2020_01.28 EDC Minutesic
KENNEDALE
Kennedale Economic
Development Corporation
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ECONOMIC DEVELOPMENT CORPORATION MINUTES
BOARD OF DIRECTORS REGULAR MEETING
JANUARY 28, 2020 AT 7:00 PM
CITY COUNCIL CHAMBERS, 405 MUNICIPAL DRIVE
I. CALL TO ORDER
President Mark Yeary called the meeting to order at 7:00 p.m.
II. ROLL CALL
PRESENT: President Mark Yeary, Place 6; Vice President Johnny Trevino, Place 1; Cesar
Guerra, Place 2; Andrew Schaffer, Place 3; Darold Tippey, Place 4: Mayor Pro Tern Sandra
Lee, Place 5; April Coltharp, Place 7; Staff., EDC Executive Director George Campbell, Director of
Planning and Economic Development Melissa Dailey, Finance Director Lakeita Sutton and Administrative
Assistant Rosie Ericson
III. WORK SESSION
A. Update regarding the refunding of 2010 Certificates of Obligation
Finance Director Lakeita Sutton stated that there was currently an opportunity for
refunding (or refinancing) EDC debt, providing the Board with six different bids
received by staff at the direction of Council. She stated that the lowest interest rate
offered would produce a savings of ~$164,000 over the next ten years. There was
some discussion of the costs and fees of refinancing and the remaining balances on
various debts.
IV. REGULAR ITEMS
A. Review and accept the KEDC Financial Report for November 2019
Finance Director Lakeita Sutton offered an overview of the revenues, expenditures,
and sales tax comparison. The Board did not have any questions at this time.
Motion Approve. Action Approve the KEDC Financial Report for November 2019,
Moved By Tippey, Seconded By Guerra. Motion passed unanimously.
B. Review and accept the KEDC Financial Report for December 2019
Finance Director Lakeita Sutton offered an overview of the revenues, expenditures,
and sales tax comparison. There was some discussion of projected versus actuals.
Motion Approve. Action Approve the KEDC Financial Report for December 2019,
Moved By Schaffer, Seconded By Guerra. Motion passed unanimously.
C. Consider approval of the minutes from the November 18, 2019 regular meeting
Motion Approve. Action Approve the minutes from the November 18, 2019 regular
meeting, Moved By Coltharp, Seconded By Mayor Pro Tem Lee. Motion passed
unanimously.
D. Consider approval of the minutes from the January 7, 2020 special meeting
Motion Approve. Action Approve the minutes from the January 7, 2020 special
meeting, Moved By Coltharp, Seconded By Tippey. Motion passed unanimously.
E. Consideration of a recommendation from the EDC To the City Council for the sale of
EDC-owned property at 7215 Bloxom Park Road
Director of Planning and Economic Development Melissa Dailey stated that an offer
had been received on 7215 Bloxom Park Road at an amount that fell within the range
approved by the Board.
Motion Approve. Action Approve forwarding a recommendation to the City Council
for approval of the sale of EDC-owned property at 7215 Bloxom Park Road, Moved
By Tippey, Seconded By Schaffer. Motion passed unanimously.
V. REPORTS AND ANNOUNCEMENTS
A. Chamber of Commerce report
Executive Director George Campbell announced upcoming Chamber events.
B. Board member reports and announcements
There were no reports at this time.
C. Staff reports and announcements
There were no reports at this time.
President Mark Yeary recessed to Executive Session at 7:22 p.m.
VI. EXECUTIVE SESSION
q, Pursuant to Section 551.072 — fo deliberate the purchase, exchange, lease, or value of real property:
1. 7224 Bloxom Park Road
g, Pursuant to Section 551.087— (i) deliberation regarding commercial or financial infomtation that the
governmental body has received from a business prospect that the governmental body seeks to have
locate, stay, or expand in or near the territory of the governmental body and with which the governmental
body is conducting economic development negotiations; or (2) to deliberate the offer of a financial or
other incentive to a business prospect described by Subdivision (1):
1. Economic Development and Performance Agreement, Tax Abatement, and
Chapter 380 Agreement with Compressed Air Systems for project located at
Harris Corporation Addition, Block 1 Lot 1A2 (Linda Road)
VII. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT
TO EXECUTIVE SESSION, IF NEEDED
President Mark Yeary reconvened the Open Session at 7:38 p.m. No action was taken.
VIII. ADJOURNMENT
Motion To Adjourn. Action: Adjourn. Moved By Mayor Pro Tem Lee. Seconded By Coltharp.
Motion Passed Unanimously.
APPROVED:
ATTEST:
405 Municipal Drive, I<ennedale, TX 7GOG0 � Telephone: 817.985.2102 � Fax: 817-478-71 G9