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HomeMy WebLinkAbout2003-12-08 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES DECEMBER 8, 2003 The Board of Directors of the Euless Development Corporation met on Monday, December 8, 2003, in the Euless Public Library Conference Room, 201 North Ector Drive, Euless Texas. The following persons were in attendance: Mayor Mary Lib Saleh, 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 Director of Public Works Ron Young Special Projects Manager Lou Baum Mayor Pro Tern Carl Tyson, Vice Chairman, was not present. CALL TO ORDER Chair Mary Lib Saleh called the meeting to order at 5:35 p.m. APPROVAL OF MINUTES OF AUGUST 11, 2003 MEETING Upon motion by Sonja Adams and second by Carmen Deithloff, the minutes of the August 11, 2003, meeting were approved by unanimous vote. REVIEW OF FINANCIAL REPORT, QUARTER ENDING SEPTEMBER 30, 2003 Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending September 30, 2003, indicating that there were expenditures of $70,098 in the capital projects fund for this quarter, primarily for the hike-bike trails and various improvements within the parks. EULESS DEVELOPMENT CORPORATION DECEMBER 8, 2003 PAGE 2 She stated the remaining balance in the capital project fund for projects not yet completed is $116,821. Ms. Getchell reported that sales tax collections were $2,228,328, which represented 98% of budget. Operating expenditures were within budget at $2,515,298. She stated that undesignated capital project funds in the amount of $183,724 remain available for future allocation to approved projects. She noted that the fund balance in the Operating Fund is $1,242,853, which exceeds the $500,000 reserve recommended by the Board. She further noted that the Debt Reserve Fund had a projected ending balance (unaudited) of $950,618, which is above the amount required by bond covenants. REPORT ON CURRENT AND UPCOMING PROJECTS Director of Parks and Community Services Ray McDonald reported that the Trail Program is progressing steadily. The portion between McCormick Park and Bob Eden Park is expected to be finished in 30 days and will be a wonderful addition to our Parks system. The entire trail will go from SH157 to SH360. Director of Public Works Ron Young reported that the portion of the Main Street reconstruction job north of Midway Drive is almost finished and should be open to traffic in two weeks. The sidewalks, median pavers, some striping and signage are still to be completed. Traffic signals and street lights will be the final items to be completed. The west lanes have been poured between SH10 and SH183, and the east lanes will be completed after Christmas. On the portion of the project between SH183 and Midway Drive, the excavation on the west side is beginning. Sonja Adams stated that she had previously understood that pavers would be installed at Main Street and Harwood Drive. She requested that money be found to go back and add them. City Manager Joe Hennig stated that the intersection had been done in conjunction with the Harwood Road project, and that staff would look at the possibility of adding them now, but that it would be expensive. Special Projects Manager Lou Baum stated that the merchants along Main Street are very pleased with their new signs. Several businesses are delaying decisions on their signs while they consider possible expansions and/or relocations. Several of the signs will have to wait until final reconstruction of the street is complete. He reported that a marketing insert for Main Street businesses will be coming out in the Star Telegram in the near future. City Manager Joe Hennig reported that the former Food Lion building has been sold, and Director of Economic Development Bill Ridgway stated that CVS Pharmacy is no longer considering that site. EULESS DEVELOPMENT CORPORATION DECEMBER 8.2003 PAGE 3 City Manager Joe Hennig reported that the Parks Department will be requesting an exception to the Main Street sign ordinance to install a sign with changing information at the Main Street entrance to Midway Park. Wayne Marrs asked why the City would want to request this exception. Mr. Hennig stated that they felt information about community activities would be more welcomed than signs selling a product. Wayne Marrs and Sonja Adams both indicated they were not in favor of the City receiving this sign exception. Director of Public Works Ron Young reported that a 9' x 12' City of Euless monument sign had recently been installed at the eastern city limits on SH183. He said the City's Facilities Maintenance Department will be installing lighting. Mr. Young said three more of the monument city limit signs are planned at Harwood Drive and SH360, at Mid- Cities Boulevard and SH157, and at Harwood Road and SH157. Director of Economic Development Bill Ridgway reported that the property owner of the Euless Town Centre is planning exterior updates to the center, and several businesses in the center are considering expansion and/or relocation to other areas of the center. The City Council will be considering incentives requested by the property owner. He stated that because of legislative changes, the Euless Development Corporation funds could not be used for those incentives as they had been in the past. Joe Hennig stated that City Attorney Bob McFarland had reported that projects now in place with the EDC are totally within the law. Bill Ridgway reported that the Buxton report had been reviewed and there was only one retail business provided as a prospect that had given the City a definite no. He is talking with one restaurant that would be a good fit for SH183 or SH157. He stated that any businesses being looked at from the Buxton report would be 2-3 years in building. Mr. Ridgway stated that Krispy Kreme is doing exceptionally well, and they are buying additional land adjacent to their present location to expand. He also reported that Baillargeon Audi has had a slow start but they are beginning to pick up. He said QuickTrip is opening another Euless store on the southwest corner of SH157 and SH10. Mr. Ridgway reported that a tract of 19 acres, formerly owned by Aerobotics, is being marketed. Sonja Adams asked when the splash pool would be built. Ray McDonald responded that they are getting design and cost information to determine if it can be ready for the summer of 2004. EULESS DEVELOPMENT CORPORATION DECEMBER 8,2003 PAGE 4 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:45 p.m. APPROVED: ATTEST: • Mary Lib'Saleh su an Crim Chairman Secretary