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HomeMy WebLinkAbout2008-06-23 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES JUNE 23, 2008 The Board of Directors of the Euless Development Corporation met on Monday, June 23, 2008, 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 Citizen Member Sonja Adams Citizen Member Wayne Marrs City Manager Gary McKamie, President Deputy City Manager Loretta Getchell, First Vice President Director of Economic Development Bill Ridgway, Second Vice President Finance Director Vicki Rodriquez, Treasurer, City Secretary Susan Crim, Secretary Library Administrator Kate Lyon Council Member Tim Stinneford and Citizen Member Carmen Deithloff were not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:35 p.m. APPROVAL OF MINUTES OF FEBRUARY 25, 2008 Upon motion by Sonja Adams and second by Wayne Marrs, the minutes of the February 25, 2008, meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT, QUARTER ENDING MARCH 31, 2008 Director of Finance, Vicki Rodriquez, reviewed the Financial Report for the quarter ending March 31, 2008, indicating that sales tax revenues as of the second quarter were $1,780,505 which represents 46% of budget, and operating expenditures were within budget at$1,539,377. She stated the remaining balance in the capital project fund for projects not yet completed was $4,835,391, primarily for remaining park amenities, Midway Park Trail EULESS DEVELOPMENT CORPORATION JUNE 23,2008 PAGE 2 and park structure improvements, irrigation projects and an incentive project. Undesignated capital project funds in the amount of $126,988 remain available for future allocation to approved projects. APPROVED LEASE AND INCENTIVE AGREEMENT BY AND BETWEEN EULESS DEVELOPMENT CORPORATION, THE CITY OF EULESS AND U.S. CONCRETE, INC., AND ITS SUBSIDIARY, REDI MIX, L.L.C. Gary McKamie reported that the property on Main Street authorized for purchase by the Corporation at the February 25, 2008, meeting had been purchased. The land has been surveyed, and the architect has been working diligently on the plans for the facility for a corporate regional headquarters and primary job training facility for U.S. Concrete, Inc., and its subsidiary, Redi Mix, L.L.C. It is anticipated that the project will be bid by September, 2008, and it is projected that they will be in the building by September, 2009. Loretta Getchell explained the proposed lease and incentive agreement will provide a 33,000 square foot building on approximately six acres. The agreement will be a four party agreement among the Euless Development Corporation, the City of Euless, U.S. Concrete, Inc., and its subsidiary, Redi Mix, L.L.C. for a 25-year lease with two 5-year renewal options. The City will provide the building and fixtures, and the tenant will provide the furnishings. The City will provide insurance on the building and the tenant will provide insurance on the contents. The City will maintain the parking lot, drives and structural integrity of the building, and the tenant will maintain the wear and tear upkeep of the building. No portion of the building can be sublet without the City's express consent. They will use the facility as their sole regional headquarters for Dallas, Tarrant, Johnson, Ellis, Collin and Denton counties. Gary McKamie cautioned that construction costs are escalating daily and the final cost will undoubtedly be greater than when the project was undertaken. Upon motion by Glenn Porterfield and second by Sonja Adams, 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., was approved by unanimous vote, and the President of the EDC was authorized to make modifications and execute such agreement. REPORTS ON CURRENT AND UPCOMING PROJECTS Gary McKamie reported that the Acme Brick DFW, Inc., sales are improving and it has been encouraging. Bill Ridgway stated that activity in the Economic Development world is very quiet right now. Gary McKamie reported that the Glade Park project is running about six months behind. They are committed to delivering a facility for Best Buy by the Spring of 2009. They are EULESS DEVELOPMENT CORPORATION JUNE 23,2008 PAGE 3 not ready to make any additional announcements, but they are busy building the infrastructure at this time. Sonja Adams asked about the Euless Town Centre prospects. Bill Ridgway stated that a grocery store will be coming in September, 2009, when the national chain will be opening 35 locations across the metroplex. He also reported that OC Burgers will be coming to the former Grandy's location. ADJOURN, There being no further business before the Board, the meeting was adjourned at 6:35 p.m. APPROVED: ATTEST: ilk tit r5t,:b d-tau Mary Lib Saleh Susan Cri Chairman Secretary