The URL can be used to link to this page

Home My WebLink About2008/04/01-Minutes-Fort Worth Local Development Corporation (FWLDC) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 1, 2008 Present: President Jungus Jordan Vice President Chuck Silcox Secretary Carter Burdette Treasurer Salvador Espino Director Mike Moncrief Director Danny Scarth Director Kathleen Hicks Director Joel Burns Absent: Director Frank Moss City staff: Tom Higgins, Acting Assistant City Manager David Yett, City Attorney Marty 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 Department Doug Rademaker, City Engineer Jean Petr, Land Agent, Engineering Department Other City staff in attendance included: Dale Fisseler, City Manager(arrived at 2:39 p.m.) Karen Montgomery, Assistant City Manager/Chief Financial Officer Carl Smart, Acting Assistant City Manager LeAnn Guzman, Assistant City Attorney Chris Moseley, Assistant City Attorney 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 focal Dexelopment Corporation (LDC) at CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION qW CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 1, 2008 Page 2 2:31 p.m. on Tuesday, April 1, 2008, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas. Approval of Minutes from Meeting held on February 19, 2008 (Agenda Item 2) President Jordan opened the floor for a motion on the minutes. MOTION: Upon a motion made by Director Burdette and seconded by Director Scarth, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously eight (8) "ayes" and zero (0) "nays", with Director Moss being absent, to approve the minutes of the February 19, 2008, meeting of the Fort Worth Local Development Corporation. The motion carried. Chairman Jordan adjourned the called — special session into Executive Session at 2:32 p.m. in accordance with the requirements of the Open Meetings Law. Executive Session (Agenda Item 3) In accordance with Chapter 551 of the Texas Government Code, President Jordan and the Directors of the Fort Worth Local Development Corporation convened into Executive Session at 2:32 p.m., on Tuesday, April 1, 2008, in the Pre-Council Chamber of the Fort Worth City Hall, 1000 Throckmorton Street, Fort Worth, Texas 76102, in order to: A. Seek the advice of its attorneys concerning legal issues regarding (i) American Ironhorse Lease Agreement and (ii) gas drilling on the property located at 2851 South Riverside Drive, and (iii) 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 by President Jordan at 2:45 p.m. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED— SPECIAL SESSION MINUTES TUESDAY, APRIL 1,2008 Page 3 President Jordan reconvened from the Executive Session back into the called — special session at 2:45 p.m., and moved to the next agenda item. 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 February 29, 2008, for the Fort Worth Local Development Corporation (unaudited) as follows: Assets Cash and Cash Equivalents $1,162,400.46 Interest Receivable $4,987.94 Accounts Receivable (1) $342,157.75 Total Assets SLL09,546.15 Liabilities and Fund Balance Accounts and Contracts Payable 0.00 Total Liabilities 0.00 Fund Balance (Deficit) Designated for Authorized Expenditures $1,509,546.15 Undesignated 0.00 Total Fund Balance $1,509,546.15 Total Liabilities and Fund Balance 1,509,546.15 The Balance Sheet noted that all accounts receivable are from American IronHorse Motorcycle Company, Inc. Mr. Day continued his review with the Statement of Revenues and Expenditures from October 1, 2007, through February 29, 2008 (unaudited), for the Fort Worth Local Development Corporation as follows: CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY, APRIL 1,2008 Page 4 Consideration of Financial Report (cont'd) (Agenda Item 4) Revenues Property Tax Reimbursement $130,771.21 Revenue from Rents $235,171.86 Sale of Property 0.00 Interest Income $22,538.34 Change in Fair Value of Investments 0.00 Other Revenue 0.00 Total Revenue $388,481.41 Expenditures Bank