EDCPacket5.25.21
ECONOMIC DEVELOPMENT CORPORATION AGENDA
BOARD OF DIRECTORS REGULAR MEETING
MAY 25, 2021 AT 6:00 PM
CITY COUNCIL CHAMBERS, 405 MUNICIPAL DRIVE
MEMBERS OF THE PUBLIC MAY JOIN IN PERSON OR VIRTUALLY BY VISITING
www.cityofkennedale.com/joinmeeting AND/OR BY DIALING
1-877-853-5257 (TOLL-FREE) AND USING ACCESS CODE 76060–76060
I. CALL TO ORDER
II. ROLL CALL
III. EXECUTIVE SESSION
The Board may consult with its attorney pertaining to any matter in which the duty of its attorney under
the Texas Disciplinary Rules of Professional Conduct may conflict with the Open Meetings Act, including
discussion of any item posted on the agenda. The Board will also meet in closed session pursuant to
§551.072 of the Texas Government Code to deliberate the purchase, lease, or value of real property:
A. Discussion regarding the Development Agreement for TownCenter
B. Sale of 13-acre EDC-owned property on Linda Road, known as Lot1A2, Block 1 of the Harris
Corporation Addition
C. Lease Agreement regarding 1170 E. Kennedale Pkwy
IV. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
V. REPORTS AND ANNOUNCEMENTS
A. Chamber of Commerce Report
B. Board member reports and announcements
C. Staff reports and announcements
VI. REGULAR ITEMS
A. Elect a Vice President of the Economic Development Corporation Board
B. Consider approval of the minutes from the March 23, 2021 regular meeting
C. Review and accept the KEDC Financial Report for March 2021
D. Review and accept the KEDC Financial Report for April 2021
E. Discuss and consider approval of lease extension for Red's Roadhouse 1170 E. Kennedale
Parkway
F. Authorize the Executive Director to make an application for the rezoning of the 13 -acre EDC on
Linda Road, known as Lot 1A2, Block 1 of the Harris Corporation Addition, from Industrial (I) to
Neighborhood Village (NV)
G. Authorize the Executive Director to negotiate, finalize and execute a lease agreement with Etron,
Inc. for the lease of 201 W Kennedale Parkway, Building 1 in T ownCenter, and forward the same
to City Council for its approval
VII. ADJOURNMENT
CERTIFICATION
I DO HEREBY CERTIFY THAT THE MAY 25, 2021 ECONOMIC DEVELOPMENT CORPORATION AGENDA WAS POSTED INSIDE THE
MAIN ENTRANCE OF CITY HALL (405 MUNICIPAL DRIVE), IN A PLACE CONVENIENT AND READILY ACCESSIBLE TO THE GENERAL
PUBLIC AT ALL TIMES; AND THAT SAID AGENDA WAS POSTED AT LEAST SEVENTY-TWO (72) HOURS PRECEDING THE
SCHEDULED TIME OF SAID MEETING, IN ACCORDANCE WITH CHAPTER 551 OF THE TEXAS GOVERNMENT CODE.
_____________________________
LESLIE E. GALLOWAY, CITY SECRETARY
In compliance with the Americans with Disabilities Act (ADA), the City of Kennedale will provide for reasonable
accommodations for persons attending meetings. This facility is wheelchair accessible and accessible parking spaces
are available. Requests for sign interpreter services must be made forty-eight (48) hours prior to the meeting by
calling 817-985-2104 or (TTY) 1-800-735-2989.
CREATED 5/22/2021 9:50 AM
POSTED ___________ (DATE) ___________ (TIME)
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: EXECUTIVE SESSION ITEM III.A.
SUBJECT
Discussion regarding the Development Agreement for TownCenter
ORIGINATED BY
George Campbell, City Manager
Melissa Dailey, Director of Planning & Economic Development
SUMMARY
The Executive Director and Director of Planning and Economic Development will give a verbal report regarding
proposed changes to the current development and management agreement
RECOMMENDATION
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: EXECUTIVE SESSION ITEM III.B.
SUBJECT
Sale of 13-acre EDC-owned property on Linda Road, known as Lot1A2, Block 1 of the Harris Corporation
Addition
ORIGINATED BY
George Campbell, City Manager
Melissa Dailey, Director of Planning & Economic Development
SUMMARY
The Executive Director and Director of Planning and Economic Development will provide a verbal report
regarding a development proposal for this 13-acre site.
Board discussion and direction are appreciated.
RECOMMENDATION
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: EXECUTIVE SESSION ITEM III.C.
SUBJECT
Lease Agreement regarding 1170 E. Kennedale Pkwy
ORIGINATED BY
Melissa Dailey, Director of Planning & Economic Development
SUMMARY
RECOMMENDATION
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REPORTS AND ANNOUNCEMENTS ITEM V.A.
SUBJECT
Chamber of Commerce Report
ORIGINATED BY
George Campbell, City Manager
SUMMARY
At this time, Executive Director George Campbell, a member of the Kennedale Area Chamber of Commerce
(KACC) Board of Directors, may provide updates and announcements from the Chamber.
RECOMMENDATION
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REPORTS AND ANNOUNCEMENTS ITEM V.B.
SUBJECT
Board member reports and announcements
ORIGINATED BY
George Campbell, City Manager
SUMMARY
At this time, any member of the EDC Board of Directors may offer updates to the Board.
RECOMMENDATION
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REPORTS AND ANNOUNCEMENTS ITEM V.C.
SUBJECT
Staff reports and announcements
ORIGINATED BY
George Campbell, City Manager
Melissa Dailey, Director of Planning & Economic Development
SUMMARY
At this time, Executive Director George Campbell, Director of Planning and Economic Development
Melissa Dailey, and/or any other staff member may offer updates to the Board.
RECOMMENDATION
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REGULAR SESSION ITEM VI.A.
