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04/12/2001-4A-Minutes-RegularMINlUTES: 4A CORPORATION APRIL 12, 2001 PRESENT: Frank Ballard, Vickie Jenkins, Bill Fuller, Richard Muir ABSENT: Carroll McNeill OTHERS PRESENT: City Manager Jack Smith, City Secretary Rose Chavez, Councilman Joe Higgs, Woodrow Barton, Charles Carneal 1. Frank Ballard Called Meeting to Order. 2. a) CONSENT AGENDA Approve Minutes: January 29, 2001 Richard Muir moved to approve the minutes as presented. Seconded by Vickie Jenkins. Motion Carried unanimously. 3. Citizens Input. Joe Higgs asked about taxes from the RV Park. City Manager indicated he would check into it. Discussion regarding "No Frill's Grill" and when it will open. 4. Consider and Possible Action on contract with AHM Apartments. Frank Ballard indicated Mr. Charles Carneal with AHM was present to address the board regarding this. Charles Carneal indicated they want to participate in a State program and build some apartments in the City of Sanger. He indicated they would receive federal tax credits which they would sell to gain equity. He showed pictures of the development in McKinney that would be similar to this one. He explained the process of funding and how they will go through the Texas Department of Housing to get the federal tax credits. He requested that the 4A Board enter into a contract with AHM to form a corporation because the Texas Department of Housing will give them more points toward possible funding if they are partnered with a non-profit organization. He indicated the board would not have any liability and would not be signing notes or anything like that. Discussion regarding the project and the rent schedule. Discussion regarding property taxes. Frank Ballard asked about the percentage of revenue the Board would get. Mr. Carneal indicated the board would get 10% of whatever the corporation received. Discussion regarding the cost of the project. Lengthy Discussion continued regarding the project and the contract. Richard Muir asked if this could be taken to the City Attorney and okayed by the City Council before they act on it. City Manager indicated he will send it to the attorney. Frank Ballard asked for the consensus of the board. Vickie Jenkins indicated she did not see a downfall if there was not any liability. Bill Fuller indicated he felt the City would benefit if there is no liability, and if the corporation has a good track record. He felt they should look at some of the projects, and see if they could get any information on the business. Mr. Carneal indicated he could have one of the equity investors contact Frank Ballard and explain some details. Vickie Jenkins moved to table this item to allow the attorney to review the contract and allow the board to see what she can find out regarding the business. Bill Fuller seconded. Motion carried unanimously. 5. Any Other Such Matters. None. 6. Adjourn. Approved ,,. I.-{