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HomeMy WebLinkAboutCDC/EDC 2025-05-22 Special Called Meeting PacketIMPORTANT LEGAL NOTICE: The Corporation may vote and/or act upon each of the items listed in this agenda. The Corporation reserves the right to retire into executive session concerning any of the items listed on this agenda, whenever it is considered necessary and legally justified under the Open Meetings Act. Disabled persons who want to attend this meeting and who may need assistance should contact the City Secretary at 972-924-3325 two working days prior to the meeting so that appropriate arrangements can be made. SPECIAL CALLED MEETING AGENDA ANNA COMMUNITY DEVELOPMENT CORPORATION AND ANNA ECONOMIC DEVELOPMENT CORPORATION Thursday, May 22, 2025 @ 6:00 PM The CDC/EDC of the City of Anna will hold a Special Meeting on 5/22/2025, at 6:00 PM in the Anna Municipal Complex-Council Chambers, located at 120 W. 7th Street, to consider the following items. 1.Call to Order, Roll Call, and Establishment of Quorum. 2.Invocation and Pledge of Allegiance. 3.Neighbor Comments. Persons may address the Board of Directors on items not on the agenda; please observe the time limit of three (3) minutes. Members of the Board cannot comment on or deliberate statements of the public except as authorized by Section 551.042 of the Texas Government Code. 4.Consent Agenda. 5.Individual Consideration. a.Consider/Discuss/Action on a resolution of the Board of Directors of the Anna Community Development Corporation regarding a tax-exempt loan in an amount not to exceed $1,500,000. b.Consider/Discuss/Action on a resolution of the Board of Directors of the Anna Community Development Corporation regarding a taxable loan in an amount not to exceed $940,000. c.Consider/Discuss/Action to authorize and direct staff to make a payment on the $940,000 taxable loan referenced above in the amount of $500,000 to reduce the principal of said loan. 6.Director's Report. 7.Closed Session. a.Consult with legal counsel on matters in which the duty of the attorney to the IMPORTANT LEGAL NOTICE: The Corporation may vote and/or act upon each of the items listed in this agenda. The Corporation reserves the right to retire into executive session concerning any of the items listed on this agenda, whenever it is considered necessary and legally justified under the Open Meetings Act. Disabled persons who want to attend this meeting and who may need assistance should contact the City Secretary at 972-924-3325 two working days prior to the meeting so that appropriate arrangements can be made. governmental body under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas clearly conflicts with Chapter 551 of the Government Code (Tex. Gov’t Code §551.071); Grant program; Lease agreement and professional services contract. Pending Contracts. b.Deliberate regarding the purchase, exchange, lease or value of real property. (Tex. Gov’t Code §551.072) possible property acquisition; possible land sale/purchase. c.Discuss or deliberate personnel matters: (1) to deliberate the appointment, employment, evaluation, reassignment, duties, discipline, or dismissal of a public officer or employee; or (2) to hear a complaint or charge against an officer or employee. (Tex. Gov't Code §551.074). d.Discuss or deliberate Economic Development Negotiations: (1) To discuss or deliberate regarding commercial or financial information that the Board of Directors has received from a business prospect that the Board of Directors seeks to have locate, stay, or expand in or near the territory of the City of Anna and with which the Board is conducting economic development negotiations; or, (2) To deliberate the offer of a financial or other incentive to a business prospect described by subdivision (1). (Tex. Gov’t Code §551.087); potential retail and medical projects. 8.Reconvene into open session and take any action on closed session items. 9.Receive reports from staff or Board Members about items of community interest. 