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HomeMy WebLinkAbout2003-02-17 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES FEBRUARY 17, 2003 The Board of Directors of the Euless Development Corporation met on Monday, February 17, 2003, 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 Council Member Bob Edwards Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Wayne Marrs City Manager Joe Hennig, President Deputy City Manager Gary McKamie, First Vice President Director of Economic Development Bill Ridgway, Second Vice President Director of Fiscal &Administrative Services Loretta Getchell, Treasurer City Secretary Susan Crim, Secretary Special Projects Manager Lou Baum CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:40 p.m. APPROVAL OF MINUTES OF AUGUST 12, 2002, MEETING Upon motion by Carl Tyson and second by Sonja Adams, the minutes of the August 12, 2002, meeting were approved by unanimous vote. FISCAL YEAR 2002 COMPREHENSIVE ANNUAL AUDIT Director of Fiscal and Administrative Services 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, 2002. He pointed out that the comparisons of actual to budget numbers were overall favorable, and the total fund balance had been $2.4 million. 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 solid financial position. EULESS DEVELOPMENT CORPORATION FEBRUARY 17,2003 PAGE 2 Upon motion by Wayne Marrs and second by Sonja Adams, the Euless Development Corporation Financial Report for the year ended September 30, 2002, was accepted by unanimous vote. REVIEW OF FINANCIAL REPORT FOR QUARTER ENDING DECEMBER 31, 2002 Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending December 31, 2002, and stated that the capital projects fund had expenditures of $1,674 for park improvements and beautification within the parks. The remaining balance in the capital project fund for projects not yet completed is $245,753, primarily money for the hike-bike trail and a variety of park improvements. These projects are ongoing. Ms. Getchell reported that sales tax collections as of the first quarter were $594,179, which represented 26% of budget. Operating expenditures were within budget at $861,666. She stated that undesignated capital project funds in the amount of $135,146 remain available for future allocation to approved projects. APPROVAL OF AGREEMENT WITH BUXTON COMPANY Vice President Bill Ridgway reported that the Cornerstone Group and the Buxton Company had completed their proposal for the City of Euless to produce marketing packages to be used by the City to proceed with the attraction and expansion of retail and commercial sectors. He reviewed the Phase II retail site selection, tenant analysis and the related fee schedule that would apply. Mr. Ridgway introduced Harvey Yamagata, Vice President of the Buxton Company, who stated that for $40,000 the package would provide information on 5 restaurants and 20 retailers. He also stated that restaurants are more inclined to follow entertainment venues such as movie theaters in large trade areas. Joe Hennig asked the ratio of success to the number of prospects. Mr. Yamagata stated that was not definite because the economy goes in cycles. Mr. Hennig asked if restaurants follow retail in the same manner they follow entertainment. Mr. Yamagata said it depended on the type of retail. Mayor Saleh asked the cost of a list to include 10 restaurants and 20 other sites. Mr. Yamagata stated it would be about $2,000 per restaurant or an addition of about $10,000. He said a list of 10 restaurants and 15 retail could be provided for $40,000. Mayor Pro Tem Tyson asked if the businesses they would suggest are definitely in expansion mode since September 11, 2001. Mr. Yamagata said the database would indicate the businesses that would like to be in this area as well as their expected expansion mode. Mr. Tyson stated he believed the list should include 25 of the most profitable businesses regardless of whether they are retail or restaurant. Mayor Saleh asked the timeline for the project. Mr. Yamagata said it would take them approximately 45 business days. Joe Hennig asked if their company continued to give assistance after the data is presented to the City. Mr. Yamagata said they would provide unlimited EULESS DEVELOPMENT CORPORATION FEBRUARY 17, 2003 PAGE 3 phone support for the first year and some support in person. He stated they want the City of Euless to succeed and that they would also provide names of developers. Mr. Ridgway stated that the businesses can only come to the City of Euless if the landowners are willing to sell their property for development. Carmen Deithloff asked if the Buxton Company had a greater success rate prior to September 11, 2001. Mr. Yamagata stated they have been working with retailers since 1994, but have only been working with cities for about a year. Council Member Bob Edwards asked if the restaurants provided would be fast food or full service ones. Mr. Yamagata said that if the City of Euless would like for them to eliminate fast food restaurants, they could do so. Sonja Adams motioned to authorize the City Manager to execute an agreement for $40,000 for a master list of 25 proposed businesses with no specific request of how many would be retail and how many would be restaurants, with the expenditure to be taken from contingency. Wayne Marrs seconded the motion and it was approved unanimously. REPORTS ON CURRENT AND UPCOMING PROJECTS Special Projects Manager Lou Baum reported that there are 10 monument signs in place on Main Street, and although three businesses have not committed to participating, they are continuing to work with the remaining businesses to complete the sign program. Council Member Edwards asked about highway exit signs that list the businesses at the next exit. Joe Hennig agreed that, overall, the Texas Department of Transportation signage for the City of Euless needs improvement. Mayor Pro Tem Tyson asked if businesses that do not commit to the sign program before its expiration date realize that they will have to pay 100% of the cost after the expiration of the program. Joe Hennig responded that amortization had not been finalized. The majority of the Board stated they felt the amortization program should be finalized before the sign program ends. Mr. Hennig replied that the sign program could be extended to allow that. Bill Ridgway reported that in the last 10 days he had three promising inquiries about the DFW Technology Center (old KMart building). He also stated that the Audi dealership would be breaking ground the following week and there had been several good industrial prospects recently. Joe Hennig reported that the Bennett-RTKL group was making good progress on their general vision for the SH183 and SH360 property. EULESS DEVELOPMENT CORPORATION FEBRUARY 17, 2003 PAGE 4 Joe Hennig stated that the Sign Committee is continuing to work on the city limit entrance signs and that $100,000 has been budgeted for the project this year. Mr. Hennig reported that the Main Street reconstruction project is being bid the first of March with construction expected to begin in May. ADJOURN There being no further business before the Board, the meeting was adjourned at 7:05 p.m. APPROVED: ATTEST: Mary LiIVSaleh usan Crim Chairman Secretary