The Board agreed to meet at their regularly scheduled meeting, December 27, 2016, only if necessary. VIII. ADJOURNMENT Motion To adjourn. Action Adjourn, Moved By Rebecca Carlton, Seconded By Ronald Whitley. Motion passed Unanimously The meeting was adjourned at 7:53 p.m.