SUBJECT
Elect a Vice President of the Economic Development Corporation Board
ORIGINATED BY
George Campbell, City Manager
SUMMARY
Following the resignation of Johnny Trevino, it is now appropriate that the Board elect another member to serve
as Vice President. Any member is eligible for such appointment. Board discussion and consideration is
requested.
RECOMMENDATION
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REGULAR SESSION ITEM VI.B.
SUBJECT
Consider approval of the minutes from the March 23, 2021 regular meeting
ORIGINATED BY
Rosie Ericson, Board Secretary
SUMMARY
Please see the attached minutes for your approval.
RECOMMENDATION
ATTACHMENTS
1.2021_03.23 EDC Minutes - DRAFT WM - LG 2021_03.23 EDC Minutes - DRAFT WM - LG.doc
ECONOMIC DEVELOPMENT CORPORATION MINUTES
REGULAR MEETING VIA VIDEOCONFERENCE
MARCH 23, 2021 AT 6:00 PM
MEMBERS OF THE PUBLIC MAY JOIN BY VISITING
WWW.CITYOFKENNEDALE.COM/JOINMEETING AND/OR BY DIALING
1-877-853-5257 (TOLL-FREE) AND USING ACCESS CODE 76060 –76060
I. CALL TO ORDER
President Mark Yeary called the meeting to order at 6:05 p.m.
II. ROLL CALL
Participating via VideoConference: President Mark Yeary, Place 6; Julie Jacobson, Place 1;
Marcel Terry, Place 2; Andrew Schaffer, Place 3; Darold Tippey, Place 4 (joined meeting at 7:07 p.m.);
Councilmember Josh Altom, Place 5; April Coltharp, Place 7 (left meeting at 7:03 p.m.); Absent:
None; Staff Participating via VideoConference: City Manager and EDC Executive Director George Campbell,
Director of Planning and Economic Development Melissa Dailey, Director of Finance and Information Technology
Lakeita Sutton, Board Secretary Rosie Ericson
III. EXECUTIVE SESSION
Immediately following roll call, President Yeary adjourned into Executive Session at 6:05 p.m.
A. PURSUANT TO §551.071 — Consultation with the Corporation’s Attorney pertaining to any
matter in which the duty of the Corporation’s Attorney under the Texas Disciplinary Rules of
Professional Conduct may conflict with the Open Meetings Act, including discussion of any item
posted on the agenda, legal issues regarding the Open Meetings Act, and the following:
1. TownCenter Lease Agreement with V-FIT Martial Arts
2. Review and discuss Kennedale Town Center development and
management agreements
B. PURSUANT TO §551.072 — Deliberation regarding the purchase, exchange, lease, or
value of real property
1. Discuss potential development of 13-acre EDC-owned property on Linda
Road
C. PURSUANT TO §551.087 — (1) Deliberation regarding commercial or financial information
that the governmental body has received from a business prospect that the governmental body
Page 2 of 3
EDC MINUTES | MARCH 23, 2021
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. Discuss potential development of 13-acre EDC-owned property on Linda
Road
IV. RECONVENE INTO OPEN SESSION, AND TAKE ACTION NECESSARY PURSUANT TO
EXECUTIVE SESSION, IF NEEDED
The Board reconvened into Open Session at 7:16 p.m.
V. REGULAR ITEMS
A. Consider approval of the minutes from the December 17, 2020 regular meeting
Motion to Approve. Action Approve the minutes from the December 17, 2020 regular
meeting. Motion by Tippy Seconded by Yeary. Motion passed 3-2-0, with Altom
and Jacobson Abstaining.
B. Review and accept the KEDC Financial Report for December 2020
There was some discussion regarding the items listed on page one of the financials.
Motion to Approve Action Approve the KEDC Financial report for December 2020 as
presented. Motion by Tippey, Seconded by Terry. Motion passed 4-1-0, with
Jacobson Abstaining.
C. Review and accept the KEDC Financial Report for January 2021
There was some discussion regarding the items listed on page one of the financials.
Motion to Approve. Action Approve the KEDC Financial Report for January 2021 as
presented. Motion by Tippey, Seconded by Terry. Motion passed 4-1-0, with
Jacobson abstaining.
D. Review and accept the KEDC Financial Report for February 2021
There was some discussion regarding the items listed on page one of the financials.
Motion to Approve. Action. Approve the KEDC Financial Report for February 2021.
Motion by Tippey, Seconded by Terry. Motion passed 4-1-0, with Jacobson
abstaining.
E. Elect a vice president of the Economic Development Corporation Board
Motion to Postpone Action Postpone election of a vice president until the next EDC
regular scheduled meeting to have full attendance of the members. Motion to
Postpone. Motion by Altom, Seconded by Jacobson. Motion passed unanimously.
VI. REPORTS AND ANNOUNCEMENTS
A.Chamber of Commerce Report
None at this time.
B. Board member reports and announcements
Page 3 of 3
EDC MINUTES | MARCH 23, 2021
None at this time.
C. Staff reports and announcements
None at this time.
VII. ADJOURNMENT
Motion to Adjourn. Action Adjourn. Moved by Altom, Seconded by Jacobson. Motion passed
unanimously.
President Yeary adjourned the meeting at 7:39 p.m.
APPROVED:ATTEST:
___________________________ ___________________________
EDC PRESIDENT, MARK YEARY ROSIE ERICSON, BOARD SECRETARY
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REGULAR SESSION ITEM VI.C.
