10/23/2001-4B-Minutes-RegularMINUTES: 48 CORPORATION
OCTOBER 23, 2001
PRESENT: Glenn Ervin, Terry Jones, Beverly Branch, Randy Thompson, Steve Hollingsworth,
John Payne
ABSENT: Nel Armstrong
OTHERS
PRESENT: City Secretary/Assistant City Manager Rose Chavez, Vickie Jenkins
1. Beverly Branch Called Meeting to Order.
2. Citizen's Input
None.
3. Consider and Possible Action to Expend Funds for the Completion of the Infrastructure to the
Wal-mart Distribution Center.
City Secretary gave all members of the board the quotes on the financing for this project.
Sanger Bank and Farmers & Merchants gave proposals on financing the $100,000.00
unsecured note and the $250,000.00 unsecured note.
City Secretary gave a brief summary on the status of the park, she addressed that she had
contacted the City of Denton and had spoken to the City Secretary in regards to who prepares
the bids on their baseball fields. She indicated she was referred to the Park Superintendent,
and after discussion he referred her to the company they use. She indicated they have an
appointment with him and he will come look at the fields and address what needs to be done
first.
Lengthy Discussion followed regarding expressed concerns relating to the completion of the
ball fields.
City Secretary advised the 48 Board had pledged $325,000.00 for the completion of the park.
City Secretary indicated that the City Manager and herself are concerned about public opinion
regarding expending all of the funds on one project, and felt it might be best to get the loan for
the entire amount of the project for the Wal-mart infrastructure.
Discussion continued.
Vickie Jenkins, Vice President of GNB, explained that the GNB proposal for the loan would
be at a 5% variable rate. She indicated that the 48 Board could be extended the same amount
as the 4A Board, which was $850,000.00 for the purchase of the land for Wal-mart.
Discussion continued.
Terry Jones made the motion was mQde to approve $350,000 for the infrastructure
improvements to the Wal-mart Distribution Center Projects, Funds can be drawn as needed
from the 48 up to a $350,000.00 maximum. Steve Hollingsworth seconded. Motion carried
unanimously.
4. Consider and Possible Action on Resolution for the Borrowing of Funds for the Completion
of the Infrastructure to the Wal-mart Distribution Center.
No Discussion on Resolution.
5. Any Other Such Matters.
None.
6. Adjourn.
Approved