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Home My WebLink About2007-08-13 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES AUGUST 13, 2007 The Board of Directors of the Euless Development Corporation met on Monday, August 13, 2007, in the Precouncil Room of 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 Charlie Miller Council Member Tim Stinneford Council Member Linda Martin 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 Director of Finance Vicki Rodriquez, Treasurer City Secretary Susan Crim, Secretary Director of Parks and Leisure Services Ray McDonald Library Administrator Kate Lyon CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:40 p.m. ELECTION OF VICE CHAIRMAN Chairman Saleh reported that Gary McKamie is now the City Manager and therefore, according to the Bylaws, becomes the President of the Euless Development Corporation. Correspondingly, Loretta Getchell as Deputy City Manager becomes the First Vice President and Vicki Rodriquez as Director of Finance becomes the Treasurer. The office of Vice Chairman is to be elected by the members of the Board, and Chairman Saleh asked for nominations. Charlie Miller nominated Linda Martin to serve as Vice Chairman. The nomination was seconded by Tim Stinneford and Linda Martin was elected by unanimous vote to serve as Vice Chairman. EULESS DEVELOPMENT CORPORATION AUGUST 13,2007 PAGE 2 APPROVAL OF MINUTES OF FEBRUARY 26, 2007 MEETING Upon motion by Charlie Miller and second by Sonja Adams, the minutes of the February 26, 2007, meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2007 Vicki Rodriquez, Treasurer, reviewed the Financial Report for the quarter ending June 30, 2007, and stated sales tax collections through June 30, 2007 totaled $2,523,926 and interest earnings were $44,504. Operating expenditures are well within budget at $2,419,724. In the Capital Projects Fund, total expenditures year-to-date are $362,422, of which $10,962 was spent in the quarter ending June 30, 2007. The required reserves and debt service funds have been maintained as required by bond covenant and by the Board. PUBLIC HEARING ON FISCAL YEAR 2007-2008 BUDGET Chairman Saleh opened a public hearing for the Fiscal Year 2007-2008 Euless Development Corporation budget. Vicki Rodriquez distributed a revised copy of the Fiscal Year 2008 budget and compared the Fiscal Year 2007 Budget with the projected balances expected at the end of FY07 and also to the proposed FY08 budget. She stated that they expect to end FY07 with a fund balance of $1,995,252. The majority of the increase this year is due to sales tax collections and additional interest earnings. The FY08 budget includes expected sales tax collections and related interest earnings of $4,027,903. Proposed operating expenditures total $3,317,238 and provide funding for ongoing park and park facility projects, library projects, economic development projects and debt service on outstanding bonds. The parks budget includes increased funding for additional maintenance including painting throughout the park facilities, maintaining flower beds, annual funding for irrigation projects within the parks, an increase in utilities, and the request for a part-time seasonal field tech. The library budget provides continued funding for library personnel, additional funding for promotional supplies and library materials, and a recommendation to convert two part- time library aide positions to a full-time office tech position. The economic development budget includes continued funding for personnel, incentives and artwork, including a slight increase in advertising and promotions. There were no art projects done in FY07 so the funds budgeted will be rolled over into FY08. EULESS DEVELOPMENT CORPORATION AUGUST 13, 2007 PAGE 3 Capital projects not completed in FY07 will be rolled over into FY08 and capital funding in the amount of $2,040,000 for (1) a chemical storage bin for the Parks Department, (2) a metal shade structure to be located near the soccer fields at the Parks at Texas Star, and (3) funding for a possible economic development incentive project are proposed. If approved, the FY08 budget would have an