Forney EDC approves HOT funds, budget.

During its regular July 14, 2016 meeting, the Forney Economic Development Corp. (EDC) met and (this is a preliminary report, subject to revision):

  • Financial report

  • Executive directors report - only one bid was received for downtown project, so it will have to be reconsidered.

  • Approved Hotel Occupancy Tax (HOT) Funds Applications for Fiscal Year 2016-17.
    Mr. McBeth asked each applicant to explain their requests.
    Mr. Ketteman said $ requested is less than allocated, don't have to cut anyone.

  • RE: Downtown EDC-owned building notes and mortgage payoff. The Board approved paying off one loan currently at 5.0%.

  • Took no action re: a contractual agreement for EDC-owned detention pond maintenance.

    There will be no changes in the maintenance until Oct.

  • Approved the EDC annual budget for Fiscal Year 2016-17, with correction for tax amount.

    Mr. Stuart spoke about redevelopment incentives, maybe 4 / year matching grants
    There was discussion about extra funds for turkey trax, to help boost it.

  • __ economic development negotiations with current prospects.
  • Held a closed Executive Session meeting for 66 minutes from 20:47 to 21:53
  • no action taken.
  • future items - detention pond maint.
meeting_date: 
Thursday, 2016, July 14