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HomeMy WebLinkAbout2009-03-09 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES MARCH 9, 2009 The Board of Directors of the Euless Development Corporation met on Monday, March 9, 2009, in the Precouncil Conference Room of City Hall, 201 North Ector Drive, Euless Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Mayor Pro Tem 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 Bill Ridgway, Second Vice President Finance Director Vicki Rodriquez, Treasurer City Secretary Susan Crim, Secretary Director of Parks and Community Services Ray McDonald Library Administrator Kate Lyon Brad Jay of Weaver and Tidwell, L.L.P. Deputy City Manager Loretta Getchell, First Vice President, was not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:37 p.m. APPROVAL OF MINUTES OF AUGUST 11, 2008 Upon motion by Carmen Deithloff and second by Tim Stinneford, the minutes of the August 11, 2008, meeting were approved by unanimous vote. FISCAL YEAR 2008 COMPREHENSIVE ANNUAL AUDIT Director of Finance Vicki Rodriquez introduced Brad Jay, Weaver and Tidwell, LLP, who presented the Financial Report for the Euless Development Corporation (EDC) for the year ended September 30, 2008. Mr. Jay stated the audit was conducted in accordance with generally accepted auditing standards and received an Unqualified Opinion, the EULESS DEVELOPMENT CORPORATION MARCH 9,2009 PAGE 2 highest level of assurance possible and it has been the same for many years. He directed attention to the Management's Discussion and Analysis, a concise overview of the audit. He stated the total assets, as of September 30, 2008, were $8,147,854 and total liabilities were $6,065,391 leaving net assets of $2,082,463. He reviewed the Statement of Activities, Balance Sheet, and Reconciliation Statements and pointed out that the Corporation is in a very strong financial position. Mr. Jay briefly reviewed the accounting policies that control the methods of maintaining the financial records of the Corporation. Upon motion by Tim Stinneford and second by Linda Martin, the Euless Development Corporation Independent Auditor's Report from Weaver and Tidwell, L.L.P., for the year ended September 30, 2008, was accepted by unanimous vote. REVIEW OF FINANCIAL REPORT, QUARTER ENDING DECEMBER 31, 2008 Vicki Rodriquez reviewed the Financial Report for the quarter ending December 31, 2008, indicating that sales tax revenues totaled $912,640 which represents 23.6% of budget. There has been a significant decline from the construction sector, specifically those businesses closely tied to the housing industry. Interest earnings totaled $2,471, which is another significant decline. Currently the interest rate is around 2.5%, and 3% was • budgeted. She reported that operating and capital expenditures were $1,214,049, with the largest portion of the expenses related to funding for the Redi-Mix regional headquarters. There is great concern for the continuing decrease in sales tax revenue, and in an effort to be proactive, a hiring freeze has been implemented, travel has been eliminated, and all departments are being asked to re-evaluate their budget to identify areas where they can cut back without impacting service. She stated that in the Capital Projects Fund, expenses totaled $127,964, primarily for architectural design services related to the Redi-Mix facility and $16,000 for some improvements at McCormick Park. The remaining balance in the Capital Project Fund for existing projects is $5,294,633, primarily for the Redi-Mix facility, park amenities and structures, trail improvements at Midway Park and irrigation improvements. In addition, there is $211,698 in undesignated funds available for future projects as approved by the Board. Ms. Rodriquez reported that the Debt Service Fund has an ending balance of$257,604, which is available to pay the next interest payment due on March 15, 2009. The Corporation is required to keep a bond reserve equal to the maximum annual debt service requirement, which is $938,998. That account currently has $942,014 in bond reserve. Any funds in excess of the required reserves will be transferred back to the operating fund at the end of the fiscal year. EULESS DEVELOPMENT CORPORATION MARCH 9, 2009 PAGE 3 -- REPORTS ON CURRENT AND UPCOMING PROJECTS City Manager Gary McKamie reported that the Midway Park Family Life Center plans that were begun last year have changed due to the current economic situation. Funds from gas lease revenues had been planned for the project, and since those funds are not materializing, only the Senior Citizen Center portion of the project will continue at this time. The City is in the process of acquiring a federal grant through the Community Development Block Grant program that will pay for the