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HomeMy WebLinkAboutCDCpkt2019-09-09 Special MeetingTHE CITY OF Anna �* CDC SPECIAL MEETING AGENDA ANNA COMMUNITY DEVELOPMENT CORPORATION Monday, September 9, 2019 at 6:00 p.m.! INC-CUBE BUILDING, CONFERENCE ROOM 312 N. POWELL PARKWAY, ANNA, TEXAS 75409 The Anna Community Development Corporation will conduct a special meeting at 6:00 p.m.' on Monday, September 9, 2019, at the Inc -Cube Building, Conference Room, 312 N. Powell Parkway, to consider the following items: 1. Call to Order, Roll Call and Establishment of Quorum. 2. Invocation and Pledge. 3. Citizen 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. Consider/Discuss/Act on approving minutes from the August 1, 2019 CDC Meeting. 5. Hear presentation from City Attorney regarding the City of Anna Ethics Policy and Best Practices. 6. Consider/Discuss/Act on a Resolution approving the First Amended & Restated Loan Agreement and Promissory Note with Simply Floor It, LLC. 7. Director's Report A. NTCAR Expo Recap B. Strategic Plan C. Marketing Materials D. Chamber of Commerce Agreement E. Downtown Master Plan 1 ADDITIONAL NOTICE REGARDING MEETING TIME: In the event that the Anna Economic Development Corporation meets at the same time and place scheduled for this meeting, then this meeting of the Anna Community Development Corporation may be delayed but will begin immediately after the conclusion of the meeting of the Anna Economic Development Corporation. 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. F. Bylaws Committee G. Report on current corporate financial status —Discussion Only H. October Meeting 8. CLOSED SESSION (exceptions): A. Deliberate regarding the purchase, exchange, lease or value of real property. (Tex. Gov't Code §551.072) possible property acquisition; possible land sale/purchase; B. Consult with legal counsel on matters in which the duty of the attorney to the 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); Discuss contract concerning Revolving Loan Fund; promotional contract. C. 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) Anna Business Park Property; potential retail and medical projects. 9. Reconvene into open session and take any action on closed session items. 10. Receive reports from staff or Board Members about items of community interest. Items of community interest include: expressions of thanks, congratulations, or condolence; information regarding holiday schedules; an honorary or salutary recognition of a public official, public employee, or other citizen (but not including a change in status of a person's public office or public employment); a reminder about an upcoming event organized or sponsored by the governing body; information regarding a social, ceremonial, or community event organized or sponsored by an entity other than the governing body that was attended or is scheduled to be attended by a member of the governing body or an official or employee of the municipality; and announcements involving an imminent threat to the public health and safety of people in the municipality that has arisen after the posting of the agenda. 11. Adjourn. This is to certify that I, Joey Grisham, Economic Development Director, posted this agenda at a place readily accessible to the public at the Anna City Hall and on the City Hall bulletin board at or before 6:00 p.m. on September 5, 2019. Joey Grisham, Economic Development Director 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. THE CITY OF Anna CDC Item No. 4 CDC Agenda Staff Report Meeting Date: Staff C'nntact- AGENDA ITEM: 9.9.2019 Joey Grisham Consider/Discuss/Act on approving minutes from the August 1, 2019 CDC Meeting. SUMMARY: STAFF RECOMMENDATION: ATTACHMENTS: 1. August 1, 2019 CDC Meeting Minutes Officers: Staff: Anthony Richardson, President Joey Grisham, Director/CAO Stan Carver, Vice -President Taylor Lough, Economic Development Manager Rocio Gonzalez, Secretary ATiiina*CDC-", Anna Community Development Corporation Special Meeting Minutes Thursday, August 1, 2019 at 6:30 pm Anna City Hall, Council Chambers 111 N. Powell Parkway, Anna, Texas 75409 CDC Board Members Present: Anthony Richardson, Stan Carver, Bruce Norwood, Rocio Gonzalez, Raul Hernandez, Michelle Hawkins, Doris Pierce. Others present: Joey Grisham (CDC Director), Taylor Lough (Economic Development Manager) and Clark McCoy (CDC/EDC Legal Counsel) 1. Call to Order. Roll Call and Establishment of Quorum. The meeting was called to order by Anthony Richardson, Board President, at 6:31 pm. 2. Invocation and Pledge. Invocation and pledge of allegiance led by Anthony Richardson. 3. Citizen Comments. There were no citizen comments. 4. Consider/Discuss/Act on approving minutes from the July 11, 2019 Special CDC Meeting. Bruce Norwood made a motion to approve the minutes from the July 11, 2019 Special CDC Meeting. Michelle Hawkins seconded the motion. All were in favor. Motion passed. 5. Hear a presentation from Carey Cox Real Estate regarding the Anna Business Park. Bill Cox with Carey Cox Real Estate gave a presentation to discuss the Business Park and the marketing materials they have developed, including a brochure, website, and email campaigns. They are identifying most likely users for the site and will target their marketing to those users. Current target industries include high tech electronics, manufacturing, and data centers. The Board reviewed the proposed entry monument sign and landscaping, possible road and building layouts, and current utilities. Mr. Cox indicated that although an entry sign is helpful, it is not absolutely necessary to purchase one right now. 6. Hold a public hearing and first reading of a Resolution approving the Fiscal Year 2019-2020 budget and authorizing publication of the adopted budget. Officers: Staff: Anthony Richardson, President Joey Grisham, Director/CAO Stan Carver, Vice -President Taylor Lough, Economic Development Manager Rocio Gonzalez, Secretary Joey Grisham explained that projected revenues for FY 2020 increased, so changes from the last meeting include increases to the downtown grants, Downtown Master Plan, and the new Hurricane Creek membership. Raul Hernandez asked if staff had projected the projected return on investment from the marketing expenditures and Joey Grisham said it was something that would be included in KPIs in the Strategic Plan. Anthony Richardson read the resolution into the record. Anthony Richardson opened the public hearing at 7:27 p.m. There were no citizen comments. Anthony Richardson closed the public hearing at 7:27 p.m. 7. Second reading and Consider/Discuss/Act on a Resolution approving the Fiscal Year 2019-2020 budget and authorizing publication of the adopted budget. Anthony Richardson read the resolution into the record at 7:28 p.m. Anthony Richardson made a motion to approve the Fiscal Year 2019-2020 budget and authorizing notice of publication of projects. Stan Carver seconded the motion. All were in favor. Motion passed. 