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HomeMy WebLinkAbout1995-02-09 EDC MInutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES FEBRUARY 9, 1995 The Board of Directors of the Euless Development Corporation met at 4:00 p.m., Thursday, February 9, 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 Tern Bobby Baker, Vice Chairman of the Board of Directors Councilman Henry Boatright Councilman Charles Miller Citizenmember Sonja Adams Citizenmember Edward Denari Citizenmember Letty Lynn Maloney City Manager Tom Hart, President Assistant City Manager Joe Hennig, Vice President Director of Economic Development Tom Cox, Second Vice President Deputy City Secretary Cathy DiMaggio, Assistant Secretary Members absent included: City Secretary Susan Crim, Secretary Other Council and staff present included: Director of Community Services Rick Herold Cash and Debt Manager Diana Ortiz CALL TO ORDER The meeting was called to order at 4:00 p.m. by Chairman of the Board of Directors, Mary Lib Saleh. APPROVAL OF MINUTES OF JANUARY 24, 1995 MEETING Upon motion by Mr. Baker and second by Mr. Boatright, the Minutes of the January 24, 1995 meeting were approved as presented by unanimous vote. EULESS DEVELOPMENT CORPORATION MINUTES FEBRUARY 9, 1995 PAGE 2 STAFF REPORT ON CURRENT PROJECTS Mr. Hart reported that the February 10 sales tax report indicated an increase of 24% for the period ending December 31, 1994. Mr. Hart said that prior to the end of the fiscal year, staff will be asking for budget amendments to include land acquisition. Mr. Herold reported that the Library Building Committee has been working diligently and a ceremonial groundbreaking is expected to be held April 1, 1995, with construction to begin sometime after Arbor Daze. Mr. Herold said the committee is working on staffing projections because the new library will have additional square footage and expects additional hours of operation. Mr. Denari thanked staff for their positive response to his input on the library building. Discussion took place on the houses on the west side of Shepherd Street and the possible acquisition of additional property. Mrs. Saleh stated that when the widening of SH 183 takes place, there may be greater incentive on the part of those homeowners to sell their property. Mr. Herold reported that since Schrickel, Rollins and Associates will be the subcontractor for engineering and planning of the golf course, they will most likely be retained for the athletic complex project as well. Mr. Denari asked about the $1 million in grants for which the city will apply. Mr. Herold commented that the city has an excellent chance for approval of two $1/2 million grants for which the city would provide matching funds, especially with the excellent reputation of Schrickel, Rollins. Mr. Miller asked how many phases were estimated to complete the athletic complex. Mr. Herold replied that it could take anywhere from 2 to 4 phases depending on the grants and the Half Cent Sales Tax revenue. Mr. Hart added that Schrickel, Rollins would be requested to do a Master Plan with incremental phases. Mr. Miller stated that he felt quite strongly that the athletic complex should open at the same time or prior to the golf course because of the way the Half Cent Sales Tax was presented to the voters. It was the general consensus of board members that the athletic complex should open before the golf course. Staff assured the board that the athletic complex would open before the golf course. The opening of either facility will depend on seeding, grants and other factors. Mr. Herold pointed out that the golf course clubhouse will be located within Euless and the maintenance facility will serve both the golf course and the athletic complex. Mr. Hart reported that the Town Center project was completed. Staff is currently working on a Main Street plan and entryway signage. Mr. Hart asked the board for any input they may have regarding image improvement for the city including code enforcement and incentives for refurbishing. Mr. Denari suggested that some guidelines be established regarding what image the city was trying to portray (physical, cultural, demographic, etc.), then define strategies/objectives to reach this image. Perhaps another city of comparable size had already undertaken such a project. EULESS DEVELOPMENT CORPORATION MINUTES FEBRUARY 9, 1995 PAGE 3 Mr. Hart gave an update on the mall project. Mr. Hart stated that the mall is a $39 million package with $29.2 from TIF if possible. An appraisal of the mall must be completed before a concrete figure can be calculated. An economic package of$7.8-11 million would be required depending on TIF. The city prefers a long-term contract, payable on an annual basis based on mall sales. Bonds may have to be issued depending on the mall financiers. The bond issue would require Euless Development Corporation agreement. An early 1996 groundbreaking is proposed with a spring 1998 mall opening. Ms. Ortiz reviewed the city's investment policy which is based on state law and is reviewed annually. Objectives of the policy are to comply with state law, safety of funds (to avoid loss), liquidity (in order to meet operating requirements), yield (to regularly exceed the average rate of return on three-month U.S. Treasury Bills, or average Federal Reserve Discount, whichever is higher) and risk of loss (officials must seek to avoid any transaction that would impair public confidence in the city's ability to govern effectively). Mr. Hart pointed out that the city's investment policy is used as a national model. ADJOURN There being no further business before the Corporation, the meeting was adjourned at 5:45 p.m. ATTEST: APPROVED: Susan Crim, secretary Mary =leh, Chairman MINUTES\2-9-95.EDC