10.Adjourn. This is to certify that I, Bernie Parker, Director of Economic Development, posted this Agenda on the City's website (www.annatexas.gov) and at the Anna Municipal Complex bulletin board at or before 5:00 p.m. on 5/16/2025. Bernie Parker, Director of Economic Development Item No. 3. EDC/CDC Agenda Staff Report Meeting Date: 5/22/2025 Staff Contact: AGENDA ITEM: Neighbor Comments. SUMMARY: Persons may address the Board of Directors on items not on the agenda; please observe the time limit of three (3) minutes. Members of the Board cannot comment on or deliberate statements of the public except as authorized by Section 551.042 of the Texas Government Code. STAFF RECOMMENDATION: N/A ATTACHMENTS: Item No. 5.a. EDC/CDC Agenda Staff Report Meeting Date: 5/22/2025 Staff Contact: Bernie Parker AGENDA ITEM: Consider/Discuss/Action on a resolution of the Board of Directors of the Anna Community Development Corporation regarding a tax-exempt loan in an amount not to exceed $1,500,000. SUMMARY: In December 2023, the CDC Board adopted a Resolution approving a loan agreement with Lamar National Bank for land acquisition in the amount of $1,981,000. The acquisition consisted of nine tracts of land within the City of Anna's downtown located between State Highway 5 & S. Riggins Street and W. 7th Street & White Street STAFF RECOMMENDATION: Staff recommends approval of a resolution of the Board of Directors of the Anna Community Development Corporation regarding a tax-exempt loan in an amount not to exceed $1,500,000. ATTACHMENTS: 1. Anna CDC 2025 Tax Exempt Note - Resolution of the 4B CDC (002) CERTIFICATE FOR RESOLUTION On __________________________, we, the undersigned officers of the Anna Community Development Corporation, hereby certify as follows: 1. The Board of Directors of said Corporation convened in Special Called Meeting on ____________________ at the designated meeting place, and the roll was called of the duly constituted officers and members of said Board of Directors, to wit: Bruce Norwood President Manjinder Singh Vice President Dwyke Williams Secretary Regina Leachman Director Noah Nylander Director Rocio Gonzalez Director Edward Culham Director and all of said persons were present, except the following absentees: _________, thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION OF THE BOARD OF DIRECTORS OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION REGARDING A TAX EXEMPT LOAN IN AN AMOUNT NOT TO EXCEED $1,500,000.00 was duly introduced for the consideration of said Board of Directors and read in full. It was then duly moved and seconded that said Resolution be adopted; and, after due discussion, said motion carrying with it the adoption of said Resolution, prevailed and carried by the following vote: AYES: All members of the Board of Directors shown present above voted "Aye" except as shown below. NOES: _________________ ABSTAIN: _________________ 2. That a true, full and correct copy of the aforesaid Resolution adopted at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said Board of Directors' minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said Board of Directors' minutes of said Meeting pertaining to the adoption of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said Board of Directors as indicated therein; that each of the officers and members of said Board of Directors was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered for adoption at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public and public notice of the time, place and purpose of said Meeting was given, all as required by Chapter 551, Texas Government Code. 3. That the President of the Board of Directors of the Corporation has approved and hereby approves the aforesaid Resolution; that the President and the Secretary of said Corporation have duly signed said Resolution; and that the President and the Corporation Secretary of said Corporation hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Resolution for all purposes. Signed on the date first written above. Secretary, Board of Directors President, Board of Directors RESOLUTION OF THE BOARD OF DIRECTORS OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION REGARDING A TAX EXEMPT LOAN IN AN AMOUNT NOT TO EXCEED $1,500,000 WHEREAS, ANNA COMMUNITY DEVELOPMENT CORPORATION (“Borrower”) proposes to enter into a Loan Agreement (as amended, restated, supplemented and/or otherwise modified, the “Loan Agreement”), with Government Capital Corporation, as lender (“Lender”) to enable Borrower to refinance a land purchase and parking lot project (the “Project”) in Anna, Texas (the “City”) to promote new or expanded business development in the City, in an amount not to exceed $1,500,000 and as for the payment of the principal of and interest thereon, the Borrower has agreed to pledge its Economic Development Sales and Use Tax. All capitalized terms used herein, but not otherwise defined herein, shall have the meaning ascribed to such term in the Loan Agreement. WHEREAS, the Board of Directors (the “Board”) of the Borrower desires to authorize the President of the Board, and/or the President’s designee, to negotiate the final form of the Loan Agreement, Note and the Sales Tax Remittance Agreement consistent with the terms of this Resolution. