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Home My WebLink About2003-08-11 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES AUGUST 11, 2003 The Board of Directors of the Euless Development Corporation met on Monday, August 11, 2003, in the City Council Chambers 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 Director of Economic Development Bill Ridgway, Second Vice President Director of Fiscal &Administrative Services Loretta Getchell, Treasurer City Secretary Susan Crim, Secretary Interim Director of Parks and Leisure Services Ray McDonald Special Projects Manager Lou Baum Deputy City Manager Gary McKamie, First Vice President, was out of town. CALL TO ORDER Chair Mary Lib Saleh called the meeting to order at 5:40 p.m. APPROVAL OF MINUTES OF FEBRUARY 17, 2003 MEETING Upon motion by Wayne Marrs and second by Sonja Adams, the minutes of the February 17, 2003, meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2003 Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending June 30, 2003, and stated there were expenditures of $38,571 in the capital projects fund for this quarter, primarily for the hike-bike trails and various improvements within the parks. EULESS DEVELOPMENT CORPORATION AUGUST 11,2003 PAGE 2 She stated the remaining balance in the capital project fund is $186,920, for ongoing projects. Ms. Getchell reported that sales tax collections as of the third quarter were $1,644,264, which represented 73% of budget. Operating expenditures were within budget at $1,950,779. She stated that undesignated capital project funds in the amount of $182,811 remain available for future allocation to approved projects. She noted that the Debt Reserve Fund had a balance of $950,618, which is the amount required by this Board to be maintained, and she stated that interest income in excess of the required reserve would be transferred to the operating fund at year end. She noted expenditures made this year included $107,484 for the water feature at the entryway of City Hall, which is a part of the renovations that are underway. She stated $40,000 was expended for the Buxton Report as approved by the Board. PUBLIC HEARING ON FISCAL YEAR 2003-2004 BUDGET Chairman Saleh opened a public hearing for the Fiscal Year 2003-2004 Euless Development Corporation budget. Loretta Getchell stated that the interest expectation was lowered from $40,000 to $20,000, but that the sales tax expectation remained the same. She pointed out that there were virtually no changes in the planned expenditures with programs and staff being maintained. Capital programs being recommended include city-wide aerial photos, library materials, copier and upgrades to the library automated system, irrigation at West Park, Trailwood and McCormick Parks, athletic field lighting, wood pole replacement in the parks, and a splash pool at South Euless Park. If all proposed expenditures are approved, the projected fund balance would be $560,017 at year-end FY04 that is greater than the $500,000 balance the Board has requested to be maintained. Director of Parks and Community Services Ray McDonald stated that he is often asked why the City of Euless does not have a water park. He said that when the Park Master Plan was developed, it was believed that the best use of recreation dollars was to build several splash pools and plans are to put the first one at South Euless Park. Mr. Hennig stated that if the first one is well received, another one could be built at Midway Park. Council Member Edwards asked about maintenance costs for this type facility and Mr. McDonald replied that they were low. Mayor Pro Tern Tyson asked about increasing entry fees for non-residents and Mr. Hennig stated that staff would review the rates currently being charged for non-residents. Chairman Saleh closed the public hearing. EULESS DEVELOPMENT CORPORATION AUGUST 11,2003 PAGE 3 APPROVAL OF FISCAL YEAR 2003-2004 BUDGET Upon motion by Sonja Adams and second by Carmen Deithloff, the Fiscal Year 2003- 2004 Euless Development Corporation budget was approved by unanimous vote. REPORT ON CURRENT AND UPCOMING PROJECTS City Manager Joe Hennig introduced Lou Baum, Special Projects Manager, who gave an update on the Main Street signage program. He stated that all but 6 of the businesses have finalized their plans for new monument signs. Several Main Street businesses are considering expansion and/or relocation and are postponing their final decision on signage until