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04/07/2009-4A-Agenda Packet-Regular• AGENDA 4A SANGER, TEXAS INDUSTRIAL DEVELOPMENT CORPORATION TUESDAY, APRIL 7, 2009 1:00 P.M. 502 ELM STREET 1. Call Meeting to Order. 2. Approval of Minutes: February 10, 2009 3. Presentation by Elk River Investments on Marketing Options at 103 Bolivar. 4. Update on Purchase of 103 Bolivar. 5. Consider and Approve a Professional ·Services Agreement Between the Sanger 4A Economic Development Board and Elk River Reality LLC, Authorizing Elk River to Act as the City's Broker in the Purchase of Property at 103 Bolivar. 6. Review Financials. 7. Adjournment. 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: 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. 3. 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. 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 . Elk River Real Estate NORTH TEXAS COMMERCIAL ASSOCIATION OF REALTORS® PROFESSIONAL SERVICES AGREEMENT EXCLUSIVE TENANT OR BUYER REPRESENTATION This Professional Services Agreement (the "Agreement") is entered into by and between 4 A Sanger Economic Development _B_o_a_r_d'-----------------------------------------(the "Principal") and Elk River Realty LLC (the "Broker"). In consideration of the services of Broker and the agreements contained herein, Principal and Broker agree as follows: A. Term. The term of this Agreement commences on its execution and will expire on September 30, 2009 (the "Expiration Date"). B. Appointment. Principal hereby appoints Broker as Principal's exclusive real estate agent to assist Principal in searching for, locating, and evaluating real properties for lease or purchase, and to assist in the negotiations leading to an agreement to lease and/or purchase a property type generally described as 103 Bolivar, Sanger, TX 76266 __________________ within the market area described as Sanger, TX -------------------------------------(the "Market Area"). C. Broker's Duties and Authority. 1. Broker will act on Principal's behalf to (i) search for, acquire information about, and evaluate available properties in the Market Area which are suitable for Principal's intended use or purpose, (ii) present to Principal those properties which satisfy Principal's requirements, and (iii) assist Principal in negotiating the terms and conditions for the potential lease or purchase of the property. Broker is hereby granted the sole and exclusive right to search for properties within the Market Area and negotiate on Principal's behalf in connection with the lease or purchase of properties within the Market Area du.ring the term of this Agreement. Principal shall not engage any other brokers act in that capacity on Principal's behalf within the Market Area during the term of this Agreement. Broker f check one] lxl is • is not authorized to disclose Principal's identity to owners of properties, real estate brokers and other parties in searching for properties and assisting with negotiations. 2. Broker may enlist the efforts of Broker's sales associates and may solicit and enlist the cooperation of other real estate okers. Broker may place Principal's requirements in a computer on-line commercial property network in order to obtain the assistance _._ other brokers and owners. Broker may not, however, assign this Agreement without the written consent of Principal. 3. Broker and Broker's sales associates will devote an amount of time and effort on Principal's behalf as Broker, in Broker's sole discretion, determines necessary to carry out the duties described in this Agreement. Broker and Broker's employees, agents, affiliates, and associates are entitled to engage in other business activities including, but not limited to, representing other principals, listing properties for sale or lease, and presenting the same properties to other prospects. 4. Broker shall not commit Principal to any agreement unless Principal gives Broker written authorization to do so. D. Principal's Obligations. 1. The undersigned person has the authority and capacity to execute this Agreement and to bind Principal to the obligations set set forth in this Agreement, including the obligation to pay the Fee ( defined below) to Broker. 