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Home My WebLink About2007/11/06-Minutes-Fort Worth Local Development Corporation (FWLDC) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, NOVEMBER 6, 2007 Present: President Wendy Davis Vice President Chuck Silcox Secretary Carter Burdette Treasurer Salvador Espino Director Mike Moncrief Director Danny Scarth Director Frank Moss Director Jungus Jordan Director Kathleen Hicks City staff: Dale Fisseler, Assistant City Manager Peter Vaky, Assistant City Attorney Marty Hendrix, City Secretary Tom Higgins, Director of Economic and Community Development Jay Chapa, Assistant Director of Economic and Community Development Henry Day, Sr., Management Analyst Economic & Community Development Department Andy Anderson, Assistant Director of Engineering Department Other City staff in Attendance: Joe Paniagua, Assistant City Manager Call to Order (Agenda Item I) With a quorum of the Board Members present, President Davis called the meeting to order for the Board of Directors of the Fort Worth Local Development Corporation at 2:34 p.m. on Tuesday, November 6, 2007, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. Approval of Minutes of August 21, 2007 Meeting (Agenda Item II) President Davis opened the floor for a motion on the minutes: CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, NOVEMBER 6, 2007 Page 2 MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Corporation Board voted nine (9) "ayes" and no (0) "nays", to approve the minutes of the August 21, 2007, meeting of the Board of Directors of the Fort Worth Local Development Corporation. The motion carried unanimously. President Davis passed over Agenda Item III. Consideration of Financial Reports (Agenda Item IV) Henry Day, Senior Management Analyst in the Economic and Community Development Department provided handout information and spoke before the Board on the Corporation Board's Financial Reports for the most recent Balance Sheet dated September 30, 2007 (unaudited) and the Statement of Revenues and Expenditures for the Twelve Months Ended September 30, 2007 (unaudited). The Balance Sheet reflected the following information: Assets Cash and cash equivalents $1,314,058.09 Interest Receivable 0.00 Accounts Receivable (1) $270,386.36 Total Assets $1,584,444.45 Liabilities and Fund Balance Accounts and Contracts Payable 1,048.10 Total Liabilities 1,048.10 Fund Balance (Deficit) Designated for Authorized Expenditures $1,583,396.35 Undesignated 0.00 Total Fund Balance $1,583,396.35 Total Liabilities and Fund Balance $1,584,444.45 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, NOVEMBER 6,2007 Page 3 Consideration of Financial Reports (cont'd) (Agenda Item IV) The Statement of Revenues and Expenditures for the Eleven Months Ended September 30, 2007 (unaudited) reflected the following information: Revenues Property Tax Reimbursement $154,166.24 Revenue from Rents 561,227.80 Sale of Property 193,641.00 Interest Income 52,480.69 Change air Value of Investment 9,996.95 Other Revenue 0.00 Total Revenue $971,512.68 Expenditures Bank Charges $81.66 Contractual Services 1,285.05 Property Management 15,533.26 Property Taxes 153,568.19 Repairs 8,214.34 Storm Water Utility 20,923.50 Transfers to City 280,000.00 Total Expenditures $479,606.00 Excess (Deficiency) of Revenues Over(Under) Expenditures $491,906.68 Mr. Day provided to the Corporation Board handout information on the month ending August 31, 2007 for both of the subject reports and highlighted the differences. MOTION: Upon a motion made by Director Moncrief and seconded by Director Espino, the Corporation Board voted nine (9) "ayes" and zero (0) "nays" to approve the financial reports dated September 30, 2007. The motion carried. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, NOVEMBER 6,2007 Page 4 Consideration of a Resolution to Renew the Lease of L & W Supply located at 1401 Meacham Boulevard (Agenda Item V) Andy Anderson, Assistant Director of the Engineering Department, spoke before the Corporation Board on the L & W Supply Lease Renewal. He distributed to the Corporation Board Directors handouts of an aerial map of the location area, the proposed resolution and a PowerPoint Presentation. Using the aerial map, Mr. Anderson reviewed the location of the subject company, 1401 Meacham Boulevard, with the Corporation Board. He presented a PowerPoint Presentation to the Corporation Board regarding the L & W Supply Lease Renewal. Mr. Anderson advised that the lease was originally effective on October 1, 1997. The initial term was 10 years and the lease expired on September 30, 2007. The lease was handled on a month-to-month basis beyond the 10 years. The lease rate was $1.90 per square foot for first five (5) years and $2.00 per square foot for second five (5) years. Mr. Anderson provided the information on the pending lease agreement as follows: Effective Date of Lease October 1, 2007 Initial Term 5 years Beyond 5 Years 5 year option at LDC discretion Lease Expires September 30, 2012 Lease Rate $2.75/sq. ft. for 5 years President Davis opened the floor for questions and/or discussion. Director Moncrief questioned the amount of the lease payment currently being paid compared to what they will pay in the future. Mr. Anderson pointed out the difference was from $2.00 a square foot to $2.75 a square foot. Director Moncrief questioned whether the leasee paid their lease in a timely manner. Mr. Anderson indicated that they did and he recommended approval. Director Espino requested clarification on the business operation of the L & W Supply Company. Mr. Anderson stated that this company was a subsidiary of a sheet rock manufacturing company and they provided for the distribution of the sheet rock. Mr. Espino also requested to know the number of employees working at this location. Mr. Anderson indicated that he did not know the exact number; however, he would obtain that information for the Board. Mr. Anderson stated that their parent company was USG. Assistant City Manager Dale Fisseler advised that they were a good tenant; however, the City staff would provide detailed information on what the company does, number of employees, etc. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY,NOVEMBER 6,2007 Page 5 MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Corporation Board voted nine (9) "ayes" and zero (0) "nays" to approve the resolution to renew the lease agreement with L & W Supply Company, 1401 Meacham Boulevard, Fort Worth, Texas, in accordance with the provisions and terms as presented by the City staff. The motion carried. President Davis adjourned the called — special session of the Fort Worth Local Development Corporation into Executive Session at 2:40 p.m. on Tuesday, November 6, 2007. Executive Session (Agenda Item VI) The Fort Worth Local Development Corporation conducted a closed meeting to: A. Seek the advice of its attorneys concerning legal issues regarding (i) the 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 551.072 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. The Executive Session was adjourned at 2:48 p.m. on Tuesday, November 6, 2007. President Davis reconvened the called —special session of the Fort Worth Local Development Corporation at 2:48 p.m. on Tuesday, November 6, 2007. President Davis returned to Agenda Item I1I. Election of President (Agenda Item III) President Davis opened the floor for a motion on the election of the Corporation Board President: CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, NOVEMBER 6,2007 Page 6 MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Corporation Board voted nine (9) "ayes" and no (0) "nays", to elect by acclamation Director Jungus Jordan as the President of the Fort Worth Local Development Corporation. The motion carried unanimously. Director Moncrief expressed appreciation to past President Wendy Davis for her leadership on this Corporation Board. President Davis turned the meeting over to newly elected President Jordan. Adiourn (Agenda Item VII) With no further business before the Board, President Jordan adjourned the called — special session of the Fort Worth Local Development Corporation at 2:50 p.m. on Tuesday, November 6, 2007. These minutes approved by the Fort Worth Local Development Corporation on the day of , 2007. APPROVED: J ATTEST: am, Carter Burdette, Secretary Prepared and respectfully submitted by: Marty Hendrix, RMC/MMC Citv Secretary