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.