09/19/2006-4A-Minutes-RegularMINUTES:
MEMBERS
PRESENT:
OTHERS
PRESENT:
4A SANGER, TX INDUSTRIAL DEVELOPMENT CORPORATION
SEPTEMBER 19, 2006
President Richard Muir, Vickie Jenkins, Bill Fuller and Carroll
McNeill, Fred Yeatts
Jack Smith City Manager, Rose Chavez City Secretary/Assistant City
Manager, Cecile Carson Economic Development Director
1. Call Meeting to Order.
President Richard Muir called meeting to order at 5:02 p.m. on Tuesday, September
19, 2006.
2. Approve Minutes: June 15, 2006
Vickie Jenkins made motion to approve minutes. Seconded by Bill Fuller. Motion
carried unanimously.
3. Review Financials.
Board discussed the balance on Note Payable at GNB which is $372,623.90
representing principle. The balance in the Money Market is $213,399.79.
Richard Muir explained the year to date balance as indicated on the trial balance.
The board discussed the financial reports in detail. The reports were reflected
correctly as of September 19, 2006.
Cecile Carson discussed the $500.00 in line item 75-5215 (travel). She advised there
is a Texas Economic meeting next week in Houston and the $500.00 is the registration
fee for the conference. She would like to utilize these funds to attend that workshop.
Board agreed for funds to be used for that conference.
Vickie Jenkins indicated that the revenues are over what was budgeted.
Bill Fuller indicated that in the expenses report, the expenses are what was budgeted.
Lengthy discussion on what projects were paid this year.
City Secretary advised that the Economic Development Director's salary was to come
from contractual 75-5420 and apparently it is reflected in account 75-6500. She advised
this would be corrected.
Bill Fuller asked if the Board had reduced the loan payment to GNB, since the line item
budget was $154,050.00.
Vickie Jenkins indicated that the Board did vote to make normal payments. In
reducing the payments, this allowed more funds to be deposited into the Money
Market.
President Muir discussed that if the Board does not have any projects for the future,
the Board should consider paying more on the note payable to GNB.
Discussion followed concerning reducing the debt on the note payable.
City Manager advised that two businesses will also be added that will impact sales taL
The Family Dollar and a barbeque restaurant.
Vickie Jenkins made a motion that the Board take $100,00.00 from the Money Market
and apply it to the principal on the note and then beginning in October to make
payments of $10,000.00 a month on principal.
Seconded by Fred Yeatts.
Carroll McNeill asked if the payments included the interest.
Vickie Jenkins indicated that it would.
Motion carried unanimously.
4. Consider and Possible Action on Proposed Budget 2006/2007.
Discussion followed concerning budget for fiscal year 2006/2007.
City Manager advised that he had made a correction to line item 75-5420 ( contractual
services) and 75-6500. The salary for the Economic Development Director is to be
shifted to 75-5420, that line item will reflect $28,500 and 75-6500 will reflect $76,850
and line item 75-6505 loan payments will reflect $132,000.00.
Motion made by Vickie Jenkins to accept budget for fiscal year 2006/2007.
Seconded by Carroll McNeill.
5. Consider and Possible Action on Appointment of Officers as Required in the By-Laws
Section 5.02.
Cecile Carson advised that according to the amendment to the By-Laws officers are to
be appointed beginning in July. The appointments are for the year 2007.
The term of the Board members are for a six year term.
Motion made by Carroll McNeill to appoint officers as follows:
Richard Muir
Vickie Jenkins
Bill Fuller
President
Secretary/freasurer
Vice President
Fred Yeatts seconded the motion. Motion carried unanimously.
6. List of Future Agenda Items.
Bill Fuller indicated that he would like to give a report on the Sanger Economic
Development Committee. He advised he had spoke to President Muir in regards to a
possible conflict of interest to serve on this Board.
President Muir advised that this would not be a conflict of interest if he served on that
Board.
Cecile Carson advised the Ad-Hoc group was created to gather information and then
they would report to each of the decision making bodies. The City Council will have
this as an agenda item on October 2, 2006. The recommendation is to have a 4B
member, 4A member, Chamber Director, and a business owner to function as a team
to assist in generating ideas as a decision group.
Discussion was that the committee is designed to do a specific task and then stop.
Cecile Carson advised that this is correct. The committee would be a sounding board
to keep the momentum going on the incentive policy and the surveys. The Board would
be an advisory board.
Bill Fuller read their mission statement as follows-"To promote an environment that
encourages retail and industrial development by serving as a liaison between City of
Sanger citizens and new and existing businesses."
Discussion.
President Muir addressed meeting times of the Board.
Discussion -staff to mail financials.
Vickie Jenkins inquired if there was any progress on the incentive package. Is this
something the Board was to review?
Cecile Carson advised that this discussion would be on the next agenda.
Board discussed having meetings as needed; however, to give at least a seven day notice
and to schedule meetings at 5:00 p.m.
7. Meeting Adjourned.
Approved