HomeMy WebLinkAbout2011-12-12 EDC MinutesEULESS DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
MINUTES
December 12, 2011
The Board of Directors of the Euless Development Corporation met on Monday,
December 12, 2011, in the Precouncil Conference Room of City Hall in the Municipal
Complex, 201 North Ector Drive, Euless Texas.
The following persons were in attendance:
Mayor Mary Lib Saleh, Chairman
Council Member Linda Martin, Vice Chairman
Council Member Glenn Porterfield
Citizen Member Sonja Adams
Citizen Member Carmen Deithloff
Citizen Member Wayne Marrs (arrived at 5:15 p.m.)
City Manager Gary McKamie, President
Deputy City Manager Loretta Getchell, First Vice President
Director of Economic Development Mike Collins, Second Vice President
Finance Director Vicki Rodriquez, Treasurer
City Secretary Kim Sutter, Board Secretary
Assistant City Manager Chris Barker
Director of Parks and Community Services Ray McDonald
Library Administrator Kate Lyon
Council Member Tim Stinneford was not present.
ITEM NO. 1. CALL TO ORDER
Chairman Mary Lib Saleh called the meeting to order at 5:04 p.m.
ITEM NO. 2 APPROVAL OF MINUTES OF AUGUST 8, 2011, MEETING
Upon motion by Linda Martin and second by Sonja Adams, the minutes of the August 8,
2011, meeting were approved by unanimous vote (W. Marrs not present).
ITEM NO. 3 REVIEW FINANCIAL REPORT FOR THE QUARTER ENDING
SEPTEMBER 30, 2011
Treasurer Vicki Rodriquez presented the unaudited report for the period ending
September 30, 2311 _ She reported sales tax collections through the end of September of
$3,310,218, which represents 103 percent of budget, and operating expenditures were
within budget at $3,137,105, representing 88 percent of appropriations. The estimated
operating fund balance at the end of the fiscal year is $1,311,884.
EDC Meeting Minutes Page 2 of 3 December 12, 2011
Treasurer Rodriquez advised that the capital projects fund had expenditures of $139,693.
The remaining balance in the capital projects fund for projects not yet completed is
$168,722, and the monies will be rolled to FY 2012 for the completion of the projects.
Additionally, undesignated capita! project funds in the amount of $1,078,743 remain
available for allocation to future projects.
In closing, Treasurer Rodriquez reviewed the expenses and revenues associated with the
debt service and debt reserve funds, and advised the Board that interest income earned
during the fiscal year in excess of the required reserve was transferred to the EDC
operating fund at the end of the fiscal year ($7,241).
Upon motion by Glenn Porterfield and second by Carmen Deithloff, the Board accepted
the financial report as presented by unanimous vote (W. Marrs not present).
ITEM NO.4
CONSIDER ALL MATTERS INCIDENT Ti AND RELATED TO THE
ISSUANCE AND SALE OF "EULESS DEVELOPMENT
CORPORATION SALES TAX REVENUE REFUNDING BONDS,
SERIES 21912 ", INCLUDING TH.E ADOPTION OF RESOLUTION
ELI . 16 -11 AUTHORIZING THE ISSUANCE OF SUCH ONDS
AND PROVIDING FOR THE REDEMPTION OF THE
OBLIGATIONS BEING REFUNDED
Deputy City Manager Loretta Getchell presented the item and advised that the refunding
will refinance all existing Euless Development Corporation debt. She stated that the initial
bonds were issued by the Corporation in 1994, 1996, and 1999, and were subsequently
refunded in 2002 (1994) and 2006 (1996 and 1999).
Jason Hughes and Sarah Bedford of First Southwest Company presented a brief overview
of the refunding, including the following:
- Series 2012 Sales and Tax Revenue Refunding Bonds
o $3,790,000 issued
a True interest cost = 1.430%
o Total debt service savings = $220,381
o Present value savings % = 4.875%
o Average annual savings = $31,483
Upon motion by Glenn Porterfield and second by Linda Martin, to approve all matters
incident and related to the issuance and sale of "Euless Development Corporation Sales
and Tax Revenue Refunding Bonds, Series 2012 ", including approval of Resolution No.
16 -11, authorizing the issuance of such bonds and providing for the redemption of the
obligations being refunded, was approved by unanimous vote.
ITEM NO. 5 HEAR REPORTS ON CURRENT AND UPCOMING PROJECTS
City Manager McKamie reported on the following:
EDC Meeting Minutes
Page 3 of 3 December 12, 2011
- Attended required biennial training in December 2011
- With the current refunding, the Euless Development Corporation will be debt -
free in 2019
Director of Parks and Community Services Ray McDonald reported on the following
items:
Installation of lighting a dog park
Aquatic Center design
Trailwood Park retaining. wall
Library Administrator Kate Lyon reported on the following items:
- 2012 Masterworks schedule.
Planning and Economic Development Director Mike Collins reported on the following
items:
- Glade Parks development located at State Highway 121 and Glade Road
o Raising Canes
o Rosa's Cafe
o Urban loft development
o Single family development
Taco Casa (FM 157 at Del Paso)
Harwood and Main
o Dental office
o Restaurant
ITEM'] NO. 7 ADJOURN
There being no further business before the Board, the meeting was adjourned at 5:27 p.m.
APPROVED: ATTEST:
C7/ aLZa r ,fit rrL
Mary Lib S leh Kim Sutter
Chairman Secretary