Feb 06, 2023 Economic Development Corp. (Type A)

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BLOCK. AND AT THIS TIME WE WILL CALL TO ORDER THE FEBRUARY SIX, 2023 MEETING OF THE BURLESON ECONOMIC DEVELOPMENT CORPORATION TYPE

[1.Call to Order]

HAVE WE SOMEONE HERE WHO WOULD LIKE TO ADDRESS THE BURLESON FOR ECONOMIC DEVELOPMENT BOARD? I SEE NO SUCH REQUEST.

I'M SORRY. WE'VE HAD NONE ON LINE.

[3.A.Consider approval of the minutes from the January 9, 2023 Economic Development Corporation (Type A) meeting. (Staff Contact: Amanda Campos, City Secretary)]

MEMBERS, IF YOU'VE HAD A CHANCE TO PERUSE THE MINUTES AND ARE READY TO MAKE A MOTION, WE ARE READY.

MOVE FOR APPROVAL. ALL RIGHT.

I HAVE A MOTION BY GREEN SECOND BY JOHNSON TO APPROVE ALL THOSE IN FAVOR.

ALL RIGHT. THAT ITEM PASSES BY.

UNANIMOUS VOTE.

NEXT UP IS ITEM THREE B TO CONSIDER APPROVAL OF A PERFORMANCE AGREEMENT BETWEEN THE BURLESON FOR ECONOMIC DEVELOPMENT CORPORATION AND

[3.B.Consider approval of a Performance Agreement between the Burleson 4A Economic Development Corporation and 2525 FTG-Tulsa, LLC for a development located at 700, 708, 712, 714, 716, and 720 SW Wilshire Blvd in Burleson, Texas (Staff Presenter: Alex Philips, Economic Development Director)]

THIS WILL BE PRESENTED BY ALEX PHILLIPS.

THANK YOU FOUR A PRESIDENT, BOARD MEMBERS REALLY EXCITED TO BRING YOU THIS PROPOSED AGREEMENT.

SO THIS IS WITH RETAIL CONNECTION OR WITH THAT ENTITY THAT YOU JUST READ OFF? I'M NOT GOING TO REREAD THAT.

IT'S APPROXIMATELY TWO ACRE SITE.

IT'S FOUR LOTS THAT HAVE BEEN VACANT FOR OVER A YEAR.

THIS IS THE OLD GRACE MART AT SUMMER CREST, THE OLD SONIC IN THE OLD DR.

ERICKSON OFFICE BUILDING THERE ON WILTSHIRE LEADING UP TO THE BANK.

THE DEVELOPER WILL DO THE ENVIRONMENTAL AND THE DEMO OF THE SITE BECAUSE THE GAS TANKS ARE STILL IN THE GROUND.

DEVELOPERS PROPOSING THREE NEW TO MARKET SALES TAX USERS AND A PRIMARY JOB TENANT AS WELL.

SO THIS WOULD BE THE PROPOSED DEVELOPMENT.

YOU HAVE A STRIP CENTER THAT'S KIND OF CLOSER TO THE BANK AND THEN STAND ALONE ON THE CORNER.

AGAIN, THE NEW TO MARKET SALES TAX USERS.

FATBURGER COOL GREENS, WHICH IS A SALAD CONCEPT.

HAWAIIAN BROTHERS, ATHLETICO, WHICH IS A PHYSICAL THERAPY OFFICE SITE IMPROVEMENT WOULD INCLUDE THE FOLLOWING ACCESS HAVING ONE SHARED DRIVE INTO THE DEVELOPMENT RATHER THAN THE RUNWAY THAT EXISTS THERE ON WILTSHIRE.

DRAINAGE ESTHETICS.

IT'LL LOOK A WHOLE LOT NICER THAN WHAT'S THERE TODAY AND NEW TO MARKET USERS.

USERS THAT ARE NOT EVEN CLOSE TO BEING IN OUR MARKET THAT WILL BE HERE.

DEVELOPERS ASKING FOR 850,000 AND ECONOMIC INCENTIVES FOR THE SITE IMPROVEMENTS JUST KIND OF SHOW YOU A LITTLE BIT MORE ABOUT THE DIFFERENT TENANTS, HAWAIIAN BROTHERS AND HAWAIIAN INSPIRED CUISINE.

