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HomeMy WebLinkAbout2011-03-07 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES March 7, 2011 The Board of Directors of the Euless Development Corporation met on Monday, March 7, 2011, in the Precouncil Conference Room of City Hall in the Municipal Complex, 201 North Ector Drive, Euless Texas. The following persons were in attendance: Mayor Pro Tern Linda Martin, Vice 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 Director of Economic Development Mike Collins, Second Vice President Finance Director Vicki Rodriquez, Treasurer Assistant City Manager Chris Barker Deputy City Secretary Kim Sutter Director of Parks and Community Services Ray McDonald Library Administrator Kate Lyon Mayor Mary Lib Saleh, Chairman, Deputy City Manager Loretta Getchell, First Vice President, and Board Secretary Susan Crim were not present. CALL TO ORDER Vice-Chairman Linda Martin called the meeting to order at 5:35 p.m. APPROVAL OF MINUTES OF AUGUST 16, 2010 Upon motion by Tim Stinneford and second by Sonja Adams, the minutes of the August 16, 2010, meeting were approved by unanimous vote. ACCEPTANCE OF ANNUAL AUDIT FOR FISCAL YEAR ENDING SEPTEMBER 30, 2010 Treasurer Vicki Rodriquez introduced Adam McCane, Manager, Weaver L.L.C., who presented the Financial Report for the Euless Development Corporation (EDC) for the year ending September 30, 2010. Mr. McCane stated that the audit was conducted in accordance with generally 'accepted auditing standards and received an Unqualified Opinion, the highest level of assurance possible. He directed attention to the EDC Meeting Minutes Page 2 of 3 March 7, 2011 Management's Discussion and Analysis, a concise overview of the audit. He stated the total assets, as of September 30, 2010, were $8,786,581 and total liabilities were $4,611,302 leaving net assets of$4,175,279. Upon motion by Carmen Deithloff and second by Tim Stinneford, the Euless Development Corporation Independent Auditor's Report from Weaver, L.L.C., for the year ending September 30, 2010, was accepted by unanimous vote. FINANCIAL REPORT FOR THE QUARTER ENDING DECEMBER 31, 2010 Treasurer Vicki Rodriquez reviewed the Financial Report for the quarter ending December 31, 2010, and stated that the sales tax collections through the end of December were $802,506, which represents 25 percent of budget. She added that operating expenditures are within budget at $701,605 or 20 percent of appropriations. The remaining balance in the capital projects fund for projects not yet completed is $488,930. The designated balance consists of monies for the Parks Structure Improvements, Irrigation Projects, Incentives and Contingencies. Undesignated capital projects funds in the amount of $1,070,827 remain available for allocation to future projects. HEAR REPORTS ON CURRENT AND UPCOMING PROJECTS • Parks and Community Services Director Ray McDonald reported on the Trailwood retaining wall project, and stated that the project is in the design phase and staff expects to go out for bid within the next 30 days. City Manager Gary McKamie advised that staff is visiting with a company that has an interest in providing facility upgrades to the Parks at Texas Star, and staff expects to present more information at a future meeting. Library Administrator Kate Lyon distributed copies of the library newsletter and reviewed events being held at the library, including the March 14 Masterworks program featuring the Killdares, free tax assistance, and the Purls of Wisdom group that meet and work on knitting, crocheting, cross stitch, sewing and needlepoint projects. She added that the Purls of Wisdom group crocheted and donated 42 caps for premature babies to the American Red Cross. City Manager McKamie stated that due to the current economic conditions, Redi-Mix Concrete has been required to pay rent for 2010. Additionally, he reported on the DFW East/West Connector and stated that the latest design aligns with Harwood Road and probably will be built in the next five (5) years. Planning and Economic Development Director Mike Collins reported that Braum's has contacted the city to discuss the purchase of a strip of land located at the back of their EDC Meeting Minutes Page 3 of 3 March 7, 2011 current property for the purpose of improving the turning radius for their drive through service located at the 300 Block of North Main Street. Additionally, he presented the "business incubator" concept and asked for the Board's interest in having staff continue to research and evaluate the opportunity to utilize the old fire station for the purpose of providing start up assistance to businesses. Assistant City Manager Barker and Planning and Economic Development Director Collins reported on the status of the Glade Parks Development, including the status of the infrastructure improvements and advised that the development is gaining momentum and the project will be marketed at the upcoming International Conference of Shopping Centers (ICSC) held in May 2011. Planning and Economic Development Director Collins reported on the status of the Riverwalk! Development, located at the northwest corner of S.H. 183 and S.H. 360, and stated that the property is under contract with Realty Capital for consideration of a mixed used development. Planning and Economic Development Director Collins reported on the addition of a Taco Cabana to be located at the southeast corner of FM 157 and S.H. 183. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:45 p.m. APPROVED: ATTEST: Mary Lib S'leh Offij san Cri Chairman Secretary