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Home My WebLink About2009/06/02-Minutes-Fort Worth Local Development Corporation (FWLDC) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 2, 2009 Present: President Jungus Jordan Secretary Carter Burdette Director Mike Moncrief(Arrived at 1:06 p.m.) Director Danny Scarth Director Frank Moss Director Kathleen Hicks Director Joel Burns (Arrived at 1:08 p.m.) Absent: Treasurer Sal Espino City staff: Tom Higgins, Assistant City Manager Peter Vaky, Senior Assistant City Attorney Ron Gonzales, Assistant City Secretary Jay Chapa, Director of Housing and Economic Development Department Jean Petr, Gas Lease Program Manager, Planning and Development Department Susan Alanis, Director, Planning and Development Department Guests Paul Midkiff, Midkiff Oil and Gas (City Consultant) Other City staff in attendance included: Ardina Washington, Business Development Coordinator, Housing and Economic Development Department Henry Day, Senior Management Analyst, Housing and Economic Development Department Delores Garza, Economic Development Specialist, Housing and Economic Development Department Sarah Fullenwider, Senior Assistant City Attorney Vicki Ganske, Senior Assistant City Attorney CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 2, 2009 Page 2 Call to Order (Agenda Item 1) With a quorum of the Board Members present, President Jordan called the called - special session to order for the Board of Directors of the Fort Worth Local Development Corporation (Corporation) at 1:02 p.m. on Tuesday, June 2, 2009, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas, with Directors Moncrief and Burns temporarily absent and with Treasure Espino absent. Approval of Minutes from Meeting held on April 7, 2009 (Agenda Item 2) President Jordan opened the floor for a motion on the minutes. MOTION: Upon a motion made by Director Hicks and seconded by Director Burdette, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously five (5) "ayes" and zero (0) "nays", with Directors Moncrief and Burns temporarily absent and with Treasure Espino absent, to approve the minutes of the April 7, 2009, meeting of the Fort Worth Local Development Corporation. The motion carried. President Jordan recessed the called — special session of the Corporation Board into Executive Session at 1:03 p.m., in accordance with the requirements of the Texas Open Meetings Law. President Jordan recused himself from the Executive Session and left the Pre-Council Chamber. Executive Session (Agenda Item 4) 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 related to any current agenda items; 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 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 2, 2009 Page 3 (Agenda Item 4) Executive Session (cont'd) 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 ended at 1:20. President Jordan reconvened from the Executive Session back into the called — special session at 1:22 p.m., and returned to Agenda Item 3. Consideration of Financial Report (Agenda Item 3) President Jordan referenced the following financial report: The Balance Sheet dated April 30, 2009, for the Corporation(unaudited) as follows: Assets Cash and cash equivalents $2,744,919.35 Interest Receivable 7,023.89 Accounts Receivable(1) 262,358.82 Total Assets $3,014,302.06 Liabilities and Fund Balance Accounts and Contracts Payable 0.00 Total Liabilities 0.00 Fund Balance (Deficit) Designated for Authorized Expenditures $3,019,991.77 Net Income (5,689.71) Undesignated 0.00 Total Fund Balance 3,014,302.06 Total Liabilities and Fund Balance $3,014,302.06 (1) All Accounts Receivable are from AIH Acquisition, LLC 262,358.82 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION TUESDAY,JUNE 2, 2009 Page 4 Consideration of Financial Report (cont'd) (Agenda Item 3) The Statement of Revenues and Expenditures from October 1, 2008, through April 30, 2009 (unaudited), for the Corporation as follows: Revenues Property Tax Reimbursement $41,802.43 Revenue from Rents 233,517.83 Gas Lease Bonus 0.00 HUD Loan Administration Fee 0.00 Interest Income 49,484.72 Change in Fair Value of Investments 0.00 Other Revenue 0.00 Total Revenue $324,804.97 Expenditures Bank Charges $130.73 Contractual Services 453.48 Insurance 0.00 Property Management 10,303.64 Property Purchase 152,303.48 Property Taxes 116,023.02 Repairs 12,682.58 Storm Water Utility 13,347.75 Transfers to City 25,250.00 Total Expenditures $330,494.68 Excess (Deficiency) of Revenues Over(Under) Expenditures ($5,689.71) The Schedule of Available Funds dated April 30, 2009 (unaudited), for the Corporation as follows: Total Cash at April 30, 2009 $2,744,919.35 Cash in Property Management Account (5,460.07) Cash available in City account 2,739,459.28 Commitments Cypress, Approved May 1, 2007 $150,000.00 Purchases of Properties $237,806.15 Loan to TIF # 13 (Woodhaven) $100,000.00 Survey Expenses $15,000.00 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 29 2009 Page 5 Consideration of Financial Report (cont'd) (Agenda Item 3) Fort Worth Partnership for Community $206,472.00 Development Reserves Maintenance Reserve 100,000.00 Property Tax Reserve 100,000.00 Total Commitments & Reserves 909,278.15 Unrestricted Cash Available $1,830,181.13 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 Jordan opened the floor for discussion and/or comments on these reports. There was no discussion or formal action on the report and the report was accepted as presented. Requests for Future Agenda Items (Agenda Item 5) President Jordan opened the floor on requests for future agenda items. No requests were made by Corporation members. Adiourn (Agenda Item 6) With no further business before the Board, President Jordan adjourned the called — special session of the Fort Worth Local Development Corporation at 1:25 p.m. on Tuesday, June 2, 2009. These minutes approved by the Fort Worth Local Development Corporation on the day of , 2009. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION TUESDAY, JUNE 2, 2009 Page 6 APPROVED: Jun s J an Pre tent ent ATTEST: Carter Burdette, Secretary Prepared and respectfully submitted by: /01 et.0-A- onald P. Gonzales, T Assistant City Secretar