Forney EDC Amends Lease Agreement with Latham Bakery

Scheduled to open soon, on Thursday night the Forney Economic Development Corporation Board of Directors voted unanimously to amend their approved lease agreement with Latham Bakery and Deli in order to provide the owner with “first right of refusal” to purchase of the building located at 106 Main Street in downtown Forney.

Latham Bakery owner, Malinda Latham, was not present for the meeting when EDC Board President Joe Dan McBeth stated “She has put a lot of money into it so she’d like that clause added I thinks it’s a 90 day match with the funding. I think that’s what we’ve done on all the others, correct.”

Answering McBeth, EDC Executive Director Warren Ketteman replied “I think the only one I recall that has the clause is Groovy’s. Groovy’s has that. Groovy’s has the right of first refusal to purchase.”

To which President McBeth stated, “And we added it to Crumbzz.”

Disagreeing with McBeth, EDC Director Ketteman said “I don’t believe it’s in Crumbzz. He looked at a proposal to buy it and we offered him an appraisal on it to purchase it but he did not choose to purchase it. So I don’t believe it’s in the contract. It wasn’t in the 106 Main contract either and that’s why she’s come back to us and said ‘hey, I’d like that to consider, if you were to sell it.’

Listen in below to how EDC Executive Director Warren Ketteman explains to the EDC Board that it is their right to sell EDC property for “any price you deem, a dollar or a million dollars, because you do economic development, so it may be a benefit to sell it below market rate…”

 

 

 

 

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