SO IT GIVES US SOMETHING COMPLETELY DIFFERENT THAT WE DON'T HAVE IN TOWN.

THE NEAREST ONE TO US RIGHT NOW IS OFF OF BRIAN IRVING ROAD IN FORT WORTH.

THEY'VE BEEN RAPIDLY GROWING.

FATBURGER HAS BEEN AROUND ON THE WEST COAST SINCE 1952.

THIS WILL BE JUST THEIR SIXTH LOCATION IN THE DFW MARKETPLACE.

COOL GREENS AGAIN, SALAD CONCEPT, FOURTH LOCATION HERE IN DFW, AND THEY'RE GROWING AS WELL.

ATHLETICO IS A PHYSICAL THERAPY OFFICE, SO THIS IS THE TEN YEAR AND 20 YEAR PROFORMA.

AS YOU SEE, WE HAVE TWO PAYMENTS OF 425,000 PAYMENT AFTER SUBSTANTIAL COMPLETION OF THE FULL DEVELOPMENT.

SO BEFORE THE TENANTS MOVE IN AND THEY'VE KIND OF CONSTRUCTED EVERYTHING, WE WOULD HAVE ONE PAYMENT OF 425,000 THAT WOULD HELP REIMBURSE DEMOLITION, ENVIRONMENTAL CLEANUP, THE DRAINAGE IMPROVEMENTS THAT THEY'RE DOING, THE SHARED DRIVE ACCESS, THE ESTHETICS TO THE PROPERTY, ALL THOSE SIDE IMPROVEMENTS THAT THAT WE WANT TO SEE ON THAT SITE TO TO GET IT FROM WHERE IT IS TODAY TO WHERE WE WANT IT TO BE WITH LANDSCAPING AS WELL.

AND 174 THAT WOULD BE ONE PAYMENT IN ANOTHER PAYMENT ONCE THE FOURTH TENANT MOVED INTO THE DEVELOPMENT AND GOT THERE.

SO WE WOULD GIVE THEM THE OTHER 425,000.

SO 850.

BUT THE TEN YEAR RETURN IS 111%.

2020 YEAR RETURN IS 335%.

SO IT'S A GREAT RETURN FOR THE CITY ON A TEN YEAR AND A 20 YEAR PERFORMER.

SO TONIGHT, APPROVE OR DENY PERFORMANCE AGREEMENT BETWEEN THE BURLESON FOUR A AND THE DEVELOPER THERE ON WILSHIRE.

HERE TO ANSWER ANY QUESTIONS YOU MAY HAVE.

I DON'T HAVE ANY QUESTIONS. I JUST WANT TO SAY WELL DONE.

THAT'S BEEN AN EYESORE.

AND NOT ONLY IS IT NOT LONGER GOING TO BE AN EYESORE, BUT WE'RE GOING TO HAVE SOME GREAT NEW BUSINESSES COME IN.

YES, SIR. EXCELLENT WORK.

THANK YOU. APPRECIATE IT.

CAN YOU TELL ME WHAT THE EXPENSE, THE COST OF PULLING UP THOSE ALL THEIR OTHER SIDE IMPROVEMENTS

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OKAY. AND I ASSUME A GREAT DEAL OF THAT IS PULLING UP THOSE GAS LINES, BECAUSE I'M FAMILIAR WITH THAT.

AND THERE'S LIABILITY THERE.

AND IT'S THEIR LIABILITY.

AM I CORRECT? YES, SIR.

IT'S QUITE A BIT. SO, I MEAN, THAT'S INCLUDED IN THAT $1.2 MILLION COST.

I THINK TALKING TO THE DEVELOPER LAST WEEK, THERE'S SOME UNKNOWNS WITH THAT OF THEY HAVEN'T FULLY GOT A FULL QUOTE ON WHAT THAT MAY BE IF THEY RUN INTO SOME OTHER ISSUES WITH PULLING THE TANK LIKE IT'S LEAKING.

WHO KNOWS THEY'VE BEEN EMPTY.

