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