8. Consider/Discuss/Act on a Resolution authorizing payment for a trade show booth at the 2020 ICSC Red River Show. Joey Grisham explained this will be the first time Anna has a booth at this event. This is the largest retail show in Texas for retailers/restaurants, developers and brokers. Held in Fort Worth, January 8` through 101h, this funding will allow us to register for the show and have a booth. Current CDC bylaws require board approval for expenditures over $500. Stan Carver made a motion to approve the resolution authorizing payment for a trade show booth at the 2020 ICSC Red River Show. Rocio Gonzalez seconded the motion. All were in favor. The motion passed. 9. Director's Report a. Developer/Broker Day Staff is reviewing dates for an event to be held at Hurricane Creek to invite developers and brokers who are interested in learning more about Anna b. Ethics Training Clark McCoy will provide a presentation at an upcoming meeting. Bruce Norwood suggested moving the September Special Called Meeting from Thursday, September 1211 to Monday, September 9th at 6:00 p.m. at Inc -Cube. c. NTCAR Expo —September 5 Staff recommends 2 or 3 board members attend. Bruce Norwood will be attending as a member. Raul Hernandez and Anthony Richardson would like to attend. d. Report on current corporate financial status —Discussion Only Officers: Staff: Anthony Richardson, President Joey Grisham, Director/CAO Stan Carver, Vice -President Taylor Lough, Economic Development Manager Rocio Gonzalez, Secretary Sales tax is trending upward with new retail/restaurants such as Chick-fil-A and Starbucks coming online soon. e. Marketing Materials Key items will be ready by the NTCAR Expo: business cards, brochures, website, swag, etc. A lot of progress has been made since this started in the spring. The booth rendering will be ready to share this week. Chamber of Commerce Agreement There will be a few amendments to the deliverables this year, including the payment schedule. Current payments are made to the Chamber around the time of the specified event, yet higher payments spaced out throughout the year would be more helpful in developing events. A draft agreement will be presented to the board in September or October. g. Downtown Master Plan Staff explained they were reviewing recently completed downtown plans in other cities as well as discussing planning efforts with potential consultants/vendors. Staff is preparing a request of qualifications. Bylaws require board approval of bidding processes. Anthony Richardson made a motion to approve the bidding process for a downtown master plan. Bruce Norwood seconded the motion. All were in favor. The motion passed. h. Bylaws Committee Mondays were decided as the preferred day. Mornings at 8:00 a.m. was discussed as the preferred time. The number of meetings will be decided by the committee. 10. CLOSED SESSION (exceptions): Rocio Gonzalez made a motion at 8:04 pm to enter closed session. Anthony Richardson seconded the motion. All were in favor. Motion passed. A. Deliberate regarding the purchase, exchange, lease or value of real property. (Tex. Gov't Code §551.072) possible property acquisition; possible land sale/purchase; B. Consult with legal counsel on matters in which the duty of the attorney to the 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); Discuss contract concerning Revolving Loan Fund; promotional contract. C. 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 Officers: Staff: Anthony Richardson, President Joey Grisham, Director/CAO Stan Carver, Vice -President Taylor Lough, Economic Development Manager Rocio Gonzalez, Secretary 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) Anna Business Park Property; potential retail and medical projects. 11. Reconvene into open session and take any action on closed session items. Stan Carver made a motion to reconvene into open session at 9:12 pm. Rocio Gonzalez seconded the motion. All were in favor. Motion passed. No action was taken. 12. Receive reports from staff or Board Members about items of community interest. Items of community interest include: expressions of thanks, congratulations, or condolence; information regarding holiday schedules, an honorary or salutary recognition of a public official, public employee, or other citizen (but not including a change in status of a person's public office or public employment); a reminder about an upcoming event organized or sponsored by the governing body; information regarding a social, ceremonial, or community event organized or sponsored by an entity other than the governing body that was attended or is scheduled to be attended by a member of the governing body or an official or employee of the municipality; and announcements involving an imminent threat to the public health and safety of people in the municipality that has arisen after the posting of the agenda. 13. Adjourn. Rocio Gonzalez made a motion to adjourn the meeting at 9:13 pm. Bruce Norwood seconded the motion. All were in favor. Motion passed. APPROVED: Anthony Richardson President of CDC ATTESTED: Rocio Gonzalez Secretary of CDC THE CITY OF Anna -T:z * CDC Item No. 5 CDC Agenda Staff Report Meeting Date: Staff Contact: AGENDA ITEM: 9.9.2019 Joey Grisham Hear presentation from City Attorney regarding the City of Anna Ethics Policy and Best Practices SUMMARY: STAFF RECOMMENDATION: ATTACHMENTS: THE CITY OF Anna -T:z * CDC Item No. 6 CDC Agenda Staff Report Meeting Date: 9.9.2019 Staff Contact: Joey Grisham AGENDA ITEM: Consider/Discuss/Act on a Resolution approving the First Amended and Restated Loan Agreement and Promissory Note with Simply Floor It, LLC. SUMMARY: Based on the direction from the CDC Board and after meeting with Ms. Andrea Henry, Staff worked with CDC Attorney to draft an updated agreement with Simply Floor It, LLC. The Agreement extends the deadline to meet the performance criteria to July 31, 2020. Also, Ms. Henry will provide quarterly updates to the Board and utilize the resources of the Greater Anna Chamber of Commerce and the Collin County Small Business Development Center. STAFF RECOMMENDATION: Approve a Resolution approving the First Amended and Restated Loan Agreement and Promissory Note with Simply Floor It, LLC. ATTACHMENTS: 1. Resolution 2. Original 2016 Loan Agreement 3. First Amended and Restated Loan Agreement and Promissory Note ANNA COMMUNITY DEVELOPMENT CORPORATION RESOLUTION NO. Ai6 -O '-D3 &OCJ A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION APPROVING A PROJECT TO PROMOTE NEW OR EXPANDED BUSINESS DEVELOPMENT, AUTHORIZING THE EXPENDITURE OF FUNDS FOR THE PROJECT, AND AUTHORIZING THE EXECUTION OF A