THAT WOULD BE. YEAH.

SO. WELL, ALEX, I'LL TELL YOU, I WAS GOING TO ASK YOU.

I THOUGHT THE 850 MIGHT BE A LITTLE EXTRAVAGANT, BUT I WILL TELL YOU, I DO KNOW ABOUT THESE GAS LEAKAGES, AND IT CAN RUN UP THERE IN A HEARTBEAT IF THEY GET INTO ANY TROUBLE WHATSOEVER.

SO WITH THAT SAID, I'M FOR GOING AHEAD AND DOING THIS, BUT I HOPE THEY DON'T RUN INTO THAT PROBLEM.

WE DON'T EITHER.

AND JUST JUST A SIDE NOTE, THAT PROPERTY, THE WAY IT'S LISTED ON THE MARKET, WAS THE HIGHEST PIECE OF PROPERTY PRICE WISE PER FOOT IN JOHNSON COUNTY.

SO I MEAN, THE IT IT HAD TO BE A PARTNERSHIP TO REDEVELOP THAT SITE.

ALL RIGHT. THAT WAS NOT GOING TO BE A TRIAL.

YOU WEREN'T GOING TO PAY WHAT THEY WERE ASKING.

WHAT OTHER QUESTIONS, MEMBERS? I ECHO WHAT JIMMY SAID.

GREAT JOB AND APPRECIATE IT.

FORWARD TO SEEING THAT PARTICULAR VERY PROMINENT CORNER OF THE CITY CHANGE INTO SOMETHING REALLY DESIRABLE AND REALLY BE AN ASSET FOR THE COMMUNITY THERE.

AND MY APPRECIATION TO THE DEVELOPER FOR TAKING THE PROJECT ON AND WISH YOU THE BEST.

NOW, THE PARTNERSHIP WITH THIS DEVELOPER HAS BEEN OUTSTANDING.

THE SAME DEVELOPER THAT DID THE CHURCH OF CHRIST LOT AT THE DUTCH BURROWS AND THE SALAD TO GO AND THE CHIPOTLE AND BRINGING US NEW TO MARKET USERS THERE AND THEY'RE BIG ON BURLESON AND WE DO HAVE A GREAT PARTNERSHIP WITH THIS DEVELOPER.

THIS WON'T BE THE LAST DEAL.

GOOD DEAL. YEAH, WE'VE GOT A LOT OF WILTSHIRE THAT WE DO A LOT OF.

WE'RE TAKING IT ONE AT A TIME.

SO YEAH, BY ALL MEANS, MOVE IN AND GET STARTED.

YES, SIR. ALL RIGHT. WELL, IF THERE ARE NO OTHER QUESTIONS, I GUESS WE'RE READY FOR A MOTION TO APPROVE A SECOND.

I HAVE A MOTION BY STANFORD.

SECOND, BY PAYNE TO APPROVE THE PERFORMANCE AGREEMENT.

ALL THOSE IN FAVOR.

AND THAT MOTION PASSES BY A RESOUNDING UNANIMOUS VOTE.

THANK YOU VERY MUCH.

NEXT ITEM ON OUR AGENDA IS TO IS ITEM THREE C TO CONSIDER APPROVAL OF AN AMENDMENT TO THE CHAPTER 380 ECONOMIC DEVELOPMENT AND PERFORMANCE

[3.C.Consider approval of an Amendment to the Chapter 380 Economic Development and Performance Agreement between the City of Burleson, Burleson 4A Economic Development Corporation, Burleson Community Service Development Corporation, and AC Burleson, LLC for a family entertainment facility located at 1258 SW Alsbury Blvd. (Staff Presenter: Alex Philips, Economic Development Director)]

FOR A FAMILY ENTERTAINMENT FACILITY LOCATED AT 1258 SOUTHWEST ELLSBURY BOULEVARD, PRESENTED ALSO BY ALEX PHILLIPS.

THANK YOU, MR. PRESIDENT. BOARD MEMBERS, THIS IS ALLEY CATS IS REQUESTING AN AMENDMENT TO THE 380 AGREEMENT THERE, FINANCING THE CONSTRUCTION OF THE DEVELOPMENT THROUGH THE SBA'S SMALL BUSINESS ADMINISTRATION.

