HomeMy WebLinkAbout2000/02/15-Minutes-HEDC City of Fort Worth
City Council
Economic Development Committee
Highlights of the Meeting Held
C) Tuesday, February 15,2000
Committee Members Present: Jeff Wentworth, Becky Haskin, Frank Moss, and Jim Lane
Other Council Members and Staff Present: Mike Groomer, Tom Higgins, David Yett, &Ardina Washington
1. Call to Order: The meeting was called to order by Chairman Wentworth at 12:43 p.m.
2. Approval of Minutes from the Previous Meeting: Chairman Wentworth asked if anyone had any corrections
to the minutes. There were none. The minutes were approved.
3. Siecor Tax Abatement Application: Tom Higgins, Economic Development Director, presented information
submitted by Siecor Operations, LLC for tax abatement consideration (see attachment). Siecor representatives
Pete Grantham and Vicki Hawkins were present to address questions. After receiving answers to their
questions,the Committee recommended presenting the information to the entire Council.
4. Application to Sunbelt Industrial Development Corporation By Texas American FoodService: Tom
Higgins reported that representatives from Texas American FoodService, located on the north side, have
submitted an application to Sunbelt Industrial Development Corporation requesting an inducement resolution
so that they may obtain industrial development bonds to purchase new equipment and create a new
manufacturing operation. Mary Williams, Senior Vice President for First Southwest Company, the City of Fort
Worth's financial advisor, reported that the company will issue bonds and the security of the bonds is solely the
, responsibility of the company. There is no commitment or liability by the City or the State. As financial
advisor, First Southwest's role is to determine if the company is financially sound. Ms. Williams submitted the
application and other information about the company (see attachment). Representatives from the company
were present. After discussion, the Committee recommended that an inducement resolution be put on the
Sunbelt Industrial Development Corporation agenda.
5. Renewal of Tax Abatement Policy: Tom Higgins discussed readopting of the current tax abatement policy
because it expires February 24, 2000, with the understanding that a new policy will be brought to the EDC at a
later date. Additionally, Mr. Higgins mentioned a portion of the tax abatement policy refers to the "inner city"
and it would be best to include the Council's determination of"inner city" in the new policy. After discussion,
the Committee recommended readoption of the current policy. Chairman Wentworth asked Mr. Higgins to
present a broad outline of the new policy at the next EDC meeting, so that the Committee can discuss the
proposed new policy.
6. Update on Proposed Enterprise Zones: Ardina Washington, Business Development Coordinator, provided
update information (including facts from the four public hearings) about the proposed South Enterprise Zone
and the proposed Southeast Enterprise Zone (see attachment). After discussion, the Committee recommended
the proposed zones be presented to the entire Council, so that a nominating ordinance can be obtained.
7. Adjourn: Chairman Wentworth adjourned the meeting at 1:33 p.m.
Approved By:
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Jeff Wentworth, Chairman