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HomeMy WebLinkAbout1985-12-10 partially signed MINUTES OF A MEETING OF THE EULESS NON-PROFIT INDUSTRIAL DEVELOPMENT AUTHORITY HELD ON DECEMBER 10 , 1985 A called meeting of the Euless Non-Profit Industrial Development Authority was called to order at 7 : 00 p . m . , on Tuesday , December 10 , 1985 , in the Council Chambers of the Euless Municipal Building , 201 North Ector Drive , Euless , Texas . Members of the Authority in attendance were Neal Adams , Troy Fuller , Ron Sternfels , Bob Eden , Willie Mae McCormick , and Robert M . Pippin . Glenn Walker was absent . Also in attendance were James Cribbs , Kay Rainey , Jean Wilson , Nancy Kraus , Gary Martin , and Charles Kobdish . Euless Non-Profit Industrial Development Authority President , Troy Fuller served as Chairman of the meeting . Ron Sternfels , being Secretary-Treasurer of the Authority , served as Secretary for the meeting . ITEM l : ATLAS MATCH CORPORATION PROJECT James Cribbs announced that this was a public hearing for Atlas Match Corporation ' s proposal for the refunding of $2 , 600 , 000 . 00 of Industrial Revenue Bonds for a new Atlas Match facility within the City of Euless. Documents for this project have been prepared by the Dallas law firm of Hutchison-Price . This proposal is to complete the project that is currently under way , and it will add to the industry and job market in the City . The Authority has received and acted upon prior matters regarding this project and they were approved . This issue is for consideration of an added $500 , 000 , making a total of $2 , 600 , 000 . 00 . If there are any questions of the audience or the Authority , those present will be happy to answer them. Neal Adams asked if the $2 , 000 , 000 . 00 bond issue had already been sold and if the additional $500 , 000 bond issue had been sold . Mr . Cribbs answered that yes , the original amount had been sold and a financial institution has agreed to purchase the remainder . Neal Adams moved to approve a resolution providing for the financing by the issuer of the project , authorizing and providing for the issuance and confirming the sale of the bonds , and approving any plan of financing relating to the project . Mr . Pippin seconded the motion . Mr . Fuller asked if there was further discussion or questions regarding the matter before the vote was taken . There being none , he asked for the vote . The vote was unanimous , all in favor of approving the project . Mr . Fuller ( announced the motion carried . ITEM 2 : FERGUSON ENTERPRISES INC . , PROJECT • Mr . Cribbs stated that the second item would be consideration of the Ferguson Universal proposal , which is a $5 , 000 , 000. 00 project for a wholesale plumbing distribution site . They plan to have two buildings , one for supplying loca'� vendors , and a second building for supplying the entire district . It will employ about 55 people with a gross annual payroll of approximately $907 , 000. Nancy Kraus , Attorney , representing Ferguson , and Gary Martin , Ferguson Universal , were here to answer questions . Mr . Martin stated that Ferguson is a local corporate entity of Ferguson Universal , and is the third-largest wholesale plumbing operation in the United States . They operate in 19 states with approximately 100 local outlets , and ten ( 10) warehouses in the metroplex . This project will be the main branch headquarters of the Dallas region . The second structure mentioned will be the distributing warehouse to serve a five-state area. The project will be located at 2633 W . Euless Boulevard . Bonds have been sold to Marine Midland Bank , New York , and they have provided the internal funding to this point . Mr . Fuller asked if the project had already been started and if the bond issue had been used to finance the purchase of the land . Mr . Kobdish stated that the land had been purchased , but was included with the initial request before this Authority . He added that of the 55 employees that are currently working in Mesquite , approximately 45 will be replaced here in Euless . Eight to ten of the employees will probably make the move to Euless . The rest will have to be newly hired people . They are currently located at 1112 Trip Road , Mesquite , at the Interstate 26 and 35 interchange . Mr . Cribbs stated that he is pleased to have the new corporation come to Euless . Mr . Eden moved to approve the Resolution authorizing the execution of a Loan Agreement with Ferguson Enterprises , Inc . , and a Resolution authorizing the issuance of Euless Industrial Development Authority Revenue Bonds , Series 1985 , and the execution of a Trust Indenture relating to this matter . Mrs . McCormick seconded the motion . Mr . Fuller asked if there was further discussion or questions . There being none , he asked for a vote . The vote was unanimous , all approving the project . Mr . Fuller announced the motion carried . ADJOURNMENT Mr . Adams moved that the meeting be adjourned . Mr . Eden seconded the motion and the vote was unanimous . The meeting was adjourned at 7 : 27 p . m. ATTEST : Troy Fuller , President Ron Sternfels , Secreta -Treasurer • Minutes were taken and prepared by Kay Rainey , City Secretary , Euless , Texas . • "We're Building a Beautiful Tomorrow" '�/iJ✓ PUBLIC NOTICE OF MEETING TAKE NOTICE THAT A MEETING OF THE EULESS INDUSTRIAL DEVELOPMENT AUTHORITY wiZZ be held at the EuZess City HaZZ MunicipaZ BuiZding, in the City CounciZ Chambers, 201 North Ector Drive, EuZess, Texas, 76039, convening at 7: 00 P. M. , Tuesday, December 10, 1985, to consider and act upon any ZawfuZ subject which may come before it, incZuding, among others, the foZZowing: 1) PUBLIC HEARING for AtZas Match Corporation bone issue, and a resolution reZating thereto; 2) RESOLUTION regarding Ferguson Enterprises, Inc. , • and a resolution authorizing the issuance of bonds; 3) any other matters before the Board POSTED THIS 5th day of December, 1985, at 3: 00 p.m. Kay Ra ' ity Se Lary City o Euless 201 N. Ector Drive • Euless, Texas 76039-3595 • 817/283-5381 Metro 267-4403 NOTICE OF MEETING OF EULESS INDUSTRIAL DEVELOPMENT AUTHORITY Euless Industrial Development Authority (the "Issuer") will hold a public meeting at 7 : 00 P m. oil December 10 , 1985, at the Euless City Hall Municipal Building, 201 North Ector Drive in Euless, Texas. The agenda will include: 1. the holding of a public hearing on the proposed issuance by the Issuer of one or more series of revenue bonds in an aggmgate principal amount not to exceed $2,600,000 (the "Bonds") to refwid a prior issue of the Issuer's revenue bonds that were issued on December 14, 1984 to finance or refinance the cost of a manufacturing facility or facilities for Atlas Match Corporation (the "Project") to be located within the City of Euless, Texas, and to provide additional funds to finance additional costs of the Project and any plan of financing related to the Project; and 2. the consideration of a resolution providing for the financing by the Issuer of the Project, authorizing and providing for the issuance and confirming the sale of the Bonds, approving any plan of financing relating to the Project and resolving related matters. POSTED this 5th day of December 1985, at 3 : 00 p- ,m. at Euless City Hall , Euless , Texas , in accordance with Article 6252-17, Vernon's Annotated Texas Civil Statutes, as amended. l i Presiden or Secretary � ordina Secretary Euless iii ustrial Develo ent Authority City Secretary, City of EuZess 4 00063 PUBLIC NOTICE OF MEETING ".. TAKE NOTICE THAT A MEETING OF THE EULESS INDUSTRIAL DEVELOPMENT AUTHORITY will be held at 201 North Ector Drive Euless, Texas 76039 commencing at 7 : 00 p.m. on the 10th day of December, 1985, to consider and act upon any lawful subject which may come before it, including, among others, the following: 1 . Resolution authorizing the execution of a Loan Agreement with Ferguson Enterprises, Inc. 2. Resolution authorizing the issuance of Euless Industrial Development Authority Revenue Bonds , Series 1985 and the execution of a Trust Indenture (Ferguson Enterprises , Inc. Project) . 3. Any other matters that may come before the Board. POSTED THE 5th day of December, at 3: 00 P. M. Kay R. i e City cretary City &f EuZess tl 4 fir• PUBLIC NOTICE OF MEETING TAKE NOTICE THAT A MEETING OF THE CITY COUNCIL OF THE CITY OF EULESS , TEXAS will be held at 201 North Ector Drive Euless, Texas 76039 commencing at 8 : 00 p.m. on the 10th day of December, 1985, to consider and act upon any lawful subject which may come before it, including, among others, the following: 1 . Public Hearing with respect to a project for Ferguson Enterprises, Inc. 2. Resolution approving an agreement by Euless Industrial Development Authority to issue a Bond for Ferguson Enterprises , Inc. and the Bond Resolution providing for the issuance of such Bond. 3 . Any other matters that may come before the City Council. POSTED THE 5th day of December, at 3: 00 P. N. Kay Rai y, City Sql; ret ry City of EuZess G'