2017_10.24 EDC Minutes)
KENNEDALE
Kennedale Economic
Development Corporation
www.city.fk.nnedale.com
ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS - REGULAR MEETING
MINUTES
October 24, 2017
I. CALL TO ORDER
President Robert Mundy called the meeting to order at 7:03 p.m.
II. ROLL CALL
Present: Michael Johnson, Rebecca Carlton, Robert Mundy, Pat Turner, Mark Yeary
Absent: Adrienne Kay, Ronald Whitley
III. MINUTES APPROVAL
A. Consider approval of the minutes from the September 26, 2017 regular meeting
Motion To approve the September 26, 2017 Economic Development Corporation regular
meeting minutes. Action Approve, Moved By Michael Johnson, Seconded By Rebecca
Carlton.
Motion passed Unanimously
B. Consider approval of the minutes from the October 12, 2017 special meeting
Motion To approve the October 12, 2017 Economic Development Corporation special meeting
minutes. Action Approve, Moved By Michael Johnson, Seconded By Rebecca Carlton.
Motion passed Unanimously
IV. REGULAR ITEMS
A. Review and accept the KEDC Financial Report for September 2017
Finance Director Brady Olsen provided an overview of the September financial report for the
Economic Development Corporation. He reported that we received payment from the
insurance company for the hail damage to the roofs at TownCenter. Additionally, he noted that
he was working to finalize the FY 2017 -18 budget numbers.
Motion To approve the September 2017 financial 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 2017 -2018.
President Robert Mundy reviewed the bylaws in regard to the annual election of officers,
nothing that the bylaws call for the election to be held in October. He recommended that the
Board table the election of officers for the upcoming year until the EDC Board's regular
meeting in November in order to permit the City Council to complete their annual appointments
of new Board members. He noted that the current officers will continue until the election of
officers by the Board is completed.
Motion To Table the election of officers until the November 2017 regular meeting of the Board
of Directors. Action Table, Moved By Rebecca Carlton, Seconded By Michael Johnson.
Motion to Table passed Unanimously
C. Approval of a 12 -month lease extension and rent increase for Red's Roadhouse
Director Jack Thompson stated that the city attorney has reviewed the extension of the lease
agreement with Red's Roadhouse and approved moving forward with the extension. The new
agreement extends the lease through November 30, 2018, and increases the monthly rental
payment to $2000.
Motion To approve the second amendment to the lease purchase agreement with Pennington
Family Limited Partnership for Red's Roadhouse. Action Approve, Moved By Mark Yeary,
Seconded By Michael Johnson.
Motion passed Unanimously
V. STAFF ANNOUNCEMENTS /REPORTS
A. TownCenter
B. Oak Crest
C. Chamber of Commerce
Director Jack Thompson reported on ongoing projects, stating that City Council approved the
lease agreement with City Electric Supply at TownCenter. He stated that he received
additional bids for the driveway at the old Chicken Express location and they were still very
high. He suggested that the EDC clean -up the area until summer and possibly try to tag the
driveway job onto another job to help lower the cost. He reminded the Board that they are
contractually obligated to replace the driveway once they have funds available from sales of
EDC owned properties.
In closing, Jack stated that the deal on the Huddle House closed and the Karmali Holding
project is still on track to close by the end of the year.
VI. EXECUTIVE SESSION
The Economic Development Corporation Board did not recess into 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. Oak Crest Development
3. TownCenter Property
4. 1170 E. Kennedale Parkway
5. 5409 High Ridge Road
VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
No action was taken; Executive Session was not held.
The next regularly scheduled meeting of the Economic Development Corporation will be
November 28, 2017. The Board agreed that the December meeting would be moved to
December 19, 2017.
VIII. ADJOURNMENT
Motion To adjourn. Action Adjourn, Moved By Michael Johnson, Seconded By Mark Yeary.
Motion passed Unanimously
The meeting was adjourned at 7:25 p.m.
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