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HomeMy WebLinkAbout2004-03-01 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES MARCH 1, 2004 The Board of Directors of the Euless Development Corporation met on Monday, March 1, 2004, in the Precouncil Room of City Hall, 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 Director of Parks and Community Services Ray McDonald Library Administrator JoAnn Rogers Special Projects Manager Lou Baum CALL TO ORDER Chair Mary Lib Saleh called the meeting to order at 5:35 p.m. APPROVAL OF MINUTES OF DECEMBER 8, 2003 MEETING Upon motion by Sonja Adams and second by Carmen Deithloff, the minutes of the December 8, 2003, meeting were approved by unanimous vote. FISCAL YEAR 2003 COMPREHENSIVE ANNUAL AUDIT Director of Fiscal and Administrative Services Loretta Getchell presented the Financial Report for the Euless Development Corporation for the year ended September 30, 2003. She stated that the audit was conducted in accordance with generally accepted auditing standards and received an Unqualified Opinion, the highest possible rating. She pointed out that the Corporation implemented Governmental Accounting Standards Board Statement 34 Basic Financial Statements and Management's Discussion and Analysis for EULESS DEVELOPMENT CORPORATION MARCH 1, 2004 PAGE 2 State and Local Governments (GASB 34) for the first time in fiscal year 2003. She reviewed the Statement of Net Assets and the Statement of Activities indicating the change in net assets. She pointed out that the Balance Sheet indicated the fund balance in the General Fund was $2,108,314 and in the Capital Projects, $300,548 for a total of $2,408,862 Upon motion by Wayne Marrs and second by Veva Lou Massey, the Euless Development Corporation Independent Auditor's Report from Weaver and Tidwell L.L.P. for the year ended September 30, 2003, was accepted by unanimous vote. REVIEW OF FINANCIAL REPORT, QUARTER ENDING DECEMBER 31, 2003 Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending December 31, 2003, indicating that there were expenditures of only $1,160 in the capital projects fund for this quarter, primarily for the hike-bike trails and various improvements within the parks. She stated the remaining balance in the capital project fund for projects not yet completed is $265,661, primarily money for the splash pool, hike/bike trail and a variety of park improvements. Ms. Getchell reported that sales tax collections as of the first quarter were $557,868, which represented 25% of budget. Operating expenditures were within budget at $474,532. She stated that undesignated capital project funds are shown in the report to be $34,512, however, a transfer of $150,000 was made from the operating fund in January which restored the balance to $184,512, which is available for future projects. Ms. Getchell stated that interest earnings have been extremely low, but that the unaudited projected ending balance for the period ending December 31, 2003, was $952,778, with the amount required by bond covenant to be $950,618. REPORT ON CURRENT AND UPCOMING PROJECTS Economic Development Director Bill Ridgway reported that the former Food Lion building has new owners and they should have several new tenants very soon. They would like to be included in the sign program for Main Street, and if that were to be done, the boundary of the program would need to be extended 400 feet North of Harwood Road on Main Street. He asked the EDC Board Members if they would be willing to consider this extension. It would involve EDC paying $7,500 for their multi- tenant sign with the owners paying the other half. Mr. Ridgway stated that if the sign program is expanded 400 feet North, it would also include Albertson's and they are are agreeable to taking down their pole sign and EULESS DEVELOPMENT CORPORATION MARCH 1.2004 PAGE 3 replacing it with a monument sign. He reported that $47,000 remains in the budget of the sign program, which is more than adequate to cover these additional signs. It was the consensus of the Board members to take the additional requests to the City Council since the money is available in the balance of the project budget. Special Projects Manager Lou Baum reported on the progress of the monument signs of other businesses on Main Street. He said the signs for Popeye's, Wendy's, Sonic and Blockbuster are all in production. Braums and 3-Hour Martinizing are not going to participate in the program. Kwik Kar Lube does not have a place for a monument sign and the Chevron station is not eligible. Mr. Ridgway reported that he and City Manager Joe Hennig had visited with the Sutherlands family in Kansas City, and they are concerned that their building in Euless has not sold. They will be in Euless to review the property in the coming months. Mr. Ridgway also reported that the Target Center is 92% leased and Euless Town Centre is revising its plans for renovations. He stated there are still no prospects for the former KMart building. Mr. Hennig stated that the problem in Euless continues to be the price of undeveloped land and empty buildings. Director of Parks and Community Services Ray McDonald reported that he recently spent a day learning more about splash pool projects. There are many varieties of pools to choose from in planning the project. When it is started, it will take approximately 12 weeks to finish. Board Member Bob Edwards asked if the pool will be fenced and Mr. McDonald replied that the builder does not recommend it, although he believes some fencing will be required. He said the facility will not be staffed full time and can be open when the adjacent swimming pool is not. Ray McDonald then reported on the Trails project and stated that the project is within 100 feet of connecting and will be a wonderful addition to our Parks system. The entire trail will go from SH157 to SH360. City Manager Joe Hennig reported that three new city limit entryway signs have been installed, and the next ones to be completed will be at Pipeline Road and SH157 and at Harwood Road and SH157 when the construction of the Quik Trip is complete. Mr. Hennig reported that the Main Street construction project is going well and the merchants continue to have a good attitude. Mr. Hennig stated that a citizens committee is planning to make a presentation to the City Council in the next week regarding a petition for off-premise wine sales within the City. EULESS DEVELOPMENT CORPORATION MARCH 1,2004 PAGE 4 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:35 p.m. APPROVED: ATTEST: / IU � L ! 01 _ --- Mary Lib SIeh san Crim Chairman Secretary