Loading...
HomeMy WebLinkAbout2008/10/07-Minutes-Fort Worth Local Development Corporation (FWLDC) FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Present: President Jungus Jordan Vice President Chuck Silcox Secretary Carter Burdette Treasurer Salvador Espino Director Mike Moncrief Director Danny Scarth (arrived at 1:07 p.m.) Director Frank Moss (arrived at 1:06 p.m.) Director Kathleen Hicks Director Joel Burns (arrived at 1:05 p.m.) City staff: Tom Higgins, Assistant City Manager Peter Vaky, Senior Assistant City Attorney Marty Hendrix, City Secretary Jay Chapa, Director of Housing and Economic Development Department Cynthia Garcia, Community Development Manager, Housing and Economic Development Department Henry Day, Senior Management Analyst, Housing and Economic Development Department Other City staff in Attendance: Vicki Ganske, Senior Assistant City Attorney Leann Guzman, Assistant City Attorney Mark Folden Ardina Washington Dolores Garza Shallah Hatch 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 1:05 p.m. on Tuesday, October 7, 2008, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas, with Directors Moss and Burns temporarily absent. FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED— SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 2 Approval of Minutes from Meetings held on June 10, 2008 (Agenda Item 2) President Jordan opened the floor for a motion on the minutes. MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously six (6) "ayes" and zero (0) "nays", with Directors Scarth, Moss, and Burns temporarily absent, to approve the minutes of the June 10, 2008, meeting of the Fort Worth Local Development Corporation. The motion carried. Consideration of Financial Report (Agenda Item 3) 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 August 31, 2008, for the Corporation(unaudited) as follows: Assets Cash and Cash Equivalents $2,660,911.11 Interest Receivable $3,406.33 Accounts Receivable(1) $265,358.82 Total Assets $2,.929,676.26 Liabilities and Fund Balance Accounts and Contracts Payable 0.00 Total Liabilities 0.00 Fund Balance(Deficit) Designated for Authorized Expenditures $2,929,676.26 Undesignated 0.00 Total Fund Balance $2,929,676.26 Total Liabilities and Fund Balance 2,929,676.26 The Balance Sheet noted that all accounts receivable are from A1H Acquisition, LLC FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED— SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 3 Mr. Day continued his review with the Statement of Revenues and Expenditures from October 1, 2007,through April 30, 2008 (unaudited), for the Corporation as follows: Revenues Property Tax Reimbursement $135,414.19 Revenue from Rents $492,654.00 Gas Lease Bonus $1,004,459.73 HUD Loan Administration Fee $180,000.00 Change in Fair Value of Investments 0.00 Other Revenue 0.00 Total Revenue $1,868,117.98' Expenditures Bank Charges $57.07 Contractual Services $52,894.14 Insurance $26,129.50 Property Management $21,200.74 Property Purchase $81,032.37 Property Taxes $136,386.10 Repairs $27,337.36 Storm Water Utility $19,369.50 Transfers to City of Fort Worth $162,000.00 Total Expenditures $526,406.78 Excess (Deficiency) of Revenues Over(Under) Expenditures $1,341,711.20 Mr. Day reviewed the Schedule of Available Funds dated August 31, 2008 (unaudited), for the Corporation as follows: Total Cash at August 31, 2007 $2,660,911.11 Cash in Property Management Account ($6,367.67 Cash Available in City account $2,654,543.44 Commitments Cypress, Approved May 1, 2007 $150,000.00 Demolition of 1009 Evans $20,503.40 FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 4 Reserves Maintenance Reserve $100,000.00 Property Tax Reserve $100,000.00 Total Commitments & Reserves $370,503.40 Unrestricted Cash Available $2.284,040.04 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 August 31, 2008, (unaudited) as follows: Revenues Budget Re-estimate Variance Property Tax Reimbursement $155,000.00 $136,188.02 ($18,811.98) Revenue from Rents 564,412.44 531,447.01 ($32,965.43) Gas Lease Bonus 0.1 1,004,459.73 $1,004,459.73 HUD Loan Administration Fee 0.1 180,000.00 $180,000.00 Interest Income 40,000.00 58,190.06 18,190.06 Change in Fair Value of Investments 0.00 0.00 0.00 Other Revenue 0.00 0.00 0.00 Total Revenue $759,412.44 $1,910,284.82 $1,150,872.38 Expenditures Bank Charges $100.00 $107.07 ($7.07) Contractual Services $210,000.00 202,894.14 $7,105.86 Insurance 0.00 26,129.50 ($26,129.50) Property Management 22,576.50 22,762.66 ($186.16) Property Purchase 63,000.00 101,532.37 ($38,532.37) Property Taxes 155,000.00 136,386.10 $18,613.90 Repairs 25,000.00 27,337.36 ($2,337.36) Storm Water Utility 21,145.50 21,145.50 $0.00 FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED— SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 5 Transfers to City of Fort Worth* 0.00 $162,000.00 ($162,000.00) Total Expenditures $496,822.00 $700,294.70 ($203,472.70) Excess (Deficiency) of Revenues Over(Under) Expenditures $262,590.44 1,209,990.12 $947.399.68 *Approved in the December 4, 2007, Board meeting. Mr. Day concluded his presentation. President Jordan opened the floor for discussion and/or comments on these reports. There was no discussion. MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously eight (8) "ayes" and zero (0) "nays", with Direct Scarth temporarily absent, to acknowledge receipt and file the financial reports as presented. The motion carried. (Director Scarth arrived at the meeting.) Discussion and Consideration of a Resolution Authorizing an Amendment to the Lease Agreement with AIH Acquisition, LLC., for a Portion of the Property Located at 4600 Blue Mound Road (Agenda Item 4) MOTION: Upon a motion made by Director Moncrief and seconded by Director Silcox, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously nine (9) "ayes" and zero (0) "nays, to acknowledge to approve FWLDC Resolution No. 2008-08 as presented. The motion carried. FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 6 Discussion and Consideration of a Resolution Authorizing the Transfer of $25,250.00 to the City of Fort Worth for Administrative Expenses (Agenda Item 5) MOTION: Upon a motion made by Director Moncrief and seconded by Director Moss, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously nine (9) "ayes" and zero (0) "nays", to approve FWLDC Resolution No. 2008-09 as presented. The motion carried. Executive Session (Agenda Item 6) Chairman Jordan advised that an Executive Session for the following items would not be necessary. A. Seek the advice of its attorneys concerning legal issues regarding (i) American Ironhorse Motorcycle Company, Inc., U.S. Bankruptcy Court Northern District of Texas, Fort Worth Division, Case No.: 08-40926 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 FORT WORTH LOCAL DEVELOPMENT CORPORATION RESOLUTION OF THE BOARD OF TRUSTEES WHEREAS, Fort Worth Local Development Corporation ("Corporation") is the owner of real property located at 4600 Blue Mound Road ("Property"), which Property is improved with a large parking area, among other improvements; WHEREAS, WTW Properties, Inc. desires to lease approximately 1.96 acres of parking area at the Property ("Premises") from Corporation for the purpose of parking of vehicles; and WHEREAS, Corporation and WTW Properties, Inc. desire to enter into a lease for the Premises. NOW, THEREFORE, BE IT RESOLVED that the Corporation hereby authorizes a lease with WTW Properties, Inc. for a term of two years beginning early 2009 for a rental amount paid by WTW Properties, Inc. at $2,000.00 per month, for the purpose of parking vehicles, with credit to be applied toward rent for any improvements made to the Premises by WTW Properties, Inc, which improvements must have prior approval of Corporation's Administrator. FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation is hereby authorized and directed to certify the adoption of this Resolution. Adopted this 16th day of December, 2008. By: Secretary FORT WORTH LOCAL DEVELOPMENT CORPORATION RESOLUTION OF THE BOARD OF TRUSTEES WHEREAS, consistent with the economic development objectives of the Fort Worth Local Development Corporation ("Corporation"), the Corporation desires to purchase tax foreclosed property located at 3217 Yuma Avenue, 3224 Yuma Avenue, 1776 Berry Street, and 2200 Bomar Avenue (collectively, the "Properties") from the City of Fort Worth, on behalf of itself and as trustee for various taxing entities ("Owner"); and WHEREAS, Corporation desires to purchase the Properties in order to promote revitalization of the area with commercial and residential developments ("Development") in order to benefit the citizens of Fort Worth by creating jobs and commercial opportunities in a blighted area in need of revitalization. NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to purchase the Properties from the Owner for the following amounts: (a) 3217 Yuma Avenue and 3224 Yuma Avenue in the amount of$41,431.37; (b) 1776 Berry Street in the