SUBJECT
Review and accept the KEDC Financial Report for March 2021
ORIGINATED BY
Lakeita Sutton, Director of Finance and Information Technology
SUMMARY
RECOMMENDATION
ATTACHMENTS
1.2021_03 EDC Monthly Financials 2021_03 EDC Monthly Financials.pdf
2.03_2021 Sales Tax Update-EDC 03_2021 Sales Tax Update-EDC.pdf
MONTHLY INFORMATION
FINANCE DIRECTOR LAKEITA SUTTON
ADDITIONAL INFORMATION
CATEGORY DESCRIPTION YTD
BEGINNING CASH BALANCE - FUND 15 (Operating Cash)811,173$
BEGINNING CASH BALANCE - FUND 95 (Required Reserves)125,712$
936,885.00
BEGINNING AVAILABLE CASH - TOTAL 811,173
TOTAL REVENUES MINUS EXPENDITURES FOR MONTH 41,715$
ENDING CASH BALANCE - FUND 15 (Operating Cash)854,539$
ENDING CASH BALANCE - FUND 95 (Required Reserves)125,715$
ENDING CASH BALANCE - TOTAL 980,254$
UNAVAILABLE CASH - EARMARKED
RESERVES FOR LEVERAGE NOTE (Required Reserves)125,715$
TOTAL UNAVAILABLE CASH 125,715$
AVAILABLE CASH 854,539$
*Due to prior period adjustments, beginning cash balance plus monthly income will not always be an
exact match for ending cash balance
CASH POSITION
FUND 15 - OPERATING FUND (EDC INVOICES AND REVENUE ARE RECEIVED IN THIS FUND)
FUND 95 - RESERVE FUND FOR DEBT REQUIREMENTS
FUND 19 - CAPITAL BOND FUND (CLOSED IN FY 18)
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.
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
ANNUAL PROGRAM OF SERVICES
MARCH 2021
1. $44,334 in Sales Tax Revenue
MONTH Y-T-D Y-T-DREVENUESOriginalBudgetMar-21 Mar-21% BudgetOriginalBudget MONTH Mar-20Y-T-DMar-20Y-T-D% BudgetMMD TAX CURRENT YEAR 35,000$ -$ -$ 35,000$ -$ -$ SALES TAX 420,148 44,334 197,379 47.0% 400,141 42,654 3,095 0.8%INVESTMENT INCOME FUND 15 2,000 12 292 14.6% 4,000 478 3,095 77.4%INVESTMENT INCOME FUND 95 500 2 46 2,000 102 917 MISCELLANEOUS INCOME 30,000 2,967 17,074 56.9% 30,120 2,994 12,519 41.6%INSURANCE REIMBURSEMENT - - - - LAND PROCEEDS - - 150,368 RENTAL FEES - SHOPPING CTR 236,792 19,534 126,607 53.5% 180,000 20,131 119,972 66.7%RENTAL INSURANCE - - - - - - SALES OF ASSETS - - - - - PROCEEDS-DEBT/LOAN/LEASE - - - - - TOTAL REVENUES 724,440$ 66,849$ 341,398$ 47.1% 801,629$ 66,359$ 139,598$ 17.4%EXPENDITURESADMINISTRATION 218,387 17,292 83,333 38.2%169,377 13,087 78,061 46.1%DEBT SERVICE 306,132 4,655 176,121 57.5%323,570 4,881 83,834 25.9%TOWN SHOPPING CENTER82,495 3,187 36,828 44.6%79,651 3,188 40,770 51.2%TOWN CENTER REDEVELOPMENT - - - - - - TOTAL EXPENDITURES 607,014$ 25,134$ 296,282$ 48.8% 572,598$ 21,156$ 202,665$ 35%Total Revenues Over (Under) Exp 117,426$ 41,715$ 45,116$ 229,031$ 45,203$ (63,067)$ Other Financing Sources (Uses):Operating Transfer to/from General Fund - - - - - - Total Other Financing Sources (Uses):- - - - - - Net Change in Fund Balance 117,426$ 229,031$ Fund Balance Oct 1 898,805 669,774$ Ending Fund Balance 1,016,231$ 898,805$ AVERAGE DAILY EXPENDITURES 1,663$ 1,569$ Number of Days In Reserve611 573Fund Balance as a % of Expenditures167% 157%PAGE 2FY 2020-21 FY 2019-2020 FY 2019-2020BUDGETACTUALBUDGETFY ACTUALREVENUES AND EXPENDITURES - BUDGET AND ACTUALFY 2020-2021 WITH PRIOR YEAR COMPARISONFOR THE MONTH ENDED MARCH 31, 2021CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FY 2020-21 MONTH Y-T-D Y-T-DREVENUESOriginalBudgetMar-21 Mar-21% BudgetOriginalBudget MONTH Mar-20Y-T-DMar-20Y-T-D% BudgetMMD TAX CURRENT YEAR 35,000$ -$ -$ 35,000$ -$ -$ SALES TAX 420,148 44,334 197,379 47.0% 400,141 42,654$ 3,095 0.8%INVESTMENT INCOME 2,000 12 292 14.6% 4,000 478 3,095 77.4%MISCELLANEOUS INCOME 30,000 2,967 17,074 56.9% 30,120 2,994 12,519 41.6%INSURANCE REIMBURSEMENT - - - - LAND PROCEEDS - - - 150,368 150,368 150,368 RENTAL FEES - SHOPPING CTR 236,792 19,534 126,607 53.5% 180,000 20,131 119,972 66.7%RENTAL INSURANCE - - - - - SALES OF ASSETS - - - - - PROCEEDS-DEBT/LOAN/LEASE - - - - - TOTAL REVENUES 723,940$ 66,847$ 341,352$ 47.2% 799,629$ 216,625$ 289,049$ 36.1%EXPENDITURESADMINISTRATION 218,387 17,292 83,333 