THE SBA IS REQUIRING 15% OF THEIR ELECTRICITY TO COME FROM SOLAR.

BECAUSE OF THAT, ALLEY CATS NEEDED TO REDESIGN THE ROOF AND ELECTRICAL TO SUPPORT THE WEIGHT AND WIND LOAD OF THE SOLAR PANELS.

SO THEY'RE REQUESTING THE COMPLETION DATE, THE CORPORATE HEADQUARTER RELOCATION AND THE OPENING DATE OF ALLEY CATZ TO MOVE OUT FROM AUGUST 1ST OF 23 TO AUGUST 1ST TO 24.

JUST THAT WAY, IT GIVES THEM PLENTY OF TIME TO CLOSE ON THE LOAN AND CONSTRUCT THE DEVELOPMENT.

THEY HAVE COMPLETED THE PURCHASE OF THE PROPERTY.

THEY'VE STARTED THE COMMENCEMENT OF CONSTRUCTION OF THE DEVELOPMENT.

THEY'VE INSTALLED THE ENVIRONMENTAL FENCING AND THE PLACEMENT OF THE DROP TRAILER.

AND THEN THOSE THREE NEXT BULLET POINTS ARE WHAT WE NEED TO PUSH OUT JUST A FULL YEAR TO MAKE SURE THAT WE'RE IN COMPLIANCE WITH THE AGREEMENT AND WITH WHAT THEY'RE INCURRING. SO HERE TONIGHT, JUST ANSWER ANY QUESTIONS AND UP TO THE FOUR EIGHT BOARD TO APPROVE THE AMENDMENT OR DENY THE 3/8 AMENDMENT.

ALL RIGHT. I LOOK FORWARD TO THEM BEING HERE.

I CAN'T WAIT FOR THEM TO COME.

FOR THOSE THAT DON'T KNOW, THE SBA LOAN IS SOMETHING THAT'S DONE AT THE FEDERAL GOVERNMENT LEVEL.

SO WHENEVER WE ENTERED INTO THIS AGREEMENT OR WHEN ALLEY CATS ENTERED IN, THEY'D HAD NO WAY TO KNOW THAT THE ATMOSPHERE WOULD CHANGE AT THE FEDERAL LEVEL, TO KNOW THAT THESE REQUIREMENTS WOULD COME IN.

SO IT'S NOTHING TO DO WITH ALLEY CATS.

IT'S JUST THE CHANGE IN ENVIRONMENT AT THE FEDERAL GOVERNMENT LEVEL.

SO I'M ALL IN FAVOR OF IT.

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WHY DO WE HAVE THE ROADRUNNER AND WILY COYOTE HERE? IN WHICH ROLE DO YOU CAST US IN? WE'RE THE COYOTE BECAUSE IT WAS PROJECT ROADRUNNER.

THE COYOTE FINALLY CAUGHT THE ROADRUNNER WITH ALLEY CATS OF CHASING THEM HERE FOR TEN YEARS.

THAT'S WHY THE COUNTY HAS ALEX GLASSES.

OKAY, I GOT IT. I FIGURED IT OUT.

THANK YOU. I APPRECIATE THAT.

NO PROBLEM. ANY OTHER DISCUSSION OR QUESTIONS? ALL RIGHT. I GUESS WE'RE READY FOR A MOTION.

SECOND. MOTION BY JOHNSON AND SECOND BY GREEN TO APPROVE ALL THOSE IN FAVOR.

AND THAT MOTION PASSES BY.

UNANIMOUS VOTE. THANK YOU.

NEXT ON OUR AGENDA IS ITEM FOUR BOARD REQUESTS FOR FUTURE AGENDA ITEMS OR REPORTS.

HAVE WE ANY? AND I SEE NONE.

AND HAVE WE ANY NEED FOR EXECUTIVE SESSION? NO, SIR. ALL RIGHT. WE DO NOT.

SO WE WILL ADJOURN THE MEETING AT 4:11 P.M.

* This transcript was compiled from uncorrected Closed Captioning.