2. Principal agrees to conduct its efforts to locate suitable property for Principal's use through Broker and shall not engage any other real estate brokers to conduct negotiations for the lease, purchase or other acquisition of any property in the Market Area during the term of this Agreement and any extensions or renewals of this Agreement. Principal agrees to refer to Broker all inquiries and offers received by Principal with respect to the search for properties within the Market Area, to cooperate fully with Broker in locating properties and in negotiating lease or purchase agreements, and to inform all property owners and their real estate agents of Broker's exclusive representation of Principal as established by this Agreement. During the Protection Period ( defined below), Principal shall continue to recognize Broker as Principal's exclusive agent in accordance with the terms of this Agreement with respect to any property which has been submitted by Broker to Principal during the term of this Agreement. E. Professional Service Fee. If Principal leases or purchases any property within the Market Area, with or without the assistance of Broker, during the term of this Agreement or any extension or renewal of this Agreement, then Principal assures payment to Broker of a professional service fee (the "Fee") in cash at the consummation of the lease or purchase of each property in an amount equal to: (1) $ _________ ; or (2) ~1:..:·-=5~%~o~f:.......Jp~u==r~c=h~a~s::'.:e"'c-p~r-=i-=c=e:-_____________________ _ Broker will seek payment of the Fee from the owner of the property (the "Owner") or the Owner's agents as compensation for Broker's rices with respect to a lease or contract of sale executed by Principal. In any lease or contract executed on behalf of Principal or any lated Party (defmed below), Principal shall include a provision which assures that Broker will receive payment of ©Copyright 1996 NTCAR form 03 (1/96) Page 1 Elk River Real Estate 3311 NIH 35, Suite 140, Denton TX 76207 Phone: 940.381.4903 Fax: 940.381.4906 Elk River Real Estate City of Sanger Produced with Zipform™ by RE FonnsNet, LLC 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipfonn.com the Fee from the Owner, if (a) the lease or contract covers property located within the Market Area, and (b) either: (i) the lease or contract is executed during the term of this Agreement; or (ii) the property was introduced to Principal by Broker during the term of this Agreement and the lease or contract is executed during the Protection Period. If the above required provision is not included in any such lease or contract, or the Owner does not pay the Fee to Broker for any reason, Principal will pay the Fee to Broker, or the "fference between the Fee and the amount actually paid to Broker by the Owner, whichever is less. Any payment to Broker by Owner shall not alter the agency relationship between Principal and Broker as set forth in this Agreement. The Fee will be paid when earned in the county in which the property being leased or purchased is located, without demand, in immediately available funds. The Fee will be fully earned and payable to Broker on the date of consummation of a transaction in which Principal, or any Related Party, leases or purchases property within the Market Area: (i) during the term of this Agreement, or (ii) after the expiration of the term of this Agreement, if earned in accordance with Paragraph 6, Protection Period. F. Protection Period. As to transactions which close after the Expiration Date, the Fee will be paid to Broker upon the closing . and funding of a transaction in which Principal, or any Related Party, leases or purchases property within the Market Area if, within one hundred eighty (180) days after the Expiration Date (the "Protection Period"), Principal or any Related Party: (i) executes a contract of sale or exchange; (ii) executes a lease; or (iii) otherwise agrees to purchase any legal or equitable interest in a property (including a contract for deed or an option to purchase or lease property). However, as to a lease or contract executed during the Protection Period, Broker will only be entitled to collect the Fee if (i) Broker has furnished to Principal, within fifteen ( 15) days after the Expiration Date, a list of properties introduced to Principal during the term of this Agreement, and (ii) the property which is the subject of the transaction is set forth on that list. A "Related Party" means any assignee of Principal, any family member or relative of Principal, any officer, director or partner of Principal, and any corporation, partnership, joint