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HomeMy WebLinkAbout2001-02-12 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES FEBRUARY 12, 2001 The Board of Directors of the Euless Development Corporation met on Monday, February 12, 2001, in the Conference Room, of Building A at the Municipal Complex, 201 North Ector Drive, Euless Texas. The following persons were in attendance: 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 Bill Ridgway, Second Vice President Finance Director Loretta Getchell, Treasurer City Secretary Susan Crim, Secretary Director of Community Services Rick Herold Accounting Manager Janina Jewell Brad Jay of Weaver and Tidwell, L.L.P. Mayor Pro Tern Leon Hogg and Council Member Veva Lou Massey were visitors. Mayor Mary Lib Saleh, Chairman and Council Member Charlie Miller were not present. CALL TO ORDER Vice Chairman Bobby Baker called the meeting to order at 5:35 p.m. President Joe Hennig introduced Bill Ridgway, the new Director of Economic Development with the City of Euless and stated that he would be assuming the responsibilities of the Second Vice President of the Euless Development Corporation as set forth in the bylaws. APPROVAL OF MINUTES OF NOVEMBER 13. 2000 MEETING Upon motion by Wayne Marrs and second by Sonja Adams, the minutes of the November 13, 2000 meeting were approved by unanimous vote. �-- EULESS DEVELOPMENT CORPORATION FEBRUARY 12, 2001 PAGE 2 FISCAL YEAR 2000 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, 2000. He stated that the audit was conducted in accordance with generally accepted auditing standards and received an Unqualified Opinion, the highest possible rating. He stated the Corporation enjoys a very strong financial position. Upon motion by Wayne Marrs and second by Sonja Adams, the Euless Development Corporation Financial Report for the year ended September 30, 2000 was received by unanimous vote. REVIEW OF FINANCIAL REPORT FOR QUARTER ENDING DECEMBER 31. 2000 Director of Finance Loretta Getchell reviewed the Financial Report for the quarter ending December 31, 2000, and pointed out that the majority of the expenses for the quarter ending December 31 were for the hike and bike trail and right-of-way on North Main Street. The capital projects fund summary details expenditures of $323,411, and the remaining balance for projects not yet completed is $864,475 to be spent on the hike and bike trail, Wilshire Park, incentives, reconstruction of Fire Station#2 and various park projects. She reported that sales tax collections for the first quarter were $562,885, which represents 26% of budget, and operating expenditures were within budget at $413,578. Undesignated capital project funds in the amount of $79,939 remain available for future allocation to approved projects. Interest income in the debt reserve fund for the quarter totaled $15,540. Board member Tyson asked about the status of the play ground equipment. Rick Herold responded that the project would be completed in approximately 30 days. RATIFICATION OF AGREEMENT WITH BEALL CONCRETE COMPANY FOR IMPROVEMENTS TO BUILDING AT 1100 WESTPARK WAY President Joe Hennig reported that Beall Concrete Company moved into the building at 1100 Westpark Way (former Fire Station #2) in late December and have since determined their need for more space. They have contracted with Stillwell Building Systems to expand the building and have provided a performance bond in the City's name. They have escrowed $218,000 with the City, and staff will monitor the payments to Stillwell Building Systems. The Euless Development Corporation owns the building, which will include the $218,000 improvement without cost to the Corporation or the City. Mr. Hennig stated that Loretta Getchell has confirmed with the State Comptroller's office that Beall Concrete sales tax payments are coming to the City of Euless. EULESS DEVELOPMENT CORPORATION FEBRUARY 12, 2001 PAGE 3 Upon motion by Sonja Adams and second by Wayne Marrs the agreement between Beall Concrete and Stillwell Building Systems for building renovations at 1100 Westpark Way in the amount of $218,000 was ratified by a vote of 4 ayes, 0 nays and 1 abstention by Carmen Deithloff. MAIN STREET SIGNAGE PROGRAM President Hennig reported that Director of Planning and Development Mike Collins has been working on the signage program for Main Street. The ordinance that will set the program in place is 95% complete. It is necessary that the program comply with State statutes, some of which are very strict regarding amortization regulation. It is desirable that the City will have voluntary participation from the sign owners. City staff plans to have some signs designed with approximate costs to show the property owners when they are approached. Mr. Hennig reported that the start of construction for Main Street is now scheduled for August or September due to right-of-way acquisition and utility relocation. REPORT ON PROJECTS President Hennig stated that the Target store continues to progress very well. The city is ,., reconstructing Glade Road simultaneously with the construction of Target. He stated there is considerable residential growth taking place and the City Council is reviewing the requirements of R1 L zoning. He reported that the former KMart location might have a tenant for half of the building soon. Mr. Hennig reported that TXU has slowed the progress on Harwood Road construction from Main Street to SH 360, but their crews are back there now, and it will probably be late summer when that project is complete. Mr. Hennig stated that utility relocation will begin on SH 157 this Fall between SH 10 and South Pipeline Road and construction of SH 360 will commence at about the same time. Work on the pond at Wilshire Park is beginning again. The contractor hired last summer had been detained by other projects but is now back at Wilshire Park. SCHEDULE NEXT MEETING The next regular Board meeting was scheduled for Monday, May 7, 2001 at 5:30 p.m., but Mr. Hennig stated a special meeting might need to be called before that date. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:37 p.m. EULESS DEVELOPMENT CORPORATION FEBRUARY 12, 2001 PAGE 4 APPROVED: Mary Li.1 aleh Chairman ATTEST: #111.9rif Susan Crim Secretary