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Home My WebLink About1994-08-09 EDC Minutes EULESS DEVELOMENT CORPORATION BOARD OF DIRECTORS MINUTES AUGUST 9, 1994 The Board of Directors of the Euless Development Corporation (EDC) met at 3:00 p.m. , Tuesday, August 9, 1994, in the Downstairs Conference Room of Building A, Euless Municipal Complex, 201 North Ector Drive, Euless, Texas. Persons present included: Mayor Mary Lib Saleh, Chairman of the Board of Directors Mayor Pro Tem Bobby Baker, Vice Chairman of the Board of Directors Councilman Henry Boatright Councilman Charles Miller Citizenmember Edward Denari Citizenmember Sonja Adams City Manager Tom Hart, President Assistant City Manager Joe Hennig, Vice President Director of Economic Development Tom Cox, Second Vice President Director of Fiscal and Human Resources Debra Forte, Treasurer City Secretary Susan Crim, Secretary City Attorney Bob McFarland Bond Counselor Ed Esquivel, Fulbright & Jaworski Financial Advisor Boyd London, First Southwest Company Ogden "Bo" Bass, Economic Development Projects Manager Diana Ortiz, Cash/Debt Manager Modesto Mundo, Assistant to City Manager Board of Director Members absent included: Citizenmember Miles Pritchard CALL TO ORDER The meeting was called to order by Ms. Saleh at 3:00 P.M. APPROVAL OF MINUTES OF MAY 26, 1994 Mr. Denari requsted the May 26, 1994, minutes be changed in that portion relating to the receipt of FY93 audit to read, ". . .the Board acknowledged receipt of the City of Euless FY93 audit and financial report which included those figures applicable to the Euless Development Corporation for the month of September, 1993, . . . ". ,• • Upon motion by Mr. Boatright and second by Mr. Baker, the minutes of the May 26, 1994, meeting of the Euless Development Corporation were approved as amended by unanimous vote. EULESS DEVELOPMENT CORPORATION MINUTES. AUGUST 9, 1994 PAGE 2 APPROVAL OF EDC RESOLUTION NO. 02-94, ISSUANCE OF EULESS DEVELOPMENT CORPORATION SALES TAX REVENUE BONDS. SERIES 1994 Ms. Forte distributed copies of an estimated "Uses of Bond Proceeds" and briefly reviewed the figures. Mr. London gave a report on the City's trip to New York City to obtain a rating for this bond issuance and described the steps involved in the issuance. He reported the City receieved an "A" rating and further detailed the use of the proceeds of this bond issuance. Mr. Denari asked that a legal opinion be rendered to the Euless Development Corporation Board of Directors regarding their individual liability. Mr. Esquivel stated that individual board members do not have personal liability for EDC actions. Upon motion by Ms. Adams and second by Mr. Baker, Resolution No. 02-94 authorizing the issuance of Euless Development Corporation Sales Tax Revenue Bonds, Series 1994, was approved by unanimous vote. Mr. Denari asked for an explanation in the future of various funds of the EDC that will enable the directors to follow the flow of monies. APPROVAL OF EDC RESOLUTION NO. 03-94. APPROVING FINANCIAL ADVISORY AGREEMENT Upon motion by Mr. Denari and second by Mr. Miller, EDC Resolution No. 03-94 approving the Financial Advisory Agreement with First Southwest Company was approved by unanimous vote. APPROVAL OF FY 95 BUDGET