venture, or other entity owned (in whole or in part) or controlled (in whole or in part) by Principal or any officer, director or partner of Principal. G. Conflicts oflnterest. Notwithstanding anything to the contrary in this Agreement, with respect to any property in which Broker and/or Broker's associates have an interest, or which property is exclusively listed with Broker for sale or lease, Broker will notify Principal of Broker's interest or exclusive listing at or before Broker's introduction of the property to Principal. As to any property in which Broker or Broker's associates have an interest, Broker is relieved from all fiduciary obligations to Principal under this Agreement. If the situation constitutes an intermediary relationship (described below), then Broker's responsibilities will be limited to those inherent as an Intermediary as disclosed below. Notwithstanding any conflict of interest or intermediary relationship, if Principal leases or purchases the property, then Principal will cause the Fee to be paid to Broker as provided in this Agreement. . Intermediary Relationship. 1. Principal authorizes Broker to show to Principal properties which Broker has listed for sale or lease. If Principal wishes to purchase or lease any property Broker has listed for sale or lease, Principal authorizes Broker to act as an intermediary between Principal and the owner, to present any offers Principal may wish to make on such properties, and to assist both Principal and the owner in negotiations for the sale or lease of the property. In that event, Broker's compensation may be paid by the owner in accordance with the terms of Broker's listing agreement with the owner, and Broker may also be paid a fee by Principal. A real estate broker who acts as an intermediary between parties in a transaction: a. may not disclose to the buyer or tenant that the seller or landlord will accept a price less than the asking price price unless otherwise instructed in a separate writing by the seller or landlord; b. may not disclose to the seller or landlord that the buyer or tenant will pay a price greater than the price submitted in a written offer to the seller or landlord unless otherwise instructed in a separate writing by the buyer or tenant; c. may not disclose any confidential information, or any information a party specifically instructs the real estate broker in writing not to disclose, unless otherwise instructed in a separate writing by the respective party or otherwise required to disclose such information by the Texas Real Estate License Act or a court order, or if the information materially relates to the condition of the property; d. shall treat all parties to the transaction honestly; and e. shall comply with the Texas Real Estate License Act. 2. Appointments. Broker is authorized to appoint, by providing written notice to the parties, one or more licensees associated with Broker to communicate with and carry out instructions of one party, and one or more other licensees associated with Broker to communicate with and carry out instructions of the other party or parties. During negotiations, an appointed licensee may provide opinions and advice to the party to whom the licensee is appointed. I. Disclaimer. Principal understands that a real estate broker is qualified to advise on matters concerning real estate and is ~ot an expert in matters of law, tax, financing, surveying, hazardous materials, engineering, construction, safety, zoning, land planmng or architecture. However, Broker will disclose to Principal any material factual knowledge which Broker may possess about any property .troduced to Principal by Broker. Principal acknowledges that Principal has been advised by Broker to seek expert ©Copyright 1996 NTCAR fonn 03 (1/96) Page2 Produced w~h ZipForm"' by RE FormsNe~ LLC 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipform.com assistance on such matters. Broker does not investigate a property's compliance with building codes, governmental ordinances, statutes or laws that relate to the use or condition of a property or its construction, or that relate to its acquisition. If Broker provides names of consultants or sources for advice or assistance, Broker does not warrant the services of the advisors or their products and cannot warrant the suitability of property to be acquired or leased. Broker does not warrant that the owner of the property will disclose