38.2% 169,377 13,087 78,061 46.1%DEBT SERVICE 306,132 4,655 176,121 57.5% 323,570 4,881 83,834 25.9%TOWN SHOPPING CENTER 82,495 3,187 36,828 44.6% 79,651 3,188 40,770 51.2%TOWN CENTER REDEVELOPMENT -$ - - - - - TOTAL EXPENDITURES 607,014$ 25,134$ 296,282$ 48.8% 572,598$ 21,156$ 202,665$ 35.4%Total Revenues Over (Under) Exp 116,926$ 41,713$ 45,070$ 227,031$ 195,469$ 86,384$ Other Financing Sources (Uses):Operating Transfer to / from General Fund - - - - - - Total Other Financing Sources (Uses):- - - - - - Net Change in Fund Balance 116,926$ 227,031$ Fund Balance Oct 1 770,219 543,188$ Ending Fund Balance 887,145$ 770,219$ AVERAGE DAILY EXPENDITURES 1,663$ 1,569$ Number of Days In Reserve533 491Fund Balance as a % of Expenditures146% 135%PAGE 3FY 2019-2020 FY 2019-2020BUDGETACTUALBUDGETFY ACTUALREVENUES AND EXPENDITURES - BUDGET AND ACTUALFY 2020-2021 WITH PRIOR YEAR COMPARISONFOR THE MONTH ENDED MARCH 31, 2021CURRENT FISCAL YEAR PRIOR FISCAL YEAR
EDC ADMINFY 2020-21 Y-T-D Y-T-DEXPENDITURESOriginalBudgetMar-21 Mar-21 % BudgetOriginalBudget MONTH Mar-20Y-T-DMar-20Y-T-D% BudgetPRINTED SUPPLIES 2,000$ -$ -$ 0.0% 2,000$ -$ - 0.0%GENERAL OFFICE SUPPLIES 50 - - 0.0% 50 - - 0.0%POSTAGE 50 - - 0.0% 50 - - 0.0%SUPPLIES TOTAL2,100 - - 0.0%2,100 - 0.0%ADVERTISING 1,200 - - 1,200 - - ASSOCIATION DUES/PUBLICATIONS 3,500 - - 0.0% 3,395 1,125 1,125 33.1%TRANING/SEMINARS 250 - 1,170 468.0% 250 - - 0.0%LEGAL SERVICES 15,000 3,349 7,990 53.3% 14,925 1,400 3,850 25.8%AUDIT SERVICES 4,250 4,250 4,250 100.0% 4,250 869 4,250 100.0%SPECIAL SERVICES 42,838 - 3,224 7.5% 975 - 146 15.0%FILING FEES - ENGINEERING SERVICES- - TRAVEL 100 - - 100 0.0%ENGINEERING SERVICES - - - - ADMIN CHARGE-GENERAL FUND 116,318 9,693 58,159 50.0% 116,318 9,693 58,159 50.0%FUNCTIONAL GRANT 32,831 - 8,540 26.0% 25,864 - 10,531 40.7%LAND - SUNDRY TOTAL216,287 17,292 83,333 38.5%167,277 13,087 78,061 46.7%TOTAL EDC ADMIN EXPENDITURES 218,387$ 17,292$ 83,333$ 38.16%169,377$ 13,087$ 78,061$ 46.1%PAGE 4CURRENT FISCAL YEAR PRIOR FISCAL YEARFY 2019-20 FY 2019-2020BUDGETACTUALBUDGETFY ACTUAL
EDC DEBT SERVICEFY 2020-21 MONTH Y-T-D Y-T-DEXPENDITURESOriginalBudgetMar-21 Mar-21% BudgetOriginalBudget MONTH Mar-20Y-T-DMar-20Y-T-D% Budget2007 $1.2M TAX BOND INTEREST 42,048$ -$ 21,024$ 50.0% 46,566$ -$ 23,214$ 49.9%2007 $1.2M TAX BOND PRINCIPAL 70,000 - - 0.0% 65,000 - - 0.0%2011 $1.7M TX LEVERAGE INT 9,196 771 4,787 52.1% 18,122 1,308 8,354 46.1%2011 $17.M TX LEVERAGE PRIN 46,680 3,884 23,151 49.6% 41,982 3,573 21,316 50.8%2020 $1.26M GO REFUNDING PRIN 115,000 - 115,000 100.0%2020 $1.26M GO REFUNDING INT 23,208 - 12,159 52.4%TRANSFER OUT-DEBT SERV FUND - - - 151,900 - 30,950 20.4%TOTAL EDC DEBT EXPENDITURES306,132$ 4,655$ 176,121$ 57.5% 323,570$ 4,881$ 83,834$ 25.9%EDC TOWNCENTER SHOPPING CENTERFY 2020-21 MONTH Y-T-D Y-T-DEXPENDITURESOriginalBudgetMar-21 Mar-21% BudgetOriginalBudget MONTH Mar-20Y-T-DMar-20Y-T-D% BudgetBUILDING MAINTENANCE 54,195$ 2,065$ 19,448$ 35.9% 54,951$ 2,552$ 25,577$ 46.5%ELECTRIC SERVICES 5,700 340 2,337 41.0% 5,700 136 2,189 38.4%INSURANCE - PROPERTY 13,000 - 9,979 76.8% 13,000 - 9,976 76.7%SPECIAL SERVICES 9,600 782 5,064 52.8% 6,000 500 3,028 50.5%TOTAL EDC TOWNCENTER EXPENDITURES82,495$ 3,187$ 36,828$ 44.6% 79,651$ 3,188$ 40,770$ 51.2%EDC TOWNCENTER REDEVELOPMENTFY 2020-21 MONTH Y-T-D Y-T-DEXPENDITURESOriginalBudgetMar-21 Mar-21% BudgetOriginalBudget MONTH Mar-20Y-T-DMar-20Y-T-D% BudgetENGINEERING SERVICES -$ -$ -$ -$ CONSTRUCTION - - - - TOTAL EDC TOWNCENTER REDEVELOPMENT EXPENDITURES-$ -$ -$ -$ -$ -$ PAGE 5FY 2019-20 FY 2019-20FY 2019-20 FY 2019-20CURRENT FISCAL YEAR PRIOR FISCAL YEARCURRENT FISCAL YEAR PRIOR FISCAL YEARBUDGETACTUALBUDGETACTUALBUDGETFY ACTUALBUDGETFY ACTUALFY 2019-20 FY 2019-20CURRENT FISCAL YEAR PRIOR FISCAL YEARBUDGETACTUALBUDGETFY ACTUAL
