HomeMy WebLinkAbout2004-08-16 EDC Minutes EULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
AUGUST 16, 2004
The Board of Directors of the Euless Development Corporation met on Monday, August
16, 2004, in the Precouncil Room of City Hall in the Municipal Complex, 201 North Ector
Drive, Euless Texas.
The following persons were in attendance:
Mayor Pro Tern Carl Tyson, Vice Chairman
Council Member Veva Lou Massey
Council Member Charlie Miller
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 Leisure Services Ray McDonald
Library Administrator JoAnn Rogers
Finance Administrator Vickie Rodriguez
Public Works Manager Chris Barker
Mayor Mary Lib Saleh, Chairman, was not present.
CALL TO ORDER
Vice Chairman Carl Tyson called the meeting to order at 5:35 p.m.
APPROVAL OF MINUTES OF JUNE 14, 2004 MEETING
Upon motion by Veva Lou Massey and second by Sonja Adams, the minutes of the June
14, 2004, meeting were approved by unanimous vote.
REVIEW OF FINANCIAL REPORT FOR THE QUARTER ENDING JUNE 30, 2004
Loretta Getchell, Treasurer, reviewed the Financial Report for the quarter ending June 30,
2004, and stated there were expenditures of $2,706 in the capital projects fund for this
quarter for the hike-bike trail, splash pool and various improvements within the parks.
EULESS DEVELOPMENT CORPORATION AUGUST 16,2004 PAGE 2
She stated the remaining balance in the capital project fund was $260,130, for ongoing
projects that are not yet complete.
Ms. Getchell reported that sales tax collections as of the third quarter were $1,729,325,
which represented 75% of budget. Operating expenditures were within budget at
$1,710,605. She stated that undesignated capital project funds in the amount of
$186,322 remain available for future allocation to approved projects. She also stated
that the Corporation is required by bond covenant to maintain one year debt payment
on hand. That amount has been accrued so any interest income in excess of the
required reserve would be transferred to the operating fund at year end.
PUBLIC HEARING ON FISCAL YEAR 2004-2005 BUDGET
Vice Chairman Tyson opened a public hearing for the Fiscal Year 2004-2005 Euless
Development Corporation budget. Loretta Getchell stated that there were very few
changes to the budget for the coming fiscal year. The projection for sales tax revenues
has increased slightly and the projection for interest income has decreased slightly. The
Park, Library and Economic Development budgets remain the same as do the debt
service, contingency and sales tax rebate items. In the Capital Program the Library
Upgrade item is being carried forward in the amount of $54,940 to complete the
improvements of the ceiling and drainage. The same thing is true for the Wood Pole
Replacement/Field Lighting program where $24,528 will be carried forward and the
lrrigation-Trailwood McCormick Park program where $68,109 will be carried forward.
Ms. Getchell stated that the FY2005 budget calls for a beginning fund balance of
$922,166 with sales tax collections being projected at 1% growth factor plus the expected
increase due to Acme Brick coming to the City of Euless in February of 2005. The Parks
budget has a minor base line increase for some additional field and irrigation supplies and
an increase in the utility budget for water and lighting of fields. Each of the personnel line
items are increased to coincide with salary and benefit adjustments. The addition in the
budget of the Acme Brick Rebate is due to the recent agreement with that company and
the Sales Tax Rebate item of $25,000 is for the Beall Concrete agreement. The total
expenditures projected for FY2005 would be $2,730,310 with a projected ending fund
balance of$705,106.
Charlie Miller stated that he believed a claim should be filed against the engineering firm
and the manufacturer for the expenses involved in repairing the Library ceiling. Sonja
Adams said that she agreed. Mr. Hennig stated that the City would send them a bill for
the cost of the repairs to be made.
There being no proponents or opponents, Vice Chairman Tyson closed the public
hearing.
EULESS DEVELOPMENT CORPORATION AUGUST 16.2004 PAGE 3
APPROVAL OF FISCAL YEAR 2004-2005 BUDGET
Upon motion by Charlie Miller and second by Wayne Marrs, the Fiscal Year 2004-2005
Euless Development Corporation budget was approved by unanimous vote.
REPORT ON CURRENT AND UPCOMING PROJECTS
Joe Hennig reported that Acme Brick is in the process of renovating the former Furr's
Cafeteria building and will be relocating there in January, 2005. He also stated that Del
Bennett will be in town in the next few days to update City officials on his plans for his
property on SH360. The land trade between Bennett and the Dallas Fort Worth
International Airport has been completed.
Bill Ridgway reported that letters of invitation to a delegation from China to visit the City
of Euless have been sent. They will be looking at the former Kmart building, now
known as the DFW Technology Center, to establish a small retail mall for a variety of
businesses.
