07/27/2009-4B-Agenda Packet-Regular•
AGENDA
4B SANGER, TEXAS DEVELOPMENT CORPORATION
MONDAY, JULY 27, 2009
6:00 P.M.
502 ELM STREET
1. Call Meeting to Order.
2. Approve Minutes: June 22, 2009
3. Consideration and Discussion of Fiscal Year 2009/2010 Budget.
4. Discussion on Purchasing Additional Park Land.
4. Project Updates:
5.
6.
a) Streetscape
b) Downtown Park
c) Sports Park
Review Financials.
Adjournment.
This facility is wheelchaii 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 DEVELOPMENT CORPORATION
June 22, 2009
MEMBERS
PRESENT: John Payne, Beverly Howard, Scott Stephens, Jeff Springer, Will Dutton
MEMBERS
ABSENT: Beverly Branch, Barbara Martin
OTHERS
PRESENT: City Manager Mike Brice, City Secretary/Asst. City Manager Rose Chavez
1. Call Meeting to Order.
President Payne called meeting to order at 6: 13 p.m.
2. Approve Minutes: May 11, 2009
Motion was made by Jeff Springer to approve minutes as presented. Seconded by .
Scott Stephens. Motion Carried unanimously.
3. Authorize the Execution of a Sales Tax Remittance Agreement with the City of Sanger
and other Matters Related Thereto.
Ted Christensen, Financial Advisor with Government Capital addressed the Board
concerning the Sales Tax Remittance Agreement with the City of Sanger. Mr.
Christensen discussed that this debt will be issued by the City. The City property tax
guarantees the debt. The payment will be about $170,000 to $190,000 a year. The
EDC will pay their share of the debt to the City. The agreement is between the EDC
and the City of Sanger. The purpose for it to be a written document is to protect
future corporation boards, future city councils and Mayors on what was agreed upon
in 2009 when this debt was issued. Mr. Christensen advised that the City Council will
not vote to issue bonds unless the agreement is signed. The agreement was a generic
draft format that was provided by Bond Counsel that he modified for the City. The
City Council has already had one meeting for the bonds and the vote to issue the bonds
will be done on July 6, 2009.
Jeff Springer asked if there was reason for the low-range amount to be in the
agreement.
Mr. Chri~tensen indicated that the minimum payment for this debt would be at least
$170,000 with the maximum cap at $190,000.
There was a lengthy discussion concerning the section that referenced the minimum
payment in the agreement and the bond debt.
Mr. Christensen indicated that the agreement can be revised.
Jeff Springer indicated that it appears to him that the EDC is giving all the control for
this specific bond to the City.
Mr. Christensen indicated that he was correct. He continued to discuss the estimated
payment and how the City's share will be determined. He told the Board that they . . .
could amend the agreement-to change the wording concerning the minimum payment.
John Payne asked that based on the agreement, the EDC is obligated for a debt
payment of $190,000 a year.
Mr. Christensen indicated that the payment would not exceed $190,000 a year. It will
depend on the final interest rate of the bonds, and the final amount of the $3.2 million
that is attributed to the land purchase and the improvements.
Mr. Christensen discussed the restrictions on prepayment of the bonds. He also
discussed that the City's credit rating is significantly better than any economic
development corporation.
John Payne expressed a concern regarding the bond payments for the next 15 years
and the amount of revenue that would be left for future projects.
Jeff Springer indicated that he is sure the sales tax revenues will continue to go up.
Mr. Christensen continued to discuss the bond debt and that the debt is obligated by
property taxes.
Jeff Springer asked how the determination will be made as to what portion of the debt
belongs to the EDC and how much belongs to the City.
Mr. Christensen indicated that land and improvements will determine their
percentage of the debt.
Mr. Springer asked that the City will issue $3.2 million bond debt regardless of what
the 4B spends on the park.
Mr. Christensen indicated that whatever the 4B does not use for the park
improvements, the City will use for street improvements.
Jeff Springer indicated that the agreement needs to state this so three years from this
date someone has it in writing as to what was to be done.
Jeff Springer indicted that he would like two more recitals in the agreement which are
as follows:
•
Whereas, the Corporation has approved the purchase of land and construction of
improvements for the purpose of a new sports complex and has agreed to pay the
purchase price of the land and improvements; and in parenthesis they can call it the
"project".
In Section 1.3, to add that the project will be financed with a portion of proceeds of the
certificates. In Section 1.1, to remove the minimum cap of the bond payment that was
set at $170,000.
Mr. Christensen reviewed the changes with the board members as amended.
Jeff Springer moved to approve the EDC Sales Tax Remittance Agreement as
amended. Seconded by Beverly Branch. Motion carried unanimously.
Mr. Christensen advised he will correct the documents for proper execution.
4. Project Updates:
a) Streetscape
b) Downtown Park
c) Sports Park
A brief update continued on the status reports on the 4B projects. The downtown
streetscape project still has some items to be completed; installation of the planter
boxes, connection of the irrigation system to the planters, and installation of the trash
receptacles and the park benches.
The Downtown Park project will hopefully be completed by July 1.
The City of Sanger has closed on the property for the Sports Complex. Staff has met
with a potential architectural firm. to assist with the design and layout of the sports
field. The board members discussed that they would like to be able to sit when staff
meets with the architectural firm on the design and layout of the sports complex.
5. Review Financials
The City Secretary went over the financials, and the sales tax collections for the month.
The combined balance on all interest-bearing accounts was $481,900.89. Brief
discussion followed.
6. Adjournment.
Motion was made by Scott Stephens to adjourn. Seconded by Beverly Howard.
