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Home My WebLink About2007/12/18-Minutes-Fort Worth Local Development Corporation (FWLDC) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, DECEMBER 18, 2007 Present: President Jungus Jordan Vice President Chuck Silcox Secretary Carter Burdette Treasurer Salvador Espino Director Mike Moncrief Director Danny Scarth Director Frank Moss Director Kathleen Hicks Director Wendy Davis City staff: Dale Fisseler, Assistant City Manager David Yett, City Attorney Peter Vaky, Senior Assistant City Attorney Marty Hendrix, City Secretary Tom Higgins, Director of Economic and Community Development Department Jay Chapa, Assistant Director of Economic and Community Development Department Cynthia Garcia, Community Development Manager, Economic and Community Development Department Henry Day, Senior Management Analyst, Economic and Community Development Department Dolores Garza, Economic Development Specialist, Economic and Community Development Department Other City staff in attendance included: City Manager Charles Boswell Joe Paniagua, Assistant City Manager Kent Penney, Airport Systems Director, Aviation Department Fernando Costa, Director of Planning and Development Department Susan Alanis, Assistant Director of Planning and Development Department Bridgette Garrett, Director of Budget and Management Services Guest: Kirk Williams, with Cypress Equities CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, DECEMBER 18,2007 Page 2 Call to Order (Agenda Item 1) With a quorum of the Board Members present, President Jordan called the meeting to order for the Board of Directors of the Fort Worth Local Development Corporation (LDC) at 9:28 a.m. on Tuesday, December 18, 2007, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. Approval of Minutes from Meeting held on December 4,2007 (Agenda Item 2) President Jordan opened the floor for a motion on the minutes. 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 nine (9) "ayes" and zero (0) "nays", to approve the minutes of the December 4, 2007, meeting of the Fort Worth Local Development Corporation. The motion carried. Consideration of a Resolution to Extend the Term of the Master Developer Agreement with Cypress Equities I, L.P. for Development of the Evans & Rosedale Project Area (Agenda Item 3) Cynthia Garcia, Community Development Manager in the Economic and Community Development Department spoke before the Board on the resolution to extend the term of the Master Developer Agreement with Cypress Equities I, L.P. for the development of the Evans and Rosedale Project area. Using a PowerPoint Presentation, Manager Garcia provided a brief history of the project. She stated that in May 2007, the LDC authorized the execution of a Master Developer Agreement with Cypress Equities 1, L.P., for the Evans and Rosedale Project Area. The Master Developer Agreement was part of an overall plan between the City of Fort Worth and Cypress Equities for the development of the Evans and Rosedale Project Area. She reviewed the terms of the agreement as follows: Two Phases to the Master Developer Agreement CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, DECEMBER 18, 2007 Page 3 Phase I—Developer Services During Design Layout of proposed buildings Location of all utilities to serve new development Design guidelines To be completed by December 31, 2007 Phase II—Developer Services During Construction Project administrator for site preparation Coordinate construction of the Health Department and overall development of the project area Manager Garcia advised that the proposed recommendation was: • City of Fort Worth will consider whether to extend the Purchase Agreement with Cypress Equities for six (6) months with an additional six (6)months. • Recommend to extend the first phase of the Master Developer Agreement to coincide with the Purchase Agreement. • No increase in compensation paid to Cypress for their services. President Jordan opened the floor for comments. Director Hicks expressed appreciation to the Economic Development staff for moving forward. She recognized Kirk Williams, with Cypress Equities, who was also present at the meeting. She spoke about the importance of moving forward with the public facilities. She also pointed out the Terrell Heights Development and the purchase of 125 lots for residential development in the area. She added that the residential development would help with the commercial development that had been needed in this area for so long. She reiterated her appreciation to the staff. Director Burdette advised what he understood the LDC was doing and the reason the LDC was taking action to ensure the timing of this project conformed to the economic reality of the private investment participation in this project. He also commended the staff on making this recommendation for the adjustments in order to stay with the economic reality. He stated he hoped this amendment would not slow down the construction of the library, fire station and public health center. Manager Garcia responded that the Health Department building was on track and going and everything is going well on that project. Director Burdette added that it was CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, DECEMBER 18,2007 Page 4 crucial that those projects continue at the right pace as the LDC goes forward with the amendment. Mayor Pro tern Hicks expressed appreciation to Director Burdette for his comments regarding that it was important that the City show commitment and she felt the City had done so time and time again. She felt this was the reason they were on a different path in Southeast Fort Worth. MOTION: Upon a motion made by Director Hicks and seconded by Director Davis, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously nine (9) "ayes" and zero (0) "nays, to approve the resolution as presented. The motion carried. Executive Session (Agenda 4) President Jordan advised that the following Executive Session agenda items would be passed over. A. Seek the advice of its attorneys concerning legal issues regarding (i) American Ironhorse Lease Agreement and (ii) 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 551.071 of the Texas Government Code. Deliberation in an open meeting would have a detrimental effect on the position of the City 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. Requests for Future Agenda Items (Agenda Item 5) There were no requests for future agenda items. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, DECEMBER 18, 2007 Page 5 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 9:34 a.m. on Tuesday, December 18, 2007. These minutes approved by the Fort Worth Local Development Corporation on the r)av day of &A Lk lkr , 2008. APPROVED: y Jo an nt+ ATTEST: f" f Carter Burdette, Secretary Prepared and respectfully submitted by: Marty Hendrix, T C/MMC City Secretary