[3.B Consider and take possible action on a Performance Agreement between The Burleson 4A Economic Development Corporation and American Builder’s and Contractor’s Supply Company, Inc. to support industrial development in the City of Burleson, Texas.]

CORPORATION AND AMERICAN BUILDERS AND CONTRACTORS SUPPLY COMPANY, INC.

TO SUPPORT INDUSTRIAL DEVELOPMENT IN THE CITY OF BURLESON.

THIS WILL BE PRESENTED IN ALEX PHILLIPS'S ABSENCE BY DREW PENNYWELL.

YES, SIR. ALL RIGHT. GOOD EVENING. BOARD. DREW PENNYWELL, DEPUTY DIRECTOR OF ECONOMIC DEVELOPMENT.

THIS EVENING I'D LIKE TO DISCUSS WITH YOU AN AGREEMENT WITH ABC SUPPLY COMPANY.

ABC SUPPLY COMPANY IS PRIMARILY A RETAIL ROOFING SUPPLY SUPPLIER.

THEY'RE ONE OF OUR TOP TEN SALES TAX PAYERS WITHIN THE CITY OF BURLESON.

AND A FANTASTIC PARTNER. THEY'RE LOCATED ON JOHN JONES NEAR AYLESBURY.

THEIR STORAGE IS NEARLY AT CAPACITY. YOU CAN KIND OF SEE THAT BY THE AERIAL HERE AND DUE TO THAT SURGE OF CAPACITY, THEIR PARKING HAS KIND OF MIGRATED TO THE FRONT OF THEIR FACILITY, WHICH IS ACTUALLY A CURRENTLY A NOT IDEAL AND THE FENCE IS LEGAL, NON-CONFORMING. SO THEY'RE UNABLE TO EXPAND THEIR STORAGE AND PARKING AT THIS TIME.

THIS IS THE CURRENT FRONT OF THE FACILITY. THERE YOU CAN SEE HOW SOME OF THEIR CUSTOMER AND MAYBE STAFF PARKING IS THERE IN FRONT OUTSIDE OF THE FENCE.

SO ABC IS INTERESTED IN EXPANDING THE FENCE TO MAKE WAY FOR MORE STORAGE AND PARKING ON THE FACILITY WITH CONCRETE PAVED PARKING.

THE BUILDING STANDARDS REQUIRE THAT THE NEW FENCE BE MASONRY AND APPROPRIATE HEIGHT TO PROVIDE STORAGE SCREENING, AND THEY HAVE NOT PROCEEDED WITH THIS TO DATE DUE TO THE PROHIBITIVE COST OF THE THOSE BUILDING STANDARDS.

HOWEVER, WITH THE EXPANDED STORAGE AND PARKING, ABC ESTIMATES AN INCREASE IN 25 TO 30% OF THEIR SALES AND THE NEED FOR SIX NEW FULL TIME POSITIONS. WE'VE DISCUSSED AND PROPOSED THIS AGREEMENT WITH ABC TO HELP THEM TACKLE THIS PROJECT, WHICH WOULD COST UPWARDS OF $1,000. THEIR OBLIGATIONS IN THIS AGREEMENT WOULD BE TO CONSTRUCT THE.

THEIR PROPOSED EIGHT FOOT PRECAST CONCRETE FENCE AND THE PAVED PARKING LOT.

THE INTENT IS TO CONFORM TO THE CURRENT BUILDING STANDARDS.

THEY WOULD BE REQUIRED TO COMMENCE CONSTRUCTION WITHIN 45 DAYS OF THE AGREEMENT AND ON THE PARKING LOT AS WELL, AND COMPLETE THAT CONSTRUCTION WITHIN 180 DAYS OF THE EFFECTIVE DATE.

THERE WOULD ALSO BE REQUIRED TO HIRE SIX NEW FULL TIME EMPLOYEES BY THE END OF 2026, FOR A MINIMUM RETENTION PERIOD OF ONE YEAR.

ONCE ABC SUPPLY SATISFIES THOSE PERFORMANCE PERFORMANCE PERFORMANCE MEASURES, THE EDC WOULD THEN REIMBURSE OR PAY ABC $60,000 PER EACH OF THOSE SIX NEW FULL TIME EMPLOYEES, FOR A TOTAL OF $360,000.

THEY ARE OBLIGATED TO RETAIN THOSE EMPLOYEES FOR A YEAR.

HOWEVER, THEY'RE NOT REQUIRED TO RETAIN THAT SINGLE EMPLOYEE FOR THAT WHOLE TIME.

JUST FULFILL THOSE SIX FULL TIME POSITIONS. THIS IS THE PROJECT PROFORMA.

YOU CAN SEE IT'S BREAKS EVEN ON YEAR FOUR AND THERE'S ACTUALLY A DIDN'T GET ON HERE, BUT THERE'S A TEN YEAR ROI OF 576%.

