Loading...
02/10/2008-4A-Minutes-RegularMINUTES: SANGER TEXAS INDUSTRIAL DEVELOPMENT CORPORATION February 10, 2008 MEMBERS PRESENT: Bill Fuller, Gary Bilyeu, Fred Yeatts, and Carroll McNiell MEMBERS ABSENT: Vickie Jenkins OTHERS PRESENT: City Manager Mike Brice, City Secretary/Asst. City Manager Rose Chavez 1. Call Meeting to Order. 2. President Fuller called meeting to order on Tuesday, February 10, 2009 at 8:00 a.m. Executive Session: Pursuant to Open Meetings Act, Chapter 551, Texas Government Code, SubChapter D, 551.072 Real Estate Matters: a. Discussion on Purchasing Warehouse Property for Economic Development Purposes. President Fuller convened the Board into Executive Session at 8:02 a.m. 3. Reconvene: Into Regular Session and Consider Action, if any, on Items Discussed in Executive Session. President Fuller reconvened the Board from Executive Session into regular session at 8:30 a.m. for the consideration of any action for the purchasing of warehouse property for economic development. City Manager recommended that the Board consider putting 20% down which will be $165,000 and that Elm Street be paid from reserve funds. He would also like for the board to allow up to $50,000 for Elm Street. There was a brief discussion concerning the local banks as a source for financing. City Manager advised he will request a bid from all the local banks for an interest percentage quote on the loan. Then, consideration will be made on the bank who submits the most favorable bid. City Manager discussed payments for a 20, 15 and 10 year loans. Motion was made by Gary Bilyeu to move forward with the purchase of the industrial building at 103 Bolivar with an offer of $825,000; pay 20% down which is $165,000; use the Reserve Funds up to $50,000 for the improvement of Elm Street that enters this property; and for the City Manager to negotiate an interest rate with the local banks for the purchase price of the building. Seconded by Fred Yeatts. Motion Carried unanimously. City Manager advised this will be placed on the City Council Agenda for Monday night's meeting. He will notify Mr. Gaffke and make sure he has a deal, and then he will get with the banks on negotiating an interest rate. City Manager discussed the 60-day time period before funds can be -expensed. 4. Adjournment. President Fuller declared meeting adjourned.