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Home My WebLink About2010/09/14-Minutes-Fort Worth Local Development Corporation (FWLDC)CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, SEPTEMBER 14, 2010 Present: President Frank Moss Vice President Danny Scarth Treasurer W. B. "Zim" Zimmerman Director Mike Moncrief Director Salvador Espino Director Jungus Jordan Z=1 Director Kathleen Hicks Director Joel Bums Absent: Secretary Carter Burdette CitAv staff: 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 LeAnn Guzman, Assistant City Attorney Jay Chapa, Director, Housing & Economic Development Department Andrew Rhodes, Economic Development Specialist, 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 1-ocal Developrnent Corporation (CorpOration) at 1: 14 p . on Tuesday, September 14, 201 in the Pre-Council Chamber of the Fort Worth Munt"cipall Building, 100U Throckmorlon, Font Worth, Texas, with Secretary Burdette absent, w Approval of Minutes from Meeting held on Atuil 2010 (Agenda Item 2) Preslide-na "vLos, iopened fle t1loor a -n-mb--n-, on the 1-ruinutt:,s, CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, SEPTETNIBER 14,2010 Page 2 Approval of Minutes from Meeting held on April 6, 2010 (cont1d) (Agenda Item 2) MOTION: Upon a motion made by Director Zimmerman and seconded by Director Moncrief, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously eight (8) "ayes" and zero (0) "nays". with Secretary Burdette absent, to approve the minutes of the April 6, 2010, 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 July 31, 2010, for the Corporation as follows: Assets Cash and cash equivalents $2,015,781.48 Interest Receivable 6,843.08 Accounts Receivable (1) 390,000.00 Total Assets $2,412,624.56 Liabilities and Fund Balance Accounts and Contracts Payable 0.00 Total Liabilities 0.00 Fund Balance (Deficit) Designated for Authorized Expenditures S2,507,42 LQ2 Net Incorre 1) 4 7Q 6, 4 6) Undesignated 0.00 Total Fund Balance 1,412a64.56 Toial Liabilitic-s and Fund Balance S2,411,624-56 0 1 A" I Accownts, Rece"i,—aNe are thrn,)n City,,o fffo- r Wtor-111 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED - SPECIAL SESSION TUESDAY, SEPTEMBER 14, 2014 Page 3 Consideration of Financial Report (cont'd) (Agenda Item 3A) The Statement of Revenues and Expenditures from October 1, 2009, through July 31, 2010 (Unaudited), for the Corporation as follows: Revenues Property Tax Reimbursement $50,365.84 Revenue from $16,870.56 Rents 273.931.78 Gas Lease Bonus 10,586.88 Gas Lease Royalties 36,091.39 Interest Income 27.450.81 Other Revenue 0.00 Total Revenue $398.426.71 Expenditures Bank Charges $273.86 Commissions $16,870.56 Contractual Services 54,528.63 Insurance 48,057.50 Property Management 10,957.15 Property Purchase 88,124.95 Property Taxes 145,825.78 Repairs 52,366.76 Security System 3,563.62 Storm Water utility 24,854.00 Transfers to City 26,000.00 Utilities 21.800,36 Total Expenditures S493,223 17 L 0 6 41 xcess (D erns iencv) oll"'Revenues Over (Under, Expenditures k '? ulµ I The Schedule of Available Funds dated July 31, '2010 (Unaudited), for the Corp ration as follows- Total Cash at July 31, 2010 QJ) 1 5 781 A8 Cash -Ing Pru.-,pertry Managt- _._r._ ash; atvadablle '�1'11 Citv acc,,'wnt 19 0,9 -4`1 80 , 3 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED - SPECIAL SESSION TUESDAY, SEPTEMBER 14, 2010 Page 4 Consideration of Financial Report (cont'd) Commitments Remediation of 1108 E. Berry Evans & Rosedale Enhanced CFA Survey Expenses Reserves Maintenance Reserve Property Tax Reserve Total Commitments & Reserves Unrestricted Cash Available (Agenda Item 3A) $150,000.00 $830,0ftOO $6,250.00 100,000.00 100,000.00 1,186,250.00 $813,330.07 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 t 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 fon-nal action on the reports and the reports were accepted as presented. Adopt Resolution Authorizing a Temporary Right of Access with XTO Energy, for Property= at 4600 Blue Mound Road (Agenda Item 4) President Moss advised the Corporation Board that the resolution had been "pulled" from considerafion and no action was nee essary. Thi's itern was passed over, Adopt Resolution Approving Budget for the 2010-2011 Fiscal Year (Agenda Item 5) Ms, Cynthia Garcia, Assistant Director, Housing and Economic Development Department, presented the following p.