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07/22/2008-4A-Minutes-RegularMINUTES: SANGER TEXAS INDUSTRIAL DEVELOPMENT CORPORATION July 22, 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. President Fuller called meeting to order. 2. Approval of Minutes: April 15, 2008. Motion made by Fred Yeatts to approve the minutes of April 15, 2008. Seconded by Councilman McNiell. Motion Carried. 3. Discuss and Consider Action on Appointment of Officers. City Secretary advised that currently the President is Bill Fuller, Fred Yeatts as Vice President and Vickie Jenkins as Secretary/Treasurer. Carroll McNeill made motion to leave the slate of offices as indicated for another year. Seconded by Fred Yeatts. Motion carried unanimously. 4. Consider and Possible Action of Funding a Comprehensive Water and Wastewater Study to Prepare for Future Industrial Growth. City Manager indicated in the last meeting the board discussed the need to extend infrastructure to the proposed Industrial areas of the City. The first step to begin the process is to have an engineering study to determine what size the water/wastewater lines need to be. The study will cost about $80,000 and he would like the board to consider funding half of the cost. At least fifty-percent of the study is for new industrial development. The City will match the cost with budgeted funds. The study will cover the entire City limits including existing infrastructure. Discussion followed concerning the study and the cost. If the board funds the study, staff will proceed with RFQ'S (request for quotes) to have an engineering firm by October 1. The time frame to complete the study is six to nine months. Discussion concerning development North of Wal-Mart. Motion was made by Carroll McNiell for the 4A Board to fund half of the $80,000 for the Comprehensive Water and Wastewater Study in the amount of $40,000 to accomplish the study. Seconded by Fred Yeatts. Motion carried unanimously. 5. Discussion of Possible New Industrial Development. Councilman McNiell asked ifthere was anybody interested in developing North ofWal- Mart. City Manager indicated there is someone who is still in the process of buying the 137 acres North of Wal-Mart. The plans have been submitted for the road into the property. He is not sure when the owner will close on the property. 6. Discuss and Consider Approval of 2008/2009 Budget. City Manager gave a thorough review of the proposed budget, estimated revenues, and the estimated fund balance for the year. There were some minimal expenses budgeted mainly to cover any expense that might occur during the year. The loan for Wal-Mart will be paid off in February of 2009. The $40,000 in project line item expense is for the study, and the $25,000 is the transfer to the General Fund to cover Administrative and Advertising. This covers advertising costs for economic development and administrative costs related to economic development. This includes any work the City Manager does, City Secretary or any other staff member. According to the Statues, 4A and 4B have to reimburse the City for any staff time that is done for Economic Development. There is an Economic Development budget in the General Fund that is partially funded by 4A and 4B and the City. The total expenditures for the year are $106,400.00, leaving an available fund balance at the end of the year of about $478,100.00. Brief discussion followed. Motion was made by Fred Yeatts to approve the budget for the fiscal year 08/09 as presented. Seconded by Carroll McNielL Motion carried unanimously. 7. Review Financials. City Secretary gave an overview of the fmancial, balances, and interest earned on accounts. The investments held at First United Bank are earning interest at 5% on a 30-dayinvestment 8. Adjournment. President Fuller adjourned the meeting.