Kennedale EDC reports $2.1M fund balance, hears Town Center leasing and buildout updates

The Kennedale Economic Development Corporation on its regular meeting reviewed financial results through February showing more than $2.1 million available in EDC funds and discussed a multi-pronged push to recruit retailers and finalize construction of a third Town Center building.

EDC Director Horton told the board that sales tax revenue was tracking at 20.2% (the report covered a period 41% through the fiscal year) and that rental fees for the shopping center were at about 47% of budget. "Our ADC operations were only at 30% of the budget," Horton said, adding that some operational funds had been set aside for grants and that the first grant window had not yet produced awards.

The financial briefing noted Town Center expenditures at about 16% of budget and projected a possible bump in grant spending at the June meeting. "We have over $2,100,000 available in the fund as of the end of last month," Horton said when asked whether the balance represented cash available now.

Separately, consultants from CP2 summarized recent market and outreach work they have done for the EDC and the Chamber of Commerce,…