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HomeMy WebLinkAbout2000-02-07 EDC Minutes EULESS DEVELOPMENT CORPORATION ..-� BOARD OF DIRECTORS MINUTES FEBRUARY 7, 2000 The Board of Directors of the Euless Development Corporation met on Monday, February 7, 2000, in the Conference Room, of Building A at the Municipal Complex, 201 North Ector Drive, Euless Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Council Member Bobby Baker, Vice Chairman Council Member Carl Tyson Citizen Member Wayne Marrs Citizen Member Sonja Adams Citizen Member Carmen Deithloff City Manager Joe Hennig, President Deputy City Manager Gary McKamie, First Vice President Director of Economic Development Andrea Baxter, Second Vice President Finance Director Loretta Getchell, Treasurer City Secretary Susan Crim, Secretary Director of Administration Tom Cox Director of Community Services Rick Herold Mayor Pro Tern Charlie Miller was not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 4:10 p.m. APPROVAL OF MINUTES OF NOVEMBER 30. 1999 MEETING Upon motion by Sonja Adams and second by Bobby Baker, the minutes of the November 30, 1999 meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT FOR QUARTER ENDING DECEMBER 31. 1999 Director of Finance Loretta Getchell reviewed the Financial Report for the quarter ending December 31, 1999, and pointed out that the majority of the expenses for the quarter ending December 31 were for improvements to the Parks at Texas Star. She reported that the money from the $1 million bond issuance has been received, and that there is $59,000 interest earnings that have not been allocated to projects. She suggested the issuance cost of$36,000 be taken from the unallocated interest earnings. EULESS DEVELOPMENT CORPORATION FEBRUARY 7, 2000 PAGE 2 ACCEPTANCE OF FISCAL YEAR 1999 COMPREHENSIVE ANNUAL AUDIT Director of Finance Loretta Getchell introduced Brad Jay of Weaver and Tidwell, L.L.P., who presented the Financial Report for the Euless Development Corporation for the year ended September 30, 1999. He stated that the audit was conducted in accordance with generally accepted auditing standards and received an Unqualified Opinion, the highest possible rating. He noted there was an excess of$238,266 of revenues over expenditures for the year and the fund balance increased by $199,710. He stated the Corporation enjoys a very strong financial position. Upon motion by Bobby Baker and second by Carl Tyson, the Euless Development Corporation Financial Report for the year ended September 30, 1999 was accepted by unanimous vote. PUBLIC HEARING FOR PROJECT INVOLVING REFURBISHING FORMER FIRE STATION NO. 2 AND ACQUISITION OF ADJACENT LAND Mayor Saleh opened a public hearing to consider a proposed project involving the refurbishing of former Fire Station No. 2 and the acquisition of adjacent land to assist in the relocation of a new business into the City of Euless. Director of Administration Tom Cox reported that an agreement is being prepared by City Attorney Bob McFarland to bring the Butler Concrete Company to Euless at the location of the former Fire Station No. 2 on the corner of Westpark Way and West Pipeline Road. He stated the business will bring a sizeable sales tax revenue increase to the City. He reported that it will take an approximate expenditure of $230,000 to purchase the adjacent piece of property for parking and to refurbish the building for occupancy by the business. The appraisal for the property was $167,000, and the adjacent land is under contract to be purchased at $30,000. He stated there is a lease payment of $36,000 annually in the agreement in the event the business does not produce the required sales tax of$50,000 annually to the EDC budget. Council Member Carl Tyson questioned the collection of sales tax on concrete product delivered from batch plants outside the City of Euless. Director of Finance Loretta Getchell stated the State Comptroller's Office has assured her that as long as their primary place of business is in Euless, and that if the personnel at the batch plants do not accept orders for business, the sales tax would be paid to the City of Euless. Mayor Saleh asked about the ownership of the property and the receipt of sales tax by the Euless Development Corporation. City Manager Joe Hennig stated that the Corporation will be purchasing the former fire station from the City. The City will in turn use the proceeds from the sale to remodel the building. The half cent sales tax received from Butler Concrete's sales will be allocated to the Euless Development Corporation the same as from any other source in the City. There being no further proponents and no opponents, Mayor Saleh closed the public hearing. EULESS DEVELOPMENT CORPORATION FEBRUARY 7, 2000 PAGE 3 APPROVAL OF RESOLUTION NO. 09-00 AUTHORIZING A PROJECT INVOLVING FORMER FIRE STATION NO. 2 Upon motion by Wayne Marrs and second by Carl Tyson, Resolution No. 09-00 authorizing a project involving refurbishing former Fire Station No. 2 and the acquisition of adjacent land to be a project of the Euless Development Corporation was approved by unanimous vote. AUTHORIZE PURCHASE OF FORMER FIRE STATION NO. 2 FROM CITY OF EULESS Upon motion by Carl Tyson and second by Wayne Marrs, authorization was given for the Euless Development Corporation to purchase former Fire Station No. 2 from the City of Euless, legally described as Tracts 2J01, 