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Board of Directors Meeting
Minutes
MINUTES OF REGULAR MEETING
CITY OF EMORY DEVELOPMENT CORPORATION
November 20,
2007 at 5:00 pm
The meeting was called to
order at 5:00 p.m. by President, Emery Cathey. A quorum of board members was
present with Carolyn Hill, Lori Honeycutt, Cay House, Max Fletcher and new
member, Jim Jones. Also in attendance were Clyde Smith, EDC Director, Attorney
Ivan Alexander, Jr., Lance Hooten, Ed Emig and Jaxie Morgan from the Rains
County Leader.
1.
No action.
2.
No action.
3.
The minutes
of the prior two meetings dated October 2nd and October 11th,
2007 were read and a motion was made to accept the minutes as read by Carolyn
Hill, seconded by Lori Honeycutt. The motion passed unanimously.
4.
Clyde Smith
presented the financial report. Motion made to accept by Cay House, seconded by
Carolyn Hill. The motion passed unanimously.
5.
Bills were
approved for payment with a motion made by Lori Honeycutt, seconded by Carolyn
Hill. The motion passed unanimously.
6.
Motion made
by Cay House for The City of Emory Development Corporation to enter into an
Economic Incentive Agreement with Hooten’s LLC, a Texas Limited Liability
Company, to expand existing facilities of Hooten’s LLC located at 1139 W. Lennon
Street (on US Hwy 69) in Emory, Rains County, Texas and seconded by Lori
Honeycutt. Motion passed unanimously including items a) and b) below.
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a)
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consideration of the purchase
of 3.498 acres of land from Hooten’s LLC land on which a new facility is
to be constructed for the purpose of expanding the
Hooten’s LLC operation through assistance from the City of Emory
Development Corporation. |
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b)
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give due consideration of a
letter of commitment from Austin Bank, Texas N.A. of Emory, Texas, for
the financing of said improvements to be located on the 3.498 acres of
land for use of Hooten’s LLC in connection with its operation. Give
further consideration to Austin Bank, Texas N. A. commitment for
financing of said Hooten’s LLC project according to the terms set
forth therein. |
7.
Motion made
by Carolyn Hill, seconded by Lori Honeycutt for passage of Resolution as offered
regarding the proposal set forth in Item 6 above as to the Hooten’s LLC Economic
Incentive Agreement and authorizing the President of the Board, Emery Cathey, to
sign all documents relating to the Hooten’s LLC project including the execution
of the Real Estate Lien Note and necessary lien documents securing said Note to
Austin Bank, Texas N.A. Motion passed unanimously.
8.
Motion made
by Cay House, seconded by Carolyn Hill to send a letter to Rains County
Commissioners Court and Rains County Judge concerning the ISFT, LLC project with
Terry’s Store, Inc. and the City of Emory Development Corporation to seek Rains
County’s assistance in funding an Economic Incentive Grant to ISFT, LLC. Motion
passed unanimously.
9.
Motion made
to approve a credit card with Austin Bank to be used by EDC staff to simplify
transactions and minimize transfers from the City of Emory by Carolyn Hill,
seconded by Lori Honeycutt.
10.
No comments
from Board Members.
11.
President
Emery Cathey adjourned the meeting at 6:05 pm.
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Cay
House,
Secretary
Emery Cathey, President
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