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF ANNA COMMUNITY DEVELOPMENT CORPORATION AS FOLLOWS: Section 1. The Board agrees to enter into the Loan Agreement, Note and the Sales Tax Remittance Agreement to finance the costs of the Project in an amount not to exceed $1,500,000 at an interest rate agreed upon by the Lender and the Borrower on the date of execution of the Note, the Loan Agreement and the Sales Tax Remittance Agreement and, in order to secure the principal of and interest on the Note, to pledge its Economic Development Sales and Use Tax. Section 2. That the Board hereby accepts the following financing option as set forth by the Lender in its April 30, 2025 Preliminary Term Sheet [Select One]: _____ 15 annual payments w/ a fixed interest rate and that any one or more Authorized Officers (as defined below) are authorized to negotiate, execute, acknowledge and deliver in the name and on behalf of Borrower to the Lender the final Loan Agreement, including all attachments and exhibits thereto and the Note consistent with the options elected herein. Further, the Authorized Officers are each authorized to execute, acknowledge and deliver in the name and on behalf of the Borrower any other agreement, instrument, certificate, representation and document, and to take any other action as may be advisable, convenient or necessary to enter into such Loan Agreement and the Note; the execution thereof by the Authorized Officers shall be conclusive as to such determination. Section 3. That for the purposes of this resolution, the following persons, or the persons holding the following positions, are “Authorized Officers” duly authorized to enter into the transaction contemplated by this resolution in the name and on behalf of the Borrower: Title Name Board President Bruce Norwood Board Vice-President Manjinder Singh Board Secretary Dwyke Williams Section 4. That this Resolution shall take effect immediately. PASSED AND ADOPTED this ______ ____, 2025. ANNA COMMUNITY DEVELOPMENT CORPORATION Bye Bruce Norwood, Board President ATTEST: Bye Dwyke Williams, Board Secretary Item No. 5.b. EDC/CDC Agenda Staff Report Meeting Date: 5/22/2025 Staff Contact: Bernie Parker AGENDA ITEM: Consider/Discuss/Action on a resolution of the Board of Directors of the Anna Community Development Corporation regarding a taxable loan in an amount not to exceed $940,000. SUMMARY: See Item 5.a. STAFF RECOMMENDATION: Staff recommends approval of a resolution of the Board of Directors of the Anna Community Development Corporation regarding a taxable loan in an amount not to exceed $940,000. ATTACHMENTS: 1. Anna CDC 2025 Taxable Note - Resolution of the 4B CDC CERTIFICATE FOR RESOLUTION On _______________________, we, the undersigned officers of the Anna Community Development Corporation, hereby certify as follows: 1. The Board of Directors of said Corporation convened in Special Called Meeting on ______________ at the designated meeting place, and the roll was called of the duly constituted officers and members of said Board of Directors, to wit: Bruce Norwood President Manjinder Singh Vice President Dwyke Williams Secretary Regina Leachman Director Noah Nylander Director Rocio Gonzalez Director Edward Culham Director and all of said persons were present, except the following absentees: ______________, thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION OF THE BOARD OF DIRECTORS OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION REGARDING A TAXABLE LOAN IN AN AMOUNT NOT TO EXCEED $940,000.00 was duly introduced for the consideration of said Board of Directors and read in full. It was then duly moved and seconded that said Resolution be adopted; and, after due discussion, said motion carrying with it the adoption of said Resolution, prevailed and carried by the following vote: AYES: All members of the Board of Directors shown present above voted "Aye" except as shown below. NOES: _________________ ABSTAIN: _________________ 2. That a true, full and correct copy of the aforesaid Resolution adopted at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said Board of Directors' minutes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said Board of Directors' minutes of said Meeting pertaining to the adoption of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said Board of Directors as indicated therein; that each of the officers and members of said Board of Directors was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered for adoption at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public and public notice of the time, place and purpose of said Meeting was