HomeMy WebLinkAbout2017/06/20-Minutes-Fort Worth Local Development Corporation (FWLDC)CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
TUESDAY, DUNE 20, 2017
Present:
Secretary Dennis Shingleton
Trustee Betsy Price
Trustee Salvador Espino
Trustee Brian Byrd
Trustee Kelly Allen Gray
Trustee Ann Zadeh
Absent:
President Gyna M. Bivens
Vice President Cary Moon
Trustee Jungus Jordan
City Staff:
Jay Chapa, Assistant City Manager
Leann Guzman, Senior Assistant City Attorney
Mary J. Kayser, City Secretary
I. Call to Order.
With a quorum present Secretary Shingleton called the meeting to order for the Board of
Directors of the Fort Worth Local Development Corporation (Corporation) at 2:14 p.m. on
Tuesday, June 20, 2017, in the City Council Conference Room, Room 290 of the Fort Worth
Municipal Building, 200 Texas Street, Fort Worth, Texas.
II. Action Items
A. Approval of Minutes from the Meeting Held on May 16, 2017.
Motion was made by Trustee Zadeh and seconded by Trustee Price to approve the
May 16, 2017, minutes of the Corporation. The motion passed 6-0. (President Bivens, Vice
President Moon and Trustee Jordan absent.)
B. Election of Officers
Motion was made by Trustee Price and seconded by Trustee Zadeh to elect Gyna M. Bivens as
President, Cary Moon as Vice President, the City Secretary as Secretary, and the Chief Financial
Officer as Treasurer of the Fort Worth Local Development Corporation. The motion passed 6-0.
(President Bivens, Vice President Moon and Trustee Jordan absent.)
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
TUESDAY, DUNE 20, 2017
PAGE 2
C. Discussion and Consideration of a Resolution to Approve an Assignment and
Assumption of the Loan by Oliver's Fine Foods, Inc. to ITSSUN, LLC Regarding the
Previous Funding of Tenant Improvements at 415 Throckmorton Street for Use as a
Grocery Store.
Ms. Brenda Hicks -Sorensen, Economic Development Assistant Director, provided a PowerPoint
presentation titled, "Assigmment and Assumption of the Loan by Oliver's Fine Foods, Inc. to
ITS SUM LLC.
Motion was made by Trustee Price and seconded by Trustee Byrd to approve Resolution
FWLDC-2017-05, Approving an Assignment and Assumption of the Loan by Oliver's Fine
Foods, Inc. to ITSSUN, LLC Regarding the Previous Funding of Tenant Improvements at 415
Throckmorton Street for Use as a Grocery Store. The motion passed 6-0. (President Bivens,
Vice President Moon and Trustee Jordan absent.)
III. Executive Session: Secretary Shingleton stated that he had been advised that an convened
the executive session was not necessary to discuss the following items:
A. Seek the advice of its attorneys about any matter regarding the following in which the
duty of the attorney under the Texas Disciplinary Rules of Professional Conduct of
the State Bar of Texas clearly conflicts with the Texas Open Meetings Act (Tex.
Govt. Code Section 551.071): (i) legal issues related to any current agenda items
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 relating to any economic development
negotiations, as authorized by Section 551.087 of the Texas Government Code.
IV. Future Agenda Items.
There were no requests for future agenda items.
V. Adjourn.
With no further discussion, Secretary Shingleton adjourned the meeting of the Fort Worth Local
Development Corporation Board at 2:19 p.m. on Tuesday, June 20, 2017.
CITY OF FORT WORTH, TEXAS
FORT WORTH LOCAL DEVELOPMENT CORPORATION
TUESDAY, DUNE 20, 2017
PAGE 3
These minutes approved by the Fort Worth Local Development Corporation Board of Directors
on the 15th day of August, 2017.
President
ATTEST:
Prepared and respectfully submitted by:
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Mary J. KayselA)X�WA&C
Secretary