Mr. Hart distributed the EDC FY95 Budget and reviewed revisions that had been made. Upon motion by Mr. Boatright and second by Mr. Miller the FY 95 Budget was approved as amended. Copy attached to minutes. APPROVAL OF EULESS TOWN CENTER SHOPPING CENTER AGREEMENT Mr. Hart distributed a Loan Agreement being proposed by Prudential Real Estate Investors for the Euless Town Center Shopping Center and explained the concept of the proposed agreement relating to redevelopment incentives that would be given if anchor tenants are obtained for the shopping center. He stated it would be structured as a loan of $150,000 and that it would be forgiven on an incremental basis based on the sales of the center. EULESS DEVELOPMENT CORPORATION MINUTES. AUGUST 9, 1994 PAGE 3 Upon motion by Mr. Denari and second by Ms. Adams, the Euless Town Center Shopping Center loan agreement was given conceptual approval subject to the receipt of detailed plans. ADJOURNMENT As there was no further business before the Euless Development Corporation, the meeting was adjourned at 4:30 p.m. APPROVED: /01-0--a—) Mary Lib Saleh Chairman ATTEST: AA Air usan rim Secretary • _ee ANNUAL BUDGET r Form 2r ti Manager's Fiscal J CRY of Eulesa Hr.�"..._,�. ,�. ,._,{_��;�.-, .. � ..�. ... . ,.,.... .. _ ...��-� _r _ - - summary DEPARTMENT: DIVISION/ACTIVITY: ACCOUNT#: Half Cent Sales Tax Parks CIP 51-10-52 :1994-95 BUDGET 1992-93 1993-94 TOTAL ITEM ACTUAL BUDGET BASELINE SUPPLEMENTAL PROPOSED PERSONNEL -0- $101,400 $78,547 $78,547 OPERATIONS _ $91,597 $30,000 $73,000 $73,000 CAPITAL $0 $115,000 $3,384,737 $3,384,737 TOTAL $91,597 $246,400 $3,536,284 $0 ' .. = , t , $3,5.+3ri6,28.4 REVENUES; : ti ..n,�wb�, �� tva - �- �� ;t14 r.. - $0 $0 TOTAL $0 $0 $0 $0 $0 PERFORMANCE MEASURES/SERVICE LEVELS: r w ' L PERSONNEL: Full Time _ _ 0.5 0.5 Part time: 0.0 0.0 k c . ` a t +..� +'94a .a•'"p.=..n,+. BUDGET Form 2 ., 1� Managers Fiscal F<-, k.» *"."'1".:-"'-"-'" S City of Euless �.. .�. '- «; � ,,r_' . - w -,: - ' - . . M . . ummary DEPARTMENT: DIVISION/ACTIVITY: -ACCOUNT#: Half Cent Sales Tax Economic Development 51-10-81 cs n -2. 1994-95 BUDGET;:r;. r v rji_.; 1992-93 1993-94 TOTAL ITEM ACTUAL BUDGET BASELINE SUPPLEMENTAL PROPOSED PERSONNEL -0- -0- $28,547 $28,547 OPERATIONS $902 $370,000 $380,000 $380,000 CAPITAL -0- -0- $73,500 $73,500 TOTAL $902 $370,000 $482,047 $0 $482,047 mi. `.."e.vv u —.74° ,.ti 3 s+£:w"'r7rs'`�I s5w;{iS rS+�:......�F4'�..:.:M;.Vt fraf, $0 $0 TOTAL $0 $0 $0 $0 $0 PERFORMANCE MEASURES/SERVICE LEVELS: = I _ PERSONNEL: Full Time 0.5 0.5 Part time: 0.0 0.0 • - - ANNUAL BUDGET - - -- Form 2-: -,,, ; z ,,- _- ��,,--:_7..,',„ :' , - , Manager's Fiscal City of Euless y - --_ .- '. = - -_ .-.-.----- -Summary DEPARTMENT: DIVISION/ACTIVITY: ACCOUNT#: Half Cent Sales Tax Library 51-10-54 --- - -4-- ;1994-95 BUDGET -:— 1992-93 1993-94 TOTAL ITEM ACTUAL BUDGET BASELINE SUPPLEMENTAL_ PROPOSED PERSONNEL -0- -0- $0 $0 OPERATIONS $5,622 $85,000 $575,000 $575,000 CAPITAL -0- $50,000 $4,957,546 $4,957,546 TOTAL $5,622 $135,000 $5,532,546 $0 $5,532,548 $0 $0 TOTAL $0 $0 $0 $0 $0 PERFORMANCE MEASURES/SERVICE LEVELS: - '• . - - - New Books Purchased 1,455 1,455 Nonbook Items Purchased 267 267 i _r_ ' .- i 1 PERSONNEL: -- Full Time 0.0 0.0 Part time: 0.0 0.0