HomeMy WebLinkAbout1994-10-03 EULESS DEVELOMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
OCTOBER 3, 1994
The Board of Directors of the Euless Development Corporation (EDC)
met at 5:00 p.m. , Monday, October 3, 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 Charles Miller
Citizenmember Edward Denari
Citizenmember Sonja Adams
Citizenmember Miles Pritchard
City Manager Tom Hart, President
Assistant City Manager Joe Hennig, Vice President
.�, Director of Economic Development Tom Cox, Second Vice President
City Secretary Susan Crim, Secretary
City Attorney Paul Wieneskie
Ogden "Bo" Bass, Economic Development Projects Manager
Board of Director Members absent included:
Councilman Henry Boatright
CALL TO ORDER
The meeting was called to order by Ms. Saleh at 5:00 P.M.
APPROVAL OF MINUTES OF AUGUST 9, 1994
Upon motion by Ms. Adams and second by Mr. Denari , the minutes of the
August 9, 1994, meeting of the Euless Development Corporation were
approved.
APPROVAL OF PROJECT NUMBERING SYSTEM WITH CHECKLIST
Mr. Denari moved to adopt a plan to be used in future projects
whereby each project is given a number and a checklist of items,
including but not limited to goals and objectives, risks and rewards,
to be checked off as having been reviewed by staff prior to those
items being presented to the Board of Directors, with the entire
document to serve as a history of the project. The motion was
seconded by Mr. Baker and carried by unanimous vote.
EULESS DEVELOPMENT CORPORATION MINUTES, OCTOBER 3, 1994 PAGE 2
Mr. Denari requested this documentation begin with the Town Center
Shopping Center project.
APPROVAL OF EULESS TOWN CENTER SHOPPING CENTER AGREEMENT
Mr. Cox reviewed the 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 when anchor tenants are
obtained for the shopping center. Mr. Denari asked that the staff
receive assurance that the Euless Development Corporation would have
leverage of approval of improvements made to the center and the
President of the Board of Directors of the Euless Development
Corporation have the discretion to negotiate the rate of any
retroactive interest should it become necessary.
Upon motion by Mr. Denari and second by Mr. Miller the President of
the Euless Development Corporation was authorized to execute an
agreement with the Prudential Real Estate Investors and the
Prudential Insurance Company of America for a loan of $150,000 for
the redevelopment of the Euless Town Center. The motion carried by
unanimous vote.
ADJOURNMENT
As there was no further business before the Euless Development
Corporation, the meeting was adjourned at 6:30 p.m.
APPROVED:
Mary ib aleh
Chairman
ATTEST:
Susan Crim
Secretary