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04/17/2007, Regular Meeting MinutesMINUTES KENNEDALE ECONOMIC DEVELOPMENT CORPORATION BOARD OF DIRECTORS REGULAR MEETING -APRIL 17, 2007 405 MUNICIPAL DR. - KENNEDALE MUNICIPAL BLDG. CONFERENCE ROOM President, Nita Vaughn called the meeting to order at 6:12 p.m. 240 Members present: President, Nita Vaughn; Vice President, Robert Mundy; Board of Directors Wayne Wooten and Marsha Knox. Doug Parker arrived at 6:13 p.m., and Rob Morris arrived at 6:17 p.m. Members absent: Board of Director, Beverly Hayes. Staff present: Bob Hart, Executive Director; Kathy Turner, Secretary; Clifford Blackwell, III, Treasurer; and Mike Soab, KEDC Director. I. REGULAR ITEMS 1. Consider approval of minutes: Regular Meeting dated March 20, 2007. Wayne Wooten moved to approve the regular meeting minutes dated March 20, 2007, second by Robert Mundy. Wooten, Mundy, Vaughn and Parker voted aye, with Knox abstaining due to absence of meeting. Motion carried (4-1). 2. Review of Financial Reports. Clifford Blackwell, III, Treasurer provided a recap of the revenues and expenditures for the period ended March 31, 2007, and addressed the sales tax history. 3. Consider approval of Resolution Authorizing the Issuance of Kennedale Economic Development Corporation Sales Tax Revenue Bonds, Taxable Series 2007, Approving all documents related thereto including an Investment Letter, a Paying Agent/Registrar Agreement, A Sales Tax Remittance Agreement, and a Project Agreement, and approving other matters related thereto. Robert Mundy moved to approve resolution authorizing the issuance of Kennedale Economic Development Corporation Sales Tax Revenue Bonds, Taxable Series 2007, Approving all documents related thereto including an Investment Letter, a Paying Agent/Registrar Agreement, A Sales Tax Remittance Agreement, and a Project Agreement, and approving other matters related thereto. Motion second by Wayne Wooten. Motion carried (6-0). President, Nita Vaughn recessed the meeting to enter into executive session at 6:35 p.m. II. EXECUTIVE SESSION The Board of Directors will meet in closed session pursuant to Section SS l .072 of the Texas Government Code to deliberate the purchase, exchange, lease, or value of real property. 241 III. RECONVENE INTO OPEN SESSION AND TAKE ACTION NECESSARY PURSUANT TO EXECUTIVE SESSION. President, Nita Vaughn reconvened into open session at 6:48 p.m. with no action taken on executive session. IV STAFF ANNOUNCEMENTS/REPORTS 1. Executive Director Announcement/Reports. Bob Hart, Executive Director briefed the Board on Creative Play Scape, a program in which the community gets involved and builds playgrounds that are designed specifically to that community. 2. KEDC Director Announcement/Reports. KEDC Director, Mike Soab provided the Board an update in regards to the sale of the shopping center. Soab advised that inspections had taken place on the roof, which reflected roofs to be in good shape, and to expect a closing date in July. Next, Soab spoke about the TIF District. He advised that Consultant, Larry Cline had questioned if the District was the right way to go, and said discussions would continue. Additionally, Soab sought input from the Board regarding the current visual grant policy. Soab recommended that future visual grants be utilized to replace existing pole and roof signage along Kennedale Parkway with monument signs to upgrade the appearance of the highway. Last, Soab sought direction from the Board in regards to the Kennedale TownCenter Plaza. He addressed expenses and alternate plans to reduce cost. It was recommended Soab move forward with full project, obtain solid figures, and schedule a presentation before City Council. V. PRESIDENTBOARD ANNOUNCEMENTS/REPORTS 1. President Announcements/Reports - No Announcements/reports. 2. Board of Directors Announcements/Reports - No announcements/reports. VI. ADJOURNMENT Marshal Knox moved to adjourn the meeting at 7:15 p.m., second by Wayne Wooten. Motion carried (6-0). ATTEST: i~~~ ~ ~i,/~~~i Kathy Turner, Secretary L~~ APP OVED: Pre ident, Nita Val ghn