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HomeMy WebLinkAbout1997-05-06 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES MAY 6, 1997 The Board of Directors of the Euless Development Corporation met on Tuesday, May 6, 1997, in the Conference Room of Municipal Building A, 201 North Ector Drive, Euless,Texas. Members present: Mayor Mary Lib Saleh, Chairman of the Board of Directors Council Member Charles Miller Citizen Member Ed Denari Citizen Member Sonja Adams Citizen Member Letty Lynn Maloney City Manager Tom Hart, President Assistant City Manager Joe Hennig, Vice President Director of Economic Development Tom Cox, Second Vice President Finance Director Diana Ortiz, Treasurer City Secretary Susan Crim, Secretary Members absent: Mayor Pro Tern Bobby Baker, Vice Chairman of the Board of Directors Council Member Carl Tyson Visitors Council Member Leon Hogg CALL TO ORDER The meeting was called to order at 4:05 p.m. by Ms. Mary Lib Saleh, Chairman of the Board of Directors. APPROVAL, MINUTES OF FEBRUARY 4, 1997 MEETING Upon motion by Mr. Miller and second by Ms. Adams, the minutes of the February 4, 1997, meeting were approved as presented by unanimous vote. REVIEW OF FINANCIAL REPORT FOR QUARTER ENDING MARCH 31, 1997 City Manager Tom Hart, President of the Board of Directors, reviewed the Fiscal Year 1996- 97 Half Cent Sales Tax Fund Operating Budget for the quarter ending March 31, 1997. He pointed out that revenues were up and that the sales tax check received that date was up 15.3%. He discussed the trend of sales tax receipts over the past few months and said that the totals for FY 97 will probably be up approximately $60,000 - $90,000 over projected receipts. Mr. Denari pointed out that the monthly sales tax receipts have following the same pattern over the last four years for comparable months. EULESS DEVELOPMENT CORPORATION MINUTES MAY 6, 1997 PAGE 2 Mr. Hart reviewed the Expenditure Report for the projects that were begun during the first 37 months of the Euless Development Corporation. Ms. Saleh asked that any monies remaining in the furniture and fixtures budget for the Library be used to purchase additional display cases. Mr. Hart reviewed the Fiscal Year 1996-97 Budget and pointed out that the beginning balance carried over from last fiscal year was$1,405,401 and that the expected fund balance at the close of FY 97 would be $1,061,393 which will include $935,203 mandatory bond reserve. Mr. Hart stated it has always been his goal to keep an unecumbered balance of $500,000 in the Euless Development Corporation and because the receipts are up this year, he forecast that the EDC will be close to $500,000 by the end of FY 97. Mr. Hart reported that the staff is looking into the possibility of being released from the requirement to maintain the mandatory bond reserve. If that happens, and if we receive an additional grant we have applied for, and if revenues continue strong, he plans to move forward with Phase II of the Athletic Complex as well as make some expenditures on existing park facilities. Assistant City Manager Joe Hennig, Vice President, pointed out that all future project plans will be approved by this Board. REPORT FROM THE PRESIDENT p-- Mr. Hart reported that all projects are proceeding on schedule in the Parks Department and it appears that all monies allotted to this area will be adequate for projects as planned. Mr. Hart stated there had been no major activity in the Economic Development portion of the EDC budget, but that the staff hopes to be ready to make a recommendation on the entryway plan soon. He said a new Economic Development Director is expected to be hired in the near future. Director of Economic Development Tom Cox, Second Vice President of the Board of Directors, reported briefly on several business who have inquired into locating in the City of Euless. Mr. Hart stated that it may be necessary to use some incentive money for infrastructure improvements on property located on State Highway 121 at Glade Road. Mr. Hart reported that City crews have cleaned up some of the Western Hills Inn property and that the first priority of the new Economic Development Director will be to market the Western Hills Inn, K-Mart and Sutherlands properties. Mr. Hart stated that the Grubbs Infiniti Dealership is expected to break ground for a new facility in the City of Euless during the month of June. He said the Mansions by the Vineyard apartment complex held their grand opening on May 15 and Standard Hardware is building a new 60,000 square foot facility. SCHEDULE NEXT MEETING The next meeting of the Euless Development Corporation was scheduled for Tuesday, August 5, 1997, at 4:00 p.m. in the Conference Centre at Texas Star. EULESS DEVELOPMENT CORPORATION MINUTES MAY 6, 1997 PAGE 3 ADJOURN There being no further business before the Corporation, the meeting was adjourned at 5:10 p.m. APPROVED: 4 � S —A- Mary Lib �Ieh Chairman ATTEST: • Susan Crim Secretary