LOOK EXCITING. OKAY. NO. ALL RIGHT, EVERYBODY,
IT'S 4:32. 
          [1. CALL TO ORDER]
          [00:00:05]
WE'LL CALL THE BURLESON 4A ECONOMIC DEVELOPMENT MEETING TO ORDER. 
          AND THE FIRST ITEM IS CITIZENS APPEARANCES. THIS IS FOR EACH FOR SOMEBODY IN THE AUDIENCE
WHO WOULD LIKE TO SPEAK ON AN ITEM NOT PLACED ON THE AGENDA MAY DO SO NOW. 
          I DO NOT SEE ANYBODY. AND SO WE'LL MOVE ON TO ITEM 3.A CONSIDER AND TAKE POSSIBLE ACTION
ON THE MINUTES FROM JUNE 15TH, 
          [3.A. Consider and take possible action on the minutes from the June 15, 2026 Economic Development Corporation (Type A) meeting. (Staff Contact: Amanda Campos, City Secretary)]
2026. ECONOMIC DEVELOPMENT TYPE 4A MEETING. THOSE ARE IN FRONT OF YOU,
GENTLEMEN. 
          I MAKE A MOTION TO APPROVE THE MINUTES FROM THE MARCH 25TH,
2026 MEETING. 
          OKAY. SECOND I'M GOING TO GO AHEAD AND CALL ITEMS 3.B AND 3.C TOGETHER. 
          [Items 3.B & 3.C]
WE'LL NEED TO TAKE TWO SEPARATE ACTION ITEMS. BUT THAT WAY I THINK ALEX HAS ONE PRESENTATION. 
          SO I'LL JUST CALL THEM BOTH TOGETHER. SO ITEM 3.B CONSIDER AND TAKE POSSIBLE ACTION ON A
RESOLUTION AUTHORIZING A REAL ESTATE CONTRACT BETWEEN THE BURLESON 4A ECONOMIC DEVELOPMENT CORPORATION AND STREET REALTY CAPITAL LLC FOR THE PURCHASE OF PROPERTY LOCATED AT 130 EAST
RENFRO STREET BURLESON, TEXAS, IN THE AMOUNT OF $2 MILLION AND ITEM 3.C CONSIDER AND TAKE POSSIBLE ACTION ON A
RESOLUTION AUTHORIZING A PERFORMANCE AGREEMENT BETWEEN BURLESON 4A ECONOMIC DEVELOPMENT CORPORATION AND STREET REALTY CAPITAL, LLC FOR THE DEVELOPMENT OF THE PROPERTY LOCATED AT
13. 
          130 EAST RENFRO STREET, BURLESON, TEXAS. ALEX,
THANK YOU 4A MEMBERS. 
          ALEX PHILLIPS, THE ECONOMIC DEVELOPMENT DIRECTOR FOR THE CITY OF BURLESON HERE TONIGHT TO
PRESENT PROJECT STREET TO YOU IN THE REAL ESTATE CONTRACT ALONG WITH THE PERFORMANCE AGREEMENT AND INCENTIVE PACKAGE. SO A LITTLE BIT OF THE BACKGROUND. 
          THIS PROPERTY WAS PURCHASED FROM THE CITY. THE EDC PURCHASED IT FROM THE CITY BACK IN 22
FOR $2 MILLION. 
          THE SITE HAS BEEN THROUGH AN RFP THAT RESULTED IN THE DEVELOPER PULLING OUT DUE TO COST
ISSUES. 
          STAFF HAS BEEN PATIENT WITH THE DEVELOPMENT OF THE SITE DUE TO MANY NEW RESTAURANTS
OPENING IN OLD TOWN. 
          WE WANTED THOSE NEW ESTABLISHMENTS TO GET THEIR FOOTING UNDER THEM. 
          THIS IS AN IMPORTANT SITE THAT WILL ACTIVATE NEW DEVELOPMENT IS WHAT WE CALL ACROSS THE
TRACKS ON THE OTHER SIDE TOWARDS 35. 
          AND WE WANT TO MAKE SURE WE GET THE RIGHT DEVELOPMENT. WE HAVE RECEIVED WE RECEIVED A
LETTER OF UNDERSTANDING FROM STREET REALTY FOR THE DEVELOPMENT OF THE SITE. 
