Forney EDC approves incentive $ for Hampton Inn

During its regular September 08, 2016 meeting, the Forney Economic Development Corp. (EDC) met and (this is a preliminary report, subject to revision):

• Treasurers' report -
  Have hit 100% on tax revenue, expenses 89%, 90% revenue.
  
• Directors' report - 130 jobs moving into former Forney Sports Center from a Kaufman business.
  Working on W. Broad St sewer, near Liberty Hill, Deen Implement, Emergicon.
  
• Approved an infrastructure incentive agreement between the Forney EDC and Forney RMKP, LLC, located at 150 Regal Dr., Forney, TX 75126.
  Mr. Ketteman explained this is the proposed Hampton Inn, on Regal. Mr. Patel is amenable to what they have proposed. This will be $100k reimbursement for infrastructure costs plus $25k if he brings in a fast food franchise restaurant within 6 months of issuance of CO on the hotel. If the board approves, Mr. Ketteman will work with city attorney Thatcher, then will go to city council, then public notice, then a 60 day waiting period for public response.

• Public Communication - there was none.

• Held a 45-minute

  Executive Session re: consultation with attorney to discuss settlement offer from HP Forney 548 Partners.
  

• Took no action after executive session.