The URL can be used to link to this page

Home My WebLink About2008/02/19-Minutes-Fort Worth Local Development Corporation (FWLDC) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED— SPECIAL SESSION MINUTES TUESDAY, FEBRUARY 19,2008 Present: President Jungus Jordan Vice President Chuck Silcox Secretary Carter Burdette Treasurer Salvador Espino (arrived at 8:37 a.m.) Director Mike Moncrief Director Danny Scarth Director Frank Moss (arrived at 8:37 a.m.) Director Kathleen Hicks Director Joel Burns (arrived at 8:37 a.m.) City staff: Tom Higgins, Acting Assistant City Manager Peter Vaky, Senior Assistant City Attorney Gerald Pruitt, Deputy City Attorney Marry Hendrix, City Secretary Jay Chapa, Director of Economic and Community Development Cynthia Garcia, Community Development Manager, Economic and Community Development Department Henry Day, Senior Management Analyst, Economic and Community Development Dept. Other City staff in attendance included: Dale Fisseler, City Manager Fernando Costa, Acting Assistant City Manager Carl Smart, Acting Assistant Joe Paniagua, First Assistant City Manager David Yett, City Attorney Gerald Pruitt, Deputy City Attorney Sarah Fullenwider, Assistant City Attorney Lena Ellis, Finance Director Ardina Washington, Economic Development Manager, Economic and Community Development Department Mark Folden, Business Development Coordinator, Economic and Community Development Department CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED— SPECIAL SESSION MINUTES TUESDAY, FEBRUARY 19, 2008 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 8:35 a.m. on Tuesday, February 19, 2008, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. Approval of Minutes from Meeting held on January 22, 2008 (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 Hicks, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously six (6) "ayes" and zero (0) "nays", with Directors Espino, Moss and Burns, being absent to approve the minutes of the January 22, 2008, meeting of the Fort Worth Local Development Corporation,. The motion carried. Chairman Jordan adjourned the called —special session into Executive Session at 8:35 a.m. in accordance with the requirements of the Open Meetings Law. Executive Session (Agenda Item 3) 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 551.072of 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. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, FEBRUARY 19, 2008 Page 3 The Executive Session ended at 8:45 a.m. President Jordan reconvened from the Executive Session back into the called — special session at 8:45 a.m. Consideration of Financial Report (Agenda Item 4) Henry Day, Senior Management Analyst in the Economic and Community Development Department, spoke before the Directors on the various financial reports. Mr. Day, presented the Balance Sheet dated January 31, 2008, for the Fort Worth Local Development Corporation (unaudited) as follows: Assets Cash and Cash Equivalents $1,225,407.19 Interest Receivable $3,060.72 Accounts Receivable (1) $270,386.36 Total Assets 1.498.854.27 Liabilities and Fund Balance Accounts and Contracts Payable 0.00 Total Liabilities 0.00 Fund Balance (Deficit) Designated for Authorized Expenditures $1,498,854.27 Undesignated 0.00 Total Fund Balance $1,498,854.27 Total Liabilities and Fund Balance 1.498.854.27 The Balance Sheet noted that all accounts receivable are from American IronHorse Motorcycle Company, Inc. In October of 2006, the FWLDC Board of Directors approved a deferral of six months rent beginning November 1, 2006. Monthly rent is $24,699.69 and five months rent is due for a total of$123,498.45. Property taxes, interest and penalties have been paid on the behalf of American IronHorse Motorcycle Company, Inc., for a total of$97,488.53. November and December 2007 rent was not paid, as a result an additional $49.399.38 was added to receivables. There was an additional notation that on August 21. 2007. $275.000.00 was CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED— SPECIAL SESSION MINUTES TUESDAY, FEBRUARY 19, 2008 Page 4 transferred to the City by 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. Mr. Day continued his review with the Statement of Revenues and Expenditures for the Three Months Ended December 31, 2007 (unaudited) for the Fort Worth Local Development Corporation as follows: Revenues Property Tax Reimbursement $2,387.52 Revenue from Rents $135,990.60 Sale of Property 0.00 Interest Income $5,566.54 Change in Fair Value of Investments 0.00 Other Revenue 0.00 Total Revenue $143,944.66 Expenditures Bank Charges $13.04 Contractual Services $43,389.00 Property Management $5,439.63 Property Purchase 0.00 Property Taxes 0.00 Repairs $17,052.28 Storm Water Utility $5,161.50 Transfers to City of Fort Worth $162,000.00 Total Expenditures $233,055.45 Excess (Deficiency) of Revenues Over (Under) Expenditures ($89,110.791 Mr. Day reviewed the Schedule of Available Funds dated December 31, 2007, for the Fort Worth Local Development Corporation as follows: Total Cash at December 31, 2007 $1,225,407.19 Cash in Property Management Account ($91,463.88) Cash Available in City account $1,333,943.31 Commitments ('v press. Approved MaN 1. 2007 $160.000.00 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED— SPECIAL SESSION MINUTES TUESDAY, FEBRUARY 19, 2008 Page 5 Proposed Commitments Purchase of 1009 Evans $61,000.00 Reserves Maintenance Reserve $100,000.00 Property Tax Reserve $100,000.00 Total Commitments & Reserves $421,000.00 Unrestricted Cash Available $712,943.31 Mr. Day then reviewed the Fort Worth Local Development Corporation Statement of Budget vs Actual for the Three Months Ended December 31, 2007 (unaudited) as follows: Revenues Budget Actual Variance Property Tax Reimbursement $155,000.00 $2,387.52 ($152,612.48) Revenue from Rents 564,412.44 135,990.60 ($428,421.84) Sale of Property 0.00 0.00 0.00 Interest Income 40,000.00 5,566.54 ($34,433.46) Change in Fair Value of 0.00 0.00 0.00 Investments Other Revenue 0.00 0.00 0.00 Total Revenue $759,412.44 $143,944.66 ($615,467.78) Expenditures Bank Charges $100.00 $13.04 $86.96 Contractual Services $210,000.00 $43,389.00 $166,611.00 Property Management 22,576.50 5,439.63 17,136.87 Property Purchase 63,000.00 0.00 63,000.00 Property Taxes 155,000.00 0.00 155,000.00 Repairs 25,000.00 17,052.28 7,947.72 Storm Water Utility 21,145.50 5,161.50 15,984.00 Transfers to City of Fort Worth 0.00 $162,000.00 ($162,000.00) Total Expenditures $496,822.00 $233,055.45 $263,766.55 Excess (Deficiency) of Revenues Over(Under) Expenditures $262,590.44 ($89,110.79) ($351,701.23) Mr. Dav concluded his presentation. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED— SPECIAL SESSION MINUTES TUESDAY, FEBRUARY 19, 2008 Page 6 President Jordan opened the floor for discussion on these reports. Requests for Future Agenda Items (Agenda Item 5) There were no requests for future agenda items. 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 8:47 pm. on Tuesday, February 19, 2008. These minutes approved by the Fort Worth Local Development Corporation on the day of C'i\ , 2008. APPROVED: Lz'n4az Jun s Jo an President ATTEST: Carter Burdette, Secretary Prepared and respectfully submitted by: I 6r Marty Hendrix, C/MMC City Secretary