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Home My WebLink About1965/07/19-Agenda-Pre-Council 1% li 0 A •t� �� t nl�renc�� ::��r,l AWL ML1 ' .- 4 - to Vit. � •� Y i [c�r, �.r• �� i�,it ��•I I r:' Gi)1XY1 ail�l � ..,•t.�t'tit - l rt*u;Ilu t L. f;l•!1�•. i i.,. ,r �.. t. i'�`- i� ill iI1UItly . . t. �� i �,� •�� ,�^ okI t�ptt "fir•AMINO �',�► a dr ,low Ar T- 06,IZ6 ORO 4 j` r MINUTES OF PRE-COUNCIL CONFERENCE JULY I", 19t,9 Present Late Absent 1 . Barr 9. Hoover (Item 2) None 2. Jones 3. Stovall 4. Kemble 5. Shannon 6. Deen 7. Hamm 8 . EaF;le 1 . Visit to Federal Records Center GENE - please follow up It was the consensus of the Council that a visit in September would be all right, and it was requested that the matter be put on an agenda late in August for reconsideration of a specific date . 2. Investment of Funds, Union Bank BATSMAN-NDR'HIS - please follow up The City Manager explained that the City Council about a year ago decided to leave $1 million in a Certi- licate of Deposit in the Union Bank until July 19, 1965, and then reduce the total C.D. by $200,00 each quarter. Councilman Kemble stated that the Union Bank has had a lot of trouble getting established, including getting; a new President and a new building. tie said that as long as the City's money is protected he would like it left in the Union Bank another year. Councilman Shannon asked whether the City would be hurt by leaving the money. The City Manager replied that indirectly it might be, because many banks would like to have the City's investment de- posits. Councilman Hamm recalled that two stipulations were made a year ago : that the City would draw down the total investment gradually, and that the Union Bank would pay interest to the City at prevailing rates . He asked i1 the investment is reduced, where the money would go . The City Manager replied that it would go to investment in Federal securities. Councilman Shannon commented that he would not want to do anything to jeopardize the City's position. but he would like to leave it in the Union Bank. He asked it we are getting more interest income now. The Commissioner of Accounts replied that we get about the same interest from Union Bank, and that the market rate on U.S. Treasury Bills (presently about 3.9%) is used to determine the rate. Councilman Hamm asked if the City's money is protected there. The Commissioner of Accounts replied it is. Councilman Hamm responded that we should leave the investment there. The City Secretary said that 7% of the assets of the Union Bank is City money, and that another bank wants the investment business too. Coun- cilman Hamm asked if it would pay the prevailing rate„ The OFFIC�y1Df. City Secretary said yes . Councilman Stovall said the Coun-cil should stick with the agreement of a year ago. TheMayor asked when the agreement was reached. The Commissionercl Accounts replied July 13, 1964. Councilman Kemble said ! / `,r^ that the bank has a new building and would need the money ��a� � for awhile. Councilman Hamm said he would like to try to L W OPW ..� work iL out with them. Councilman Shannon asked whi lh other bank wanted the business . The City Secretary re- plied the Ridglea Bank. The City Manager said that we now have $10,000 deposited in each of 7 or 8 siiall banks , which are paying 3% on the investment. The Mayor said that if we leave the money in the Union Bank , we should investigate Certificates of Deposit, as they are now paying 4 and 4';; per cent. The City Secretary suggested reducing; the $1,000,000 deposit by $100,000 now and $100,000 at the end of each quarter in the future. Councilman Eagle asked where this money would be reinvested . The Mayor said this shouldn't be an issue on this matter. The consensus of the Council was to agree to reduce the $1,000,000 in- vestment in Union Bank to $900,OU0 now and to reduce the amount by $100,000 at the end of each quarter from now on. This action was taken at the regular Council meeting, with the additional provision that the matter could be reviewed any time and all deposits taken out of Union Bank if the need arises, 3. Ptaspectus submitted by Fed Park, Inc . NAN on Ted Park plans at this time Mayor Barr announced that B. Herbert Manning, President, Fed Park, Inc . , wished to withdraw his proposal of July 16, 1965, for the time being. Councilman Stovall asked if we could get an Attorney General opinion on LhC matter. The City Attorney replied that we could not. Mayor Pro Tem Jones thought that the time for objections would be at the time the Fed Park people looked into the legality of the bonds sale. The City Attorney said that his duties by Charter proceeded that time. The City Attorney also said that Fort worth can build and operate a parking; Lot, but can't lend its credit. Councilman Hamm wondered wkly the proposed parking garage owners couldn't pay taxes . He said that if it was a good proposal , they could get financing. Councilman Hoover asked about the Levi Company in DICK - follow up with Jolindroe Sherman, and whether its income tax exempt .tatus if com- re Texas cities autho rix- parablc . The City Attorney replied that lie thought this ing industrial development was a non-profit corporation set-up . bonds , directly or indi- Councilman Hamm thought that the City Attorne rectly. could look into the matter.. 