Charges $13.04 Contractual Services $51,389.00 Property Management $9,818.89 Property Purchase $80,990.59 Property Taxes $136,386.10 Repairs $17,589.20 Storm Water Utility $8,713.50 Transfers to City of Fort Worth $162,000.00 Total Expenditures $466,900.32 Excess (Deficiency) of Revenues Over(Under) Expenditures ($78.418.91) Mr. Day reviewed the Schedule of Available Funds dated February 29, 2008 (unaudited), for the Fort Worth Local Development Corporation as follows: Total Cash at October 31, 2007 $1,162,400.46 Cash in Property Management Account ($42,403.16) Cash Available in City account $1,119,997.30 Commitments Cypress, Approved May 1, 2007 $150,000.00 Demolition of 1009 Evans $20,503.40 Reserves Maintenance Reserve $100,000.00 Property 'Tax Reserve $100.000.00 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED—SPECIAL SESSION MINUTES TUESDAY,APRIL 1, 2008 Page 5 Consideration of Financial Report (cont'd) (Agenda Item 4) Total Commitments & Reserves $370,503.40 Unrestricted Cash Available $749,493.90 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. Mr. Day then reviewed the Fort Worth Local Development Corporation Statement of Budget vs. Re-estimate of February 29, 2008, (unaudited) as follows: Revenues Budget Re-estimate Variance Property Tax Reimbursement $155,000.00 $137,337.70 ($17,662.30) Revenue from Rents 564,412.44 564,412.45 $0.01 Sale of Property 0.00 0.00 $0.00 Interest Income 40,000.00 40,738.34 $738.34 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 $742,488.49 ($16,923.95) Expenditures Bank Charges $100.00 $63.04 $36.96 Contractual Services $210,000.00 201,389.00 $8,611.00 Property Management 22,576.50 22,988.55 ($412.05) Property Purchase 63,000.00 101,490.59 ($38,490.59) Property Taxes 155,000.00 136,386.10 $18,613.90 Repairs 25,000.00 22,589.20 $2,410.80 Storm Water Utility 21,145.50 21,145.50 $0.00 Transfers to City of Fort Worth* 0.00 $162,000.00 ($162,000.00) Total Expenditures $496,822.00 $668,051.98 $171,229.98 Excess (Deficiency) of Revenues Over (['rider) Fxpenditures $262,590.44 $74,436.51 ($1__8.8 1 ,9.3) CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED— SPECIAL SESSION MINUTES TUESDAY, APRIL 1, 2008 Page 6 *Approved in the December 4, 2007, Board meeting. Mr. Day concluded his presentation. President Jordan opened the floor for discussion on these reports. Director Burdette advised that the figures appeared to be in line with what the Board had received at their previous meetings. 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 eight (8) "ayes" and zero (0) "nays", with Director Moss absent, to approved the financial reports as presented. Chairman Jordan adjourned the called — special session of the Fort Worth Local Development Corporation into Executive Session at 2:47 p.m. in accordance with the Aak requirements of the Open Meetings Law. Reconvened Back to the Executive Session (Agenda Item 3) In accordance with Chapter 551 of the Texas Government Code, President Jordan and the Directors of the Fort Worth Local Development Corporation convened into Executive Session at 2:47 p.m., on Tuesday, April 1, 2008, in the Pre-Council Chamber of the Fort Worth City Hall, 1000 Throckmorton Street, Fort Worth, Texas 76102, in order seek the advice of its attorneys concerning legal issues regarding (ii) gas drilling on the property located at 2851 South Riverside Drive: The Executive Session was adjourned by President Jordan at 2:53 p.m. President Jordan reconvened from the Executive Session back into the called — special session at 2:53 p.m., and moved to the next agenda item. 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,APRIL 1, 2008 Page 7 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 2:53 p.m. on Tuesday, April 1, 2008. These minutes approved by the Fort Worth Local Development Corporation on the 6th day of May, 2008. APPROVED: Jun s J an Pres' en ATTEST: Carter Burdette, Secretary Prepared and respectfully submitted by: Marty Hendrix, RMC/MMC City Secretary