2H01 and 2J02, Kitty House Survey 678, located at 1100 Westpark Way, at the appraised value of $167,000. The motion carried by unanimous vote. AUTHORIZE PURCHASE OF LAND ADJACENT TO FORMER FIRE STATION NO. 2 Upon motion by Bobby Baker and second by Carl Tyson, authorization was given for the Euless Development Corporation to purchase Lot 3, Block 2, Kitty House Survey 678, located at 1104 Westpark Way, at a contract price of $30,000. The motion carried by unanimous vote. AUTHORIZE EXECUTION OF LEASE WITH STANCO. INC. Upon motion by Bobby Baker and second by Sonja Adams, authorization was given for the Euless Development Corporation to execute a lease with STANCO, Inc., d.b.a. Butler Ready Mix, a Texas corporation, for a term of ten years, with an option for two additional five year terms, for the property located at 1100 and 1104 Westpark Way, with annual rent being payable in the amount of $36,000 if sales tax receipts to the Euless Development Corporation are less than $50,000 per year and with a 25% tax rebate of sales taxes for the initial five years to STANCO, Inc. in such years that sales taxes exceed the sum of$50,000. The motion carried by unanimous vote. AUTHORIZE EXPENDITURE OF FUNDS FOR PROJECT INVOLVING FORMER FIRE STATION NO. 2 City Manager Joe Hennig stated that approximately $235,500 is required to refurbish the former Fire Station No. 2, purchase and pave the adjacent land and cover related costs. He pointed out that $167,000 of that $235,500 will be paid by the City of Euless after the fire station is sold to the Corporation, leaving a net expenditure of $68,500 to be made by the Corporation. EULESS DEVELOPMENT CORPORATION FEBRUARY 7, 2000 PAGE 4 Upon motion by Wayne Marrs and second by Sonja Adams authorization was given for the expenditure of $167,000 for the purchase of former Fire Station No. 2 from the City of Euless and the expenditure of $68,500 for additional costs involved in the project. The motion carried by unanimous vote. Mayor Saleh left the meeting at 5:00 p.m. and Vice Chairman Bobby Baker presided over the remainder of the meeting. AUTHORIZATION FOR EXECUTION OF CONTRACT WITH CENTEX CONSTRUCTION COMPANY FOR CONSTRUCTION OF PARK IMPROVEMENTS WITHIN THE PARKS AT TEXAS STAR Director of Economic Development Andrea Baxter stated that last November the Corporation authorized an agreement for the construction of improvements within the Parks at Texas Star for the Dr. Pepper StarCenter consisting of a maximum of 300 parking spaces. Proceeds from the bond sale of $1 million were used to pay Schrickel Rollins $62,000 and Centex Construction Company $490,018 for work at the StarCenter. A second contract is presented at this time in the amount of $234,720 for the installation of irrigation, grass and landscaping adjacent to the City's parking spaces, to construct a T- ball field with fencing and concrete work and to demolish the old quanset hut. Bond funds in the amount of$213,262 would then remain for additional improvements to be made by the City of Euless consisting of grading and work related to the establishment of a soccer field and other landscape and park improvements. Upon motion by Wayne Marrs and second by Sonja Adams, a contract with Centex Construction Company in the amount of $234,720 for construction of park improvements within the Parks at Texas Star consisting of irrigation, grass and landscaping adjacent to the City's parking spaces, construction of a T-ball field with fencing and concrete work and demolition of the old quanset hut was approved by unanimous vote. AUTHORIZATION FOR EXPENDITURE OF FUNDS FOR CONSTRUCTION OF ADDITIONAL PARK IMPROVEMENTS WITHIN THE PARKS AT TEXAS STAR Upon motion by Wayne Marrs and second by Sonja Adams authorization was given for the expenditure of $213,262, or the remainder of the proceeds of the $1 million bond sale, whichever is greater, for the construction of additional park improvements within the Parks at Texas Star consisting of grading and work related to the establishment of a soccer field and other landscape and park improvements. The motion was approved by unanimous vote. EULESS DEVELOPMENT CORPORATION FEBRUARY 7, 2000 PAGE 5 REPORT ON CURRENT AND UPCOMING PROJECTS City Manager Joe Hennig stated that Director of Economic Development Andrea Baxter has been working very hard on a number of exciting projects. He said they should be coming to the Board in the near future with a development on State Highway 121 at Glade Road. He reported the City Council is moving forward with right-of-way acquisition for the Main Street and Harwood Road projects and the design of the West Pipeline Road project. He stated that all of these road construction projects are important to economic development in the City. Wayne Marrs commented on the outstanding job that was done on the reconstruction of Westpark Way. Sonja Adams asked about possible beautification on FM 157 and State Highway 183 similar to that being done in Hurst. Bobby Baker reported that the City Council recently approved the construction of a new water tower to be built behind the Ruth Millican Center and to be completed in 2001. SCHEDULE NEXT MEETING The next regular Board meeting was scheduled for Monday, May 8, 2000 at 5:00 p.m. ADJOURN There being no further business before the Board, the meeting was adjourned at 5:35 p.m. APPROVED: cV Mary Lib aleh Chairman ATTEST: ��i/ san Crim Secretary