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HomeMy WebLinkAbout2000-11-13 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES NOVEMBER 13, 2000 The Board of Directors of the Euless Development Corporation met on Monday, November 13, 2000, in the Treaty Room of the Texas Star Conference Centre, 1400 Texas Star Parkway, Euless Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Council Member Carl Tyson Citizen Member Wayne Marrs Citizen Member Sonja Adams Citizen Member Carmen Deithloff City Manager Joe Hennig, President Finance Director Loretta Getchell, Treasurer City Secretary Susan Crim, Secretary Director of Community Services Rick Herold Director of Administrative Services Tom Cox Director of Public Works Randy Byers Assistant Director of Public Works Ron Young Council Members Bobby Baker and Charlie Miller and Deputy City Manager Gary McKamie, First Vice President, were not in attendance. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:10 p.m. APPROVAL OF MINUTES OF AUGUST 14. 2000 MEETING Upon motion by Sonja Adams and second by Carl Tyson, the minutes of the August 14, 2000, meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT FOR QUARTER ENDING SEPTEMBER 30. 2000 Director of Finance Loretta Getchell reviewed the Financial Report for the quarter ending September 30, 2000, and compared Fiscal Year 2000 with previous years. She stated that the $1,162,886 balance remaining in the capital project fund is primarily for the hike/bike trail, Wilshire Park, incentives, reconstruction of Fire Station #2 and a variety of park projects. EULESS DEVELOPMENT CORPORATION NOVEMBER 13, 2000 PAGE 2 She reviewed the revenues for Fiscal Year 2000 and the Operating Fund and reported that the unaudited ending fund balance for the Corporation was $788,994. She reported the unaudited projected ending balance of the Debt Reserve Fund was $966,180 and noted that the reserve required by bond covenant is $978,334 and that interest income would be accumulated to cover the required reserve on the 1999 Bond Series. She stated that the Corporation had a very good financial ending to Fiscal Year 2000. AUTHORIZATION OF EXPENDITURE OF FUNDS FOR TRAILS OF EULESS (PHASE I) PROJECT City Manager Joe Hennig reported that funds have been available for several years for the Trails of Euless project. After six years of planning, the Texas Department of Transportation is tentatively scheduled to let the project in January, 2001. Assistant Director of Public Works Ron Young explained that the project originally went from Bob Eden Park to State Highway 360. Because of increased costs, the project has now been reduced to the area between Bob Eden Park and McCormick Park. The City's portion of the project now stands at $108,504. Carl Tyson asked if the specifications were the same as the original project. Joe Hennig replied that the type and style of the trails would be the same specification as originally planned, but the project would just be shorter in length. Mr. Hennig further stated that there is nothing to preclude the City from making another request in the future to extend the project on to State Highway 360. Director of Community Services Rick Herold stated that the project as currently planned would tie into the McCormick Park Trail and would be a total of 1.25 miles. Upon motion by Wayne Marrs and second by Carmen Deithloff the Trails of Euless (Phase I) project was approved by unanimous vote. PROJECT REPORTS Director of Administrative Services Tom Cox reported that the renovation of former Fire Station No. 2 was on budget and on time and was looking very good. He said Beall Concrete Enterprises, Ltd., was interested in bringing more of their operation to the Euless location and that they had spent $10,000 to enlarge the project. They are interested in adding an additional 1,600 square feet which will cost them $150,000 to $200,000. They understand the improvements they make to the building are at no cost to the Euless Development Corporation or the City of Euless and will belong to the Corporation once they are made. The increased size of their operation will also increase the sales tax they will bring in to the City. They plan to occupy the building by December 1, 2000. Carl Tyson asked if the City purchased the entire lot to the south of the building, and if so does the City plan to sell any of it. Mr. Cox replied that yes, the entire lot was purchase, but that all of it will be needed for the enlarged operation of Beall. EULESS DEVELOPMENT CORPORATION NOVEMBER 13, 2000 PAGE 3 Joe Hennig reported that a contract was approved several months ago for the work at Wilshire Park, and the work had begun but had recently slowed down. Ron Young stated that water conservation because of the drought had been a primary reason for the slowdown. Joe Hennig stated they hoped to have the entire project at Wilshire Park completed by the Spring of 2001 and that the City's park department employees have completed their portion of the project. ADJOURN There being no further business before the Board, the meeting was adjourned at 5:40 p.m. APPROVED: . S., Mary Li' Saleh Chairman ATTEST: Susan Crim Secretary