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HomeMy WebLinkAbout2012-04-23 EDC MinutesEUL 2S DEUELO ° ET RIT CORPO IATOOK BOARD OF o D[ ECCTORS CJIIINLITES Apr ill 239 2012 The Board of Directors of the Euless Development Corporation met on Monday, April 23, 2012, in the Precouncil Conference Room at City Hall in the Municipal Complex, 201 North Ector Drive, Euless, Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Council Member Glenn Porterfield Council Member Tim Stinneford Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Wayne Marrs City Manager Gary McKamie, President Deputy City Manager Loretta Getchell, First Vice President Director of Economic Development Mike Collins, Second Vice President Finance Director Vicki Rodriquez, Treasurer City Secretary Kim Sutter, Board Secretary Assistant City Manager Chris Barker Director of Parks and Community Services Ray McDonald Library Administrator Kate Lyon Council Member Linda Martin, Vice Chairman, was not present. TEL'urI MO. 1. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:30 p.m. OT EN LSO, 2 APPROVED MEETING CUCJOD\IUTES February 13, 2012 © February 27, 2012 Upon motion by Tim Stinneford and second by Wayne Marrs, the minutes of the February 13, 2012, and the February 27, 2012, meetings were approved by unanimous vote. TEO'IO NO. 3 REVUE /TED FlIM ^ NCOAL REPORT FOR THE QUARTER ENDMG [PSUARCH 31, 20112 Treasurer Vicki Rodriquez reviewed the Financial Report for the quari:er ending March 31, 2012, including revenues and expenditures as follows: Revenues Sales Tax Collections 1,736,150 (51 percent of budget) Interest Income 358 Rents and Royalties 60,681 Total Revenues $1,797,189 EDC Meeting Minutes Page 2 of 3 April 23, 2012 Expenditures Parks 373,903 Library 475,956 Economic Development 82,353 Other 484,251 Capital Expenditures 147,524 Total Expenditures $1,563,987 Ending Fund Balance $1,557,358 (42 percent of appropriations) The remaining balance in the capital projects fund for projects not yet completed is $1,124,632. The designated balance consists of monies for the Miscellaneous Park Improvements, Texas Star Sports Complex Improvements Phase IV, Irrigation Project, Incentives and Contingencies. Undesignated capital projects funds in the amount of $480,524 remain available for allocation to future projects. Ms. Rodriquez advised that with the bond refunding conducted earlier in the year, the debt reserve fund balance required by the bond covenant is decreased to $911,535, and any interest income earned during the fiscal year in excess of the required reserve will be transferred to the EDC operating fund. RTE[5] MO. CLOSED SESSOOh' - D!LOQCPA T OOEM AUTHOROZED BY THE TEXAS GOVERMMEMT CODE The EDC Board of Directors convened into closed session at 5:47 p.m. for deliberation regarding the following: Economic Development incentives as Authorized by Section 551.087 of the Texas Government Code Related to U.S. Concrete and its subsidiary Redi Mix, L.L.C. The EDC Board of Directors recessed the closed session and reconvened into open session at 5:58 p.m. OTECU] C \1Oo 4. APPROVED G OO VEDD F0RST AM MDMEMT TO LEASE AGk3D DRICEMTOVE AGREEL1,9EMT BY ARI D BETWEEM THE EULESS DEVELOPMEMT C c, RPO ° ATi QOEJ, TONG MY OF EULESS AM D U.S. COMCRETE, HC„ AMD OTS S U BSODOA[ W REDO MOX, L.L.C. AGED " UTC O D OZED TG�l PRESODEMT TO MAKE GufODOFOCA °TOO C\ C DD EXECUTE SUCK ACU`OSEJDCU EMT( Upon motion by Tim Stinneford and second by Glenn Porterfield, approving the first amendment to the lease and incentive agreement by and between the Euless Development Corporation, the City of Euless and U.S. Concrete, Inc. and its subsidiary Redi -Mix, L.L.C., and authorizing the President to make the modification and execute such amendment, was approved by unanimous vote. EDC Meeting Minutes Page 3 of 3 April 23, 2012 QTEECu'l CLOD 8. HEARD REPORTS OCR CUJRR[ MT AMD UPCOPJJIIMG P : ®JJECT! Sn Director of Parks and Community Services Ray McDonald reported on the proposed aquatics center. Library Administrator Kate Lyon reported on the following items: - Library Book sale o Held April 20, 21, and 22, 2012 o Addition of 8 new public intemet computers o Friday, August 17, Verion Thompson in concert City Manager McKamie reported on the following items: - Addition of sound deadening walls in the Garden Room at Texas Star Addition of sun shades on the exterior of the Garden Room - Advised that Channel 13 will air "Earth, The Operators Manual ", on April 23, 2012, at 9 p.m., and stated that a portion of the film features the Euless, Fort Worth, Arlington, and D /FW Airport reclaimed water project with scenes filmed at the Texas Star Golf Course. Planning and Economic Development Director Mike Collins reported on the following items: ▪ Commercial development/redevelopment o Taco Casa at FM 157 and Highway 10 is under construction o WOK Express on FM 157 o Rosa's Cafe at Glade Parks o San Francisco Oven closure in Vineyard Village City Manager McKamie provided an update related to the Glade Parks development: o Bank is foreclosing on the project o Search for a new equity partner is underway Mayor Saleh advised that the HEB Prom Closet, with the assistance of the HEB Leadership class, is moving to the Euless Town Center. 11Tritri C\10e 7 ADJOURk There being no further business before the Board, the meeting was adjourned at 6:31 p.m. APPROVED: ATTEST: T Mary Lib S'0leh Chairman ✓ vjU /�i2 Kim utter Secretary