LINE OF CREDIT TO ADVANCE FUNDS SIMPLY FLOOR IT WHEREAS, the Board of Directors of the Anna Community Development Corporation (the "CDC"), created by the City of Anna, Texas (the "City"), in accordance with Article 5190.6, V.A.T.C.S., Section 4B, and now operating under Texas Local Government Code, Chapter 505 (the "Act"), has determined that it is advisable and in the best interests of the CDC to give notice of the intention of the CDC to undertake the following project(s): one or more expenditures in a total amount not to exceed $50,000 in the form of advances on a letter of credit to one or more entities doing business in or near the city under a contract with the CDC and or Anna Economic Development Corporation ("Recipients") to assist with the Recipients' operating expenses necessary for the purpose of expanding the operations of Recipients' business and the expansion of business development within the city (the "Project"). The Project will be financed from a grant the CDC was awarded by the USDA. The costs of the Project are estimated not to exceed $50,000. WHEREAS, the CDC desires to authorize the expenditure of funds of up to $50,000 under a project line of credit with the Recipient for the funding of the Project, subject to certain conditions as set forth in this resolution; and, WHEREAS, the CDC Board of Directors has investigated and determined that providing the funding for the Project, subject to the aforementioned conditions, is in the CDC's best interest and will promote new and expanded business development in the City; and, WHEREAS, it is hereby officially found and determined that the meeting at which this resolution was passed, 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; NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY DEVELOPMENT CORPORATION, THAT: Section 1. Recitals Incorporated The recitals set forth above are incorporated herein for all purposes as if set forth in full. CDC OF ANNA, TEXAS RESOLUTION NO.A/6 --0--! v j ( Ck) PAGE 1 OF 2 Section 2. Approval of Project and Authority to Expend Funds and Authority to Execute a Line of Credit The CDC approves the Project and authorizes the expenditure of funds of up to $50,000 in accordance with a line of credit to Simply Floor It, LLC. for the expansion of Recipient's business. The CDC authorizes the CDC President to execute the above - referenced line of credit on the CDC's behalf. Said expenditure by the CDC will be subject to City Council approval by resolution after the City Council gives the resolution at least two separate readings, and subject to approval as to the substance of the line of credits by the CDC's Chief Administrative Officer and approval as to the form of said line of credit by the CDC's legal counsel. Section 3. Form of Notice Attached hereto as Exhibit A is a form of Notice of Project ("Notice"), which shall be published without unnecessary delay after the adoption of this resolution, in substantially the same form and substance as attached hereto. Section 4. Publication of Notice Said Notice shall be published in a newspaper, as defined in Texas Government Code Sec. 2051.044, of general circulation in the area of the City of Anna, Texas. PASSED AND AP ROVED by he Anna Community Development Corporation this day of 8 1, 2016. APPROVED: JdYn Houcek, CDC President CDC OF ANNA, TEXAS RESOLUTION NO.�0/6 `-'D rl'03 �C'CX, PAGE 2 OF 2 Exhibit A ANNA COMMUNITY DEVELOPMENT CORPORATION NOTICE OF PROJECT NOTICE IS HEREBY GIVEN that the Anna Community Development Corporation (the "CDC"), a non-profit corporation created pursuant to the Development Corporation Act of 1979, Article 5190.6, Vernon's Texas Civil Statutes, Section 413, and now operating under Texas Local Government Code, Chapter 505 (the "Act"), intends to make one or more expenditures in a total amount not to exceed $50,000 in the form of advances on a line of credit to one or more entities doing business in or near the city under a contract with the CDC and or Anna Economic Development Corporation ("Recipients") to assist with the Recipients' operating expenses necessary for the purpose of expanding the operations of Recipients' business and the expansion of business development within the city (the "Project"). The Project will be financed from a grant the CDC was awarded by the USDA. The costs of the Project are estimated not to exceed $50,000. EXHIBIT A LOAN AGREEMENT AND PROMISSORY NOTE THIS LOAN AGREEMENT AND PROMISSORY NOTE (this "Agreement"), is made thisal of f , 2016, by and among SIMPLY FLOOR IT, LLC, a Texas limited liability company (hereinafter known as "BORROWER") and the ANNA COMMUNITY DEVELOPMENT CORPORATION, a corporation under the laws of the State of Texas (hereinafter known as "LENDER"). BORROWER and LENDER shall collectively be known herein as "the Parties". In determining the rights and duties of the Parties under this Agreement, the entire document must be read as a whole. PROMISSORY NOTE FOR VALUE RECEIVED, BORROWER promises to pay to the order of LENDER, the sum of $50,000.00 plus 2% interest per annum, in 36 consecutive monthly installment payments, the first monthly installment payment being due on March 1, 2019 and the last monthly installment payment being due on or before the 1� day of the 60th month following the Effective Date, as set forth in further detail in the schedule attached hereto as Exhibit A. The first thirty- five monthly payment amounts shall be $ IS and the final monthly payment amount shall be $ ! 6-.2 ` . d'.S This Agreement is subject to the additional terms found below. ADDITIONAL LOAN TERMS The BORROWER and LENDER hereby further set forth their rights and obligations to one another under this Agreement and Promissory Note and agree to be legally bound as follows: A. Loan Payment Forgiveness. In the event that BORROWER can prove to LENDER to LENDER'S reasonable satisfaction that as of December 1, 2018 borrower has created three jobs and has generated sales resulting in at least $10,000 in sales and use tax having been collected by the City of Anna, the obligation of BORROWER to pay any sums under this Agreement shall be forgiven and this Agreement shall expire; provided, however, that if BORROWER fails to fully provide such proof to Lender on or before February 28, 2019, then this paragraph shall not apply and BORROWER must pay the sums to LENDER in accordance with this Agreement. Said jobs must be full time job positions held by individuals working in BORROWER'S offices or facilities in Anna, Texas, and all of said sales and use tax must have been generated by sales or use in Anna, Texas. BORROWER shall timely provide, at BORROWER'S expense, detailed proof of the jobs created and sales and use tax paid to the City of Anna in form and substance reasonably satisfactory to LENDER. B. Demand by LENDER. This