estimated ending fund balance of $592,804 which exceeds the Board's recommended minimum reserve level of$500,000. There being no proponents or opponents, Chairman Saleh closed the public hearing. APPROVAL OF FISCAL YEAR 2007-2008 BUDGET Upon motion by Tim Stinneford and second by Carmen Deithloff, the Fiscal Year 2007- 2008 Euless Development Corporation budget, which provides funding for ongoing park and park facility projects in the amount of $755,323, library improvement projects in the amount of $788,077, and economic development projects in the amount of $2,946,985 and provides for debt service related to such projects in the amount of $939,966 was approved by unanimous vote. REPORT ON CURRENT AND UPCOMING PROJECTS Director of Parks and Community Services Ray McDonald reported that the concrete had been poured on the Midway Trail project and the bridges will be the last part before the project is completed in October. Mr. McDonald stated that a dog park is proposed to be built adjacent to the Collins Park Apartments, and the City has assured the owners that we will maintain the grounds and fence. We will construct the west side first, and there will be a total of about five acres when finished. He said there are miscellaneous park structures in the budget that will include the replacement of the gazebo at J. A. Carr Park. They are also evaluating the gazebo in McCormick Park, and a shade structure is being planned for the Parks at Texas Star. Library Administrator Kate Lyon reported that they are requesting funding for special events and promotion expenditures that are very important to their programming. She stated that there has not been an additional staff person added to the Library since it opened 11 years ago and their workload has increased dramatically. The person requested in the budget would process new materials. Director of Economic Development Bill Ridgway reported that a new aerial photograph .-, of the City will be done in October. EULESS DEVELOPMENT CORPORATION AUGUST 13,2007 PAGE 4 City Manager Gary McKamie reported that the Library is going to have some renovation to construct some office space, individual study rooms and some additional stack space, as well as some additional space for the Historical Preservation Committee's genealogy materials. The main entrance doors will be replaced and some of the carpet and vinyl wall covering will be replaced. He mentioned a new reading garden has been built in front of the Library. Director of Economic Development Bill Ridgway reported that the Glade Parks developer is still working to present their new project to the City. They have some exceptionally interesting leases, but none are ready to announce yet. Mr. Ridgway reported on various other development projects around the City and also stated that the new businesses in Burk Collins development, Vineyard Village, are doing extremely well. Incredible Pizza is having a very successful beginning in Euless, and the vacant space in Euless Town Centre is being marketed for a new lease. The former Grandy's restaurant building has had several inquiries. The D/FW International Airport is planning new commercial development in the Euless city limits. Gary McKamie said one of the most exciting things the City Council has committed to in the new budget is redevelopment and revitalization of some of the City's older neighborhoods. Some redevelopment is already happening, in that an orthodontics business on South Main is expanding and an insurance business is planning a new office. He also reported that the Dickey Apartments have now been demolished on the east side of Dickey Drive and those on the west side should be down within the week. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:40 p.m. APPROVED: ATTEST: IL . At/ /, 411110 � Mary Li.'Saleh Susan Crim Chairman Secretary Approved August 13, 2007 EULESS DEVELOPMENT CORPORATION PROPOSED OPERATING BUDGET FISCAL YEAR 2007/08 FY2007 FY2007 FY2008 Budget Projected Proposed !Beginning Fund Balance $ 2,002,889 2,002,889 1,995,252 Revenues: Sales Tax Collections $ 3,038,213 3,453,302 3,920,403 Transfer from EDC Debt Reserve $ 40,000 57,000 60,000 Interest Income $ 40,000 47,500 47,500 Operating Revenue $ 3,118,213 3,557,802 4,027,903 Expenditures: Parks Personnel: $ (275,469) (275,469) (299,320) Supplies&Miscellaneous $ (47,120) (47,120) (74,120) Advertising $ (5,000) (5,000) (5,000) Contingencies $ (15,000) (15,000) (15,000) Utilities $ (117,500) (117,500) (122,500) Irrigation(Transfer to CIP) $ - 0 (25,000) Equipment Notes $ (7,644) 0 0 Mowing Contract/Flower Bed Contract $ (64,214) (64,214) (94,214) Parks Subtotal $ (531,947) (524,303) (635,154) • Library Personnel $ (553,517) (595,581) (629,703) Special Events/Promotions $ (2,000) (2,000) (7,000) Library Materials $ (95,000) (95,000) (131,925) Library Subtotal $ (650,517) (692,581) (768,628) Economic Development Personnel: $ (61,448) (61,448) (65,094) Supplies and Miscellaneous $ (46,300) (46,300) (46,300) Advertising and Promotions $ (13,160) (13,160) (16,500) Professional Services $ (5,000) (5,000) (5,000) Incentives(Transfer to CIP) $ (25,000) (25,000) (25,000) Contingencies $ (10,000) (10,000) (10,000) Art(2%of Sales Tax Collections) $ (104,932) 0 (183,340) Economic Dev.Subtotal $ (265,840) (160,908) (351,234) Bank Chg/Debt Serv/Audit $ (956,024) (934,784) (939,966) Contingency $ (250,000) (250,000) (250,000) Training/Job Creation Incentive $ (175,000) (175,000) (175,000) Sales Tax Rebate $ (56,250) (128,240) (156,250) Operating Expenditures $ (1,437,274) (1,488,024) (1,521,216) EXCESS REVENUE OVER EXPENDITURES $ 329,635 788,986 890,596 Supplemental Programs Part Time Field Tech(Parks) $ - 0 (25,000) Upgrade 2 PT's to 1 FT Office Tech $ - 0 (16,006) Subtotal-Supplemental Programs $ - 0 (41,006) One Time Capital Programs Capital Projects for FY07(see attached sheet) $ (795,954) (699,623) (73,113) Capital Projects for FY08(see attached sheet) $ - 0 (2,040,000) Subtotal-One Time Capital Expenditures $ (795,954) (699,623) (2,113,113) TOTAL EXPENDITURES $ (3,881,532) (3,565,439) (5,430,351) (Available Fund Balance $ 1,439,570 1,995,252 592,804 !Projected Ending Fund Balance,FY07-08 592,804 1 EULESS DEVELOPMENT CORPORATION PROPOSED OPERATING BUDGET ONE TIME CAPITAL PROGRAMS FISCAL YEAR 2007/08 FY 2007 FY 2007 FY 2008 PROJECT DESCRIPTION BUDGET PROJECTED PROPOSED FY 07 APPROVED ONE-TIME CAPITAL PROJECTS Monument Signs $ 4,757 1,487 3,270 ESL Projects $ 4,000 557 3,443 Inventory Control for Library $ 5,772 5,772 - Polaris Integrated Library System Licenses/Upgrades $ 7,675 7,675 - Update Aerials $ 15,000 499 14,501 Building Repairs $ 20,000 4,000 - PT Seasonal Field Tech I $ 25,000 25,000 - Lighting-Preserve Parking Lot $ 18,000 12,436 - Trail Enhancements $ 20,000 8,079 11,921 Parks Master Plan Update $ 32,000 17,022 14,978 Contract Flower Bed Maintenance $ 35,000 10,000 25,000 Parks Maintenance Equipment Package $ 134,750 135,297 - Lighting Improvement at Park Playgrounds $ 12,000 12,000 - Metal Shade Structures(3)for T-Ball Fields-Parks @ TX Star $ 27,000 24,799 - Transfer to CIP-Misc Park Structure Improvements $ 225,000 225,000 - Transfer to CIP- Midway Park Trail $ 210,000 210,000 - TOTAL FY 07 CAPITAL PROJECTS $ 795,954 699,623 73,113 FY 08 RECOMMENDED ONE-TIME CAPITAL PROJECTS Multi-bay Masonry Storage Bin $ - - 10,000 Metal Shade Structures-Soccer Fields $ - - 30,000 EDC Incentives $ - - 2,000,000 TOTAL FY 08 CAPITAL PROJECTS $ - - 2,040,000 2 EULESS DEVELOPMENT CORPORATION PROPOSED CAPITAL BUDGET FISCAL YEAR 2007/08 FY2007 FY2007 FY2008 Budget Projected Proposed Beginning Fund Balance $ 401,321 401,321 119,187 Revenues: Transfer from EDC Operating Fund $ 460,000 460,000 2,050,000 Interest Income $ 15,750 21,375 15,000 Operating Revenue $ 475,750 481,375 2,065,000 Expenditures: * Parks Irrigation $ - 0 (25,000) Misc Park Structure Improvements $ (253,509) (253,509) 0 Midway Park Trail $ (210,000) (210,000) 0 Subtotal Parks: $ (463,509) (463,509) (25,000) Economic Development Incentives $ (300,000) (300,000) (2,025,000) Total Expenditures $ (300,000) (300,000) (2,025,000) EXCESS REVENUE OVER EXPENDITURES $ (287,759) (282,134) 15,000 Available Fund Balance $ 113,562 119,187 134,187 Projected Ending Fund Balance, FY07-08 134,187 * Unspent Capital Expenditures carryover until the project is complete. 3