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Home My WebLink About2001-08-13 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES AUGUST 13, 2001 The Board of Directors of the Euless Development Corporation met on Monday, August 13, 2001, 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 Mayor Pro Tem Carl Tyson, Vice Chairman Council Member Veva Lou Massey 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 Council Member Bob Edwards was not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:43 p.m. APPROVAL OF MINUTES OF MAY 14, 2001 MEETING Upon motion by Wayne Marrs and second by Carl Tyson, the minutes of the May 14, 2001 meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2001 Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending June 30, 2001, and stated that expenditures in the capital projects fund totaled $461,634 for this quarter, with the major expenditures being for North Main Street, Wilshire Park and playground equipment. The balance remaining in the capital projects fund is $376,603, consisting primarily of monies for the hike/bike trail, Wilshire Park, incentives and a variety of park projects. Ms. Getchell reported that sales tax collections as of the third quarter were $1,589,085, which represented 75% of budget. Operating expenditures were within budget at $1,475,880. She stated that undesignated capital project funds in the amount of $115,900 remain available for future allocation to approved projects. She pointed out that an additional page of history for EULESS DEVELOPMENT CORPORATION AUGUST 13. 2001 PAGE 2 the Corporation was added to the quarterly report this time for the benefit of the new members of the Board. PUBLIC HEARING ON FISCAL YEAR 2001-2002 BUDGET Chairman Saleh opened a public hearing for the Fiscal Year 2001-2002 Euless Development Corporation budget. Loretta Getchell stated that most expenditures remained constant for the upcoming year and that there would be a projected ending fund balance for Fiscal Year 2001- 2002 of$659,652. Joe Hennig stated that there was one additional item that was inadvertently omitted when the budget was printed and that was $25,000 for an Internet update for the Economic Development Department's promotional materials. Chairman Saleh asked about the 2% of sales tax collections being allocated for art, and Ms. Getchell responded that 2% of the proposed revenues would actually be approximately $46,000 and that she would amend the budget to reflect that. Wayne Marrs asked that the description of "Miscellaneous" be omitted and the actual items included in that line item be specified. Bill Ridgway explained the City's participation in the Hurst-Euless-Bedford Economic Development Foundation. Chairman Saleh closed the public hearing. APPROVAL OF FISCAL YEAR 2001-2002 BUDGET Upon motion by Wayne Marrs and second by Sonja Adams, the Fiscal Year 2001-2002 Euless Development Corporation budget was approved as amended by unanimous vote. REPORT ON CURRENT AND UPCOMING PROJECTS Joe Hennig stated that the City Council would hold a public hearing on August 28 on the City's entire budget including the Euless Development Corporation portion. They will then vote on the budget on September 11, 2001. Bill Ridgway reported that the Target SuperCenter is proceeding on schedule and the retail space surrounding their store is approximately 45% leased. Plans for a Chick-Fil-A drive- through restaurant are progressing also. Mr. Ridgway stated that Sutherland's is working to get a tenant into their empty facility on SH157 and that a lease may be a better possibility for that location than a sale. He reported they plan to do some exterior maintenance in the meantime. Mr. Ridgway said there had been inquiries on property along SH10 for a small distribution enter, and the previous KMart site is being considered for a single user, major company inbound call EULESS DEVELOPMENT CORPORATION AUGUST 13,2001 PAGE 3 center. He also reported that Jack In Box and Burger King are under construction on Main Street. He said Brinker, Inc., had been very close to planning a restaurant near the Target SuperCenter, but they could not justify the daytime population figures because the DFW Airport daytime population numbers are not included in official statistics. He said he would be working to get that rectified. Joe Hennig reported that Del Bennett will be meeting with City staff regarding the development of 200 acres along SH360 and that the exchange of property between Mr. Bennett and the DFW Airport will be finalized in September. Mr. Hennig also stated that title to property along Mid Cities Boulevard has been cleared and the righty-of-way finalized with Fred Brodsky. Bill Ridgway reported that he has been working to secure a new aerial photograph of the City. Joe Hennig stated that a 9.35 acre parcel of land on Royal Parkway has been offered to the City at 60 cents per square foot, but that the owner had subsequently said he would be open to any offer. He requested the Board allow him to make an offer. It was the consensus of the Board members present that Mr. Hennig should continue discussions with the property owner. It was decided the next meeting would be held on Thursday, November 1, at 5:30 p.m. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:41 p.m. APPROVED: ATTEST: Aged Sri Mary Lib aleh Susan Crim Chairman Secretary APPROVED IN THIS FORM BY EULESS DEVELOPMENT CORPORATION, AUGUST 13 , 2001 Euless Development Corporation Proposed Operating Budget Fiscal Year 2001102 FY 2001 FY2001 FY2002 -- , Budget Projected Proposed 'Beginning Fund Balance* 1,030,440 1,030,440 847,573 Revenues: Sales Tax Collections 2,154,348 2,112,916 2,278,926 Interest Income 60,000 50.000 50,000 Operating Revenue 2,214,348 2,162,916 2,328,926 Expenditures: Parks Personnel: (183,789) (183,789) (192,729) Supplies&Miscellaneous (26,120) (26,120) (26,120) Advertising (5,000) (5,000) (5,000) Contingencies (15,000) (15,000) (15,000) Utilities (85,000) (85,000) (95,000) Equipment Notes (34,913) (34,913) (78,428) Mowing Contract (56,214) (56,214) (84,214) Parks Subtotal (406,036) (406,036) (476,491) Library Personnel: (331,084) (331,084) (345,737) Economic Development Personnel: (48,445) (48,445) (49,999) Supplies and Miscellaneous (21,860) (21,860) (42,560) Advertising and Promotions (14,000) (14,000) (14,000) Professional Services (10,000) (10,000) (10,000) „b Incentives(Transfer to CIP) (25,000) (25,000) (25,000) Contingencies (10,000) (10,000) (10,000) Furniture 0 0 (1500) Art(2%of Sales Tax Collections) (21,154) (21,154) (46,000) Economic Dev.Subtotal (150,459) (150,459) (199,059) Bank Chg/Debt Serv/Audit (976,807) (976,807) (978,006) Contingency (150,100) (150,100) (250,000) Sales Tax Rebate (18,750) (18,750) (25,000) Operating Expenditures (1,145,657) (1,145,657) (1,253,006) EXCESS REVENUE OVER EXPENDITURES 181,112 129,680 54,633 Capital Programs: Advertising-Electronic Media 0 0 (25,000) N.Main Street-Right-of-Way (75,000) (75,000) 0 Plumbing Repairs (14,000) (14,000) 0 Landscaping Library Grounds (6,357) (6,357) 0 Media Upgrade Meeting Room (8,100) 0 (8,100) Library Materials (75,290) (75,290) (75,000) Supplies-Simmons Center (6,000) (6,000) 0 72"Rotary Mower (15,000) (15,000) 0 Irrigation (110,000) (110,000) (70,000) Upgrade Library Automated Sys. 0 0 (109,454) Divider Wall(Midway) (10,900) (10,900) 0 Subtotal-One Time Expenditures (320,647) (312,547) (287,554) TOTAL EXPENDITURES (2,353,883) (2,345,783) (2,561,847) ■ 'Available Fund Balance 890,905 847,573 614,652 Projected Ending Fund Balance,FY01-02 614,662