          THE SITE IS 1.43 ACRES. AS YOU CAN SEE THERE ON THE RIGHT AND IS LOCATED AT DOBSON AND
RENFRO STREETS. 
          WE ENTERED INTO THAT LETTER OF UNDERSTANDING FOR 90 DAYS TO EVALUATE THE SITE BACK IN
DECEMBER. 
          WE EXTENDED THAT AS WE STARTED WORKING ON THE DEAL STRUCTURE FOR THE DEVELOPMENT. 
          THE STREET REALTY HAS PROPOSED A DEVELOPMENT CONSISTING OF THREE BUILDINGS ON THE SITE. 
          THOSE CONSIST OF A 13,000 SQUARE FOOT, 2 STORY OFFICE BUILDING,
A 6,000 SQUARE FOOT RESTAURANT PAD, AND A 4,000 SQUARE FOOT RETAIL PAD SITE. TOTAL SQUARE FOOTAGE ON THE SITE WOULD BE
APPROXIMATELY 36,000FT². 
          HERE'S SOME RENDERINGS OF WHAT THE CONCEPTUAL LOOK LIKE FROM THE OFFICE BUILDING. 
          THE BOTTOM LEFT. THE TOP LEFT IS KIND OF THE ENTRYWAY OFF OF RENFRO BEING CALLED THE
GROVE, AND YOU CAN SEE KIND OF THERE ON THE RIGHT HAND SIDE IS THE RESTAURANT PAD SHOWING THE
PATIO SPACE ON THE BACK SIDE. 
          THAT KIND OF FILTERS OFF INTO WHERE THE OFFICE BUILDING WOULD BE BEHIND IT. 
          SO YOU KIND OF GOT A LITTLE COURTYARD FEEL BETWEEN THE RESTAURANT PATIO AND THE OFFICE
BUILDING AS WELL. 
          DEVELOPMENT DETAILS THE RESTAURANT PAD WILL HAVE PATIO SPACE AS WELL AS SOME OUTDOOR
SEATING FOR THE FOR THE OFFICE BUILDING WILL HAVE A SMALL COURTYARD FIELD. 
          LIKE I SAID, THE PROPOSAL WILL FOLLOW ALL OLD TOWN STANDARDS AND CREATE WALKABILITY ON THE
SITE, AS WELL AS THE CONNECTION TO MAIN STREET ACROSS THE RAILROAD. 
          THE OFFICE BUILDING WOULD CONSIST OF DENTAL OFFICE AND ORAL SURGEONS OFFICE. 
          THERE ARE OTHER OFFICE TENANTS THAT THEY'VE BEEN IN DISCUSSION WITH AS WELL. STREET REALTY
IS IN PRELIMINARY DISCUSSIONS WITH PROSPECTIVE RESTAURANTS AND RETAILERS FOR THE DEVELOPMENT. ON THE RIGHT, YOU CAN SEE KIND OF WHAT THE OUTSIDE OF THOSE TWO PAD SITES
WOULD LOOK LIKE FOR THE RESTAURANT AND THE RETAIL CENTER FOLLOWING THE OLD TOWN STANDARDS AS WELL. SO THE INCENTIVE PACKAGE PROSPECT OBLIGATIONS FOR STREET REALTY
CLOSE ON THE PROPERTY IN THE AMOUNT OF $2 MILLION BY APRIL 1ST, MINIMUM CAPITAL INVESTMENT OF THE DEVELOPMENT BEING $10 MILLION. 
          DEVELOPMENT CONSISTS OF THREE BUILDINGS TOTALING AT LEAST 35,000FT². 
          RECEIVE THE BUILDING PERMIT FOR THE FULL DEVELOPMENT. ALL THREE BUILDINGS BY APRIL 1ST OF
2027 RECEIVE THE CO ON THE OFFICE BUILDING BY OCTOBER 1ST OF 2028. 
          RECEIVED THE CO ON BUILDING TWO WITH A RESTAURANT,
TENANT OR RETAIL CENTER WITH AT LEAST TWO SALES TAX GENERATING TENANTS THAT ARE NEW TO THE MARKET BY JUNE 1ST OF 2029, AND THEN RECEIVE CO ON BUILDING THREE THAT CONSISTS OF AT
LEAST ONE SALES TAX GENERATING BUSINESS NEW TO THE MARKET THAT IS APPROXIMATELY 6000FT². SIT DOWN RESTAURANT WITH AN OUTDOOR PATIO SPACE BY DECEMBER 31ST. 
