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Home My WebLink About2010/04/06-Minutes-Fort Worth Local Development Corporation (FWLDC)CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED - SPECIAL SESSION TUESDAY, APRIL 6, 2010 Present: President Frank Moss Vice President Danny Scarth Secretary Carter Burdette Treasurer W. B. "Zim" Zimmerman Director Mike Moncrief (Arrived at 1:09 pm.) Director Salvador Espino Director Jungus Jordan Director Kathleen Hicks Director Joel Bums City sta : Tom Higgins, Assistant City Manager Peter Vaky, Senior Assistant City Attorney Ron Gonzales, Assistant City Secretary Cynthia Garcia, Assistant Director, Housing & Economic Development Department Other City staff in attendance included: Marty Hendrix, City Secretary 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 1:07 p.m. on Tuesday, April 6, 2010, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth. Texas, with Director Moncrief temporarily absent. Approval of N-linutes from Meeting held on N,la-rch 2 2010 (Agenda Item 2) president Moss opened the floor for a m,.,-,-tion on the minutes. IOTION: Upon a motion made by Director Hicks and seconded by Director Jordan, the Board of Directors of the Fort Worth Local Development Corporation voted unanimOUSIV ei_Lyht (8) .,ayes" and zero (0) "nays", with Director Moncrief temporarfly absent, to apprc-,,ve the minutes tnf thwe March 22. 20j 1'0, n-it ettiging of the Fort Wt,,-,irffi 1_1�caal De%-elopment TheIT10th-M! CA CITY OF FORT '!NORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL: 6, 2010 Page 2 Consideration of Financial Report (Agenda Item 3A) President Moss referenced the following financial report. The Balance Sheet dated February 28, 2010, for the Corporation as follows: Assets Cash and cash equivalents S2,067,64T 12 Interest Receivable 7.396.15 Accounts Receivable (1) 390,000.00 Total Assets 52,465,043.27 Liabilities and Fund Balance Accounts and Contracts Payable 0,00 Total Liabilities 0,00 Fund Balance (Deficit) Designated for Authorized Expenditures ?,507,421.02 Net Income 14 2, 37 7 75 Llndesignated 0.00 Total Fund Balance 2.465,043.27 Total Liabilities and Fund Balance 52,465,04127 (1 ) All Accounts Receivable are from City of Fort Worth The Statement of Revenues and Expenditures ftom October 1 , 009, throug F brua v 2 , 201 f naud4 ), for the Corporation lfi- lbws: CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED - SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 3 Consideration of Financial Report (cont'd) (Agenda Item 3A) Revenues Property Tax Reimbursement 1 $47,087.24 Revenue from Rents 129,068.15 Gas Lease Bonus 0.00 HUD Loan Administration Fee 0.00 Interest Income 15,965.97 Change in Fair Value of Investments 0.00 Other Revenue 0.00 Total Revenue S192,121.36 Expenditures Bank Charges $115.72 Contractual Services 26,724.31 Loa 0,159.00 Property Management 5 162.70 Property Purchase 0.00 Property Taxes 145,825.78 Repairs 14,986.84 Storm Water Utility 10,961.25 Transfers to City 0.00 Utilities 10,563.51 Total Expenditures $234,499.11 Excess (Deficiency) of Revenues Over (Under) Expenditures 1. The Statement of Available Funds dated February 28, 2010 (unaudited), for the Corporation as follows- Total Cash at February 2I8, 2010 S2,067,647.12 Cash in Property Management Account 2' --s 1 , Q 4'r C-ash avaflable in City account 2 -,064.425,118 Commitments Rernedlation of 1108 E, Berry S 150,000.00 Purchases of Property Evans & Rosedale En--,anced CFA S,8, 3 00") 00 SU;r-%"-eV Expcn,-, es CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2410 Page 4 Consideration of Financial Report (cont'd) Reserves Maintenance Reserve Property Tax Reserve Total Commitments & Reserves Unrestricted Cash Available (Agenda Item 3A) 100,000.00 100,000.00 1,274,725.00 $789,700.18 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 of 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. Adopt Resolution Authorizing a Lease with A&R Transport, Inc., for Property at 4600 Blue Mound Road (Agenda Item 4) Ms. Cynthia Garcia, Assistant Director, Housing and Economic Development Department-, addressed the Corporation regarding the proposed resolution. She displayed an aerial view of the property and advised that the property was previously the old American fronHorse property located near IH 35W and Northeast Loop 820 on Meacham Boulevard. She then displayed a closer aerial view of the property that depicted the specific location of the proposed lease area and added that the Corporation was currently leasing the property to A&R Logistics, Inc., as a parking lease. She displayed a picture of the building proposed to be leased and advised that A Log'stics. Inc,, had requested the expansion of their parking lease to in-Clude the buildinty on the comer of the property to start renting the inside of he ft'acility to house their trucks, She recommended the following lease termus: * 5-vear lease, • Lease terrp begins April 7, 2010 * Rent ofS4,398.87 per n-onth for thc first year; S-4,604,111 5 for the second --car: and n 4,809 . 44 1'-,,)-F the remai nder of the Initi, a' lease terr-n- and the r -,,news' te; in CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 5 Adopt Resolution Authorizing a Lease with A&R Transport, Inc. for Property at 4600 Blue Mound Road (cont'd) (Agenda Item 4) • A&R pays for all utilities, cleaning, security, lighting, fences and gates, repairs and maintenance. • A&R takes the property "As-Is" except that the Corporation must repair the existing drainage and sewer pipes within 60 days of execution. • A&R must insure the building and name the Corporation as an additional insured on the policy. President Moss opened the floor for discussion on this issue. Director Espino asked Ms. Garcia what business A&R Logistics, Inc., conducted. Ms. Garcia stated that the trucks owned by the business transported plastic pellets all over the country. Director Espino inquired how many people were employed by this business and Ms. Garcia stated that she believed there to be 50 to 70 employees. She added that the company had outgrown its current location and needed more parking as well as a facility to wash the trucks. (Director Moncrief arrived at the meeting.) There being no discussion. President Moss opened the floor for a motion. MOTION: Upon a motion made by Director Espino and seconded by Director Bums, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously nine (9) "ayes" and zero (0) "nays", to approve and adopt Resolution No. FWLDC-2010-03. The motion carried. Executive Session (Agenda Item 5) President Moss stated that he had been advised that an Executive Session was not necessary on the (_)flowing -items: A, Seek the advice of its attomevs c tin ceming legal issues regarding any current agenda items that are exempt from public disclosure under Article X_ Section 9, of the Texas State Bar Rules, as authorized by Section 551,07 of the Texas Govemment Code-, and CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY. APRIL 6, 2010 Page 6 Executive Session (cont'd) (Agenda Item 5) 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. 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. Adiourn (Agenda Item 7) With no further business before the Board, President Moss adjourned the called — special session of the Fort Worth Local Development Corporation at 1:10 p.m. on Tuesday, April 6, 2010. These minutes approved by the Fort Worth Local Development Corporation on the 14"' day of September 1 2010. 0 MGM= _' /-I jV A an \vloss President ATTEST, Carter Buren "eue. Secretary CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2410 Page 7 Prepared and respectfully submitted by: o—nald P. —Gonza1es,)TRMC/CKi—C Assistant City Secretary