AND IF YOU HAVE ANY COMMENTS OR QUESTIONS, I'LL BE HAPPY TO ANSWER THOSE. THERE'S ALSO A HUNTER REPRESENTATIVE FROM ABC HERE THIS EVENING IN CASE YOU HAD ANY OTHER QUESTIONS ABOUT ABOUT THIS AGREEMENT. THANK YOU. DREW. QUESTIONS, ANYONE? NO, I LIKE IT. JUST JUST A LITTLE TECHNICAL QUESTION ON THE ONE YEAR TIME GAP.

LET'S SAY THERE'S A GAP, DOES IT? I TAKE IT WON'T START THE TIME OVER.

BUT IF THERE'S LIKE A ONE MONTH LAPSE. THEN LIKE, IF IT WORKED SIX MONTHS AND THEN THEY LEAVE AND THERE'S A ONE MONTH GAP, THEN THE REMAINING SIX MONTHS WILL START AS SOON AS THE PERSON COMES.

OKAY. GOOD ENOUGH. AND OBVIOUSLY WE WANT THEM TO ACHIEVE AND FILL THOSE.

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WE WORK WITH THEM TO STAY IN CONFORMANCE AND BE FLEXIBLE.

OKAY. THAT'S IT. IT'S GOOD TO SEE THAT WE'RE ABLE TO USE OUR ABILITY TO HELP RETAIN BUSINESSES AND EXPAND EXISTING BUSINESSES WITHIN THE CITY, AS WELL AS ATTRACT NEW INVESTMENTS. SO KUDOS TO STAFF AND TO ABC FOR COMING UP WITH A WAY THAT WE CAN WORK TOGETHER TO SOLVE AN ISSUE AND EXPAND THEIR INTERESTS AND IMPROVE OUR SALES TAX REVENUES AS WELL.

SO IS THERE A MOTION ON THIS MOVE TO APPROVE? I'LL SECOND. I HAVE A MOTION BY RUSSELL, SECOND BY BOEDEKER TO APPROVE ALL THOSE IN FAVOR.

AND I SEE ALL THE HANDS COME UP THAT PASSES BY UNANIMOUS VOTE.

THANK YOU DREW. SO NEXT UP ON OUR AGENDA IS TO CONSIDER AND TAKE THIS ITEM THREE C TO CONSIDER AND TAKE POSSIBLE ACTION ON A SECOND AMENDMENT TO AND

[3.C Consider and take possible action on a Second Amendment to and Restatement of Performance Agreement (4A020623FTG-Tulsa) 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]

RESTATEMENT OF PERFORMANCE AGREEMENT FOR 4A0206 23 FTG TULSA BETWEEN THE BURLESON 4A ECONOMIC DEVELOPMENT CORPORATION AND 2525 FTG TULSA, LLC FOR DEVELOPMENT LOCATED AT 700, 708, 712, 714, 716 AND 720 SOUTHWEST WILSHIRE BOULEVARD.

THIS WILL BE PRESENTED ALSO BY ANDREW PENNYWELL THANK YOU ONCE AGAIN.

BOARD. THANK YOU FOR THIS. DREW PENNYWELL, DEPUTY DIRECTOR OF ECONOMIC DEVELOPMENT.

TONIGHT TO DISCUSS THE SECOND AMENDMENT FOR PROJECT FACELIFT, WHICH YOU'LL REMEMBER IS THE DEVELOPERS RETAIL CONNECTION.

RETAIL DEVELOPMENT. RETAIL CONNECTION IS THE NAME OF THE OF THE DEVELOPER.

IT'S ALSO A RETAIL DEVELOPMENT. IT'S APPROXIMATELY A TWO ACRE SITE AT WILSHIRE AND SUMMER CREST.

THOSE LOTS HAVE BEEN VACANT NOW FOR SEVERAL YEARS.

WE ENTERED THE FIRST AGREEMENT WITH RETAIL CONNECTION TO ASSIST THEM WITH INFRASTRUCTURE OF ENVIRONMENTAL AND A TURN LANE ON THAT SITE. THE AMOUNT OF $850,000 THROUGH PERFORMANCE MEASURES, THE DEVELOPER HAS COMPLETED THOSE ENVIRONMENTAL AND CLEANUP.

THAT CLEANUP WORK ON THE SITE AND THE PROPOSED DEVELOPMENT TIMELINE HAS BEEN EXTENDED.

IT'S BEEN A VERY HIGH DEMAND ON THAT SITE. SO THE DEVELOPER HAS HAD THE OPPORTUNITY TO WORK WITH SOME HIGHER QUALITY TENANTS THAN WE ORIGINALLY ANTICIPATED, AND NEEDED TO TWEAK THE SITE PLAN TO DO THAT.

CURRENTLY, THE LINEUP WOULD BE THE GREAT GREEK MEDITERRANEAN GRILL, ONO HAWAIIAN BARBECUE, DAVE'S HOT CHICKEN, AND A THIRD A FOURTH TO BE DETERMINED.

THEY ANTICIPATE THAT FOURTH TENANT WOULD ALSO BE A SALES TAX GENERATOR AND THE YOU REMEMBER, THE ORIGINAL AGREEMENT REQUIRES ALL FOUR OF THOSE TO AT LEAST BE RETAIL, RESTAURANT OR OFFICE.