amount of$53,937.48; and (c) 2200 Bomar Avenue in the amount of$54,240.78. FURTHER RESOLVED, that the Corporation is hereby authorized to pay all closing costs and administrative fees relating to the conveyance of the Properties, in an amount not to exceed$9,000.00 for all Properties. FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation is hereby authorized and directed to certify the adoption of this Resolution. Adopted this 16`h day of December, 2008. By: Carter Burdette Secretary FORT WORTH LOCAL DEVELOPMENT CORPORATION RESOLUTION OF THE BOARD OF TRUSTEES WHEREAS, consistent with the economic development objectives of the Fort Worth Local Development Corporation ("Corporation"), the Corporation desires to purchase property located at 901 Evans Avenue, 909 Evans Avenue, 1013 Evans Avenue, 911 East Rosedale Street and 722 East Rosedale Street (collectively, the "Properties") from the City of Fort Worth ("Owner"); and WHEREAS, Corporation desires to purchase the Properties in order to promote revitalization of the area with commercial and residential developments ("Development") in order to benefit the citizens of Fort Worth by creating jobs and commercial opportunities in a blighted area in need of revitalization. NOW, THEREFORE, BE IT RESOLVED that the Corporation is hereby authorized to purchase the Properties from the Owner for the appraised value, not to exceed $227,000 total: (a) 901 Evans Avenue; (b) 909 Evans Avenue; (c) 1013 Evans Avenue; (d) 722 East Rosedale Street; and (e) 911 East Rosedale Street. FURTHER RESOLVED, that the Corporation is hereby authorized to pay all closing costs relating to the conveyance of the Properties, in an amount not to exceed $20,000.00 for all Properties. FURTHER RESOLVED, that the Secretary or any Assistant Secretary of the Corporation is hereby authorized and directed to certify the adoption of this Resolution. Adopted this 16'h day of December, 2008. By: Carter Burdette Secretary FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Present: President Jungus Jordan Vice President Chuck Silcox Secretary Carter Burdette Treasurer Salvador Espino Director Mike Moncrief Director Danny Scarth(arrived at 1:07 p.m.) Director Frank Moss (arrived at 1:06 p.m.) Director Kathleen Hicks Director Joel Burns (arrived at 1:06 p.m.) City staff: Tom Higgins, Assistant City Manager Peter Vaky, Senior Assistant City Attorney Marty Hendrix, City Secretary Jay Chapa, Director of Housing and Economic Development Department Cynthia Garcia, Community Development Manager, Housing and Economic Development Department Henry Day, Senior Management Analyst, Housing and Economic Development Department Other City staff in Attendance: Vicki Ganske, Senior Assistant City Attorney Leann Guzman, Assistant City Attorney Mark Folden, Business Development Coordinator, Housing and Economic Development Department Ardina Washington, Economic Development Manager, Housing and Economic Development Department Dolores Garza, Economic Development Specialist, Housing and Economic Development Department Shallah Hatch, Economic Development Specialist, Housing and Economic Development Department FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED— SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 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 1:05 p.m. on Tuesday, October 7, 2008, in the Pre-Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas, with Directors Moss, Burns and Scarth temporarily absent. Approval of Minutes from Meeting Held on June 10, 2008 (Agenda Item 2) President Jordan opened the floor for a motion on the minutes. MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously six (6) "ayes" and zero (0) "nays", with Directors Scarth, Moss, and Burns temporarily absent, to approve the minutes of the June 10, 2008, meeting of the Fort Worth Local Development Corporation. The motion carried. Consideration of Financial Report (Agenda Item 3) 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 August 31, 2008, for the Corporation (unaudited) as follows: Assets Cash and Cash Equivalents $2,660,911.11 Interest Receivable $3,406.33 Accounts Receivable(1) $265,358.82 Total Assets 2,929.676.26 Liabilities and Fund Balance Accounts and Contracts Payable 0.00 Total Liabilities 0.00 FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 3 Consideration of Financial Report(cont'd) (Agenda Item 3) Fund Balance(Deficit) Designated for Authorized Expenditures $2,929,676.26 Undesignated 0.00 Total Fund Balance $2,929,676.26 Total Liabilities and Fund Balance 2,929,676.26 The Balance Sheet noted that all accounts receivable are from AIH Acquisition, LLC. Mr. Day continued his review with the Statement of Revenues and Expenditures from October 1, 2007, through August 31, 2008 (unaudited), for the Corporation as follows: Revenues Property Tax Reimbursement $135,414.19 Revenue from Rents $492,654.00 Gas Lease Bonus $1,004,459.73 Interest Income $55,590.06 Change in Fair Value of Investments 0.00 Other Revenue 0.00 Total Revenue $1,868,117.98 Expenditures Bank Charges $57.07 Contractual Services $52,894.14 Insurance $26,129.50 Property Management $21,200.74 Property Purchase $81,032.37 Property Taxes $136,386.10 Repairs $27,337.36 Storm Water Utility $19,369.50 Transfers to City of Fort Worth $162,000.00 Total Expenditures $526,406.78 Excess (Deficiency) of Revenues Over(Under) Expenditures 1,341,711.20 FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 4 Consideration of Financial Report (cont'd) (Agenda Item 3) Mr. Day reviewed the Schedule of Available Funds dated August 31, 2008 (unaudited), for the Corporation as follows: Total Cash at August 31, 2008 $2,660,911.11 Cash in Property Management Account ($6,367.67) Cash Available in City account $2,654,543.44 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 Total Commitments & Reserves $370,503.40 Unrestricted Cash Available 2284,040.04 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 August 31, 2008, (unaudited) as follows: Revenues Budget Re-estimate Variance Property Tax Reimbursement $155,000.00 $136,188.02 ($18,811.98) Revenue from Rents 564,412.44 $531,447.01 ($32,965.43) Gas Lease Bonus 0.00 $1,004,459.73 $1,004,459.73 HUD Loan Administration Fee 0.00 $180,000.00 $180,000.00 Interest Income 40,000.00 $58,190.06 $18,190.06 Change in Fair Value of Investments 0.00 0.00 0.00, Other Revenue 0.00 0.00 0.00 Total Revenue $759,412.44 $1,910,284.82 $1,150,872.38 FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 5 Consideration of Financial Report (cont'd) (Agenda Item 3) Expenditures Bank Charges $100.00 $107.07 ($7.07) Contractual Services $210,000.00 202,894.14 $7,105.86 Insurance 0.00 26,129.50 ($26,129.50) Property Management $22,576.50 22,762.66 ($186.16) Property Purchase $63,000.00 101,532.37 ($38,532.37) Property Taxes $155,000.00 136,386.10 $18,613.90 Repairs $25,000.00 27,337.36 ($2,337.36) 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 $700,294.70 ($203,472.70) Excess (Deficiency) of Revenues Over(Under) Expenditures S262,590.44 1,209,990.12 $947.399.68 *Approved in the December 4, 2007, Board meeting. Mr. Day concluded his presentation. President Jordan opened the floor for discussion and/or comments on these reports. Director Burdette pointed out the benefit of the Barnett Shale as seen in the gas lease bonus figure. He also requested clarification about the amount shown for property purchase in the amount of$81,032.37 and what property had been purchased. Mr. Day explained that there were two pieces of property, one located on Evans and one on the South Freeway. Director Burdette also requested clarification on the transfers to the City of Fort Worth. Mr. Day explained that amount was for the property surveys on Lancaster. MOTION: Upon a motion made by Director Espino and seconded by Director Moncrief, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously eight (8) "ayes" and zero (0) "nays", with Direct Scarth temporarily absent, to acknowledge receipt and file the financial reports as presented. The motion carried. (Director Danny Scarth arrived at the meeting.) FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 6 Discussion and Consideration of a Resolution Authorizing an Amendment to the Lease Agreement with AIH Acquisition, LLC., for a Portion of the Property Located at 4600 Blue Mound Road (Agenda Item 4) Cynthia Garcia, Community Development Manager, Housing and Economic Development Department spoke before the Board regarding the lease agreement that had been entered into with American Ironhorse at the subject location and that American Ironhorse had filed for bankruptcy. She stated that they have requested an amendment to their lease agreement. Ms. Garcia pointed out that they are ramping up the business. She pointed out that originally their lease was for 110,000 square feet; however, this was too much space for their operation. She explained that they are now requesting 96,000 square feet. Using a drawing of the building location, she