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12/09/2002-4A-Minutes-RegularMINUTES: 4A BOARD DECEMBER 9, 2002 PRESENT: Richard Muir, Gordon Lurry, Bill Fuller, Vickie Jenkins, Carroll McNeill OTHERS PRESENT: City Manager Jack Smith, City Secretary/ Assistant City Manager Rose Chavez, Assistant City Secretary/Administrative Assistant Samantha Renz, Paul Vineyard, Mrs. Vineyard, John Springer 1. Richard Muir called meeting to order. 2. a) CONSENT AGENDA Approve Minutes: November ll, 2002 Richard Muir indicated on Item #4, it indicates the payments would start on the 37th month, the discussion was that interest would be paid the first three years. This should be changed to "principal payments would start on the 37th month." Minutes approved. 3. Citizen's Input. None. 4. Consider and Possible Action on Financial Aid for Babe's Restaurant to Possibly Locate in Sanger. Vickie Jenkins asked Mr. Vineyard what kind of amortization he was looking for. Mr. Vineyard indicated probably 10 years, but possibly 7 ½ years. Richard Muir asked Vickie what the factor would be for every $1,000 dollars we would borrow. Vickie Jenkins indicated it would vary, she figured about $2500 per month for this loan. ($250,000.00) She indicated the board could not afford it. Carroll McNeill took the 47 month income schedule, and indicated the board had collected over $500,000 dollars. That came to a little over $10,000.00 per month. He felt it might be cutting it too close. He indicated they need some kind of basis of being able to figure what they can do, what they would be willing to do, and how would they figure it. Discussion regarding the revenues. Bin Fuller indicated the total revenue -has decreased 10% over last years revenues. Vickie Jenkins asked Mr. Vineyard if they considered an amount less than $250,000.00 would he still be interested. Mr. Vineyard indicted that he probably would not. Discussion regarding setting guidelines in the future. Richard Muir expressed that there may be a possibility of increased sales tax revenue with this new business. Mr. Vineyard asked if they were considering his payment when considering the finances for the loan payments. Richard Muir indicated be had not. Discussed impact that Wal-mart had on Paul's Valley, and the impact it has had on Sanger. Vickie Jenkins indicated they were in a situation that they could not do all they wanted to do because of the previous obligation. Richard Muir indicated they would welcome any comments from him, but did not feel they could loan the $250,000.00. Mr. Vineyard indic-at-ed he w-ould lik-e t-o hear-any number-, and w-ould get a-c-ontr-act-or to give him a cost on the building renovations. He felt Sanger was a good location. They may look at it at a later date if the numbers do not work. Vickie Jenkins indicated that she bated to-see it die. Discussion continued regarding the proposal Bill Fuller indicated u it did .not work out tonight, poss.ibJy a year from .now wben they look at the revenues, maybe they could reconsider it. Richard Muir indicated he could not stand the thought of him walking away, and not knowing what the board would do to help him. He indicated if anyone had a figure they felt comfortable with, he would like it thrown out there for him to look at. Carroll McNeill indicated he felt $100,000.00 would work. Vickie Jenkins indicated she agreed with the $100,000.00. Gordon Lurry indicated he was tied between wanting the restaurant and knowing what the revenues were, and what the board could do. Bill Fuller indicated he felt everything was very positive, but after he looked at it, he did not feel $250,000.00 would be something they could do. He also had thought $100,000.00 would be a workable number. Vickie Jenkins indicated the board is ahead almost $100,000.00 on the current note. Richard Muir asked the City Manager if there was any input from any of the City Council. Jack indicated there was not, but that they were looking at least one more retail store coming to town. John Springer indicated he appreciated the boards thought and input in this proposal, and thanked them for the time they spent working on it. Richard Muir asked if any member felt they should make a motion for the $100,000.00. Carroll McNeill indicated he felt they should leave it as stated, and possibly in the future they may be able to do more. Richard invited them to contact the board at any time if they wanted to try other negotiations. Discussion continued regarding outlining some possible guidelines for the board. Discussion regarding downtown merchants. Discussed Guidelines, Carroll McNeill asked ifthere was any other 4A Board that may already have guidelines. City Manager indicted staff could check into it. Discussion continued regarding possible guidelines for the board. Gordon Lurry indicated he was curious ifthere was a way to do a study on other towns regarding there proximity t-o a larger-city. Look at other -cities and see how they have overcome it. Discussion regarding future growth. Vickie indicated she drove a few streets and counted 13 houses for sale. This concerned her. Bill Fuller indicated be drives.around Sanger .and compared to other little towns he has seen, he felt that Sanger needed to clean up Sanger. Richard Muir asked why apartments have not come to Sanger. City Manager indicated there is one in the works at this time. Lengthy Discussion continued regarding the City of Sanger, cleaning it up, and possible growth. Staff directed to check on guidelines from other cities. 5. Adjourn. Approved