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.