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HomeMy WebLinkAbout2019-05-13 EDC Minutes EULESS DEVELOPMENT CORPORATION BOARD OF DIRECTORS MINUTES May 13 , 2019 The Board of Directors of the Euless Development Corporation met on Monday, May 13 , 2019 , in the Precouncil Conference Room at City Hall in the Municipal Complex, 201 North Ector Drive , Euless , Texas . The following persons were in attendance : Mayor Linda Martin , Chairman Mayor Pro Tern Tim Stinneford (arrived at 6 : 14 p . m . ) Council Member Jeremy Tompkins Council Member Eddie Price Citizen Member Sonja Adams Citizen Member Carmen Deithloff Citizen Member Jason Turner City Manager Loretta Getchell , President Deputy City Manager Bob Freeman , First Vice President Director of Planning and Economic Development Mike Collins , Second Vice President Finance Director Janina Jewell , Treasurer City Secretary Kim Sutter, Board Secretary Director of Parks and Community Services Ray McDonald Library Director Sherry Knight ITEM NO . 1 . CALL TO ORDER Chairman Linda Martin called the meeting to order at 6 : 06 p . m . ITEM NO . 2 APPROVED MINUTES OF FEBRUARY 25 , 2019 Director Adams motioned to approve the minutes of the February 25 , 2019 meeting . Seconded by Director Turner, the motion carried by a unanimous vote . ITEM NO . 3 REVIEWED FINANCIAL REPORT FOR THE QUARTER ENDING MARCH 31 , 2019 Treasurer Janina Jewell reviewed the Financial Report for the quarter ending March 31 , 2019 , and stated that the sales tax collections , interest , and other income through the end of March was $2 , 691 , 001 , which represents approximately 49 percent of budget . She added that operating and capital expenditures were within budget at $2 , 540 , 252 or approximately 39 percent of appropriations . She advised that the year to date capital EDC Meeting Minutes Page 2 of 4 May 13, 2019 expenditures are $ 1 , 045 , 263 and include expenditures associated with park and library enhancements . The operating fund ending balance as of Mach 31 , 2019 , is $2 , 606 , 126 . The remaining balance in the capital projects fund for projects not yet completed is $ 3 , 715 , 650 . The designated balance consists of monies for the library remodel design and construction , Texas Star Sports Complex Phase VII design , miscellaneous park improvements , irrigation projects , Carr Park improvements , incentives , and contingencies . Treasurer Jewell reviewed the balances of the following funds : Fund Balance Undesignated Capital Projects Fund $ 156 , 088 Available for allocation to future projects . Debt Service Fund $3 , 007 Debt Reserve Fund $ 180 , 871 ( Reserve level $ 160 , 435) Director Diethloff inquired if the Art fund was carried forward each year and asked how it was funded . She added that she feels that the fund balance is more than adequate and the funds could be reallocated . Treasurer Jewell responded that the Art fund balance is carried forward from year to year and two percent of the current year revenues are allocated to the Art fund each fund . President Getchell advised that the two percent allocation is set aside at the discretion of the Board . Director Adams stated that she would like to hold off on any discussions regarding the Art fund allocation until after the library renovation has been completed to ensure that all funding needs have been met . ITEM NO . 4 AUTHORIZED EXPENDITURE OF FUNDS FOR DEMOLITION OF WILSHIRE POOL Director of Parks and Community Services McDonald presented the item and reported on the age , condition , and usage of the Wilshire swimming pool . He stated that the swimming pool was built in 1972 and has reached its end of life . He added that maintenance and repairs to the swimming pool over the past several years has been costly and the swimming pool is in need of a complete rebuild at a cost of approximately $2 million . He stated that renovating the swimming pool is not an option due to EDC Meeting Minutes Page 3 of 4 May 13, 2019 technological advances being beyond the infrastructure of the current swimming pool . Additionally, the usage of the facility is low as well ( 1 , 000 in 2018 season ) . Given the current condition of the swimming pool , staff is recommending demolition of the swimming pool at a cost not to exceed $75 , 000 . Director Tompkins inquired about the availability of deep water swimming pools in Euless . Director of Parks and Community Services McDonald responded that no deep water pools are owned by the City. Director Stinneford motioned to authorize the expenditure of funds for the demolition of Wilshire Swimming pool located at 315 Sierra Drive at a cost not to exceed $75 , 000 . Seconded by Director Adams , the motion carried by a unanimous vote . ITEM NO . 5 AUTHORIZED CONTRIBUTION OF FUNDS FOR LIBRARY ART PROJECT COMMISSIONED BY THE EULESS LIBRARY FOUNDATION President Getchell advised that the Euless Library Foundation ( ELF) is currently undertaken a fundraising effort to raise funds to commission "The Bubble Wall " . The new art installation will be a part of the newly renovated library. She advised that the Foundation has raised between $70 , 000 and $75 , 000 and the cost of the project is estimated at $ 125 , 000 . The ELF will continue fundraising efforts ; however, the library renovation is at a point that a decision needs to be made regarding the installation of the wall . The ELF is requesting the EDC authorize a contribution not to exceed $ 50 , 000 for the installation of the bubble wall . President Getchell advised that if the ELF is successful at continuing to raise the funds , the EDC would only provide the amount needed to complete the project. Director Stinneford motioned to authorize a contribution from the art fund to the Euless Library Foundation in an amount not to exceed $ 50 , 000 for the installation of the "The Bubble Wall " . Seconded by Director Turner, the motion carried by a unanimous vote . ITEM NO . 6 HEARD REPORTS ON CURRENT AND UPCOMING PROJECTS Director of Parks and Community Services McDonald presented an update related to the Carr Park improvements . Library Director Sherry Knight presented an update related to library services , including a video of the current library renovation . Additionally , she provided an update related to the HEB Reads event as well as the RFID tagging and reclassification projects . EDC Meeting Minutes Page 4 of 4 May 13, 2019 • Planning and Economic Development Director Mike Collins presented the development update , including Glade Parks , Founders Parc , development at State Highway 360 and Harwood Road , and development along the State Highway 121 corridor. ITEM NO . 6 ADJOURN There being no further business before the Board , the meeting was adjourned at 7 : 08 p . m . APPROVED : ATTEST : A `., . �./I „ iL d = artin Ki utter • Chairman Secretary a � 1 � r • ` „ • ' " �/ (Noy. �• ,� `° i ,.