EDC BOND RESERVE FUNDMONTH Y-T-D Y-T-DREVENUESOriginalBudgetMar-21 Mar-21% BudgetOriginalBudget MONTH Mar-20Y-T-DMar-20Y-T-D% BudgetINVESTMENT INCOME 500 2 46$ 2,000 102 917$ TOTAL REVENUES 500$ 2$ 46$ 2,000$ 102$ 917$ EXPENDITURESADMINISTRATION -$ - - - - TOTAL EXPENDITURES -$ -$ -$ -$ -$ -$ Total Revenues Over (Under) Exp 500$ 2$ 46$ 2,000$ 102$ 917$ Net Change in Fund Balance 500$ -$ 2,000$ Fund Balance Oct 1 128,586 126,586$ Ending Fund Balance 129,086$ 128,586$ PAGE 6FY 2020-21 FY 2019-2020 FY 2019-2020BUDGETACTUALBUDGETFY ACTUALREVENUES AND EXPENDITURES - BUDGET AND ACTUALFY 2020-2021 WITH PRIOR YEAR COMPARISONFOR THE MONTH ENDED MARCH 31, 2021CURRENT FISCAL YEAR PRIOR FISCAL YEAR
Year October November December January February March April May June July August September Total
FY2021 35,291 57,626 44,861 45,645 62,176 44,334 289,933$
FY2020 45,962 39,056 45,450 36,037 64,105 42,654 37,725 49,804 44,467 40,078 45,748 49,172 540,258$
FY2019 31,048 38,679 39,362 88,360 45,433 36,033 34,603 46,432 38,783 43,510 36,757 47,143 526,144$
FY2018 34,607 38,169 28,985 31,808 54,501 31,672 41,253 43,121 36,295 41,089 39,590 29,697 450,787$
FY2017 29,583 38,719 27,285 29,652 35,265 26,215 29,043 33,374 26,747 33,648 16,530 28,850 354,908$
FY2016 31,046 39,712 32,662 25,293 38,669 29,196 26,505 38,181 27,906 28,195 29,231 30,459 377,055$
FY2015 23,985 31,479 27,515 24,594 35,857 24,104 27,064 39,783 42,821 55,252 48,766 59,232 440,453$
FY2014 21,990 29,867 31,661 22,458 32,594 23,228 26,412 31,319 25,832 23,976 28,866 22,659 320,861$
FY2013 33,617 31,297 23,446 20,135 30,003 20,791 20,318 32,020 21,136 22,435 27,973 26,025 309,197$
EDC Sales Tax By Month
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
October November December January February March April May June July August September
Sales Tax vs. Five-Year Average FY 2021
Five Year Average
STAFF REPORT TO THE BOARD OF DIRECTORS
Date: May 25, 2021
Agenda Item No: REGULAR ITEMS - D.
I. Subject:
Review and accept the KEDC Financial Report for April 2021
II. Summary:
III. Recommendation:
IV. Alternative Actions:
V. Attachments:
1.2021_04 EDC Monthly Financials 2021_04 EDC Monthly Financials.pdf
2.04_2021 Sales Tax Update-EDC 04_2021 Sales Tax Update-EDC.pdf
MONTHLY INFORMATION
FINANCE DIRECTOR LAKEITA SUTTON
ADDITIONAL INFORMATION
CATEGORY DESCRIPTION YTD
BEGINNING CASH BALANCE - FUND 15 (Operating Cash)854,539$
BEGINNING CASH BALANCE - FUND 95 (Required Reserves)125,715$
980,254
BEGINNING AVAILABLE CASH - TOTAL 854,539
TOTAL REVENUES MINUS EXPENDITURES FOR MONTH (66,327)$
ENDING CASH BALANCE - FUND 15 (Operating Cash)801,728$
ENDING CASH BALANCE - FUND 95 (Required Reserves)125,668$
ENDING CASH BALANCE - TOTAL 927,396$
UNAVAILABLE CASH - EARMARKED
RESERVES FOR LEVERAGE NOTE (Required Reserves)125,668$
TOTAL UNAVAILABLE CASH 125,668$
AVAILABLE CASH 801,728$
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.
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION
ANNUAL PROGRAM OF SERVICES
APRIL 2021
1. $30,071 in Sales Tax Revenue
*Due to prior period adjustments, beginning cash balance plus monthly income will not always be an
exact match for ending cash balance
CASH POSITION
FUND 15 - OPERATING FUND (EDC INVOICES AND REVENUE ARE RECEIVED IN THIS FUND)
FUND 95 - RESERVE FUND FOR DEBT REQUIREMENTS
FUND 19 - CAPITAL BOND FUND (CLOSED IN FY 18)
MONTH Y-T-D Y-T-D
REVENUES
Original
Budget Apr-21 Apr-21 % Budget
Original
Budget MONTH Apr-20
Y-T-D
Apr-20
Y-T-D
% Budget
MMD TAX CURRENT YEAR 35,000$ -$ -$ 35,000$ -$ -$
SALES TAX 420,148 30,071 227,449 54.1%400,141 37,726 226,343 56.6%
INVESTMENT INCOME FUND 15 2,000 9 301 15.1%4,000 218 3,312 82.8%
INVESTMENT INCOME FUND 95 500 1 47 2,000 45 961
MISCELLANEOUS INCOME 30,000 3,304 20,379 67.9%30,120 464 12,983 43.1%
INSURANCE REIMBURSEMENT - - - -
LAND PROCEEDS - - 150,368
RENTAL FEES - SHOPPING CTR 236,792 19,543 146,151 61.7%180,000 10,480 130,452 72.5%
RENTAL INSURANCE - - - - - -
SALES OF ASSETS - - - - -
PROCEEDS-DEBT/LOAN/LEASE - - - - -