reviewed the size of the building of their reduced space. Director Moncrief requested clarification from Ms. Garcia whether staff was recommending approval of this amendment and that by doing so would assist AIH in ramping up their business in anticipation, that once they get ramped up, they would then need to expand their space. Ms. Garcia concurred in the statement made by Director Moncrief. Director Moss requested clarification as to whether they would be responsible for putting up a wall to separate the space not needed and, if not, who would then be responsible. Ms. Garcia stated that once a tenant was found for the lease space to the east of their building location, they would be responsible for putting in the wall, per the provisions of the lease agreement. She added that staff would begin marketing the space in December 2008. Director Silcox also clarified with staff that AIH has the right of first refusal for the additional space. MOTION: Upon a motion made by Director Moncrief and seconded by Director Silcox, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously nine (9) "ayes" and zero (0) "nays, to approve FWLDC Resolution No. 2008-08 as presented. The motion carried. FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 7 Discussion and Consideration of a Resolution Authorizing the Transfer of $25,250.00 to the City of Fort Worth for Administrative Expenses (Agenda Item 5) Ardina Washington, Economic Development Manager, Housing and Economic Development Department, distributed the proposed resolution to the Board and provided an overview of its contents. She explained that the Corporation Board desired to have staff from the City's Housing and Economic Development Department provide certain administrative services as are necessary or convenient for the Corporation over the course of the Corporation's 2008-09 fiscal year. She added that during the City of Fort Worth's budget process it was estimated that the value of the departmental staff time devoted to those Corporation administrative responsibilities would be $25,250.00. She stated that the resolution authorizes the transfer of those funds to the City of Fort Worth to cover those expenditures. MOTION: Upon a motion made by Director Moncrief and seconded by Director Moss, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously nine (9) "ayes" and zero (0) "nays", to approve FWLDC Resolution No. 2008-09 as presented. The motion carried. Executive Session (Agenda Item 6) Chairman Jordan advised that an Executive Session for the following items would not be necessary. A. Seek the advice of its attorneys concerning legal issues regarding (i) American Ironhorse Motorcycle Company, Inc., U.S. Bankruptcy Court Northern District of Texas, Fort Worth Division, Case No.: 08-40926 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 FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 8 C. Discuss or deliberate negotiations relating to any economic development negotiations, as authorized be Section 551.087 of the Texas Government Code. This agenda item was passed over. Requests for Future Agenda Items (Agenda Item 7) There were no requests for future agenda items. Adiourn (Agenda Item 8) With no further business before the Board, President Jordan adjourned the called — special session of the Fort Worth Local Development Corporation at 1:12 p.m. on Tuesday, October 7, 2008. These minutes approved by the Fort Worth Local Development Corporation on the 16th day of December, 2008. APPROVED: Jungus Jordan President ATTEST: Carter Burdette, Secretary Prepared and respectfully submitted by: Marty Hendrix, TRMC/MMC City Secretary FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 7 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 be Section 551.087 of the Texas Government Code. This agenda item was passed over. Requests for Future Agenda Items (Agenda Item 7) There were no requests for future agenda items. Adiourn (Agenda Item 8) With no further business before the Board, President Jordan adjourned the called — special session of the Fort Worth Local Development Corporation at 1:12 p.m. on Tuesday, October 7, 2008. These minutes approved by the Fort Worth Local Development Corporation on the day of , 2008. APPROVED: J gus J dan President ATTEST: Carter Burdette, Secretary Prepared and respectfully submitted by: I Marty Hendrix, RMC'MMC FORT WORTH LOCAL DEVELOPMENT CORPORATION FORT WORTH, TEXAS CALLED—SPECIAL SESSION MINUTES TUESDAY, OCTOBER 7, 2008 Page 8 City Secretary