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
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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)
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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)
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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.