Agreement is a demand note under which BORROWER is required to repay in full the entire outstanding Loan Balance within 15 days of receiving a written demand from LENDER for full repayment of the Loan Balance. Delivery of written notice by LENDER to BORROWER via U.S. Postal Service Certified Mail shall constitute prima facie evidence of delivery. For mailing of said notice, LENDER shall use BORROWER'S address as stated below in the portion of this Agreement regarding default. C. Method of Loan Payment. The BORROWER shall make all payments called for under this Agreement by sending check or other negotiable instrument made payable to the following entity at the address indicated here: Anna Community Development Corporation 111 N. Powell Parkway Anna, Texas 75409 LOAN AGREEMENT AND PROMISSORY NOTE Page 1 of 4 BORROW shall deliver all other notices required under this Agreement to LENDER at the above address. If LENDER gives written notice to BORROWER that a different address shall be used for making payments or providing notices under this Agreement, BORROWER shall use the new address so given by LENDER. D. Restriction on dividend payments. Dividends may not be paid that would cause the BORROWER to be unable to meet all of its financial obligations, including payments under this Agreement. E. Limitations on compensation of officers and owners. The BORROWER'S owners and officers may be compensated only to the extent that this compensation does not materially jeopardize the financial strength of the BORROWER or cause the BORROWER to be unable to meet all of its financial obligations. F. Prohibition against assuming liabilities or obligations of others. The BORROWER will not assume the liabilities or obligations of others without prior written consent of the LENDER. G. Restrictions concerning consolidations and mergers. The BORROWER will not undertake any consolidations or mergers without prior written consent of the LENDER, unless any such consolidation or merger is accomplished in accordance with the terms of a certain agreement entered into between the Anna Economic Development Corporation and BORROWER and captioned Economic Development Incentive Grant for Capital Investment Performance Agreement (hereinafter referenced as "EDC Performance Agreement"). H. Limitations on selling the business. The BORROWER will not sell the business without the prior written consent of the LENDER. Default. The occurrence of any of the following events shall constitute a Default by the BORROWER of the terms of this Agreement: 1. BORROWER'S failure to pay any amount due as principal or interest on the date required under this Agreement; 2. BORROWER seeks an order of relief under the Federal Bankruptcy laws; 3. BORROWER becomes insolvent; 4. A federal tax lien is filed against the assets of the BORROWER; or, 5. A violation by BORROWER of any of the restrictions, prohibitions or requirements set forth in paragraphs BA., above. J. Additional Provisions Regarding Default: 1. Addressee and Address to which LENDER is to give BORROWER written notice of default: SIMPLY FLOOR IT, Inc. 9981 Slater Creek Rd Anna, Texas 75409 If BORROWER gives written notice to LENDER in accordance with this Agreement that a different address shall be used, LENDER shall use that address for giving notice of default (or any other notice called for herein) to BORROWER. 2. Cure of Default. Upon default, LENDER shall give BORROWER written notice of default. Mailing of written notice by LENDER to BORROWER via U.S. Postal Service Certified Mail shall constitute prima facie evidence of delivery. BORROWER shall have 15 days after receipt of a written notice of default from LENDER to cure said default. In the case of default due solely to BORROWER'S failure to make timely payment as called for in this Agreement, BORROWER may cure the default by making full payment of any principal and accrued interest (including interest on these amounts) LOAN AGREEMENT AND PROMISSORY NOTE Page 2 of 4 whose payment to LENDER is overdue under this Agreement and, also, the late payment fee described below. 3. Fee for Late Payment. There shall also be imposed upon BORROWER a 2% fee for any late payment computed upon the amount of any principal and accrued interest whose payment to LENDER is overdue under this Agreement and for which LENDER has delivered a notice of default to BORROWER. For example, if the Agreement calls for monthly payments of $500 upon the first day of each month and BORROWER fails to make timely payment of said amount, BORROWER (after a default notice is sent by LENDER) shall be liable to LENDER for a penalty of $10 (i.e., $500 x 2%) and, to cure the default, the BORROWER must pay to LENDER the overdue Loan Balance of $500, interest upon the overdue Loan Balance, and a late fee of $10. 4. Acceleration. If the BORROWER fails to cure any default on or before the expiration of the fifteen (15) day cure period that starts on the date BORROWER receives written notice from LENDER that an event of default has occurred under this Agreement, the entire unpaid principal, accrued interest, and late fees under this Agreement shall accelerate and become due and payable immediately. K. Parties that are not individuals. If any Party to this Agreement is other than an individual (i.e., a corporation, a Limited Liability Company, a Partnership, or a Trust), said Party, and the individual signing on behalf of said Party, hereby represents and warrants that all steps and actions have been taken under the entity's governing instruments to authorize the entry into this Agreement. Breach of any representation contained in this paragraph is considered a material breach of this Agreement. L. Integration. This Agreement, including the attachments mentioned in the body as incorporated by reference, sets forth the entire agreement between Parties with regard to the subject matter hereof. All other prior agreements, representations and warranties, express or implied, oral or written, with respect to the subject hereof, are hereby superseded by this Agreement. M. Severability. In the event any provision of this Agreement is deemed to be void, invalid, or unenforceable, that provision shall be severed from the remainder of this Agreement so as not to cause the invalidity or unenforceability of the remainder of this Agreement. All remaining provisions of this Agreement shall then continue in full force and effect. If any provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth permitted by law. N. Modification. Except as otherwise provided in this document, this Agreement may be modified, superseded, or voided only upon the written and signed agreement of the Parties. Further, the physical destruction or loss of this document shall not be construed as a modification or termination of the agreement contained herein. O. Exclusive Jurisdiction for Suit in Case of Breach. The Parties, by entering into this Agreement, submit to jurisdiction in Collin County, Texas for adjudication of any disputes and/or claims between the Parties under this Agreement. Furthermore, the Parties hereby agree that the courts of Collin County, Texas shall have exclusive jurisdiction and venue over any disputes between the Parties relative to this Agreement, whether said disputes sounds in contract, tort, or other areas of the law. P. State Law. This Agreement shall be interpreted under, and governed by, the laws of the State of Texas. IN WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing, BORROWER and LENDER affix their signatures hereto. 