given, all as required by Chapter 551, Texas Government Code. 3. That the President of the Board of Directors of the Corporation has approved and hereby approves the aforesaid Resolution; that the President and the Secretary of said Corporation have duly signed said Resolution; and that the President and the Corporation Secretary of said Corporation hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Resolution for all purposes. Signed on the date first written above. Secretary, Board of Directors President, Board of Directors RESOLUTION OF THE BOARD OF DIRECTORS OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION REGARDING A TAXABLE LOAN IN AN AMOUNT NOT TO EXCEED $940,000 WHEREAS, ANNA COMMUNITY DEVELOPMENT CORPORATION (“Borrower”) proposes to enter into a Loan Agreement (as amended, restated, supplemented and/or otherwise modified, the “Loan Agreement”), with Government Capital Corporation, as lender (“Lender”) to enable Borrower to refinance a land purchase for commercial and private use (the “Project”) in downtown Anna, Texas (the “City”) to promote new or expanded business development in the City, in an amount not to exceed $940,000 and as for the payment of the principal of and interest thereon, the Borrower has agreed to pledge its Economic Development Sales and Use Tax. All capitalized terms used herein, but not otherwise defined herein, shall have the meaning ascribed to such term in the Loan Agreement. WHEREAS, the Board of Directors (the “Board”) of the Borrower desires to authorize the President of the Board, and/or the President’s designee, to negotiate the final form of the Loan Agreement, Note and the Sales Tax Remittance Agreement consistent with the terms of this Resolution. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF ANNA COMMUNITY DEVELOPMENT CORPORATION AS FOLLOWS: Section 1. The Board agrees to enter into the Loan Agreement, Note and the Sales Tax Remittance Agreement to finance the costs of the Project in an amount not to exceed $940,000 at an interest rate agreed upon by the Lender and the Borrower on the date of execution of the Note, the Loan Agreement and the Sales Tax Remittance Agreement and, in order to secure the principal of and interest on the Note, to pledge its Economic Development Sales and Use Tax. Section 2. That the Board hereby accepts the following financing option as set forth by the Lender in its April 30, 2025 Preliminary Term Sheet [Select One]: _____ 15 annual payments w/ an adjustable interest rate and that any one or more Authorized Officers (as defined below) are authorized to negotiate, execute, acknowledge and deliver in the name and on behalf of Borrower to the Lender the final Loan Agreement, including all attachments and exhibits thereto and the Note consistent with the options elected herein. Further, the Authorized Officers are each authorized to execute, acknowledge and deliver in the name and on behalf of the Borrower any other agreement, instrument, certificate, representation and document, and to take any other action as may be advisable, convenient or necessary to enter into such Loan Agreement and the Note; the execution thereof by the Authorized Officers shall be conclusive as to such determination. Section 3. That for the purposes of this resolution, the following persons, or the persons holding the following positions, are “Authorized Officers” duly authorized to enter into the transaction contemplated by this resolution in the name and on behalf of the Borrower: Title Name Board President Bruce Norwood Board Vice-President Manjinder Singh Board Secretary Dwyke Williams Section 4. That this Resolution shall take effect immediately. PASSED AND ADOPTED this _______ ___, 2025. ANNA COMMUNITY DEVELOPMENT CORPORATION Bye Bruce Norwood, Board President ATTEST: Bye Dwyke Williams, Board Secretary Item No. 5.c. EDC/CDC Agenda Staff Report Meeting Date: 5/22/2025 Staff Contact: Bernie Parker AGENDA ITEM: Consider/Discuss/Action to authorize and direct staff to make a payment on the $940,000 taxable loan referenced above in the amount of $500,000 to reduce the principal of said loan. SUMMARY: Staff recommends approval to authorize and direct staff to make a payment on the $940,000 taxable loan referenced above in the amount of $500,000 to reduce the principal of said loan. STAFF RECOMMENDATION: ATTACHMENTS: Item No. 6. EDC/CDC Agenda Staff Report Meeting Date: 5/22/2025 Staff Contact: AGENDA ITEM: Director's Report. SUMMARY: STAFF RECOMMENDATION: ATTACHMENTS: Item No. 10. EDC/CDC Agenda Staff Report Meeting Date: 5/22/2025 Staff Contact: AGENDA ITEM: Adjourn. SUMMARY: STAFF RECOMMENDATION: ATTACHMENTS: