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HomeMy WebLinkAbout2008-02-25 EDC Minutes ,.. EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES FEBRUARY 25, 2008 The Board of Directors of the Euless Development Corporation met on Monday, February 25, 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 Council Member Linda Martin, Vice Chairman Council Member Charlie Miller 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 Bill Ridgway, Second Vice President 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. Finance Director Vicki Rodriquez, Treasurer, was not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:33 p.m. APPROVAL OF MINUTES OF OCTOBER 22, 2007 Upon motion by Tim Stinneford and second by Charlie Miller, the minutes of the October 22, 2007, meeting were approved by unanimous vote. FISCAL YEAR 2007 COMPREHENSIVE ANNUAL AUDIT Deputy City Manager Loretta Getchell introduced Brad Jay, Weaver and Tidwell, LLP, who presented the Financial Report for the Euless Development Corporation (EDC) for the year ended September 30, 2007. Mr. Jay stated the audit was conducted in accordance with generally accepted auditing standards and received an Unqualified EULESS DEVELOPMENT CORPORATION FEBRUARY 25,2008 PAGE 2 Opinion, the highest possible rating. He reviewed the highlights and gave an overview of the Euless Development Corporation's financial standing. He pointed out the total assets as of September 30, 2007, were $4,169,503 and total liabilities were $6,933,935 with restricted debt service of $938,998 and unrestricted net assets of ($3,703,430). He explained that this figure is a negative because the bonds are listed on the EDC's financial report, while the assets are shown on the City of Euless financial report. He stated that it is a requirement of government-wide financial reporting to show it that way. Council Member Miller requested a footnote be added to future audits indicating this information. Deputy City Manager Loretta Getchell pointed out that the ending fund balance of the General Fund was $3,353,673 and Capital Projects were $348,786 for a total Fund Balance of$3,702,459. Upon motion by Charlie Miller 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, 2007, was accepted by unanimous vote. REVIEW OF FINANCIAL REPORT, QUARTER ENDING DECEMBER 31, 2007 Loretta Getchell reviewed the Financial Report for the quarter ending December 31, 2007, indicating that sales tax revenues totaled $920,349 which represents 23% of budget, and operating expenditures were within budget at $608,083. She stated the remaining balance in the capital project fund for projects not yet completed is $239,723, primarily for remaining park amenities, Midway Park Trail and park structure improvements and irrigation projects. Undesignated capital project funds in the amount of$126,263 remain available for future allocation to approved projects. APPROVAL OF ACME BRICK DFW AGREEMENT AND AUTHORIZATION OF EXPENDITURE OF FUNDS RELATED TO PROJECT Loretta Getchell stated that several years ago Acme Brick relocated their regional training facility and sales office to the City of Euless, and the City entered into a sales tax sharing and a job training and retention bonus agreement with Acme. Subsequently they moved their corporate headquarters to Fort Worth and have recently considered moving their regional training facility and sales office from the City of Euless to Fort Worth also. In order to encourage Acme to keep their regional training facility and sales office in the City of Euless, we are proposing to offer them a one-time payment of $200,000 from the Euless Development Corporation for job retention and training. That would be the only obligation from the EDC, however, the City will amend their agreement with Acme to increase the amount of sales tax rebated to them. In the long term, it would not significantly change the outcome of the overall agreement between Acme and the City and the EDC. EULESS DEVELOPMENT CORPORATION FEBRUARY 25,2008 PAGE 3 Upon motion by Wayne Marrs and second by Tim Stinneford, an Economic Development Incentive Agreement was approved by unanimous vote between the Euless Development Corporation and Acme Brick DFW, Inc., and funds were authorized to be expended in the amount of $200,000 to satisfy the terms of that agreement. AUTHORIZED PRESIDENT TO EXECUTE CONVEYANCE DOCUMENTS FOR PURCHASE OF PROPERTY IN MAIN CENTRE ADDITION Gary McKamie described the property being considered for purchase to be a part of the project to build a facility for Beall Concrete Enterprises, Inc., for the corporate regional headquarters, a primary job training facility and to promote new business development within the City of Euless. It is located in the Main Centre Addition, Block A, Lot 3. It will be a 33,000 square foot, one-story building with an atrium roof. Approximately 200 employees will ultimately be located in the building. Upon motion by Tim Stinneford and second by Sonja Adams, the president of EDC was authorized by unanimous vote to execute the conveyance documents for the purchase of approximately two acres in the Main Centre Addition, Block A, Lot 3, for the purpose of constructing a facility for Beall Concrete Enterprises, Inc., for the corporate regional headquarters, a primary job training facility and to promote new business development within the City of Euless. AUTHORIZED PRESIDENT TO EXECUTE CONVEYANCE DOCUMENTS FOR PURCHASE OF PROPERTY IN JAMES P. HALFORD SURVEY Gary McKamie described the second property being considered for purchase to be a part of the project to build a facility for Beall Concrete Enterprises, Inc., for the corporate regional headquarters, a primary job training facility and to promote new business development within the City of Euless. It is located in the James P. Halford Survey, A-711, Tracts 2A03, 2A02A and 2A02. This property adjoins the property just approved in the previous agenda item. Upon motion by Linda Martin and second by Tim Stinneford, the president of EDC was authorized by unanimous vote to execute the conveyance documents for the purchase of approximately four acres out of the James P. Halford Survey, A-711, Tracts 2A03, 2A02A and 2A02, for the purpose of constructing a facility for Beall Concrete Enterprises, Inc., for the corporate regional headquarters, a primary job training facility and to promote new business development within the City of Euless. AUTHORIZED PRESIDENT TO NEGOTIATE AND EXECUTE ARCHITECTURAL CONTRACT FOR REGIONAL HEADQUARTERS AND TRAINING FACILITY Gary McKamie stated that he is recommending Byron Folse to do the architectural work on the facility for Beall Concrete Enterprises, Inc. Mr. Folse has done the design on most of the city buildings in the last few years. We would attempt to negotiate a EULESS DEVELOPMENT CORPORATION FEBRUARY 25, 2008 PAGE 4 contract to include a fee of 7% of the construction cost or $280,000, whichever is less. Upon motion by Wayne Marrs and second by Charlie Miller, the President was authorized by unanimous vote to negotiate and execute an architectural contract with Byron Folse for design of a corporate regional headquarters and primary job training facility to promote new business development within the City of Euless for Beall Concrete Enterprises, Inc. REPORTS ON CURRENT AND UPCOMING PROJECTS Gary McKamie reported that the new addition to Texas Star Conference Centre should be ready around October 1, 2008, and the remodel would be finished in early 2009. Ray McDonald stated that the dog park construction has begun and they hope to have it open by early April. The Trail at Midway Park has been completed and it is something very special for our citizens, especially those students who walk that way to school. The arbor in Midway Park has been completed and will have climbing roses planted on it. The gazebo at McCormick Park has been refurbished, and the gazebo at Carr Park has been relandscaped. The shade shelter at the Parks at Texas Star is being installed along with a drinking fountain. Chairman Saleh had to leave the meeting and Vice Chairman Linda Martin presided for the remainder of the meeting. Gary McKamie reported that the City Parks Maintenance Department will begin mowing the right-of-way along SH183 from SH157 east to the city limits in an effort to keep it looking better. Library Administrator Kate Lyon reported that the remodeling and expansion at the Library is underway and will include a new local history and genealogy room, additional reading rooms, office space and study rooms, as well as new carpeting, wall covering and upholstery. They are now teaching English as a second language and offering computer training. Special upcoming concerts include Verlon Thompson on March 8 and Behan, an Irish music group, on March 10. Ms. Lyon also stated that the Euless Library Foundation is sponsoring a new art project that is a 6' x 9' tile mural to be installed on a wall in the Library. The tiles will range in price from $25 to $800 each. Director of Economic Development Bill Ridgway reported that the development plans for Glade Parks are being prepared. The Restoration Church on SH10 is selling a portion of their property. There are two prospects for a grocery store south of SH183, one of them is a national chain and the other is an individual. He stated that there is a good prospect for Euless Town Centre in the space formerly occupied by Big Lots, and he said that Conns and Dallas Gold and Silver are doing very well in that Centre. EULESS DEVELOPMENT CORPORATION FEBRUARY 25, 2008 PAGE 5 Gary McKamie stated that the Shops at Vineyard Village are progressing and many new businesses have opened there. He said that Glade Parks has prepared a vision book that represents a very special development and they are looking toward a conceptual design presentation to the City Council in April. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:55 p.m. APPROVED: ATTEST: c7ettl-y04;(-- '4 0 Mary Lib Saleh Susan Crim Chairman Secretary