FEDC considers selling a building

During its regular June 10, 2021 meeting, the Forney Economic Development Corp. met to welcome new Director, and consider a property buy-out and a development grant.

• Pres. McBeth welcomed new FEDC director Ms. Lynn Spencer.
  
• Financial report: Mr. Burrus said are 2/3 thru Fiscal Year, tax receipts at 79%.  Expenses have been well under budget due to being short on positions, a good thing to have a new employee.
  
• Interim Executive Director's report: Mr. Daniels said issued press release about Lynn.  Developers are still interested in Forney; two recent inquiries needed different zoning, a pharmaceutical company and a plastics manufacturer.  Had a query about 33 acres around Cates and Industrial Way and the road extension, was referred to engineering dept.  Got a call about food manufacturing company needing 1 mil sq ft, interested in new spec building planned in Gateway area.  He, the Mayor, and city engineer had a zoom meeting w/ NTCOG about funding and presence on street / road issues.  Pres. McBeth asked if opportunity for Forney people to be on a committee; Mr. Daniels said we share a seat w/ Ellis County, supposed to swap every year, hasn't happened.  Mr. Daniels talked to Michael Morris, who will help with the process.  Working on getting a seat at Surface Transportation Technical Committee, which recommends funding for projects.
  
• Approved a Purchase Agreement for 215 S. Bois d'Arc (Eno's).
        Pres. McBeth said original contract had this provision, allowing lease payments to partially apply to loan of $350k.
  
• Approved a Downtown Development Grant Applications for 50% reimbursement up to $25k for 208 S. Bois d'Arc.
        Applicant Ms. Cheryl Ballard explained this was the reapplication of a former grant, to turn into old-fashioned general store/ice cream parlor.  This could attract downtown foot traffic.  This location was a newspaper office, then several other businesses, lastly a Bed & Breakfast.  They sold one of the buildings.  Want to restore original look of the front.  Most of request is for interior work.  She hopes to find someone to run the store, lease out the upstairs for office or conference room use.  They have purchased stock, likely will start the store themselves, turn it over to someone else later.
        Mr. Alexander asked about sq ft: 1597 down-stairs, 1025 up-stairs.  Have already started some renovations, with previously approved grant.  Hope to complete in 30-45 days.
  
• Held a 37-minute executive session re: updates on current projects.
  
• Took no action.
  
• Adjourned at 1923