4. Acquisition of Right-of-way, South Industrial Jones advised JLB after the Pre- Thoroughfare (IR No. 778 and M&C L-741) Council meeting that he was with- drawing; his request for this in- Councilman Stovall asked for a delay in consid- formation, and didn't want the eration of this matter until the next Council meeting. City Manager to tither it. Councilman Hamm and Mayor Barr said they were ready to vote. Mayor Pro Tem Jones wants to know how the estimates of cost were made on the two grade separa- tions (one over the Loop 820 Interstate by the State Highway Dept. , and the one over the railroad by tli•• City) . lf,e wants to know it the estimates are still accurate. He �7 pp11 1 also asked for more information on the tentative agreement on design and location of the interchange at Loop 8200 �sl C�ng�r Q� JU f r f11 .,e.L•�.:T�;�� Mayor Barr said that he thought the purchase was iT desirably, but he is wiling to wait to vote. Councilman r PFll� r' Shannon asked what the City had contributed to the Urban z Transportation Plan of thcO0111'ate Highway Department. The City Manager replied $32,0o,, and it would he finished in October this year. He said the County contributed approx, $12,000. At the regular Council meeting Councilman Hoover DICK - prepare letters to property asked for certain further information on this mattes-_ owners reg;ardins; their present in- lie asked if there has been a thoroug;hiare realignment tentions on providing R.O.W. since the Dec. 12, 1962, report to the Highway Dept. and the Sept. 4, 1962, letter from David Sclilachter. lie Also , prepare I.R. answering; addi- asked if there was any recent statement from the Carter tional questions raised by Hoover. people, since the letter of Sept. 21 , 1962, which stated that necessary land for right-of-way would he made avail - able. He asked if this land would be dedicated or would have to be purchased . Councilman Hoover referred to Map A of the I.R. , and lie asked if there were written agreements to dedicate right-of-way along the thoroughfare. The City Manager replied that the letters in thu I.R. indicated a willingness to dedicate adequate right-of-way, that the right- of -way under present consideration is not on thC Schlacliter property, and that there is no new alignment of the South Industrial Thorough€are, Councilman Hoover also asked when were the Council hearings referred to in the Resolution held (about March 4, 1963) . Action taken at regular Council meeting was to Bold con- sideration of MSC L-741 until the next Council meeting. S. Community Renewal Program Final Report and Payment (M&C PZ-146) The City Manager reported that it would be necessary for the Council to adopt the resolution submitted with PZ-146 in order to receive a final payment of $9,000 from the Federal government on the CRP. Councilman Hamm asked for more time to study the CRP before adopting; the resoluticu. Councilman Kemble asked if the Council could accept the CRP but not adopt it. The City Manager replied that essentially this was what the resolution did. The Mayor asked for a three weeks delay in considera- tion of the resolution. Mayor Pro Tent Jones said that the GENE - get copy of contract for adoption of the CRP places the City under no obligation, transmittal to Jones . Also, but he asked for a review of the contract with the Federal let 's ask Johndroe for legal government to make sure all provisions had been met. lie opinion as to effect of adopt- also asked that the Council make sure its action didn't ing resolution; are we obligat- obligate it or put pressure on the Council to take action. ing ourselves , etc. ? The Mayor said the Council would have to adopt the recommendations bit by bit. Councilman Hoover said that the Council hadn't yet had a study session on the last CRP report . The Mayor said the matter would be considred again in three weeks , and such action was taken at the. regular Council meeting. 6. National League of Cities Meeting in Detroit NAN Councilman Hamm said that he had been appointed to OF FICIAL the NLC Committee on Urban Renewal & Housing and he asked IAL REP Ono if the Council had any thoughts on the position he should ��n.,�_-, take on a proposal promoting rent subsidies , which would �L�,;. ,,. tyty be discussed at the Detroit meeting. Councilman Jones said that Ile had been appointed to the NLC Committee on My. Community Facilities . The consensus of the Council was to have each Councilman vote individually as his conscience moved him at the Detroit meeting