HomeMy WebLinkAbout1995-01-24 EDC Minutes EULESS DEVELOPMENT CORPORATION
..-- BOARD OF DIRECTORS
MINUTES
JANUARY 24, 1995
The Board of Directors of the Euless Development Corporation met at 3:30 p.m., Tuesday,
January 24, 1995, in the Downstairs Conference Room of Building A., Euless Municipal
Complex, 201 North Ector Drive, Euless, Texas.
Members 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 Letty Lynn Maloney
City Manager Tom Hart, President
Assistant City Manager Joe Hennig, Vice President
Director of Fiscal and Human Resources Debra Forte', Treasurer
City Secretary Susan Crim, Secretary
Deputy City Secretary Cathy DiMaggio, Assistant Secretary
Members absent included:
Citizenmember Sonja Adams
Director of Economic Development Tom Cox, Second Vice President
Other Council and staff present included:
Councilman Glenn Walker
CALL TO ORDER
The meeting was called to order at 3:30 p.m. by Chairman of the Board of Directors, Mary
Lib Saleh.
APPROVAL OF MINUTES OF JANUARY 4, 1995 MEETING
Upon motion by Mr. Baker and second by Mr. Boatright, the Minutes of the January 4,
1995 meeting were approved as presented by unanimous vote.
Mr. Denari commended City Secretary Susan Crim for her excellent compilation of the
minutes.
EULESS DEVELOPMENT CORPORATION MINUTES JANUARY 24, 1995 PAGE 2
APPROVAL OF AMENDMENTS TO LOAN AGREEMENT BETWEEN THE EULESS
DEVELOPMENT CORPORATION AND PRUDENTIAL INSURANCE COMPANY OF
AMERICA
Mr. Hart explained that the agreement between the Euless Development Corporation and
Prudential Insurance Company of America (previously approved on August 9, 1994) was
amended to make Prudential Insurance Company of America the signatory rather than
Prudential Real Estate Company. Mr. Hart stated there were no material changes other
than changing the contracting entity signature.
Upon motion by Mr. Denari and second by Mr. Baker, the amendments to the agreement
between the Euless Development Corporation and Prudential Insurance Company of
America were approved by a unanimous vote.
Ms. Maloney asked if there were broker fees involved in the transaction with the Prudential
Insurance Company of America. Mr. Hart replied there were not.
ACKNOWLEDGE RECEIPT OF ANNUAL AUDIT
Mr. Baker, Chairperson of the EDC Audit Committee, reported that the audit committee
reviewed the audit with Mr. Richard Jones and Ms. Karen Gililland, Weaver and Tidwell,
CPA's, and the audit was found to be in order.
Mr. Miller asked what General Fixed Assets were included in the Balance Sheet. Ms.
Forte' stated that this would include library materials, such as books. Mr. Miller referred
to the "Notes" on page 8 of the audit, and asked about Compensated Absences. Ms.
Forte' replied that the audits were setting up parameters for the library personnel when it
opens and this particular category provides for paying personnel for leave not taken. Mr.
Hart explained further that half cent sales tax funds can be used to pay for incremental
increases in staff to accommodate the opening of the new library.
Mr. Baker stated that this audit lays the groundwork for future audits and will remain
separate from the City's audit. Mr. Denari stated that a decision would need to be made
regarding the transfer of assets. Mr. Hart indicated that the EDC may want to keep some
items such as the land acquisition on the EDC books.
Ms. Maloney asked about the relationship of the $10,101,031 in Short-Term Investments
and $36,838 in interest income. Ms. Forte' noted that the bonds were not sold until August
1994, and the audit ends September 30, 1994, therefore, there was only a short amount
of time for that money to draw interest. Mr. Denari commented that the City must stay
within state requirements when formulating investment strategies/policies. Mr. Hart said
that at the next meeting staff will provide a briefing on the investment policy, i.e. yield,
instruments, money management techniques, etc.
Upon motion by Mr. Baker and second by Mr. Denari, the 1993-94 Audit was accepted as
presented by a unanimous vote.
EULESS DEVELOPMENT CORPORATION MINUTES JANUARY 24, 1995 PAGE 3
STAFF REPORT ON PENDING PROJECTS
Mr. Hart commented that the recent defeat of the half cent sales tax in Bedford was a loss
for Euless, but there is excitement throughout the city because of the several projects
underway (mall, golf course, athletic complex and library).
Mr. Denari stated that he would like economic development to begin focusing in two areas:
1) to locate corporate headquarters in Euless, and; 2) make cultural development a future
goal, but to set objectives now.
SET DATE FOR FEBRUARY MEETING
The next meeting of the Euless Development Corporation was set for February 9, 1995,
at 4:00 p.m. Mr. Hart asked members to call him with items they would like placed on the
agenda.
ADJOURN
There being no further business before the Corporation, the meeting was adjourned at 4:10
p.m.
ATTEST: APPROVED:
Susan Crim, .ecretary Mary Lib aleh, Chairman
MINUTESI1-24-95.EDC