any or II property defects or other matters pertaining to the property or its condition. Principal hereby agrees to indemnify, defend and hold roker harmless from and against any and all liabilities, claims, debts, damages, costs, and expenses, including but not limited to reasonable attorneys' fees and court costs, related to or arising out of or in any way connected to representations about any property or matters properly analyzed by experts. In addition, to the extent permitted by applicable law, Broker's liability for Broker's breach of this Agreement, negligence, or otherwise, is limited to the return of the Fee, if any, paid to Broker pursuant to this Agreement. J. Miscellaneous. 1. Notices. Any notice under this Agreement must be in writing and will be deemed delivered on the earlier of: (i) actual receipt, if delivered in person or by messenger with evidence of delivery; (ii) receipt of an electronic facsimile transmission ("Fax") with confirmation of delivery; or (iii) upon deposit in the U.S. mail, first class postage prepaid, and addressed to the intended recipient at its respective address set forth below, or such other address as may be subsequently designated in writing by the intended recipient. 2. Legal Expenses. The prevailing party in any legal proceeding brought in relation to this Agreement shall be entitled to recover from the other party reasonable attorneys' fees, pre-judgment interest as allowed by law, and all other costs of collection in addition to the Fee and any other compensation payable hereunder. 3. Severability. If any provision of this Agreement is found to be invalid or unenforceable by a court of competent jurisdiction, then the invalid provision will be deemed to be deleted from this Agreement, and the remainder of this Agreement will continue to be valid and in full force and effect. 4. Binding Effect This Agreement is binding on and will inure to the benefit of the parties hereto and their successors, heirs and assigns. However, this Agreement may not be assigned by either party without the written consent of the other party. This Agreement contains the entire agreement and understanding of the parties, and it may not be modified, canceled or terminated except by an agreement in writing executed by both parties. If this Agreement is executed by more than one Principal, it shall constitute the joint and several obligations of each Principal. Principal acknowledges that Principal has read this entire Agreement, understands it fully, and has had an opportunity to review it with an attorney of Principal's choice. Principal and Broker each acknowledge receipt of a fully executed copy of this Agreement. 5. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. 6. Exhibits. Any exhibits or attachments to this Agreement are hereby incorporated as a part of this Agreement. This Agreement is effective on the last date beneath the signatures below. PRINCIPAL 4 A Sanger Economic Development Board By [Signature]: _______________ _ Name: Mike Brice Title: City Manager Address:5O2 Bolivar Sanger, TX 76266 Telephone: (940) 458-7930 Fax: (940) 458-4182 Date of Execution: ________________ _ BROKER Elk River Realty LLC By [Signature]: _______________ _ Name:Steve Watkins Title: Agent Address: 3311 N IH 35, Suite 140 Denton TX 76207 Telephone: (940) 239-3850 Fax: (940) 381-4906 Date of Execution: ________________ _ "'11::,right Notice: This form is provided for the use of members of the North Texas Commercial Association of Realtors®, Inc. Permission is hereby granted to make limited copies of this form .. se in a particular Texas real estate transaction. Contact the NTCAR office to confirm that you are usmg the cullent version of this form. ©Copyright 1996 NTCAR form 03 ( 1/96) Page3 Produced w~h ZipFonn™ by RE FonnsNet, LLC 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipfonn.com City of Sanger Elk River Real Estate NORTH TEXAS COMMERCIAL ASSOCIATION OF REALTORS® Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. INFORMATION ABOUT BROKERAGE SERVICES B efore working with a real estate broker, you should lrnow that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should lrnow that the broker who lists the property for sale or lease is the owner's agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner's agent anything the buyer would not want the owner to lrnow because an owner's agent must disclose to the owner any material