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HomeMy WebLinkAbout2006-02-27 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES FEBRUARY 27, 2006 The Board of Directors of the Euless Development Corporation met on Monday, February 27, 2006, in the Precouncil Conference Room of City Hall, 201 North Ector Drive, Euless Texas. The following persons were in attendance: Mayor Mary Lib Saleh, Chairman Council Member Carl Tyson, Vice Chairman Council Member Veva Lou Massey Council Member Charlie Miller Citizen Member Sonja Adams 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 Assistant City Manager Loretta Getchell, Treasurer City Secretary Susan Crim, Secretary Director of Parks and Community Services Ray McDonald Assistant Library Administrator Sherry Knight Brad Jay of Weaver and Tidwell Citizen Member Carmen Deithloff was not present. CALL TO ORDER Chairman Mary Lib Saleh called the meeting to order at 5:35 p.m. APPROVAL OF MINUTES OF AUGUST 15, 2005 and JANUARY 10, 2006 MEETINGS Upon motion by Charlie Miller and second by Sonja Adams, the minutes of the August 15, 2005 and January 10, 2006 meetings were approved by unanimous vote. FISCAL YEAR 2005 COMPREHENSIVE ANNUAL AUDIT Assistant City Manager Loretta Getchell introduced Brad Jay, Weaver and Tidwell, LLP, who presented the Financial Report for the Euless Development Corporation for the year ended September 30, 2005. Mr. Jay stated his firm has had a long relationship with the City of Euless and that the City's staff does a great job of keeping the records in order EULESS DEVELOPMENT CORPORATION FEBRUARY 27,2006 PAGE 2 which makes their job much easier. He said the audit was conducted in accordance with generally accepted auditing standards and received an Unqualified Opinion, the highest possible rating. He reviewed the highlights and gave an overview of the Euless Development Corporation's financial standing. He pointed out that the Balance Sheet indicated the fund balance in the General Fund was $2,366,979 and in the Capital Projects, $336,081 for a total of $2,703,060. The total revenues for the year ended September 30, 2005, were $2,468,880 and expenditures were $2,411,732. Upon motion by Veva Lou Massey and second by Wayne Marrs, the Euless Development Corporation Independent Auditor's Report from Weaver and Tidwell, LLP, for the year ended September 30, 2005, was accepted by unanimous vote. REVIEW OF FINANCIAL REPORT, QUARTER ENDING DECEMBER 31, 2005 Loretta Getchell reviewed the Financial Report for the quarter ending December 31, 2005, indicating that sales tax revenues totaled $708,206 which represents 28% of budget, and operating expenditures were within budget at$725,146. She stated the remaining balance in the capital project fund for projects not yet completed is $313,490, primarily for remaining park amenities, incentives, marquee sign, basketball goal and a variety of park improvements. Undesignated capital project funds in the amount of $200,036 remain available for future allocation to approved projects. PUBLIC HEARING ON PROJECT RELATING TO JOB CREATION WITH BEALL CONCRETE Chairman Saleh opened the public hearing for the project relating to job creation for the addition of 17 full-time positions with Beall Concrete. Vice President Bill Ridgway reported that Beall Concrete is expanding, and they are in the process of doubling their sales after having acquired another concrete firm south of Dallas. They will be moving those offices to Euless and will move the combined operation into a larger facility. They are looking for a suitable location, and will have make-ready costs as they prepare to finalize the move, but staff is not ready at this time to make a recommendation to the Euless Development Corporation Board for the final details of the project. He recommended consideration of the project be tabled until Beall Concrete's plans are more complete. There being no proponents or opponents, Chairman Saleh closed the public hearing. Upon motion by Sonja Adams and second by Veva Lou Massey, consideration of a project relating to job creation for the addition of 17 full-time positions with Beall Concrete was tabled by unanimous vote. EULESS DEVELOPMENT CORPORATION FEBRUARY 27,2006 PAGE 3 REPORTS ON CURRENT AND UPCOMING PROJECTS Bill Ridgway reported that a contract is pending on the Sutherlands Building. The purchaser agreed to an increase in the selling price, but they are now awaiting a response from the Sutherland family. Joe Hennig reported that the Shops at Vineyard Village project at the southeast corner of Glade Road and SH121 was recently approved by the City Council. It is the largest commercial development in the history of the City, with 400,000 square feet of retail shopping and an anticipated $2 million in annual sales tax. Mr. Hennig also reported that across SH121 a larger 700,000 square foot commercial development is in the planning stages with some residential property behind it. That development is planned to begin by November, 2006. Ray McDonald reported that the irrigation is complete at Trailwood Park and McCormick Park; the Midway Recreation Center floor is complete; the marquee sign for West Park is in progress as are the playground improvements for South Euless playground; the playground has been installed at the Villages of Bear Creek; and doggie stations and water fountains have been ordered for the trail from Bob Eden Park to the Villages of Bear Creek. He stated that a monument was dedicated for Doug McGrady back in November at the Parks at Texas Star. The fence project is complete at Heritage Park. The reel mower and the irrigation project for Bob Eden Park are on the current City Council agenda for consideration. Bill Ridgway reported that Ross Dress For Less is not moving out of the Euless Town Centre even though another one of their stores is locating in the Shops at Vineyard Village. He said the Big Lots store in the Euless Town Centre is closing because all of their locations nationwide that do not contain furniture are being closed. Mr. Ridgway stated that a large user is looking at the former Burlington Coat Factory location for a possible site, and he reported that Conn's Appliances is doing very well. Joe Hennig reported that the Euless Target store is placing between 9th and 10th nationally in wine sales for all Target locations. Joe Hennig expressed appreciation to Sherry Knight for her work in leading the Library during the past few months while the City has been without a Library Administrator. He announced that Kate Lyon will be coming to work for the City as the new Library Administrator on March 16. City Secretary Susan Crim announced that the Euless Development Corporation budget meeting has been scheduled for Monday, August 14, at 5:30 p.m. EULESS DEVELOPMENT CORPORATION FEBRUARY 27, 2006 PAGE 4 ADJOURN There being no further business before the Board, the meeting was adjourned at 6:40 p.m. APPROVED: ATTEST: Mary Lib aleh f'u an ri Chairman Secretary