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Kennedale EDC authorizes negotiations at a $25,000 minimum for 600 W. Kennedale Parkway
Summary
The EDC authorized negotiations to sell a roughly 3-acre EDC-owned parcel at 600 West Kennedale Parkway with a minimum negotiating floor of $25,000, contingent on a 380 tax-incentive agreement to require development; board members debated whether the price undervalues the lot but approved moving forward unanimously.
The Kennedale Economic Development Corporation moved to enter negotiations to sell a roughly three-acre parcel at 600 West Kennedale Parkway, setting a minimum negotiation floor of $25,000 after a lengthy discussion about value, site constraints and development incentives.
Speaker 7 described the property as narrow, owned since 2009 and difficult to develop. He said developer Adeline (Adelai) Pennington has offered $25,000 with a proposed 380 agreement that would require construction of a car wash and possibly a strip center. "He's also expressed putting a strip center with maybe a loft...I think the property...can fit a car wash," Speaker 7 said.
Board members questioned the price relative to the TAD valuation (cited by staff at roughly $116,000) and whether the EDC would be giving the land away. Speaker 4 said the offer "feels low" and worried about giving the land away while Speaker 3 and others argued that the EDC had owned the parcel since 2009, had limited development options due to right-of-way and access constraints, and that catalytic development could create long-term tax benefits.
Speaker 4 moved to authorize negotiation or sale with a minimum price of $25,000; Speaker 3 seconded. The motion passed on a unanimous voice vote.
Staff said the offer includes a 380 agreement (an economic-incentive arrangement described in the packet) that would tie tax incentives to completion of a development timeline; board members asked staff to retain negotiation flexibility to seek better terms if possible. The board also discussed potential recourse if a developer failed to complete the agreed improvements, including the possibility of repurchase or legal remedies.
The motion instructs staff to proceed with negotiations at or above the $25,000 floor and to return final terms to the appropriate body as required by EDC policy.
