HomeMy WebLinkAbout2011/08/02-Minutes-Fort Worth Local Development Corporation (FWLDC)CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, AUGUST 2, 2011
Present:
President Frank Moss
Vice President Danny Scarth
Treasurer W.B. "Zim" Zimmerman
Director Betsy Price
Director Salvador Espino
Director Dennis Shingleton
Director Joel Burns
Director Kathleen Hicks
Absent:
Director Jungus Jordan
City staff:
Susan Alanis, Assistant City Manager
Peter Vaky, Deputy City Attorney
Ron Gonzales, Assistant City Secretary
Jay Chapa, Director, Housing & Economic Development Department
Jean Petr, Gas Lease Program Manager, Planning and Development Department
Other City staff in attendance included:
Cynthia Garcia, Assistant Director, Housing & Economic Development Department
Robert Sturns, Economic Development Manager, Housing & Economic Development Dept.
Mark Folden, Business Development Coordinator, Housing & Economic Development Dept.
Henry Day, Senior Management Analyst, Housing & Economic Development Department
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 2:37 p.m. on Tuesday, August 2, 2011, in the Pre - Council Chamber of the Fort
Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas, with Director Jordan absent.
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, AUGUST 2, 2011
Page 2
Approval of Minutes from Meeting Held on
June 7.2011 (Agenda Item 2)
President Moss opened the floor for a motion on the minutes.
MOTION: Upon a motion made by Director Espino and seconded by Director Zimmerman,
the Board of Directors of the Fort Worth Local Development Corporation voted
unanimously eight (8) "ayes" and zero (0) "nays ", with Director Jordan absent, to
approve the minutes of the June 7, 2011, meeting of the Fort Worth Local
Development Corporation. The motion carried.
Election of Officers
(Agenda Item 3)
President Moss opened the floor for the nominations of Officers for the Fort Worth Local
Development Corporation.
MOTION: Upon a motion made by Director Espino and seconded by Director Hicks, the
Board voted unanimously eight (8) "ayes" and zero (0) "nays ", with Director
Jordan absent, that Frank Moss be elected as President, Danny Scarth be elected
as Vice President, and W. B. "Zim" Zimmerman be elected as Treasurer for the
Fort Worth Local Development Corporation, effective June 7, 2011. The motion
carried.
Consideration of Financial Report (Agenda Item 4A)
President Moss referenced the following financial report:
The Balance Sheet dated June 30, 2011, for the Corporation (unaudited) as follows:
Assets
Cash and cash equivalents
Interest Receivable
Accounts Receivable
Total Assets
Liabilities and Fund Balance
Accounts and Contracts Payable
Total Liabilities
$1,935,948.90
8,047.63
1,245.19
$1,945,241.72
'1 11
,1 11,
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, AUGUST 2, 2011
Page 3
Consideration of Financial Report (cont'd)
Fund Balance (Deficit)
Designated for Authorized Expenditures
Net Income
Undesignated
Total Fund Balance
Total Liabilities and Fund Balance
(Agenda Item 4A)
$2,492,627.92
(547,386.20)
0.00
1,945,241.72
$1,945,241.72
The Statement of Revenues and Expenditures from October 1, 2010, through
June 30, 2011 (unaudited), for the Corporation as follows:
Revenues
Property Tax Reimbursement
$41,669.14
Revenue from Rents
271,596.51
Gas Lease Bonus
0.00
Gas Lease Royalties
82,032.40
Easement for Pipelines
15,003.29
Interest Income
16,980.43
Change in Fair Value of Investments
0.00
Other Revenue
51,198.38
Total Revenue
4,455.51
Expenditures
Bank Charges
$236.22
Contractual Services
687,954.03
Insurance
37,530.60
Property Management
10,863.90
Property Purchase
0.00
Property Taxes
120,315.39
Repairs
91,869.09
Security System
4,455.51
Storm Water Utility
23,726.25
Transfers to City
26,000.00
Utilities
22,915.36
Total Expenditures
$478,480.15
$1,025,866.35
Excess (Deficiency) of Revenues Over (Under) Expenditures ($547,386.20)
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, AUGUST 2, 2011
Page 4
Consideration of Financial Report (cont'd) (Agenda Item 4A)
Fort Worth Local Development Corporation dated June 30, 2011, (unaudited) for
the Corporation as follows:
Total Cash at June 30, 2011
Cash in Property Management Account
Cash available in City account
Commitments
Evans & Rosedale Enhanced CFA
Survey Expenses
Lancaster Project
Oliver's Fine Foods
Reserves
Maintenance Reserve
Property Tax Reserve
Total Commitments & Reserves
Unrestricted Cash Available
$1,935,948.90
(70,606.44
1,865,342.46
$39,287.81
$6,250.00
575,500.00
455,000.00
100,000.00
100,000.00
1,276,037.81
$589,304.65
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.
Executive Session (Agenda Item 5)
President Moss stated that he had been advised that an Executive Session was not
necessary on the following items:
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, AUGUST 2, 2011
Page 5
Executive Session (cont'd) (Agenda Item 5
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
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 related to any economic development negotiations,
as authorized by Section 551.087 of the Texas Government Code.
This agenda item was passed over.
Adopt Resolution Approving a Natural Gas
Pipeline License Agreement with Texas Midstream
Gas Services, LLC, Across 1776 East Berry Street
(Agenda Item 6)
President Moss passed over the staff presentation on this item and opened the floor for
discussion on this issue.
MOTION: Upon a motion made by Director Hicks and seconded by Director Burns, the
Board of Directors of the Fort Worth Local Development Corporation voted
unanimously eight(8) "ayes" and zero (0) "nays ", with Director Jordan absent, to
approve and adopt Resolution No. FWLDC-201 1 -10. The motion carried.
Adopt Resolution Approving Certificate of
Formation and Related Company Agreement of
Lancaster Corridor Redevelopment, LLC, for
Purposes of Owning and Operating a Residential
Development to be Constructed on Lancaster
Avenue Between Taylor and Houston Streets (Agenda Item 7)
Mr. Jay Chapa, Director, Housing and Economic Development Department, stated that
the resolution created the Lancaster Corridor Redevelopment, LLC, which was the limited
liability corporation that would own the development that the Corporation was currently
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, AUGUST 2, 2011
Page 6
Adopt Resolution
Approving Certificate of
Formation and Related Company Agreement of
Lancaster Corridor
Redevelopment, LLC, for
Purposes of Owning
and Operating a Residential
Development to be
Constructed on Lancaster
Avenue Between
Taylor and Houston
Streets (cont'd)
(Agenda Item 7)
pursuing on Lancaster Avenue between Jennings and Taylor Streets. He added that the project
would be multi- family and office and would be in partnership with the Bass Family of Fort
Worth. He advised that as with other limited liability corporations, the managers of the LLC
would be Interim City Manager Tom Higgins, Assistant City Manager Susan Alanis and himself
as Director of the Housing and Economic Development Department.
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 Burns and seconded by Director Hicks, the
Board of Directors of the Fort Worth Local Development Corporation voted
unanimously eight(8) "ayes" and zero (0) "nays ", with Director Jordan absent, to
approve and adopt Resolution No. FWLDC-201 1 -11.
Adopt Resolutions Appointing Tom Higgins, Susan
Alanis and Jay Chapa as Authorized Signatory
Agents for the Fort Worth Local Development
Corporation (Agenda Item 8)
President Moss passed over the staff presentation on this item and opened the floor for
discussion on this issue.
MOTION: Upon a motion made by Director Zimmerman and seconded by Director Scarth,
the Board of Directors of the Fort Worth Local Development Corporation voted
unanimously eight(8) "ayes" and zero (0) "nays ", with Director Jordan absent, to
approve and adopt Resolution Nos. FWLDC- 2011 -12, FWLDC- 2011 -13 and
FWLDC- 2011 -14 . The motion carried.
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
CALLED — SPECIAL SESSION
TUESDAY, AUGUST 2, 2011
Page 7
Requests for Future Agenda Items (Agenda Item 9)
President Moss opened the floor on requests for future agenda items. No requests were
made by Corporation Board members.
Adiourn
(Agenda Item 10)
With no further business before the Board, President Moss adjourned the called — special
session of the Fort Worth Local Development Corporation at 2:40 p.m. on Tuesday,
August 2, 2011.
These minutes approved by the Fort Worth Local Development Corporation on the
Stn_ day of JSeptember 2011
APPROVED:
4rank Moss
President
Prepared and respectfully submitted by:
• 6",
onald P. Gonzales, IC04C
Assistant City Secretary