Mr. Ridgway stated that a Dallas developer is looking at the industrial tract South of
Ricochet Fuel to build four office warehouse facilities. Another developer is looking at
the 19 acres adjacent to Aerobotics to possibly divide into one to five acre sites. The
Harrington family has been presented a contract on their entire property. The property
at the Southeast corner of SH121 and Glade Road is under contract with a reputable
developer who will move forward after the wine election.
Mr. Ridgway reported that Euless Town Centre will announce early in 2005 that a
14,000 square foot electronic center will be going into the site currently occupied by
Luxury Linens.
Chris Barker reported on the Main Street monument sign program. Wendy's has some
minor landscaping to be done. He said he plans to contact the Chevron station owners
again now that their merger is complete. The Braums family has not agreed to remove
their pole sign and erect a monument sign. Central Self Storage is planning to present
a site plan for a retail and storage development in the near future and a new monument
sign will be a part of that project. Arena Athletics will be paving the Southeast corner lot
on Main Street and Midway Drive to be utilized for parking. The Texaco station at the
intersection of Main Street and Harwood Road has changed to a Shell station and it has
been difficult to find a location for a monument sign. The manager of LaPetite
Academy has contacted the city about changing their sign to a monument sign,
realizing the City will not be participating in the cost, but wanting to be a good business
neighbor.
EULESS DEVELOPMENT CORPORATION AUGUST 16,2004 PAGE 4
Mr. Barker reported that staff is currently drafting a landscaping plan for the North Main
Street project. The City Council will award the bid in September and work will begin on
the landscaping shortly thereafter.
ADJOURN
There being no further business before the Board, the meeting was adjourned at 6:45
p.m.
APPROVED: ATTEST:
Mary Lib Saleh Susan Crim
Chairman Secretary
Approved at August 16 , 2004 EDC meeting
EULESS DEVELOPMENT CORPORATION
PROPOSED OPERATING BUDGET
FISCAL YEAR 2004/05
FY2004 FY2004 FY2005
Budget Projected Proposed
Beginning Fund Balance 1,147,433 1,147,433 922,166
Revenues:
Sales Tax Collections 2,273,530 2,300,000 2,501,250
Interest Income 20,000 12,000 12,000
Operating Revenue 2,293,530 2,312,000 2,513,250
Expenditures:
Parks
Personnel: (195,630) (195,630) (207,874)
Supplies&Miscellaneous (26,120) (26,120) (38,620)
Advertising (5,000) (5,000) (5,000)
Contingencies (15,000) (15,000) (15,000)
Utilities (95,000) (95,000) (117,500)
Equipment Notes (30,573) (30,573) (30,573)
Mowing Contract (64,214) (64,214) (64,214)
Parks Subtotal (431.537) (431,537) (478,781)
Library
Personnel: (361,569) (361,569) (520,215)
Economic Development
Personnel: (53,328) (53,328) (55,675)
Supplies and Miscellaneous (47,632) (42,632) (47,632)
Advertising and Promotions (13,160) (13,160) (13,160)
Professional Services (5,000) (10,000) (5,000)
Incentives(Transfer to CIP) (25,000) (25,000) (25,000)
Contingencies (10,000) (10,000) (10,000)
Art(2%of Sales Tax Collections) (50,000) (50,000) (50,000)
Economic Dev.Subtotal (204,120) (204,120) (206,467)
Bank Chg/Debt Serv/Audit (945,490) (945,490) (952,270)
Contingency (250,000) (250,000) (250,000)
Acme Brick Rebate 0 0 (75,000)
Sales Tax Rebate (25,000) (25,000) (25,000)
Operating Expenditures (1220,490) (1,220,490) (1,302.270)
EXCESS REVENUE OVER EXPENDITURES 75,814 94,284 5,517
Capital Programs
Aerie)Photos (14,000) (14,000) 0
Library Materials (75.000) (75,000) (75,000)
Library Upgrades (56.500) (1,560) (54,940)
Library Copier (5,600) (5.600) 0
Irrigation-Westpark (50,000) (50,000) 0
Wood Pole Replacement/Field Lighting (71,028) (46,500) (24,528)
Transfer to CIP-Splash Pool-S.Euless (125,000) (125,000) 0
Irrigation-Trailwood/McCormick Park (70,000) (1,891) (68,109)
Subtotal-One Time Expenditures (467,128) (319,551) (222,577)
TOTAL EXPENDITURES (2,684,844) (2,537,267) (2,730,310)
'Available Fund Balance 756,119 922,166 705,106
Projected Ending Fund Balance,FY04-05 705,106