404A--, LOAN AGREEMENT AND PROMISSORY NOTE Page 3 of 4 SIMPLY FLOOR IT, LLC By: % 6 Andrea Means Henry THE STATE OF TEXAS COUNTY OF COLLIN LENDER Anna Community Development Corporation By: Lw ATTEST: BEFORE ME, a Notary Public in and for the State of Texas, on this day personally appeared Andrea Means Henry known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that she executed same for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this the -f:2 ay of 2016. KYNDAL BARBAY Notary Public. State of Texas My Commission Expires —May 21, 2019 Notary Public in and for The Sta'tejf Texas LOAN AGREEMENT AND PROMISSORY NOTE Page 4 of 4 v}}AA! �.Uflt f .: ne t EXHIBIT A LOAN REPAYMENT SCHEDULE PAYMENT DUE DATE AMOUNT DUE March 1, 2019 $1,527.77 April 1, 2019 $1,527.77 May 1, 2019 $1,527.77 June 1, 2019 $1,527.77 July 1, 2019 $1,527.77 August 1, 2019 $1,527.77 September 1, 2019 $1,527.77 October 1, 2019 $1,527.77 November 1, 2019 $1,527.77 December 1, 2019 $1,527.77 January 1, 2020 $1,527.77 February 1, 2020 $11527.77 March 1, 2020 $1,527.77 April 1, 2020 $1,527.77 May 1, 2020 $1,527.77 June 1, 2020 $1,527.77 July 1, 2020 $1,527.77 August 1, 2020 $1,527.77 September 1, 2020 $1,527.77 October 1, 2020 $1,527.77 November 1, 2020 $1,527.77 December 1, 2020 $1,527.77 January 1, 2021 $1,527.77 February 1, 2021 $1,527.77 March 1, 2021 $1,527.77 April 1, 2021 $1,527.77 May 1, 2021 $1,527.77 June 1, 2021 $1,527.77 July 1, 2021 $1,527.77 August 1, 2021 $1,527.77 September 1, 2021 $1,527.77 October 1, 2021 $1,527.77 November 1, 2021 $1,527.77 December 1, 2021 $11527.77 January 1, 2022 $1,527.77 February 1, 2022 $1,528.05 0 ANNA COMMUNITY DEVELOPMENT CORPORATION RESOLUTION NO. A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION APPROVING A FIRST AMENDED AND RESTATED LOAN AGREEMENT AND PROMISSORY NOTE WITH SIMPLY FLOOR IT, LLC WHEREAS, the Anna Community Development Corporation (the "CDC") previously entered into a Loan Agreement and Promissory Note (the "Agreement") with Simply Floor It, LLC, (the "Borrower") with certain terms and conditions; and WHEREAS, the Borrower has requested an extension of certain deadlines under the Agreement and the CDC desires to grant the extension in exchange for the Borrower's promise to meet certain performance criteria; and WHEREAS, the CDC has determined that an amendment to the Agreement be made as set forth in the First Amended and Restated Loan Agreement and Promissory Note as set forth in the attached Exhibit A; and WHEREAS, the CDC has found that if successful the Borrower's business will promote new or expanded business development; NOW, THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY DEVELOPMENT CORPORATION THAT: Section 1. Recitals Incorporated The recitals set forth above are incorporated herein for all purposes as if set forth in full. Section 2. Approval of Amendment to the Agreement The CDC hereby approves the First Amended and Restated Loan Agreement and Promissory Note as set forth in the attached Exhibit A incorporated herein for all purposes and authorizes the Economic Development Director to execute same on its behalf, subject to approval as to form by legal counsel for the CDC. PASSED AND APPROVED by the Anna Community Development Corporation on this day of 2019. APPROVED: ATTEST: Anthony Richardson Rocio Gonzalez CDC Board President CDC Secretary ANNA CDC RESOLUTION NO. PAGE 1 OF 1 FIRST AMENDED AND RESTATED LOAN AGREEMENT AND PROMISSORY NOTE THIS FIRST AMENDED AND RESTATED LOAN AGREEMENT AND PROMISSORY NOTE (this "First Amendment"), is made this day of 2019, by and between SIMPLY FLOOR IT, LLC, a Texas limited liability company (hereinafter known as "BORROWER") and the ANNA COMMUNITY DEVELOPMENT CORPORATION, a corporation under the laws of the State of Texas (hereinafter known as "LENDER"). BORROWER and LENDER shall collectively be known herein as "the Parties". BACKGROUND As memorialized by Resolution No. 2016-09-03 adopted by LENDER's Board of Directors on September 29, 2016, the Parties entered into that certain Loan Agreement and Promissory Note (the "Agreement") on September 27, 2016. BORROWER defaulted on its obligations under the Agreement and LENDER provided written notice of the default to BORROWER. BORROWER has requested additional time to satisfy the performance measures outlined in the Agreement and LENDER is willing extent the time for performance as set forth in this First Amendment. This First Amendment supersedes and replaces the Agreement in its entirety, restating the terms, conditions, and agreements of the Parties as follows: PROMISSORY NOTE FOR VALUE RECEIVED, BORROWER promises to pay to the order of LENDER, the sum of $50,000.00 plus 2% interest per annum, in 36 consecutive monthly installment payments, the first monthly installment payment being due on December 1, 2020 and the last monthly installment payment being due on or before the November 1, 2023 as set forth in further detail in the schedule attached hereto as Exhibit A. The thirty-six monthly payment amounts shall be $1,432.13. This First Amendment is subject to the additional terms found below. ADDITIONAL LOAN TERMS The BORROWER and LENDER hereby further set forth their rights and obligations to one another under this First Amendment and agree to be legally bound as follows: A. Loan Payment Forgiveness. In the event that BORROWER can prove to LENDER to LENDER'S reasonable satisfaction that as of July 31, 2020 borrower has created three jobs and has generated sales resulting in at least $10,000 in sales and use tax having been collected by the City of Anna, the obligation of BORROWER to pay any sums under this First Amendment shall be forgiven and this First Amendment shall expire; provided, however, that if BORROWER fails to fully provide such proof to Lender on or before November 1, 2020, then this paragraph shall not apply and BORROWER must pay the sums to LENDER in accordance with this First Amendment. Said jobs must be full time job positions held by individuals working in BORROWER'S offices or facilities in Anna, Texas, and all of said sales and use tax