U UT / FORNEY ECONOMIC DEVELOPMENT CORPORATION a MINUTES FORNEY SPECIAL MEETING 210S. BOIS D'ARC ST. A S FORNEY, TEXAS 75126 EX Tuesday, March 25, 2025 6:30 P.M. 1. Call to Order Present were President Jessica Browning, Vice President Scott Collins, Treasurer Scott Burrus, and Members: Fred Alexander, Hope Oriabure-King, Rakesh Varma. Also present were Director of Economic Development Michael Grace, Economic Development Coordinator Jeremiah Brewer, and Assistant City Attorney Carrie Morris. Secretary Cariann Bradford was absent. 2. Invocation Board Member Alexander delivered the Invocation. 3. Public Communication None. 4. Public Hearing Items / Action on Public Hearing Items a. No public hearings. 5. Discussion/Action Items a. Discussion and possible action regarding Direct Retail Partners, LLC incentive request. The item was presented, summarizing the following: Direct Retail Partners (DRP), representing EVO Entertainment, has submitted an application for a Chapter 380 economic development agreement and tax abatement incentives to support the development of a new entertainment and retail complex in Forney, Texas. The proposed project, located in Phase II of the Village at Gateway development, will include a luxury dine-in cinema, bowling lanes, laser tag, bumper cars, rock climbing, and a full-service restaurant. The project aims to fill a void in family and corporate entertainment options in Forney and the surrounding region Staff recommend approval of a $2,000,000.00 over ten (10) years FEDC incentive for EVO Entertainment. Following discussion, Treasurer Burrus moved to table the item into closed executive session. Vice President Collins seconded the motion. Motion carried. AYES (6): President Browning, Vice President Collins, Treasurer Burrus, and Members: Alexander, Oriabure- King, Varma NAYS (0): None ABSENT (1): Secretary Bradford Forney Economic Development Corporation Minutes MARCH 25, 2025 Page 2 6. Executive Session Pursuant to the Open Meetings Act, Chapter 551, Texas Government Code, the FEDC will recess into executive session to discuss the following: a. Discuss or deliberate regarding commercial or financial information that the FEDC has received from a business prospect that the FEDC seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negofiations; or to deliberate the offer of a financial or other incentive to a business prospect. (Tex. Gov't Code 551.087). DELIBERATED) i. Discuss or deliberate possible incentives for a property located on N.W Comner of U.S. Hwy 80 near to be constructed Village Way. 7. Reconvene into Regular Session The FEDC will reconvene into Regular Session, pursuant to the provisions of Chapter 551 of the Texas Government Code and take any action on matters discussed in executive session. Reconvening into Regular Session, Treasurer Burrus moved to approve an incentive request for a property ocated on the N. W. Corner ofU.S. 80 near to be constructed Village Way by Direct Retail Partners, LLC, in amount not to exceed $4,005,000.00. The incentive payments will be disbursed into equal payments of $267,000.00 over a period of 15 years. The first payment will be disbursed upon acquiring a Certificate of Occupancy. The subsequent incentive payments will be disbursed annually in equal dollar amounts over the remaining 14-year period. AYES (6): President Browning, Vice President Collins, Treasurer Burrus, and Members: Alexander, Oriabure- King, Varma NAYS (0): None ABSENT (1): Secretary Bradford 8. Future Agenda Items Tentative Item for next meeting: Public Hearings/Project Designation 9. Adjournment With no further business to consider, the meeting was adjourned at 8:02 p.m. Ruiu A BDAA APPROYÉD! JESSICA BROWNING, PRESIDENT DATE: 6123045