Investigation turns up AEDC separation agreement with former leader

AMARILLO, Texas (KFDA) - 10 Investigates has obtained the legal document that ended Kevin Carter’s leadership of the Amarillo Economic Development Corporation (AEDC).

An investigation shows most of the settlement agreement says Carter and the AEDC give up any claims now and in the future. AEDC will continue to pay Carter his annual salary of about $245,000 through the end of the year.

The end came January 31 after months of tension and the resignation of four out of five board members.

You can read the full separation agreement below.

Before a clash between the city council and AEDC, the now departed board gave Carter a 20% bonus.

Carter served as AEDC president and CEO for five years.

The acting board as not named a new leader.

In September 2024, the Amarillo City Council addressed allegations of misappropriation of funds associated with the ADEC and The Range.

Amarillo city officials have since held several special meetings to review the AEDC operating budget, article of incorporation and bylaws for the organization.