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HomeMy WebLinkAbout2002-05-13 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES MAY 13, 2002 The Board of Directors of the Euless Development Corporation met on Monday, May 13, 2002, 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, Chair Mayor Pro Tem Carl Tyson, Vice Chair Council Member Veva Lou Massey Council Member Bob Edwards Citizen Member Wayne Marrs Citizen Member Sonja Adams 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 Ron Young, City Engineer--Assistant Director of Public Works Lou Baum, Special Projects Manager Vicki Rodriquez, Finance Administrator Citizen Member Carmen Deithloff was not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:10 p.m. APPROVAL OF MINUTES OF AUGUST 13, 2001 MEETING Upon motion by Wayne Marrs and second by Veva Lou Massey, the minutes of the August 13, 2001 meeting were approved by unanimous vote. FISCAL YEAR 2001 COMPREHENSIVE ANNUAL AUDIT Treasurer Loretta Getchell reviewed the Financial Report for the Euless Development Corporation for the year ended September 30, 2001. She stated that the audit was conducted in accordance with generally accepted auditing standards and received an Unqualified Opinion, the highest possible rating and that the Corporation enjoys a very strong financial position. Wayne Marrs asked if there were any restrictions on the amount EULESS DEVELOPMENT CORPORATION MAY 13,2002 PAGE 2 of funds the Board is allowed by law to carry from one year to the next. Ms. Getchell replied that there were no restrictions and that prior Board members had determined that $500,000 was the minimum that should be maintained and carried forward. REVIEW OF FINANCIAL REPORTS FOR THE QUARTERS ENDING DECEMBER 31, 2001 AND MARCH 31, 2002 In reviewing the Financial Report for the quarter ending December 31, 2001, Loretta Getchell, Treasurer, stated that sales tax collections were $572,703 which is 25% of budget. Operating expenditures were within budget at $401,407, and the ending operating fund balance for the quarter was $1,300,714. In the debt reserve fund, the balance at the beginning of FY01 was $978,335 with interest income revenue of $6,367 for the first quarter, leaving an ending balance as of December 31, 2001, of$984,702. Ms. Getchell reported that sales tax collections through the second quarter were $1,114,743, which represented 49% of budget. Operating expenditures were within budget at $889,013. She stated that undesignated capital project funds in the amount of $139,714 remain available for future allocation to approved projects. In the debt reserve fund, interest income revenue through the second quarter was $11,567, leaving an ending balance as of March 31, 2002 of$989,902. CITY'S 50th YEAR ANNIVERSARY CELEBRATION Chairman Saleh reported that a committee had been formed to plan a celebration for the City's 50th anniversary in 2003. A kick-off is planned in conjunction with the Christmas parade in December, 2002, followed by activities at the Heritage Park annual holiday event that same month. There will be an emphasis on Euless history for Euless citizens on the Thursday night before Arbor Daze in April, 2003. During the summer a new art piece will be dedicated and a youth poster contest is being planned. The major expense will be a City history booklet approximately 50 pages in length on magazine quality paper. A recommendation will be made during budget time regarding expenses for the events. REPORT ON PROJECTS Ron Young, City Engineer and Assistant Director of Public Works, reported on the Main Street reconstruction project. He said the 15 houses purchased for right-of-way have been removed and the gas utilities are now being installed. Installation of the electric utilities will begin in the next two weeks and the decision has been made by the City Council to delay bidding the paving project until September after utility relocation is complete. He reported that the project will be done in two phases, with the portion north of Midway Drive being completed first. EULESS DEVELOPMENT CORPORATION MAY 13.2002 PAGE 3 Special Projects Manager Lou Baum reported that all merchants along Main Street have agreed to the proposed sign program with the exception of three. One business may be unable to comply because of right-of-way constraints. Vice President Ridgway commented that Lou Baum has done a great job with the sign program and has established good rapport with the business owners. Bill Ridgway reported that Winn Dixie will be closing or will be purchased by an independent grocer by June 28. Another prospect for a grocery store in South Euless has postponed meeting with the City. He stated that the Food Lion building is back on the market and the price has recently been lowered. He reported that both Euless Eckerds locations have closed because of the new Eckerds store in Bedford. Joe Hennig commented that some owners of large parcels of property in Euless have maintained high prices on their land and that has prohibited development. He stated that Del Bennett will be meeting with city officials to discuss his proposed development. Bill Ridgway stated that the Sutherland Corporation is retaining a high price for their property. He said the Kmart building has a good asking price for leasing, but there have not been any prospects recently. Mr. Ridgway stated that the Highway 121 corridor has a large box user and two small box users looking at it, and he said he has received a request for a proposal from a national company wanting incentives for a business that would bring 500-750 employees. He stated the Cornerstone Group is now identifying sections of our city for customer types, and they are providing a list of companies who might be prospects. He reported that Burlington Coat Factory had previously been looking at relocating, but they have now decided to stay in Euless. Mr. Ridgway stated there are two strong prospects for Pipeline Road. ADJOURN There being no further business before the Board, the meeting was adjourned at 6:40 p.m. APPROVED: ATTEST: (iitArafti ifes\ Ma ry Lib Saleh 'san Crim Chairman Secretary