TOTAL REVENUES 724,440$ 52,928$ 394,327$ 54.4%801,629$ 48,933$ 374,051$ 46.7%
EXPENDITURES
ADMINISTRATION 218,387 20,516 103,849 47.6%169,377 9,769 87,830 51.9%
DEBT SERVICE 306,132 95,679 271,800 88.8%323,570 184,964 268,799 83.1%
TOWN SHOPPING CENTER 82,495 3,060 39,888 48.4%79,651 6,146 46,916 58.9%
TOWN CENTER REDEVELOPMENT - - - - - -
TOTAL EXPENDITURES 607,014$ 119,255$ 415,537$ 68.5%572,598$ 200,879$ 403,545$ 70%
Total Revenues Over (Under) Exp 117,426$ (66,327)$ (21,210)$ 229,031$ (151,946)$ (29,494)$
Other Financing Sources (Uses):
Operating Transfer to/from General Fund - - - - - -
Total Other Financing Sources (Uses):- - - - - -
Net Change in Fund Balance 117,426$ 229,031$
Fund Balance Oct 1 898,805 669,774$
Ending Fund Balance 1,016,231$ 898,805$
AVERAGE DAILY EXPENDITURES 1,663$ 1,569$
Number of Days In Reserve 611 573
Fund Balance as a % of Expenditures 167%157%PAGE 2
REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
FY 2020-2021 WITH PRIOR YEAR COMPARISON
FOR THE MONTH ENDED APRIL 30, 2021
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FY 2020-21 FY 2019-2020 FY 2019-2020
BUDGET ACTUAL BUDGET FY ACTUAL
FY 2020-21 MONTH Y-T-D Y-T-D
REVENUES
Original
Budget Apr-21 Apr-21 % Budget
Original
Budget MONTH Apr-20
Y-T-D
Apr-20
Y-T-D
% Budget
MMD TAX CURRENT YEAR 35,000$ -$ -$ 35,000$ -$ -$
SALES TAX 420,148 30,071 227,449 54.1%400,141 37,726$ 226,343 56.6%
INVESTMENT INCOME 2,000 9 301 15.1%4,000 218 3,312 82.8%
MISCELLANEOUS INCOME 30,000 3,304 20,379 67.9%30,120 464 12,983 43.1%
INSURANCE REIMBURSEMENT - - - -
LAND PROCEEDS - - - 150,368 - 150,368
RENTAL FEES - SHOPPING CTR 236,792 19,543 146,151 61.7%180,000 10,480 130,452 72.5%
RENTAL INSURANCE - - - - -
SALES OF ASSETS - - - - -
PROCEEDS-DEBT/LOAN/LEASE - - - - -
TOTAL REVENUES 723,940$ 52,927$ 394,280$ 54.5%799,629$ 48,888$ 523,458$ 65.5%
EXPENDITURES
ADMINISTRATION 218,387 20,516 103,849 47.6%169,377 9,769 87,830 51.9%
DEBT SERVICE 306,132 95,679 271,800 88.8%323,570 184,964 268,799 83.1%
TOWN SHOPPING CENTER 82,495 3,060 39,888 48.4%79,651 6,146 46,916 58.9%
TOWN CENTER REDEVELOPMENT -$ - - - - -
TOTAL EXPENDITURES 607,014$ 119,255$ 415,537$ 68.5%572,598$ 200,879$ 403,545$ 70.5%
Total Revenues Over (Under) Exp 116,926$ (66,328)$ (21,257)$ 227,031$ (151,991)$ 119,913$
Other Financing Sources (Uses):
Operating Transfer to / from General Fund - - - - - -
Total Other Financing Sources (Uses):- - - - - -
Net Change in Fund Balance 116,926$ 227,031$
Fund Balance Oct 1 770,219 543,188$
Ending Fund Balance 887,145$ 770,219$
AVERAGE DAILY EXPENDITURES 1,663$ 1,569$
Number of Days In Reserve 533 491
Fund Balance as a % of Expenditures 146%135%PAGE 3
REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
FY 2020-2021 WITH PRIOR YEAR COMPARISON
FOR THE MONTH ENDED APRIL 30, 2021
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FY 2019-2020 FY 2019-2020
BUDGET ACTUAL BUDGET FY ACTUAL
EDC ADMIN
FY 2020-21 Y-T-D Y-T-D
EXPENDITURES
Original
Budget Apr-21 Apr-21 % Budget
Original
Budget MONTH Apr-20
Y-T-D
Apr-20
Y-T-D
% Budget
PRINTED SUPPLIES 2,000$ -$ -$ 0.0%2,000$ -$ - 0.0%
GENERAL OFFICE SUPPLIES 50 - - 0.0%50 - - 0.0%
POSTAGE 50 - - 0.0%50 - - 0.0%
SUPPLIES TOTAL 2,100 - - 0.0%2,100 - 0.0%
ADVERTISING 1,200 - - 1,200 - -
ASSOCIATION DUES/PUBLICATIONS 3,500 - 1,170 33.4%3,395 - 1,125 33.1%
TRANING/SEMINARS 250 - - 0.0%250 - - 0.0%
LEGAL SERVICES 15,000 1,105 9,095 60.6%14,925 - 3,850 25.8%
AUDIT SERVICES 4,250 - 4,250 100.0%4,250 - 4,250 100.0%
SPECIAL SERVICES 42,838 1,141 4,365 10.2%975 76 222 22.8%
FILING FEES -
ENGINEERING SERVICES - -
TRAVEL 100 - - 100 0.0%
ENGINEERING SERVICES - - - -
ADMIN CHARGE-GENERAL FUND 116,318 9,693 67,852 58.3%116,318 9,693 67,852 58.3%
FUNCTIONAL GRANT 32,831 8,577 17,117 52.1%25,864 - 10,531 40.7%
LAND -
SUNDRY TOTAL 216,287 20,516 103,849 48.0%167,277 9,769 87,830 52.5%
TOTAL EDC ADMIN EXPENDITURES 218,387$ 20,516$ 103,849$ 47.55%169,377$ 9,769$ 87,830$ 51.9%
PAGE 4