information lrnown to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner, but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties' consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party, and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. This is not a contract The real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee's records. Elk River Realty LLC Real Estate Broker Company Real Estate Licensee Steve Watkins Buyer, Seller, Tenant or Landlord Date Buyer, Seller, Tenant or Landlord 1 exas Real Estate Brokers and Salesmen are licensed and regulated by the Texas Real Estate Co~ission (TREC). If you have a question or a complaint regarding a real estate licensee, you should contact the TREC at P.O. Box 12188, Austm, Texas 78771-2188 or call 512-465-3960. Date Date 1996 NTCAR form 15 (1/96) Single page Elk River Real Estate 3311 NIH 35, Suite 140, Denton TX 76207 Phone: 940.381.4903 Fax: 940.381.4906 Elk River Real Estate City of Sanger Produced with ZipForrn™ by RE ForrnsNet, LLC 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipforrn.com 4A DEPOSITS 20001 2001 I 2002 I 2003 I 2004 I 2005 I 2006 I 2007 l 2008 l 2009 l I JAN. I $8,083.931 $8,937.431 $10,348.821 $10,188.221 $25,847.621 $13,993.781 $16,264.so 1 $16,691.41 I $17,436.571 $22,880.041 I FEB. I $9,763.371 $11j340.64I $14,870.781 $14,840.341 $17,485.761 $21,779.911 $21,513.621 $19,601.101 $22,071.09 I $23,228.79 I MARCH I $10,384.63 I $8,984.181 $9,209.151 $12,446.36 I $13,382.911 $14,254.431 $16,620.931 $16,472.341 $19,892.63 I $24, 179.62 I [-, APRIL I $8,416.521 $9,517.251 $9,195.021 $9,202.141 $12,224.771 $14,166.101 $17,198.171 $15,482.ool $18,511.54 I I r-~~-I MAY I $10,323.151 $14,946.44 I $10,623.56 I $15,125.041 $20,311.31 I $20,ss6.14I $17,428.361 $26,767.831 $22,166.33 j I I JUNE I $7,953.661 $10,131.011 $11,911.061 $14,358.111 $18,276.941 $15,585.541 $23,063.991 $17,172.671 $1~,338.74 '·····~----JULY I $7,642.301 $12,784.181 $10,597.471 $11,370.281 $16,692.36 I $16,914.66 I $17,896.76 I $19,127.611 $20,703.08 I AUGUST.I $10,854.251 $17,o3s.oo I $14,962.171 $16,132.421 $19,354.711 $20,375.581 $24,003.1 s I $24,581.421 $25,288.441 SEPT. I $7, 103.SOI $11,612.08 I $12,928.161 $13,140.49 I $15,725.621 $16,977.991 $19,746.741 $26,990.12 I $21,583.44 I OCT. I $10,136.271 $28,586.96 I $13,940.44 I $11,426.12 I $16,084.64 I $17,o74.s1I $11,042.771 $24,397.63 I $21,510.39 I NOV. I $11,975.611 $16,166.71 I $14,246.901 $17,184.88 I $22,700.731 $20,661.061 $24,265.79 I $22,846.791 $24,645.131 I I .. -I DEC. I $7,860.371 $10,397.061 $10,198.241 $12,570.111 $16,179.851 $19,822.071 $17,830.911 $17,961.611 $19,213.ss I I l ~-~ TOTAL $110,497.56 $160,938.94 $143,031.77 $157,985.11 $214,267.28 $212,161.77 $226,875.69 $248,092.53 $252,360.93 • • AGENDA 4A SANGER, TEXAS INDUSTRIAL DEVELOPMENT CORPORATION TUESDAY, FEBRUARY 10, 2009 8:00 A.M. 502 ELM 1. Call Meeting to Order. 2. Executive Session: Pursuant to Open Meetings Act, Chapter 551, Texas Government Code, SubChapter D, 551.072 Real Estate Matters: 3. 4. a. Discussion on Purchasing Warehouse Property for Economic Development Purposes. Reconvene: Into Regular Session and Consider Action, if any, on Items Discussed in Executive Session. Adjournment. Rb. lo180:B \O:OOa.rn. 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 . • 1. 2. AGENDA 4A SANGER, TEXAS INDUSTRIAL DEVELOPMENT CORPORATION THURSDAY, JANUARY 22, 2009 1:30 P.M. 502 ELM Call Meeting to Order. 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. 3. Reconvene: Into Regular Session and Consider Action, if any, on Items Discussed in Executive Session. 4. Adjournment. 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 . • AGENDA 4A SANGER, TEXAS INDUSTRIAL DEVELOPMENT CORPORATION TUESDAY, JANUARY 6, 2009 1:00 P.M. 502ELM 1. Call Meeting to Order. 2. Approval of Minutes: July 22, 2008 3. Update on Water and Wastewater Master Plan. 4. Discussion on Purchasing Warehouse Property for Economic Development Purposes. 5. Review Financials. 6. Adjournment. 1·fu-31-9LX:)g a,·LJaun Date and Time Posted 1 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: 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 if there 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 financial, balances, and interest earned on accounts. The investments held at First United Bank are earning interest at 5% on a 30-day investment. 8. Adjournment. President Fuller adjourned the meeting.