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Home My WebLink About2010/04/06-Minutes-Fort Worth Housing Finance Corporation (FWHFC)CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Present: President Frank Moss Vice President Danny Scarth Secretary Carter Burdette Treasurer W.B. "Zim" Zimmerman Director Mike Moncrief (Arrived at 1:09 p.m.) Director Salvador Espino Director Jungus Jordan Director Kathleen Hicks Director Joel Burns City staff: Tom Higgins, Assistant City Manager Peter Vaky, Senior Assistant City Attorney Ron Gonzales, Assistant City Secretary Cynthia Garcia, Assistant Director, Housing & Economic Development Department Other City staff in attendance included: Marty Hendrix, City Secretary Call to Order (Agenda Item 1) With a quorum of the Board Members present, President Moss called the called - special session to order for the Board of Directors of the Fort Worth Local Development Corporation (Corporation) at 1:07 p.m. on Tuesday, April 6, 2010, in the Pre - Council Chamber of the Fort Worth Municipal Building, 1000 Throckmorton, Fort Worth, Texas, with Director Moncrief temporarily absent. Approval of Minutes from Meeting held on March 2, 2010 (Agenda Item 2) President Moss opened the floor for a motion on the minutes. MOTION: Upon a motion made by Director Hicks and seconded by Director Jordan, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously eight (8) "ayes" and zero (0) "nays ", with Director Moncrief temporarily absent, to approve the minutes of the March 2, 2010, meeting of the Fort Worth Local Development Corporation. The motion carried. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 2 Consideration of Financial Report (Agenda Item 3A) Assets President Moss referenced the following financial report: The Balance Sheet dated February 28, 2010, for the Corporation as follows: Cash and cash equivalents $2,067,647.12 Interest Receivable 7,396.15 Accounts Receivable (1) 390,000.00 Total Assets $2,465,043.27 Liabilities and Fund Balance Accounts and Contracts Payable 0.00 Total Liabilities 0.00 Fund Balance (Deficit) Designated for Authorized Expenditures $2,507,421.02 Net Income (42,377.75) Undesignated 0.00 Total Fund Balance 2,465,043.27 Total Liabilities and Fund Balance $2,465,043.27 (1) All Accounts Receivable are from City of Fort Worth The Statement of Revenues and Expenditures from October 1, 2009, through February 28, 2010 (unaudited), for the Corporation as follows: CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 3 Consideration of Financial Report (cont'd) (Agenda Item 3A) Revenues Property Tax Reimbursement $47,087.24 Revenue from Rents 129,068.15 Gas Lease Bonus 0.00 HUD Loan Administration Fee 0.00 Interest Income 15,965.97 Change in Fair Value of Investments 0.00 Other Revenue 0.00 Total Revenue $192,121.36 Expenditures Bank Charges $115.72 Contractual Services 26,724.31 Insurance 20,159.00 Property Management 5,162.70 Property Purchase 0.00 Property Taxes 145,825.78 Repairs 14,986.84 Storm Water Utility 10,961.25 Transfers to City 0.00 Utilities 10.563.51 Total Expenditures $234,499.11 Excess (Deficiency) of Revenues Over (Under) Expenditures X2,377.75 The Statement of Available Funds dated February 28, 2010 (unaudited), for the Corporation as follows: Total Cash at February 28, 2010 $2,067,647.12 Cash in Property Management Account ( 3,221.94) Cash available in City account 2,064,425.18 Commitments Remediation of 1108 E. Berry $150,000.00 Purchases of Property $88,475.00 Evans & Rosedale Enhanced CFA $830,000.00 Survey Expenses S6,250.00 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 4 Consideration of Financial Report (cont'd) Reserves Maintenance Reserve Property Tax Reserve Total Commitments & Reserves Unrestricted Cash Available (Agenda Item 3A) 100,000.00 100,000.00 1,274,725.00 $789,700.18 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. In September of 2008, $92,321.91 of the $162,000.00 was returned to the LDC. President Moss opened the floor for discussion and /or comments on these reports. There was no discussion or formal action on the reports and the reports were accepted as presented. Adopt Resolution Authorizing a Lease with A &R Transport, Inc., for Property at 4600 Blue Mound Road (Agenda Item 4) Ms. Cynthia Garcia, Assistant Director, Housing and Economic Development Department, addressed the Corporation regarding the proposed resolution. She displayed an aerial view of the property and advised that the property was previously the old American IronHorse property located near IH 35W and Northeast Loop 820 on Meacham Boulevard. She then displayed a closer aerial view of the property that depicted the specific location of the proposed lease area and added that the Corporation was currently leasing the property to A &R Logistics, Inc., as a parking lease. She displayed a picture of the building proposed to be leased and advised that A &R Logistics, Inc., had requested the expansion of their parking lease to include the building on the corner of the property to start renting the inside of the facility to house their trucks. She recommended the following lease terms: • 5 -year lease. • Lease term begins April 7, 2010 • Rent of $4,398.87 per month for the first year; $4,604.15 for the second year; and $4,809.44 for the remainder of the initial lease term and the renewal term. CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 5 Adopt Resolution Authorizing a Lease with A &R Transport, Inc. for Property at 4600 Blue Mound Road (cont'd) (Agenda Item 4) • A &R pays for all utilities, cleaning, security, lighting, fences and gates, repairs and maintenance. • A &R takes the property "As -Is" except that the Corporation must repair the existing drainage and sewer pipes within 60 days of execution. • A &R must insure the building and name the Corporation as an additional insured on the policy. President Moss opened the floor for discussion on this issue. Director Espino asked Ms. Garcia what business A &R Logistics, Inc., conducted. Ms. Garcia stated that the trucks owned by the business transported plastic pellets all over the country. Director Espino inquired how many people were employed by this business and Ms. Garcia stated that she believed there to be 50 to 70 employees. She added that the company had outgrown its current location and needed more parking as well as a facility to wash the trucks. (Director Moncrief arrived at the meeting.) There being no discussion, President Moss opened the floor for a motion. MOTION: Upon a motion made by Director Espino and seconded by Director Burns, the Board of Directors of the Fort Worth Local Development Corporation voted unanimously nine (9) "ayes" and zero (0) "nays ", to approve and adopt Resolution No. FWLDC- 2010 -03. The motion carried. Executive Session (Agenda Item 5) President Moss stated that he had been advised that an Executive Session was not necessary on the following items: A. Seek the advice of its attorneys concerning legal issues regarding 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 CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 6 Executive Session (cont'd) (Agenda Item 5) 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 Corporation in negotiations with a third party; and C. Discuss or deliberate negotiations related to any economic development negotiations, as authorized by Section 551.087 of the Texas Government Code. This agenda item was passed over. Requests for Future Agenda Items (Agenda Item 6) President Moss opened the floor on requests for future agenda items. No requests were made by Corporation Board members. Adiourn (Agenda Item 7) With no further business before the Board, President Moss adjourned the called — special session of the Fort Worth Local Development Corporation at 1:10 p.m. on Tuesday, April 6, 2010. These minutes approved by the Fort Worth Local Development Corporation on the 14 1h day of _September_, 2010. APPROVED: 1r Frank Moss President ATTEST: Carter Burdette, Secretary CITY OF FORT WORTH, TEXAS FORT WORTH LOCAL DEVELOPMENT CORPORATION CALLED — SPECIAL SESSION TUESDAY, APRIL 6, 2010 Page 7 Prepared and respectfully submitted by: onald P. Gonzales, T / MC Assistant City Secretary