must have been generated by sales or use in Anna, Texas. BORROWER shall timely provide, at BORROWER'S expense, detailed proof of the jobs created and sales and use tax paid to the City of Anna in form and substance reasonably satisfactory to LENDER. B. Demand by LENDER. Notwithstanding any other provision of this First Amendment, this First Amendment is a demand note under which BORROWER is required to repay in full the entire outstanding Loan Balance within 15 days of receiving a written demand from LENDER for full repayment of the Loan Balance. Delivery of written notice by LENDER to BORROWER via U.S. Postal Service Certified Mail shall constitute prima facie evidence of delivery. For mailing of said notice, LENDER shall use BORROWER'S address as stated below in the portion of this First Amendment regarding default. FRIST AMENDED AND RESTATED LOAN AGREEMENT AND PROMISSORY NOTE Page 1 of 4 C. Method of Loan Payment. The BORROWER shall make all payments called for under this First Amendment by sending check or other negotiable instrument made payable to the following entity at the address indicated here: Anna Community Development Corporation 111 N. Powell Parkway Anna, Texas 75409 BORROW shall deliver all other notices required under this First Amendment to LENDER at the above address. If LENDER gives written notice to BORROWER that a different address shall be used for making payments or providing notices under this First Amendment, BORROWER shall use the new address so given by LENDER. D. Restriction on dividend payments. Dividends may not be paid that would cause the BORROWER to be unable to meet all of its financial obligations, including payments under this First Amendment. E. Limitations on compensation of officers and owners. The BORROWER'S owners and officers may be compensated only to the extent that this compensation does not materially jeopardize the financial strength of the BORROWER or cause the BORROWER to be unable to meet all of its financial obligations. F. Prohibition against assuming liabilities or obligations of others. The BORROWER will not assume the liabilities or obligations of others without prior written consent of the LENDER. G. Restrictions concerning consolidations and mergers. The BORROWER will not undertake any consolidations or mergers without prior written consent of the LENDER. H. Limitations on selling the business. The BORROWER will not sell the business without the prior written consent of the LENDER. I. Default. The occurrence of any of the following events shall constitute a Default by the BORROWER of the terms of this First Amendment: 1. BORROWER'S failure to pay any amount due as principal or interest on the date required under this First Amendment; 2. BORROWER seeks an order of relief under the Federal Bankruptcy laws; 3. BORROWER becomes insolvent; 4. A federal tax lien is filed against the assets of the BORROWER; or, 5. A violation by BORROWER of any of the restrictions, prohibitions or requirements set forth in paragraphs BA., above. J. Additional Provisions Regarding Default: 1. Addressee and Address to which LENDER is to give BORROWER written notice of default: SIMPLY FLOOR IT, Inc. 9981 Slater Creek Rd Anna, Texas 75409 If BORROWER gives written notice to LENDER in accordance with this First Amendment that a different address shall be used, LENDER shall use that address for giving notice of default (or any other notice called for herein) to BORROWER. 2. Cure of Default. Upon default, LENDER shall give BORROWER written notice of default. Mailing of written notice by LENDER to BORROWER via U.S. Postal Service Certified Mail shall constitute prima facie evidence of delivery. BORROWER shall have 15 days after receipt of a written notice of default from LENDER to cure said default. In the case of default due solely to BORROWER'S failure FRIST AMENDED AND RESTATED LOAN AGREEMENT AND PROMISSORY NOTE Page 2 of 4 to make timely payment as called for in this First Amendment, BORROWER may cure the default by making full payment of any principal and accrued interest (including interest on these amounts) whose payment to LENDER is overdue under this First Amendment and, also, the late payment fee described below. Fee for Late Payment. There shall also be imposed upon BORROWER a 2% fee for any late payment computed upon the amount of any principal and accrued interest whose payment to LENDER is overdue under this First Amendment and for which LENDER has delivered a notice of default to BORROWER. For example, if the Agreement calls for monthly payments of $500 upon the first day of each month and BORROWER fails to make timely payment of said amount, BORROWER (after a default notice is sent by LENDER) shall be liable to LENDER for a penalty of $10 (i.e., $500 x 2%) and, to cure the default, the BORROWER must pay to LENDER the overdue Loan Balance of $500, interest upon the overdue Loan Balance, and a late fee of $10. 4. Acceleration. If the BORROWER fails to cure any default on or before the expiration of the fifteen (15) day cure period that starts on the date BORROWER receives written notice from LENDER that an event of default has occurred under this First Amendment, the entire unpaid principal, accrued interest, and late fees under this First Amendment shall accelerate and become due and payable immediately. K. Parties that are not individuals. If any Party to this First Amendment is other than an individual (i.e., a corporation, a Limited Liability Company, a Partnership, or a Trust), said Party, and the individual signing on behalf of said Party, hereby represents and warrants that all steps and actions have been taken under the entity's governing instruments to authorize the entry into this First Amendment. Breach of any representation contained in this paragraph is considered a material breach of this First Amendment. L. Integration. This First Amendment, including the attachments mentioned in the body as incorporated by reference, sets forth the entire agreement between Parties with regard to the subject matter hereof. All other prior agreements, representations and warranties, express or implied, oral or written, with respect to the subject hereof, are hereby superseded by this First Amendment. M. Severability. In the event any provision of this First Amendment is deemed to be void, invalid, or unenforceable, that provision shall be severed from the remainder of this First Amendment so as not to cause the invalidity or unenforceability of the remainder of this First Amendment. All remaining provisions of this First Amendment shall then continue in full force and effect. If any provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth permitted by law. N. Modification. Except as otherwise provided in this document, this First Amendment may be modified, superseded, or voided