design of the Senior Citizen Center. Mr. McKamie stated that bids were opened last week on the Redi-Mix facility and they were very pleased with the number of bids received as well as the bid amounts. Mr. McKamie reported that the newly-renovated Texas Star Conference Centre is scheduled to re-open March 16, and there will be a grand opening sometime in the next couple of months. Director of Economic Development Bill Ridgway reported that the developer at Glade Parks is continuing to install the infrastructure, and they have changed their opening date for the Best Buy facility to June of 2010. He stated that ALDI Grocery store is also scheduled to open in June, 2010, in the Euless Town Centre. Mr. Ridgway reported that Miller Sierra Contractors is a commercial concrete contractor that recently constructed a beautiful new office headquarters on South Pipeline Road across from the entrance to the Parks at Texas Star. He stated that QuikTrip is opening a third retail location in Euless at the intersection of SH183 and Westpark Way, and they are completing their regional office building on FM157 just north of their retail site at the intersection of Harwood Road. He reported that Chesapeake Land Development Company purchased the property on the northwest corner of the intersection of Raider Drive and SH10 and demolished the structure. They have also purchased the buildings that formerly housed the Ramada Inn and Gators Sports Grill on SH183, and they are trying to market that property. Mr. Ridgway reported that housing starts have dropped off significantly, but that two new hotels are scheduled to open in the next few months. Library Administrator Kate Lyon quoted Ann Herbert, who said, "Libraries will get you through times of no money, better than money will get you through times of no libraries." She reported that during the month of February, 2009, the library staff checked out 41,429 items, compared to 39,000 for the same month a year ago. Year- to-date for this fiscal year, they have checked out 218,710 items, compared to 190,000 for the same time frame of the prior fiscal year. The job kiosk is a free-standing touch screen that is very popular with people who are searching for employment. She distributed brochures to the Board members describing the many services available to citizens from their computers at home. She described the Euless Library Foundation tile project that is over 50% complete in sales. It will be a 6 foot by 9 foot tile mural on the library wall and will look somewhat like a quilt. She said some of the finished tiles are on display in the library. EULESS DEVELOPMENT CORPORATION MARCH 9, 2009 PAGE 4 Gary McKamie stated that a significant change has taken place in the landscaping the Parks Department is doing around the City. They have grown many of the plants in the greenhouse that are being used to beautify the medians and flower beds throughout the City. Director of Parks and Community Services Ray McDonald stated that his employees have taken ownership of the project and have grown the plants and designed the landscaping themselves. Several of the Board members remarked that Main Street and other areas of the City look better than ever before. Mr. McDonald reported that the inground tree farm that is just west of the dog park in the Villages of Bear Creek has all native trees that have been transplanted there from the City's parks system. They now can be used when they need trees for planting in other areas of the City and will no longer have to go out and buy trees. He also reported that 80% of their watering at the greenhouse is reclaimed water from a system they have designed and built to save rainwater. Mr. McDonald said the volleyball court at Carr Park is now complete and they are moving forward on the Bob Eden Trail project, although they did not receive the grant for which they had applied. He said the Parks Department recently completed registration for the upcoming Spring season of league baseball, and they have 94 teams with slightly over 1,000 youth participating at the Parks at Texas Star. They are nearly maxed out in the capacity they can handle, and he said they are very proud of where they have been able to bring youth baseball back to in the City. Ray McDonald reported that Arbor Daze will be held on April 25-26 at the City Hall complex with many local youth groups participating and the ARTSNET organization managing the main stage. He said they have had calls from many vendors who want to participate. The Kids Zone is at full capacity. It was announced that the next meeting of the Euless Development Corporation will be held on Monday, August 10, 2009, at 5:00 p.m. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:55 p.m. APPROVED: ATTEST: C Mary Lib aleh usan Cri Chairman Secretary