-Oposed 2010-2011 Fiscal Year Budget for the Fort Worth Local Development Corporatior a-rid recornmende d that the Coarporatic-n-, adopt the resolution, CITY OF FORT WORTH, TEXAS FORT FORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, SEPTEMBER 14, 2410 Page 5 Adopt Resolution Approving Budget for the 2410 -2011 Fiscal Year (cont'd) (Agenda Item 5) Revenues Property Tax Reimbursements $47,300.00 Revenue from Rents $354,630.00 Gas Lease Royalties $30,000.00 Sale of Property $0.00 Interest Income $15,000.00 Change in Fair Value of Investments 0.00 Other Revenue $0.00 TOTAL REVENUE $446,930.00 Expenditures Bank Charges $350.00 Contractual Services $20,000.00 Insurance $5$,000.00 Property Management $14,185.20 Property Purchase $0.00 Property Taxes $123,000.00 Repairs $40,000.00 Security System $5,182.92 Storm Water Utility $32,400.00 Surveys and Appraisals $5,000.00 Transfers to City $26,000.00 Utilities $20,200.00 TOTAL EXPENDITURES $344,31$,12 EXCESS (DEFICIENCY) OF X102,611.$$ REVENUES OVER (UNDER) President 'Moss opened the floor for discussion on this issue. There being no dirt u£s`'skm, President Moss opened the floor for a motion, MOTION: Upon a moti on jade by Director Moncrief and seconded by Director Espino, the Board of Directors of the Fort Worth Local l e elopment Corporation voted unanimously eight 8;1 "ayes" and zero ( fib "nays", with Secretary Burdette absent. to approve and adopt Resolution No. l WL1C- 2010$04. The notion carried. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, SEPTEMBER 14, 2010 Page 6 Adopt Resolution to Purchase Tax- Foreclosed Property from the City of Fort Worth (Agenda Item 6) Ms. Cynthia Garcia, Assistant Director, Housing and Economic Development Department, addressed the Corporation regarding the proposed resolution. Ms. Garcia advised that the City of Fort Worth was in the process of selling many of its tax foreclosed properties and making an inventory of all the properties. She added that the City of Fort Worth had identified numerous properties that either the City was using for a specific purpose or would like to use for a park, water, police or fire. She recalled a presentation she made to the Corporation in 2009 regarding how the City of Fort Worth was unable to receive a title policy if the City was to purchase these properties directly and therefore staff had recommended selling the properties to the Corporation and then the Corporation would sell the properties back to the City of Fort Worth. Ms. Garcia advised that the resolution under consideration would allow the Corporation to purchase tax-foreclosed properties on behalf of the City of Fort Worth. She pointed out that the purchase would only be in cases where there was a request from the City Manager of the City of For, Worth to the Corporation to purchase the properties. She added that upon the purchase by the Corporation, the Corporation would sell the properties back to the City of Fort Worth in order for the City to have a title policy. She requested that the Corporation provide authorization for an amount not to exceed S 100,000.00 to purchase the properties on behalf of the City of Fort Worth in which the City of Fort Worth would then reimburse the Corporation of all costs. 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 Moss, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously eight (8) -aves" and zero (0) "nays", with Secretary Burdette absent, to approve and adopt Resolution No. FWLDC-20-1 0-05. The motion cat-Hed. Executive Session (Agenda Itern7) 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 WrIACH 14X*01-1 CALLED — SPECIAL SESSION TUESDAY, SEPTEMBER 14,2010 Page 7 Executive Session (cont'd) (Agenda Item7) A. Seek the advice of its attorneys concerning 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 551.071 of the Texas Government Code; 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. Requests for Future Agenda Items (Agenda Item 8 President Moss opened the floor on requests for future agenda items. No requests were made by Corporation Board members. (Agenda Item 9 With no further business before the Board, President Moss adjourned the called — special session of the Fort Worth Local Development Corporation at 1:19 p.m. on Tuesday, September 14, 2010. th A These minutes approved by the Fort Worth Local Development Corporation on the ,-7 day of December , 2010° APPROVED- 4 Frank Moss Pr--,,- ident CITY OF FORT WORTH, TEXAS FORT CALLED — SPECIAL SESSION TUESDAY, SEPTEMBER t4,2010 Page 8 Carter Burdette, Secretary Prepared and respectfully submitted by: Ro'nald P. Gonzales,f,.R�M/CNIC Assistant City Secretary