only upon the written and signed agreement of the Parties. Further, the physical destruction or loss of this document shall not be construed as a modification or termination of the agreement contained herein. O. Exclusive Jurisdiction for Suit in Case of Breach. The Parties, by entering into this First Amendment, submit to jurisdiction in Collin County, Texas for adjudication of any disputes and/or claims between the Parties under this First Amendment. Furthermore, the Parties hereby agree that the courts of Collin County, Texas shall have exclusive jurisdiction and venue over any disputes between the Parties relative to this First Amendment, whether said disputes sounds in contract, tort, or other areas of the law. P. State Law. This First Amendment shall be interpreted under, and governed by, the laws of the State of Texas. Q. Quarterly Reports and Utilization of Resources. BORROWER shall provide reports to the Board of Directors (the "Board") of the Anna Community Development Corporation each calendar quarter. Each such report shall be delivered in person at the Board's monthly meetings that are held in the months of October, January, April, and July. The first such quarterly report shall take place at the Board's monthly meeting in October of 2019. The reports shall detail the BORROWER'S financial status and its progress towards FRIST AMENDED AND RESTATED LOAN AGREEMENT AND PROMISSORY NOTE Page 3 of 4 meeting its obligations under this First Amendment. In addition, the reports shall include a description of the BORROWER'S efforts to utilize the resources of the Greater Anna Chamber of Commerce and the Collin County Small Business Development Center to promote and expand BORROWER'S business and its financial profits. BORROWER'S obligation to deliver the reports under this paragraph shall continue until BORROWER has fulfilled all of its obligations under this First Amendment. Failure to timely deliver any of the reports required under this paragraph shall be a material breach of this First Amendment. IN WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing, BORROWER and LENDER affix their signatures hereto. BORROWER LENDER SIMPLY FLOOR IT, LLC Anna Community Development Corporation By: By: Andrea Means Henry ATTEST: THE STATE OF TEXAS COUNTY OF COLLIN BEFORE ME, a Notary Public in and for the State of Texas, on this day personally appeared Andrea Means Henry known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that she executed same for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this the day of Notary Public in and for The State of Texas 2019. FRIST AMENDED AND RESTATED LOAN AGREEMENT AND PROMISSORY NOTE Page 4 of 4 EXHIBIT A LOAN REPAYMENT SCHEDULE PAYMENT DUE DATE AMOUNT DUE December 1, 2020 $1,432.13 January 1, 2021 $1,432.13 February 1, 2021 $1,432.13 March 1, 2021 $1,432.13 April 1, 2021 $1,432.13 May 1, 2021 $1,432.13 June 1, 2021 $1,432.13 July 1, 2021 $1,432.13 August 1, 2021 $1,432.13 September 1, 2021 $1,432.13 October 1, 2021 $1,432.13 November 1, 2021 $1,432.13 December 1, 2021 $1,432.13 January 1, 2022 $1,432.13 February 1, 2022 $1,432.13 March 1, 2022 $1,432.13 April 1, 2022 $1,432.13 May 1, 2022 $1,432.13 June 1, 2022 $1,432.13 July 1, 2022 $1,432.13 August 1, 2022 $1,432.13 September 1, 2022 $1,432.13 October 1, 2022 $1,432.13 November 1, 2022 $1,432.13 December 1, 2022 $1,432.13 January 1, 2023 $1,432.13 February 1, 2023 $1,432.13 March 1, 2023 $1,432.13 April 1, 2023 $1,432.13 May 1, 2023 $1,432.13 June 1, 2023 $1,432.13 July 1, 2023 $1,432.13 August 1, 2023 $1,432.13 September 1, 2023 $1,432.13 October 1, 2023 $1,432.13 November 1, 2023 $1,432.13 THE CITY OF Anna CDC Item No. 7 CDC Agenda Staff Report Meeting Date: Staff C'nntact- AGENDA ITEM: Director's Report 9.9.2019 Joey Grisham A. NTCAR Expo Recap B. Strategic Plan C. Marketing Materials D. Chamber of Commerce Agreement E. Downtown Master Plan F. Bylaws Committee G. Report on current corporate financial status —Discussion Only H. October Meeting SUMMARY: STAFF RECOMMENDATION: ATTACHMENTS: 1. CDC Financials for period ending 7/31/2019 2. EDC Financials for period ending 7/31/2019 CyZyMF,1ii.TAITI M For Period Ending 07/31/19 Beginning Current Month Ending Balance Activity YTD Activity Balance 10/1/2018 7/31/2019 7/31/2019 Assets 89-000-1010 Bank -Operating Funds 526,207.21 (107,128.75) 665074.32 5929281.53 89-000-1012 Bank- Restricted Funds 18,762.61 30.70 295.26 1%057.87 89-000-1150 Accounts Receivable - - - - 89-000-1160 Accounts Receivable - Sales Tax 1549992.02 - (154,992.02) - 89-000-1202 Receivables - Due From General Fund - - - - 89-000-1215 Receivables - Local Business Loans 91,310.00 91,310.00 Total Assets 791,271.84 (107,098.05) (885622.44) 702,649.40 Liabilities 89-000-2001 Accounts Payable 9,124.87 85.00 (91039.87) 85.00 89-000-2020 Federal W/H Tax Payable 322.46 - (322.46) - 89-000-2021 FICA Payable 381.34 - (381.34) - 89-000-2024 Flexible Spending Payable - - - - 89-000-2025 Deferred Compensation Payable - 730.00 730.00 730.00 89-000-2026 TMRS Payable - 106.01 106.01 106.01 89-000-2027 Health Insurance Payable 37.31 - 0.06 37.37 89-000-2029 Salaries Payable 1,246.20 - (11246.20) - 89-000-2102 Payable - Due To General Fund(10) - - - - 89-000-2115 Deferred Revenue - Local Business Loans 41,310.00 41,310.00 Total Liabilities 52,422.18 921.01 (107153.80) 42,268.38 Fund Balance 89-000-3711 Fund Balance 647,539.66 (108,019.06) (78,468.64) 569,071.02 89-000-3711 Fund Balance - Resiricied 91,310.00 91,310.00 Total Fund Balance 7389849.66 (108,019.06) (78,468.64) 6607381.02 89-825-5225 89-825-5329 89-825-5499 89-825-5500 89-825-5530 89-825-5800 89-825-5840 89-825-5999 89-825-6701 89-825-8114 89-825-6121 89-825-6125 89-825-6126 89-825-6127 89-825-6129 89-825-6208 89-825-6209 89-825-6210 89-825-6212 89-825-6299 89-825-6700 89-825-6703 89-825-6710 89-825-6722 89-825-6731 89-825-6735 89-825-6753 89-825-6755 89-825-8756 89-825-6761 89-825-6783 89-825-6789 89-825-6790 89-825-6795 89-825-6799 89-825-6911 89-825-6912 89-8256921 89-825-6931 89-825-6941 89-825-8900 89-825-9800 CDC Income Statement For Period Ending 07/31/19 Current Month Activity VTD Activity 7/31/2019 Revenues Sales Tax Revenue - General 93,104.65 712,031.43 Donations 27.00 66.00 Miscellaneous Revenue - - GranlRevenue - - Inlerest Revenue 1,148.29 10,278.09 Tmasters in - - Band Proceeds - - Revolving Loan Revenue Total Revenues 94,279.94 722,375.52 Expenses Salaries Payroll Taxes -City Pad FICA Health insurance TMRS Retirement Unemployment Workers Compensation Miscellaneous Payroll Office Supplies Other Supplies - Misc. Clothing Supplies Postage IT Supplies Economic Development Grant Expense Contract Services Travel/rraining Expense Insurance - Property & Liability Public Notices - Advertising Promotion Expense Legal Expense Audit Expense Engineering Dues, Publications, Permits & Licenses Telephones - Pagers Debt -Service Principal Interest Expense and Fees Other Services - Misc. Machinery & Equipment and Cost Buildings & Improvements Land & Improvements that Capital Expenditures that Financing Use - Debt Refundings Transfers Out 1,5I4.40 30,799.32 115.85 2,461.43 - 4,683.00 4,507.47 9.00 115.95 100.00 88.95 372.03 1,350.00 2,786.67 - 13.40 - 1,866.04 1I8M54.86 224,902.03 1,338.00 61,908.94 - 10,906.79 9,322.50 77,342.50 7,455.69 7,347.9/ - 2,300.00 270.00 1,436.06 - 210,000.00 57,008.75 /16,882.50 71,250.00 45,833.12 Total Expenses zoz,zss.o6 eoo,e44.1s Net Profit/Loss (10ep19.06) (7e,468s4) \ . . ... . . ... .. . .. . , \ \ ) [§\ \ \ )\\ )! ) \ $; \ }\ \� ! \ \} }\ \\ ) \! ;»E ` ) k \ \ ))( \ \ )a0fn \( \ )\ ( en \§ \\ \ / / /\ \ ) /00 / $ {\ 000 ) \ \) \ ` ] ) )// / ) j\} )) ) )/ / / ! }}> c0 )}, a {1 l,r /\m\\{i{{((0amwmwa0m 0 m 9 {{\{\i{\ a,=,lllla00 0 0 a 0 0 a 0 a 0 0 0 a 0 0 a 0 0 0 0 0 0 a c .))