FEDC approves parking lot grant

During its regular Dec. 12, 2018 meeting, the Forney Economic Development Corp. met and in summary:

  • Financial report: 16% through year, collections almost 20%, higher than last year, Mr. Ketteman has stated next month could be better, he pointed out results are from State and 2 months behind, there is no obvious reason for the increase; expenses are appropriate.
  • Executive Director's report: Mr. Ketteman said Jan meeting will move to 3rd Thursday, they are doing more lunch tours for commercial & industrial, recent meeting with multiple EDCs, Fate in 2000 had 600 people, now 16000, growth is in many places.
  • Approved a Facade Grant for 110 W. Broad - Mr. Ketteman said Ryan Kile is the applicant; they recently put different part on the application for interior and exterior grants. This is a bit different, having parking lot issues, which could be covered by the phrase attached to the property, he will leave the determination to the board. Mr. McGregor said the shipping center was done by a redevelopment grant. Mr. Ketteman said some items appear to be invoices, typically they don't pay for work that has already been done.
        Mr. Tayamen asked if property owner is aware of this request; Mr. Kile said yes, and none of the work has been done yet. Ms. Browning asked if they had considered doing more - Mr. Kile said the owner was concerned about property value increasing. Ms. Lewis asked what has been done - Mr. Kile said all the items are estimates, nothing has been done. Ms. Browning asked if they could only grant one application per property; Mr. Ketteman said up to discretion of board, but doesn't believe the grant has a time limit. Pres. McBeth asked if need some rules about that - staff has discussed it for future consideration. Ms. Browning said they pointed that limitation out to the new owner of Forney ship center. Mr. McGregor suggested the usual language of maximum 50% and $10k, Mr. Alexander so amended his motion.
  • Discussed contractual documents with Investments by Dee LLC - Mr. Ketteman said this is from some time back, Sage Park Plaza is part of the W. Broad St. sanitary sewer project, which they had set at $300k budget w/ a $50k loan for this property. The property owner's bids have come back higher, they need to discuss in executive session.
  • Approved a resolution supporting the continuation of Ch. 312 Tax Abatements for Economic Development - Mr. McGregor said 86th legislature starts Jan. 08, he will be there in Rep. Bell's office. Up for sunset is this item. It hasn't been used here recently, but it is a huge tool that is mentioned to prospects. Two bills have been filed to renew it. They have spoken with city manager to present this to council. Mr. Ketteman said this is for ad valorem taxes, not EDC money, but it is useful.
  • Mr. Ketteman said there is an incentive application he will present to them in executive session.
  • Held a 69-minute executive session re:
  • Approved contractual documents with Investments by Dee LLC for $50k no-interest loan including language added about sale of property, requiring payment of the loan if property is sold. Mr. Ketteman said that was if it sells during the time frame of the loan.
  • Mr. McGregor mention Kaufman County day in March, if any members wish to attend.
  • Adjourned at 2008.
Wednesday, 2018, December 12