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FY 2019-20 FY 2019-2020
BUDGET ACTUAL BUDGET FY ACTUAL
EDC DEBT SERVICE
FY 2020-21 MONTH Y-T-D Y-T-D
EXPENDITURES
Original
Budget Apr-21 Apr-21 % Budget
Original
Budget MONTH Apr-20
Y-T-D
Apr-20
Y-T-D
% Budget
2007 $1.2M TAX BOND INTEREST 42,048$ 21,023$ 42,047$ 100.0%46,566$ 23,283$ 46,496$ 99.8%
2007 $1.2M TAX BOND PRINCIPAL 70,000 70,000 70,000 100.0%65,000 65,000 65,000 100.0%
2011 $1.7M TX LEVERAGE INT 9,196 761 5,549 60.3%18,122 1,294 9,649 53.2%
2011 $17.M TX LEVERAGE PRIN 46,680 3,895 27,045 57.9%41,982 3,587 24,904 59.3%
2020 $1.26M GO REFUNDING PRIN 115,000 - 115,000 100.0%
2020 $1.26M GO REFUNDING INT 23,208 - 12,159 52.4%
TRANSFER OUT-DEBT SERV FUND - - - 151,900 91,800 122,750 80.8%
TOTAL EDC DEBT EXPENDITURES 306,132$ 95,679$ 271,800$ 88.8%323,570$ 184,964$ 268,799$ 83.1%
EDC TOWNCENTER SHOPPING CENTER
FY 2020-21 MONTH Y-T-D Y-T-D
EXPENDITURES
Original
Budget Apr-21 Apr-21 % Budget
Original
Budget MONTH Apr-20
Y-T-D
Apr-20
Y-T-D
% Budget
BUILDING MAINTENANCE 54,195$ 1,864$ 21,312$ 39.3%54,951$ 4,910$ 30,487$ 55.5%
ELECTRIC SERVICES 5,700 414 2,751 48.3%5,700 736 2,925 51.3%
INSURANCE - PROPERTY 13,000 - 9,979 76.8%13,000 - 9,976 76.7%
SPECIAL SERVICES 9,600 782 5,846 60.9%6,000 500 3,528 58.8%
TOTAL EDC TOWNCENTER EXPENDITURES 82,495$ 3,060$ 39,888$ 48.4%79,651$ 6,146$ 46,916$ 58.9%
EDC TOWNCENTER REDEVELOPMENT
FY 2020-21 MONTH Y-T-D Y-T-D
EXPENDITURES
Original
Budget Apr-21 Apr-21 % Budget
Original
Budget MONTH Apr-20
Y-T-D
Apr-20
Y-T-D
% Budget
ENGINEERING SERVICES -$ -$ -$ -$
CONSTRUCTION - - - -
TOTAL EDC TOWNCENTER REDEVELOPMENT EXPENDITURES -$ -$ -$ -$ -$ -$
PAGE 5
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
BUDGET ACTUAL BUDGET FY ACTUAL
BUDGET FY ACTUAL
FY 2019-20 FY 2019-20
BUDGET ACTUAL BUDGET FY ACTUAL
FY 2019-20 FY 2019-20
FY 2019-20 FY 2019-20
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
BUDGET ACTUAL
EDC BOND RESERVE FUND
MONTH Y-T-D Y-T-D
REVENUES
Original
Budget Apr-21 Apr-21 % Budget
Original
Budget MONTH Apr-20
Y-T-D
Apr-20
Y-T-D
% Budget
INVESTMENT INCOME 500 1 47$ 2,000 45 961$
TOTAL REVENUES 500$ 1$ 47$ 2,000$ 45$ 961$
EXPENDITURES
ADMINISTRATION -$ - - - -
TOTAL EXPENDITURES -$ -$ -$ -$ -$ -$
Total Revenues Over (Under) Exp 500$ 1$ 47$ 2,000$ 45$ 961$
Net Change in Fund Balance 500$ -$ 2,000$
Fund Balance Oct 1 128,586 126,586$
Ending Fund Balance 129,086$ 128,586$
PAGE 6
REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
FY 2020-2021 WITH PRIOR YEAR COMPARISON
FOR THE MONTH ENDED APRIL 30, 2021
CURRENT FISCAL YEAR PRIOR FISCAL YEAR
FY 2020-21 FY 2019-2020 FY 2019-2020
BUDGET ACTUAL BUDGET FY ACTUAL
Year October November December January February March April May June July August September Total
FY2021 35,291 57,626 44,861 45,645 62,176 44,334 30,071 320,004$
FY2020 45,962 39,056 45,450 36,037 64,105 42,654 37,725 49,804 44,467 40,078 45,748 49,172 540,258$
FY2019 31,048 38,679 39,362 88,360 45,433 36,033 34,603 46,432 38,783 43,510 36,757 47,143 526,144$
FY2018 34,607 38,169 28,985 31,808 54,501 31,672 41,253 43,121 36,295 41,089 39,590 29,697 450,787$
FY2017 29,583 38,719 27,285 29,652 35,265 26,215 29,043 33,374 26,747 33,648 16,530 28,850 354,908$
FY2016 31,046 39,712 32,662 25,293 38,669 29,196 26,505 38,181 27,906 28,195 29,231 30,459 377,055$
FY2015 23,985 31,479 27,515 24,594 35,857 24,104 27,064 39,783 42,821 55,252 48,766 59,232 440,453$
FY2014 21,990 29,867 31,661 22,458 32,594 23,228 26,412 31,319 25,832 23,976 28,866 22,659 320,861$
FY2013 33,617 31,297 23,446 20,135 30,003 20,791 20,318 32,020 21,136 22,435 27,973 26,025 309,197$
EDC Sales Tax By Month
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
October November December January February March April May June July August September
Sales Tax vs. Five-Year Average FY 2021
Five Year Average
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REGULAR SESSION ITEM VI.E.