})) :::;;;l:l=:::::z::l::I!!!§!!!>!!!!:!; �§�\))))§))})\))\)§)))})})))§)})))))) } }\}�}}/\// }\{}{\{{}}}}}{\}}{{\\{\\{}\{}\\}}\ Z ,. })\(\)\)())\)\((\)()(\})())()}())()\())}))\)(() r§ r - 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p� M v rn o 0 0 w o co 0o N N o 0 c o rn r o o m o 0 0 0 o O O O O o O (V O C"M 0 0 0 0 0 6 0 6 C m N < W N N N O r V m 6 6 0 6 6 6 0 6 0 0 0 0 6O O O O O O O O O n a � c 0 U _ � f O M M< O N rn o N m o n M N M iY m m N 9 W U J m r � Z) �F aN N �a a` Uw E 0w u ti A x c v w= m 06 w�zo x oE C) E icu�m WO s m i a ' m c am>� O m m 0 O I- O O O N N M N N M1 t0 ro ro rn m rn � N� m� Ow r r r I� r r r r r r r r r r r r rn � N N N N N N N N N N N N N N N N N N N N N N N N N N M m m m m M c0 m m m W m of m m M m W M M M W m c0 m m m M m M M m m m c0 m W m m M m M M M� M m M EDC Balance Sheet For Period Ending 07/31/19 Beginning Current Month Ending Balance Activity YTD Activity Balance 10/1/2018 7/31/2019 7/31/2019 Assets 90-000-1010 Bank -Operating Funds 211,125.24 (236.14) (41786.70) 206,338.54 90-000-1011 Bank - Money Market & Savings Funds - - - - 90-000-1150 Accounts Receivable 948.00 - (948.00) - 90-000-1160 Accounts Receivable - Sales Tax - - - 90-000-1202 Receivables - Due From General Fund - - - 90-000-1215 Receivables - Local Business Loans 91,927.00 (500.00) (2,500.00) 89,427.00 Total Assets 304,000.24 (736.14) (81234,70) 295,765.54 Liabilities 90-000-2001 Accounts Payable 317.97 48.90 (269.07) 48.90 90-000-2005 Other Accounts Payable 200.00 - - 200.00 90-000-2102 Payable - Due To General Fund(10) - - - - 90-000-2115 Deferred Revenue - Local Business Loans 91,927.00 (500.00) (25500.00) 89,427.00 90-000-2210 Retainage - - - - 90-000-2735 2011 CO's Current - - - 90-000-2736 2011 CO's Non Current Total Liabilities 92,444.97 (451A0) (21769.07) 89,675.90 Fund Balance 90-000-3711 Fund Balance 211,555.27 (285.04) (5,465.63) 206,089.64 Total Fund Balance 211,555.27 (285.04) (5,465.63) 206,089.64 EDC Income Statement For Period Ending 07/31/19 Current Month Activity YTD Activity 7/31/2019 Revenues 90-826-5225 Sales Tax Revenue - General - - 90-826-5350 Rental 449.00 14,271.00 90-826-5491 Gain on sales of Assets - - 90-826-5499 Miscellaneous Revenue 500.00 23500.00 90-826-5530 Interest Revenue 333.41 3,304.62 90-826-5800 Transfers in - - 90-826-5853 Other Financial Source from Notes Payable - Total Revenues 1,282.41 20F075.62 Expenses 90-826-6208 Office Supplies - - 90-826-6209 Other Supplies - Misc. 8.90 434.09 90-826-6210 Clothing Supplies - - 90-826-6212 Postage - - 90-826-6303 Maint. & Repair - Buildings - 3,615.47 90-826-6703 Contract Services 774.17 75729.00 90-826-6708 IT Support Services 155.53 17409.70 90-826-6710 Travel/Training Expense - - 90-826-6722 Insurance - Property & Liability - 954.88 90-826-6735 Promotion Expense - - 90-826-6753 Legal Expense 220.39 5,131.72 90-826-6755 Audit Expense - 2,300.00 90-826-6756 Engineering - - 90-826-6761 Dues, Publications, Permits & Licenses - - 90-826-6780 Electricity 267.63 2,231.11 90-826-6781 Gas - Natural/Propane 49.15 749.01 90-826-6782 City Utilities Water/Sewer/Trash 91.68 986.27 90-826-6783 Telephones - Pagers - - 90-826-6789 Debt -Service Principal - - 90-826-6790 Interest Expense - - 90-826-6799 Other Services - Misc. - - 90-826-6931 Land & Improvements - - 90-826-6941 Other Capital Expenditures - - 90-826-9800 Transfer Out - - Total Expenses 1,567.45 25,541.25 Net Income/Loss (285.04) (51465,63) � \ ?_ A \ . ...., . . . . . . §! \( j� \ \ !B! § § on \ \ \\\\\ \ \ \ \\ f) \ \\\\\ \ { \ \ \\ } \ } }} 12 0 U Q 1� O _ ry E - 1 _ _ a a m - a u � 8 o a a a a a N F O a 2 2 2 O G Ti G Q \ \ \ \ \ k § Ora 0 m \ k K(}) \ \\\\\\\\\\\ \ \ \ \ \ � G V _ Q t0 o MWM W U E N NN M J r C "a W E � o 0 0 m o 0 0 0 0 o N o m o o> O O n 0 0 0 N O o 0 0 V 0 0 N V N N M V N M uvi o 0 0 0 0 � N a W N o v o n o 0 o ro o n o 0 0 E M N O N M O M f- N N O 0 0 0 06 O 0 0 0 N O O O O O O O O O V O 6 6 6 6 0 6 6 6 6 6 6 6 ap 0 0 0 0 0 Oi O O O O O O O O rn 0 0 C"> 0 0 0 0 0 0 0 0 0 0 0 6 0 6 0 0 0 0 0 0 NVZ N M O O O O O O O O O O O rn 0 N O O M O fV O O O O O O O O O O O O O O O O O O O O O co6 6 O 46 0 0 0 0 0 O O O I� N N O O O O O O O N O O O O N O O O N rn W (V N N (O O O r N N rn O W N � tc9 rn N rn m M Z _ di EO .j N R E a ir mN YmN U U a1 N m N o o w N d cok �0 ' 0�LLJ v m m c o U x W 0 O =00 R wU W WF ii no_U 'u EFa Nm`0 mO O R ¢¢mm O a In m (D 0 0 0 =wcc aam a` � ¢' w 0 N N N N N N N N N N N N N fD (O (O (O (O tD t0 N (O N (O N N N N N O O O O O O O O O O O O O [p (O l0 t0 (O f0 [O tD (O (O N N (O t0 N tD t0 (O t0 t0 O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N N N N O O O o W M of W cI W W M aI c0 M a0 N M M N M 0 0 0 0 0 0 0 0 0 O O O O O O O O O rn rn m rn rn m m rn rn rn m m m m rn m rn rn m rn rn rn rn rn m rn m rn rn w rn rn m rn m m m a v m a D � O u U m m O) N 0 0 0 0 0 0 0 c O C a+ N r T W L N N O 0 0 0 0 0 0 0 0 0 0 D m x U C 0 N M N @ r rn O O O O O n E o N > @ o m U ry O q C O U W 0 M NO d N M W tp O M V N M W N o o m v r" o m V O W n �n a M Q n N N M h m t � 3 � m � @ a w o `m rn c E N u z .. .. in U m H n a `^ 0 O F ro m m m m rn m v o r r r r r r m m m m m co m m m m N N N N N N N N N N W of M W W a0 M c0 c0 W rn rn m m m w rn m m m THE CITY OF Anna CDC Item No. 8 CDC Agenda Staff Report Meeting Date: 9.9.2019 Staff Contact: Joey Grisham AGENDA ITEM: CLOSED SESSION (exceptions): A. Deliberate regarding the purchase, exchange, lease or value of real property. (Tex. Gov't Code §551.072) possible property acquisition; possible land sale/purchase; B. Consult with legal counsel on matters in which the duty of the attorney to the 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); Discuss contract concerning Revolving Loan Fund; promotional contract. C. 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) Anna Business Park Property; potential retail and medical projects.