          [00:05:02]
AT THE END OF 29, THE EDC OBLIGATIONS CASH GRANT OF $1 MILLION FOR THE BUILDING PERMIT OF
THE FULL DEVELOPMENT CASH GRANT OF $250,000 ONCE EACH. ONCE THE CO IS RECEIVED FOR EACH BUILDING CASH GRANT FOR 125,000 FOR
THE FIRST TWO SALES TAX GENERATING TENANTS IN THE DEVELOPMENT THAT HAVE EXECUTED LEASES,
THERE IS A CLAW BACK PROVISION IN THE PERFORMANCE AGREEMENT. 
          IN THE EVENT THAT STREET REALTY FAILS TO COMPLETE CONSTRUCTION FOLLOWING COMMENCE
CONSTRUCTION, WHICH IS THAT JULY 1ST, 2027 OF THE DEVELOPMENT,
STREET REALTY SHALL REPAY ALL THE DEVELOPMENT GRANT FUNDS RECEIVED AND NOT BE ENTITLED TO ANY ADDITIONAL PAYMENTS FROM THE BEDC. THAT TOTAL INCENTIVE IS $2 MILLION FOR THE FULL
DEVELOPMENT. 
          HERE'S THE PERFORMA SHOWING THE LAYOUT HERE. THE PERFORMA DOES SHOW THE CAPEX AT $12
MILLION, THE $12 MILLION. THE $2 MILLION DELTA ON TOP OF THE CAPITAL INVESTMENT OF $10 MILLION IS
THE LAND SALE. 
          SO WE SHOW THE REVENUE COMING IN ON THIS PERFORMA,
AND THEN WE SHOW THE REVENUE COMING OUT. 
          SO THAT WAY YOU SEE A GOOD CLEAR PICTURE OF THE RETURN ON INVESTMENT,
THE ROI BEING 94% AFTER TEN YEARS AND 224% AFTER 20 YEARS. 
          SO TONIGHT, APPROVE OR DENY THE REAL ESTATE CONTRACT WITH STREET REALTY IN THE AMOUNT OF
$2 MILLION FOR THE PROPERTY LOCATED AT 130 EAST RENFRO. 
          AND ALSO THE SECOND ACTION THAT WE WOULD NEED APPROVE OR DENY THE PERFORMANCE AGREEMENT
WITH STREET REALTY CAPITAL LLC FOR THE DEVELOPMENT, LOCATED AT 130 EAST RENFRO. I'M HERE TO ANSWER ANY QUESTIONS. 
          THANKS, ALEX. DO YOU HAVE ANY QUESTIONS, MR. PHILLIPS? NO. GOOD? OKAY. WELL, THEN WE NEED TO TAKE ACTION ON ITEM 3.B ON THE REAL ESTATE CONTRACT. 
          MAKE A MOTION TO APPROVE ITEM 3.B. MOTION BY LARRY. 
          SECOND ALL IN FAVOR, PLEASE RAISE YOUR HAND. AND THAT PASSES UNANIMOUSLY. 
          AND THEN ITEM 3.C. I'LL MAKE A MOTION TO PASS ITEM 3.C. OKAY. SECOND. WE GOT A MOTION BY PHIL AND A SECOND BY LARRY TO APPROVE. 
          ALL IN FAVOR. AND THAT PASSES UNANIMOUSLY. THANK YOU. 
          THANKS, ALEX. ALL RIGHT. BOARD REQUESTS FOR FUTURE ITEMS. GOOD. FEELS GOOD. MATT. WE'RE GOOD ON EXECUTIVE SESSION. 
          [LAUGHTER]. ALL RIGHT, LET'S ADJOURN THIS MEETING AT 4:40. 
          THANK YOU ALL.
* This transcript was compiled from uncorrected Closed Captioning.