SUBJECT
Discuss and consider approval of lease extension for Red's Roadhouse 1170 E. Kennedale Parkway
ORIGINATED BY
Melissa Dailey, Director of Planning & Economic Development
SUMMARY
The current lease of Red’s Roadhouse located at 1170 E. Kennedale Parkway expired on November 30, 2020,
pursuant to the Fourth Amendment to the lease agreement approved by the Board on November 18, 2019. The
current tenant, the Pennington Family Limited Partnership (Red’s Roadhouse) has requested that the Board
extend the lease by 12 months. The request is, therefore, to extend the lease to November 30, 2021. The Fifth
Amendment extending the lease for Board consideration has been prepared and is attached hereto.
The Executive Director is satisfied that the extension of the lease arrangements continues to meet the intent of
the use of the property for economic development purposes as identified in the deed from the Bloxom
Foundation and the Purchase and Sale and Lease agreements with the Pennington Family Limited Partnership.
The amount of the lease was increased in 2018 to $2,500 per month and no increase in rent is proposed as a
condition of this extension.
Neither the original Purchase and Sale Agreement nor the Lease Purchase Agreement have been attached to
this report but are available in the City Manager’s office should any Board member wish to review or discuss
those documents.
An Executive Session item for the discussion of this lease of 1170 E. Kennedale Parkway has also been posted
on the agenda should there be a desire to discuss the terms of the lease in closed session.
Board discussion and consideration is respectfully requested.
RECOMMENDATION
Approve
ATTACHMENTS
1.Reds Fifth Amendment Reds Fifth Amendment.docx
FIFITH AMENDMENT TO LEASE PURCHASE AGREEMENT
This Fifth Amendment to Lease Purchase Agreement (“Amendment”) is made and
entered into as of the day of , 2021, by and between the
KENNEDALE ECONOMIC DEVELOPMENT CORPORATION, a Texas corporation
(“Landlord”), and PENNINGTON FAMILY LIMITED PARTNERSHIP and/or its assigns
(“Tenant”).
WHEREAS, Landlord and Tenant entered into that certain Lease Purchase Agreement
effective November 1, 2011 (the “Agreement”), for the lease of certain real property in the
City of Kennedale, Tarrant County, Texas (the “Premises”, as defined in the Agreement); and
WHEREAS, Landlord and Tenant previously entered into an Amendment to
Agreement of Lease Purchase Agreement (“First Amendment”) which extended the Term of
the Agreement to November 30, 2017, raised the rent and late fee charge, and provided that all
other terms of the Agreement remained in full force and effect; and
WHEREAS, Landlord and Tenant previously entered into a Second Amendment to
Lease Purchase Agreement (“Second Amendment”) which extended the Term of the
Agreement to November 30, 2018, raised the rent, made the Tenant liable for ad valorem taxes,
and provided that all other terms of the Agreement remained in full force and effect; and
WHEREAS, Landlord and Tenant previously entered into a Third Amendment to
Agreement of Lease Purchase Agreement (“Third Amendment”) which extended the Term
of the Agreement to November 30, 2019, raised the rent, and provided that all other terms of
the Agreement remained in full force and effect; and
WHEREAS, Landlord and Tenant previously entered into a Fourth Amendment to
Agreement of Lease Purchase Agreement (“Fourth Amendment”) which extended the Term
of the Agreement to November 30, 2020, raised the rent, and provided that all other terms of
the Agreement remained in full force and effect; and
WHEREAS, the parties desire to further amend the Agreement as provided below.
NOW, THEREFORE, in consideration of the mutual rights and obligations set forth
below and in the Agreement, Landlord and Tenant hereby agree as follows:
1.Extension of the Term. Section 2(a) of the Agreement is hereby amended by
extending the Term to November 30, 2021.
2.Effect of Amendment. All other terms and conditions of the Agreement, First
Amendment, Second Amendment, and Third Amendment and Fourth
Amendment, with the exception of the terms modified by this Amendment, shall
remain in full force and effect.
3. Effective Date. This Amendment is effective as of December 1, 2020.
[Signature Page Follows]
LANDLORD:
KENNEDALE ECONOMIC DEVELOPMENT
CORPORATION
_______________________________________________
By: Mark Yeary, President
TENANT:
PENNINGTON FAMILY LIMITED
PARTNERSHIP, a Texas limited partnership
By:Pennington Family, LP, Inc.,
a Texas corporation, its General Partner
By: _
Adlai Pennington, President
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REGULAR SESSION ITEM VI.F.
SUBJECT
Authorize the Executive Director to make an application for the rezoning of the 13-acre EDC on Linda Road,
known as Lot 1A2, Block 1 of the Harris Corporation Addition, from Industrial (I) to Neighborhood Village (NV)
ORIGINATED BY
Melissa Dailey, Director of Planning & Economic Development
SUMMARY
The 13-acre property on Linda Road owned by the Kennedale Economic Development Corporation (KEDC) is
currently zoned Industrial (I). The property is surrounded on three sides by residential uses; and a light industrial
use is located to the west of the property. City staff has been in communications with a potential developer that is
proposing a development consistent with Neighborhood Village (NV) zoning.
The NV district is established to provide an area with a mix of uses to fulfill the daily needs of residents within a
short walking distance of the surrounding neighborhoods. Staff believes that a development consistent with NV
zoning would result in a development that is more compatible with the surrounding neighborhoods than the
current industrial zoning. NV zoning will also facilitate a quality development that results in the property
generating property and sales tax revenue.
RECOMMENDATION
Approve
ATTACHMENTS
STAFF REPORT TO THE BOARD OF DIRECTORS
MEETING DATE: MAY 25, 2021
AGENDA ITEM NUMBER: REGULAR SESSION ITEM VI.G.
SUBJECT
Authorize the Executive Director to negotiate, finalize and execute a lease agreement with Etron, Inc. for the
lease of 201 W Kennedale Parkway, Building 1 in TownCenter, and forward the same to City Council for its
approval
ORIGINATED BY
Melissa Dailey, Director of Planning & Economic Development
SUMMARY
RECOMMENDATION
ATTACHMENTS