those plans are decided. Mr. Baum stated that the Blockbuster store at the intersection of Harwood Road and Main Street qualifies for a pole sign and he also proposed that the Texaco service station at that intersection receive a monument sign. He stated no extra money would be needed as there is adequate funding in the already approved budget. Wayne Marrs made a motion to authorize staff to negotiate the signs for Blockbuster and Texaco within the budget that is currently approved. Sonja Adams seconded the motion and it was approved by unanimous vote. Lou Baum reported that a marketing brochure is being designed and package stuffers are being made available to merchants along Main Street to assist in advertising during the street reconstruction project. Ray McDonald reported that the trail project is underway from Bob Eden Park to the Villages of Bear Creek Park at SH360. It is a $1.2 million project and the trail will be 12 foot wide. Joe Hennig reported that the Bennett property group recently announced they are planning a 600-foot high entertainment observation wheel for their property on SH360 as a part of a $75 million project, which will include restaurants and hotels. Del Bennett is also working with Forest City as a co-developer. Joe Hennig stated that a new City of Euless sign is being built at the East city limit on SH183 and it is considerably under budget. There will probably be enough funds for two other signs to be erected from the funds already budgeted. Joe Hennig reported that a new group is talking with the Harrington family regarding development on their property on SH121 and that a bridge may need to be built as a part of the project. EULESS DEVELOPMENT CORPORATION AUGUST 11, 2003 PAGE 4 Sonja Adams asked about prospects for the old KMart building on SH157. Bill Ridgway replied that there were no current prospects. Sonja Adams asked if there were any plans to resurface Harwood Road from North Main Street west to SH157. Mr. Hennig replied that those plans are several years away. ADJOURN There being no further business before the Board, the meeting was adjourned at 7:20 p.m. APPROVED: ATTEST: Mary Li• -aleh san Crim Chairman Secretary APPROVED BY EULESS DEVELOPMENT CORPORATION -- AUGUST 11 , 2003 EULESS DEVELOPMENT CORPORATION PROPOSED OPERATING BUDGET FISCAL YEAR 2003/04 FY 2003 FY2003 FY2004 Budget Projected Proposed (Beginning Fund Balance 1,509,468 1,509,468 951,331 ' Revenues: Sales Tax Collections 2,273,530 2,273,530 2,273,530 Interest Income 40,000 20,000 20,000 Operating Revenue 2,313,530 2,293,530 2,293,530 Expenditures: Parks Personnel: (207,637) (207,637) (195,630) Supplies&Miscellaneous (26,120) • (26,120) (26,120) Advertising (5,000) (5,000) (5,000) Contingencies (15,000) (15,000) (15,000) Utilities (95,000) (95,000) (95,000) Equipment Notes (31,590) (30,573) (30,573) Mowing Contract (64,214) (64,214) (64,214) Parks Subtotal (444,561) (443,544) (431,537) Library Personnel: (355,263) (355,263) (361,569) Economic Development Personnel: (52,102) (52,102) (53,328) Supplies and Miscellaneous (42,400) (42,400) (42.632) Advertising and Promotions (13,160) (13,160) (13,160) Professional Services (10,000) (10,000) (10,000) Incentives(Transfer to CIP) (25,000) (25,000) (25,000) Contingencies (10,000) (10,000) (10,000) Furniture 0 0 0 Art(2%of Sales Tax Collections) (107,484) (107,484) (50,000) Economic Dev.Subtotal (260,146) (260,146) (204,120) Bank Chg/Debt Serv/Audit (947,356) (947,356) (945,490) Contingency (250,696) (250,000) (250,000) Sales Tax Rebate (25,000) (25,000) (25,000) Operating Expenditures (1,223,052) (1,222,356) (1,220,490) EXCESS REVENUE OVER EXPENDITURES 30,508 12,221 75,814 Capital Programs Advertising-Electronic Media (5,000) 0 0 Aerial Photos' (15,000) (1,000) (14,000) Media Upgrade Meeting Room (8,100) (8,100) 0 Library Materials (54,576) (54,576) 0 Library Materials' (75,000) (75,000) 0 Library Materials 0 0 (75,000) Library Upgrades 0 0 (56,500) Library Copier 0 0 (5,600) Irrigation-Westpark 0 0 (50,000) Wood Pole Replacement/Field Lighting 0 0 (71,028) Splash Pool-S.Euless 0 0 (125,000) Irrigation-Trailwood/McCormick Park (70,000) 0 (70,000) Tfr to CIP-Phase III Parks @ Tx Star' (350,000) (350,000) 0 Upgrade Library Automated System (81,682) (81,682) 0 Subtotal-One Time Expenditures (659,358) (570,358) (467,128) TOTAL EXPENDITURES (2,942,380) (2,851,667) (2,684,844) 'Available Fund Balance 880,618 951,331 560,017 'Projected Ending Fund Balance,FY03-04 560,017