HomeMy WebLinkAbout2011/04/05-Minutes-Fort Worth Local Development Corporation (FWLDC)CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, APRIL 5, 2011
Present:
President Frank Moss
Vice President Danny Scarth
Secretary Carter Burdette
Treasurer W.B. "Zim" Zimmerman
Director Mike Moncrief
Director Salvador Espino
Director Jungus Jordan
Director Kathleen Hicks
Director Joel Burns
City Staff:
Susan Alanis, Assistant City Manager
Peter Vaky, Deputy City Attorney
Ron Gonzales, Assistant City Secretary
Cynthia Garcia, Assistant Director, Housing & Economic Development Department
Other City staff in attendance included:
Jay Chapa, Director, Housing and Economic Development Department
Robert Sturns, Economic Development Manager, Housing & Economic Development Dept.
LeAnn Guzman, Assistant City Attorney
Call to Order
(Agenda Item 1)
With a quorum of the Board Members present, President Moss called the called - special
session to order for the Board of Directors of the Fort Worth Local Development Corporation
(Corporation) at 2:42 p.m. on Tuesday, April 5, 2011, in the Pre - Council Chamber of the Fort
Worth Municipal Building, 1000 Throckmorton Street, Fort Worth, Texas.
Approval of Minutes from Meeting held on
March 1, 2011 (Agenda Item 2)
President Moss opened the floor for a motion on the minutes.
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, APRIL 5, 2011
Page 2
Approval of Minutes from Meeting held on
March 1, 2011 (cont'd) (Agenda Item 2)
MOTION: Upon a motion made by Director Moncrief and seconded by Director Scarth, the
Board of Directors of the Fort Worth Local Development Corporation voted
unanimously nine (9) "ayes" and zero (0) "nays ", to approve the minutes of the
March 1, 2011, meeting of the Fort Worth Local Development Corporation. The
motion carried.
Consideration of Financial Report (Agenda Item 3A)
President Moss referenced the following financial report:
The Balance Sheet dated February 28, 2011, for the Corporation (unaudited) as follows:
Assets
Cash and cash equivalents $2,129,150.98
Interest Receivable 9,236.01
Accounts Receivable 6,073.59
Total Assets $2,144,460.58
Liabilities and Fund Balance
Accounts and Contracts Payable 0.00
Total Liabilities 0.00
Fund Balance (Deficit)
Designated for Authorized Expenditures $2,492,627.92
Net Income (348,167.34)
Undesignated 0.00
Total Fund Balance 2,144,460.58
Total Liabilities and Fund Balance $2,144,460.58
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, APRIL 5, 2011
Page 3
Consideration of Financial Report (cont'd) (Agenda Item 3A)
The Statement of Revenues and Expenditures from October 1, 2010, through
February 28, 2011 (unaudited), for the Corporation as follows:
Revenues
Property Tax Reimbursement
$39,046.26
Revenue from Rents
150,886.95
Gas Lease Bonus
0.00
Gas Lease Royalties
44,615.88
HUD Loan Administration Fee
0.00
Interest Income
10,023.90
Change in Fair Value of Investments
0.00
Other Revenue
0.00
Total Revenue
$244,572.99
Expenditures
Bank Charges
$39,046.26
Contractual Services
404,553.39
Insurance
22,215.75
Property Management
6,035.50
Property Purchase
0.00
Property Taxes
120,315.39
Repairs
16,353.00
Security System
2,727.87
Storm Water Utility
13,181.25
Transfers to City
0.00
Utilities
7.230.85
Total Expenditures $592,740.33
Excess (Deficiency) of Revenues Over (Under) Expenditures ($348,167.34)
Fort Worth Local Development Corporation Schedule of Available Funds dated
February 28, 2011, (unaudited) for the Corporation as follows:
Total Cash at February 28, 2011 $2,129,150.98
Cash in Property Management Account (16,222.60)
Cash available in City account 2,112,928.38
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, APRIL 5, 2011
Page 4
Consideration of Financial Report (cont'd) (Agenda Item 3A)
Commitments
Evans & Rosedale Enhanced CFA $298,553.64
Survey Expenses $6,250.00
Reserves
Maintenance Reserve 100,000.00
Property Tax Reserve 100,000.00
Total Commitments & Reserves 504,803.64
Unrestricted Cash Available $1,608,124.74
The Schedule of Available Funds noted that on August 21, 2007, $275,000.00 was
transferred to the City (M &C C- 22334) with the understanding that it would be paid back when
properties along Lancaster are sold. The transfer was made to fund an art sculpture on Lancaster
Avenue. On December 18, 2007, $162,000.00 was transferred to the City (M &C C- 22592) with
the understanding that it would be paid back when properties along Lancaster are sold. The
transfer was made to fund survey services and improvements on Lancaster Avenue. In
September 2008, $92,321.91 of the $162,000.00 was returned to the LDC.
President Moss opened the floor for discussion and /or comments on these reports. There
was no discussion or formal action on the reports and the reports were accepted as presented.
(Vice President Scarth left his place at the table and did not return to the meeting.)
Executive Session (Agenda Item 4)
In accordance with Chapter 551 of the Texas Government Code, President Moss and the
Directors of the Fort Worth Local Development Corporation, with Vice President Scarth absent,
convened into Executive Session at 2:43 p.m., on Tuesday, December, 7, 2010, in the Pre -
Council Chamber of the Fort Worth City Hall, 1000 Throckmorton Street, Fort Worth, Texas
76102, in order to:
A. Seek the advice of its attorneys concerning the following items that are exempt from
public disclosure under Article X, Section 9, of the Texas State Bar Rules, as
authorized by Section 551.071 of the Texas Government Code: (i) legal issues
concerning any current agenda item; and
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, APRIL 5, 2011
Page 5
Executive Session (cont'd) (Agenda Item 4)
B. Discuss the purchase, sale, lease or value of real property, as authorized by Section
551.072 of the Texas Government Code. Deliberation in an open meeting would
have a detrimental effect on the position of the Corporation in negotiations with a
third party; and
C. Discuss or deliberate negotiations relating to any economic development
negotiations, as authorized by Section 551.087 of the Texas Government Code.
The Executive Session adjourned at 2:46 p.m.
President Moss reconvened from the Executive Session back into the called — special
session at 2:46 p.m., with Vice President Scarth absent.
Adopt Resolution Authorizing Lease
Agreement with United Pipe and Steel
Corporation for the Property Located at
4600 Blue Mound Road (Agenda Item 5)
Ms. Cynthia Garcia, Assistant Director, Housing and Economic Development
Department, addressed the Corporation regarding the proposed resolution. She explained that
there was one modification to the resolution under subparagraph (2) to change the "...rental rate
of $241,660.00 per month..." to "...per year..."
President Moss opened the floor for discussion on this issue.
There being no discussion, President Moss opened the floor for a motion.
MOTION: Upon a motion made by Director Moncrief and seconded by Director Espino, the
Board of Directors of the Fort Worth Local Development Corporation voted
unanimously eight (8) "ayes" and zero (0) "nays ", with Vice President Scarth
absent, to approve and adopt Resolution No. FWLDC - 2011 -02 as modified to
change the rental rate to $241,660.00 per year. The motion carried.
Requests for Future Agenda Items
(Agenda Item 6)
President Moss opened the floor on requests for future agenda items. No requests were
made by Corporation Board members.
_1:1_ day of June , 2011.
APPROVED:
Frank Moss
President
ATTEST:
Carter Burdette, Secretary