07/06/2000-4A-Agenda Packet-Regular•
1. Call Meeting to Order.
2. Citizen's Input
Agenda
4A CORPORATION
THURSDAY, JULY 6, 2000
12:00 P.M. (Noon)
201 Bolivar
3. Consider and Possible Action on Funding of Land for Economic Development
Project-Walmart Distribution Center.
4. Consider and Possible Action on Resolution for the Borrowing of Funds for the
Economic Development Project-Walmart Distribution Center.
5. Any Other Such Matters.
6. Adjourn.
Rosalie Chavez, City Secreta J
1J: Lf( AM 1.P-30., o .
Date & Time Posted
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This facility is wheelcliau accessible and accessible parking spaces are available. Requests
for accommodations or interpretive services must be made 48 hours prior to this meeting.
Please contact the City Secretary's office at (940) 458-7930 for further information .
...... 1J.1ez •• Lc1-..tna1
Devolopm.eat Co-,o .. tloa
June 6, 2000
Dr. Ed Wolski
2436 I-35E South
# 336
Den.to~ Texas
Dear Sir:
This letter is written to confirm our understanding as of this date regarding the
circumstances under which the Sanger Texas Industrial Development Corporation is purchasing
from you the property described in Exhibit "A," attached hereto and made a part hereof
The Sanger Texas Industrial Development Corporation is authorized by law to acquire
the subject property for industrial development purposes under ~ent domain authority. In
exercise of its eminent domain authority, the Industrial Development Corporation, as a part of
the eminent domain procedure, is obligated to make a bona fide offer to you for the purchase of
the property as a pan of the eminent domain proceedings. The Industrial Development
Corporation has made an offer to you for the purchase of the property descn'bed in Exhibit "Jr
which has been accepted by you.
This letter is written to you to evidence fact that the purchase of the property from you is
being accomplished under the eminent domain authority of the Sanger Texas Industrial
Development Corporation, with the consent and approval of the City of Sanger, Texas.
We appreciate very much the opportunity to resolve this transaction without the
necessity of going through the full condemnation proceeding.
Thanking you very much for your cooperation in this matter, we are,
Very truly yours,
SANGER TEXAS
INDUSTRIAL DEVELOPMENT CORPORATION
1. Call Meeting to Order.
AGENDA
4A CORPORATION
THURSDAY, JUNE 29, 2000
6:00PM
201 BOLIVAR
2. a)
b)
Approve Minutes:
CONSENT AGENDA
May 22,2000
Disbursements.
3. Consider and Possible Action on Funding of Land for Economic Development Project.
4. Any Other Such Matters.
5. Adjourn.
etary
&,,-2:1 --oo 3:3of.tf/.
Date and Time posted
This facility is wheelchair accessible and accessible parking spaces are available. Requests
for accommodations or interpretive services must be made 48 hours prior to this meeting.
Please contact the City Secretary's office at (940) 458-7930 for further information.
MINUTES: 4A CORPORATION
MAY22,2000
PRESENT: Frank Ballard, Carroll McNeill, Mike James, Vickie Jenkins, Richard Muir
OTHERS
PRESENT: City Manager Jack Smith, City Secretary Rose Chavez, Woodrow Barton
1. Frank Ballard Called Meeting to Order.
2. a)
b)
CONSENT AGENDA
Approve Minutes: April 24, 2000
Disbursements.
Mike James made motion to approve the consent agenda. Carroll McNeill seconded.
Motion carried unanimously.
3. Officer Appointments.
Motion was made by Carroll Mc~eill to appoint Frank Ballard President. Seconded
by Vickie Jenkins. Motion carried unanimously.
Discussion on appointment of Vice President.
Motion was made by Frank Ballard to appoint Carroll McNeill as Vice President.
Seconded by Richard Muir. Motion carried unanimously.
4. Consider and Possible Action on Future Economic Development.
City Manager indicated we still have not been advised on the status of the distribution
center. He indicated that the Denton County Economic Development had met with LT.
Governor Berry along with company representatives. It was ascertained that for sure
Sanger could get the Texas Capital Fund Grant of which is $750,000.00.
Councilman McNeill explained that if the company will bring their other grant
information up to date that they have with Texas, the City can then get a jumbo grant
of 1.5 million dollars. If that takes place it is a strong possibility that 4A does not have
to expend the full I million dollars for the land.
The City still has to put water, sewer, and electricity to the property.
City Manager explained that probably the grant must be throu~~ the 4A because the
City can not legally give away anything for any reason.
Discussion continued on the following issues: the grant, Dr. Wolski's requests, County
Commissioner's commitment on the project, and 4A funds.
City Manager indicated he had talked with Mr. Porter on Friday, and he is still in
negotiations with Al Koa for a site on his property that will employ 20-30 and possibly
40 employees.
Vickie Jenkins asked if the housing development which is to have a golf course is still
in the works?
City Manager indicated it was. City manager explained that there is a lot of areas
where they have to come before the City to get donations of land that are adjacent to
property owners that he might not get. There is financial incentive that he wants from
the City, that City Council might not grant. He indicated at this point in time he is not
sure what this person might be able to accomplish.
5. Consider and Possible Action Regarding Investment of 4A Funds.
6.
Discussion.
Vickie Jenkins reported high yield in money market is 5.33%.
Carroll McNeill made the motion to open (maintain) a checking account for $2,000.00
and all the rest of the funds to be placed into a high yield money market at 5.33%. Mike
James seconded. Motion carried unanimously.
The account must maintain $50,000.00 to continue earning the same yield. IF account
goes lower it will reduce the interest rate; however, it will still earn more.
Discussion.
c:l!;·::;; s-:, Matters.
A) City Manager reported McDonald's will break ground possibly same time as Sonic.
Discussed food sales at McDonald's and Sonic.
B) Vickie Jenkins discussed interest rate as compared to bonds, She indicated that
depending on the term, that the best thing to look at is 2.8% below Wall Street, which
would make it 6.7% Wall Street Journal Prime, which is a little bit better. Vickie
indicated it is not a commitment, just simply a ballpark figure.
C) City Manager indicated that he did find out that if 4A buys land, then the bonds will
be tax exempt. If they help build a building then it would not be tax exempt.
•
Vickie Jenkins indicated the bank's rate is also tax exempt.
Discussion.
7. Meeting Adjourned .