2017_07.25 EDC Minutes)
KENNEDALE
Kennedale Economic
Development Corporation ECONOMIC DEVELOPMENT CORPORATION
www.cityofkennedale.com
BOARD OF DIRECTORS - REGULAR MEETING
MINUTES
July 25, 2017
I. CALL TO ORDER
President Robert Mundy called the meeting to order at 7:03 p.m.
11. ROLL CALL
Present: Michael Johnson, Adrienne Kay, Rebecca Carlton, Robert Mundy, Pat Turner, Mark
Yeary, and Ronald Whitley (in at 7:23 p.m.)
Absent: None
111. MINUTES APPROVAL
A. Consider approval of the minutes from the June 27, 2017 regular meeting
Motion To approve the June 27, 2017 Economic Development Corporation regular meeting
minutes. Action Approve, Moved By Rebecca Carlton, Seconded By Michael Johnson.
Motion passed Unanimously
B. Consider approval of the minutes from the July 6, 2017 special meeting
Motion To approve the July 6, 2017 Economic Development Corporation special meeting
minutes. Action Approve, Moved By Michael Johnson, Seconded By Mark Yeary.
Motion passed Unanimously
IV. REGULAR ITEMS
A. Review and accept the KEDC Financial Report for June 2017
Finance Director Brady Olsen provided an overview of the June financial report for the
Economic Development Corporation. He reported that sales tax was down overall with June
revenues being the lowest of the year. There was discussion regarding the format of the
report, and a request was made that the TownCenter revenue and expenses be separate line
items.
Motion To approve the June 2017 financial report for the Economic Development Corporation.
Action Approve, Moved By Rebecca Carlton, Seconded By Adrienne Kay.
Motion passed Unanimously
B. Discuss KEDC priorities and budget development for FY 2017 -2018.
Director Jack Thompson reported on the Economic Development Corporation (EDC) priorities
for the FY 2017 -2018 budget year. He stated that the EDC will be focusing on what they
currently have underway, along with leasing TownCenter and selling property at Bloxom Park.
There were discussions regarding sources of funding for the EDC, the 3% administrative fee
paid by the EDC, and the status of the future hotel project.
Jack stated that the FY 2017 -2018 budget will be very lean with most of it being committed to
debt services.
V. STAFF ANNOUNCEMENTS /REPORTS
A. TownCenter
B. Oak Crest
C. Chamber of Commerce
Director Jack Thompson reported on ongoing projects, stating that the demolition of the old
Chicken Express building is complete. He will move forward with bids for the driveway as soon
the Engineer approves the plans. He added that City Council approved the two tenant lease
agreements at TownCenter, and the finish is scheduled to start next week.
Jack informed the Board that there have not been any new developments with the sale of the
Oak Crest property.
Jack reported for the Chamber, stating that programs have been light due to summer
schedules. Adding that in August they will have a Coffee Chat event with McDonald's
sponsoring the food, and a luncheon presentation on data and cyber security, sponsored by
Life Fellowship Church. Additional items of interest included updates on their upcoming
business after hours event and a golf tournament.
VI. EXECUTIVE SESSION
President Mundy recessed into executive session at 7:45 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 Development
3. TownCenter Property
VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
President Mundy reconvened into open session at 7:58 p.m. No action was necessary pursuant
to the Executive Session.
The next regularly scheduled meeting of the Economic Development Corporation will be
August 22, 2017.
VIII. ADJOURNMENT
Motion To adjourn. Action Adjourn, Moved By Ronald Whitley, Seconded By Pat Turner.
Motion passed Unanimously
The meeting was adjourned at 8:00 p.m.
APPROVED:
k 1,
President Robert Mundy
ATTEST:
Dep ty ity ecretary Kathy E. Moore