FEDC considers two incentive requests
During its regular Jan. 14, 2021 meeting, the Forney Economic Development Corp. met to consider two incentive requests.
- Financial report: Mr. Burrus said 25% through the year, 28% revenue, expenses lower due to vacancy, so in excellent position. He asked Mr. Carson if there are any fluctuations in tax income that they need to be aware of. Mr. Carson said as last year, exceeding prior year, by 17% for first quarter. Been trending up for 11 months.
- Interim Executive Director's report: Mr. Carson continues taking phone calls, emails and inquiries, which he has followed up on, nothing of substance recently. Pres. McBeth asked if doing posts on website - Mr. Carson said nothing since new website put in; Mr. McBeth said they can find something to put on. Pres. McBeth asked how long would be interviewing for director; Mr. Carson said this is the 3rd posting for the job, want to wait a few months. How many sites is it on? Not sure, at least 3, sites that used before. Pres. McBeth said posting didn't mention the EDC board - Mr. Carson said it should have been similar to the previous post. Pres. McBeth pointed out it doesn't reflect the position involves interfacing with the board.
- Approved an application for incentives for Best Massage Ever located at 530 Pinson Road for 1,500 per FT employee.
Mr. Carson said this is new, across from Brookshires. The application shows owner investing $92k, requesting $5k. Pres. McBeth asked applicant Victoria Mayhew what renovations will be done - she said this was a restaurant, next to laundry mat. It's been gutted, adding massage rooms, hair stations, spa, organic foods. Offering items that no other location is. She has 900 clients now, already hired 10 FT including yoga instructors, hair stylists, etc. Product sales about $10k / month. Focus advertising on internet - have reviews on Google, Massagebook, Instagram, she wished she could get a billboard along the highway. Mr. Roberson asked what 21 employees would be - varied: massage, yoga, front desk, hair stylists, they have been interviewing every day. Pres. McBeth asked how many are from Forney - she prefers local people, more likely to show up. Average is $35/hr, so people will commute for that, but she looks at Forney first.
Pres. McBeth said this is outside the historic overlay, so they may only offer incentives for employees. They have done 1,500 per employee before. Mr. Carson said the total amount may not exceed 10k.
- Approved an application for 50%/$25k max. incentives for Reagin House Redevelopment located at 315 S. Bois d'Arc.
Pres. McBeth asked about the exterior upgrades - they will paint the outside, they will remove two trees and a shed. They have outgrown current location, w/ 14 employees. Intend to house a title company with more employees. They will offer use for weddings, fundraisers. The current location could be better used for a more retail purpose. There are no major building issues. May restore a removed wall in the large room. For the new location, expect $50-73k in reimbursable costs. About 2/3 employees live in Forney. They will put a monument sign in front, similar to the FISD sign and FISD admin building. Mr. Carson said this is a downtown redevelopment grant, so would need to expend over $50k, then would get $25k reimbursed. Mr. McBeth asked about the interior exterior split - Mr. Carson said that's a different program. Mr. Gray said painting alone will be $21k or more.
- Held a 16-minute executive session re:
- Adjourned at 1923
Thursday, 2021, January 14