Motion carried unanimously •
Memo
1b: 4B board
From: Mike Brice, City Manager ~
Date: 7/'2212.009
Re= additional park land
· We have been approached by AMPCO about purchasing approximately 4 acres east of Railroad
Avenue and north of Smith Street This property is adjacent to property that will be donated for park
land by Sable Creek (see aerial map). This property would allow for the expansion of the proposed
Sable Creek Park. Kammie Patton Park nearby is on private property and needs to be relocated.
Purchasing this property would allow us to move Kammie Patton Park and still keep it in the
neighborhood. It would also allow for the expansion of walking trails and other amenities. I would
anticipate that the park would be developed in stages and grant money would be sought to leverage 4B
funds.
I appreciate your input on this matter.
N AMPCO & Sable Creek Properties along Ranger Branch
nu J'r · ,. .. _·_ -··'"-ifii·'-Ji"·~_.,,ii,;;; A!,W-',...g,;:S:.i1.t/.•r-™i ·-J· H· ~,,.
48 DEPOSITS
20001 2001 I 2002 I 2003 I 2004 I 2005 I 2006 I 2007 I 2008 I 2009 I
l
JAN. I $8,083.931 $8!937.431 $10!348.82 I $10,188.221 $25!847.621 $13,993.781 $16,264.501 $161691.41 I $17!436.571 $221880.04 I
I
FEB. I $9,763.371 $11 !840.64 I $14,870.781 $141840.34 I $17!485.761 $21,779.911 $21,513.621 $19,601.101 $22,071.091 $23,228.79 I
I ~
I
MARCH I $10!384.631 $8,984.181 $9,209.151 $12!446.361 $131382.91 I $14,254.431 $16,620.93 I $161472.34 I $19,892.631 $241179.62 I
I
APRIL I $8z416.52I $9,517.251 $9,195.021 $9!202.141. $12,224.771 $14!166.101 $17!198.171 $15,482.00 I $18,511.541 $16,279.441
I
MAY 1 $101323.151 $14!946.441 $10!623.561 $15! 125.041 $20,311.371 $20!556.141, $17!428.361 $26z767.83I $22! 166.331 $24!744.751
I . 1
JUNE $7 953.66 $10 131.01 $11 911.06 $14 358.11 $18,276.94 $15,585.54 $23,063.99 $17,172.67 . $19,338.74 $20,159.79
JULY $7 642.30 $12 784.18 $10,597.47 $11,370.28 $16,692.36 $16,914.66 $17,896.76 $19,127.61 $20,703.08
.
I
AUGUST I $10,854.25 I $11 1035.001 $141962.171 $16,132.42 I $191354.71 I .$201375.581 $241003.151 $241581.42 I $251288.44 I
SEPT. I $71103.501 $111612.081 $12!928.161 $131140.491 $15z725.62I $16,977.991 $19z746.74I $261990.121 $21,583.441
l
OCT. I $10,136.211 $28,586.96 I $13!940.441 $111426.72 I $16,084.641 $171074.51 I $11!042.771 $24,397.631 $21,510.3~
I "' .,
NOV. 1 $11 1975.61 I $161166.71 I $14,246.901 $17,184.881 $22z100.73I $201661.061 $24,265.79 I . $2·2;-846. 19 I $241645.131
DEC. I $7,860.371 $10,397.061 $10, 198.24 I $12,570.111 $16,179.851 $19,822.071 $17,830.911 $17,961.611 $19,213.55
JOTAL $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
July 20, 2009
BANK BALANCES
Money Market Checking
4B CD #461024
4B CD #653500
4B CD #659924
4B CD#664243
TOTAL
$ 95,509.92
347,586.72
20,124.92
20,042.47
20,000.00
$ 503,264.03
7-20-2009 04:41 PM
42 -4B CORPORATION
REVENUE SUMMARY
4B REVENUES
TOTAL REVENUES
EXPENDITURE SUMMARY
76-4B EXPENSES
*** TOTAL EXPENDITURES***
** REVENUES OVER(UNDER) EXPENDITURES
TOTAL OTHER FINANCING SOURCES (USES)
•
. I
C I T Y O F S A N G E R
FINANCIAL STATEMENT
CURRENT
BUDGET
235,000.00
235,000.00
1,400.00
1,400.00
233,600.00
25,000.00)
0.00
25,000.00
AS OF: JULY 31ST, 2009
CURRENT
PERIOD
20,730.80
20,730.80
0. 00
0. 00
20,730.80
0. 00
0. 00
o.oo
Y-T-D % OF
ACTUAL BUDGET
231,436.20
231,436.20
463,637.32
463,637.32
232,201.12)
/
0.00
0.00
0.00
98.48
98. 48
116.95
116.95
99. 4 0-
0.00
0.00
0.00
Y-T-D
ENCUMB.
0. 00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
PAGE:
BUDGET
BALANCE
3,563.80
3,563.80
462,237.32)
462,237.32)
465,801.12
25,000.00)
o.oo
25,000.00
7-20-2009 04:41 PM
42 -48 CORPORATION
REV
REVENUES
4B REVENUES
00-4425 STATE SALES TAX
00-4800 INTEREST INCOME
00-4940 DONATIONS
00-4950 TRANSFER PRIOR YEAR INCOME
00-4985 TRANFERS OUT FROM 4B/ TO GF
00-4990 TRANSFERS FROM RESERVES
TOTAL 4B REVENUES
TOTAL REVENUES
CITY OF SANGER
FINANCIAL STATEMENT
CURRENT
BUDGET
240,000.00
20,000.00
0.00
0.00
0,00
25,000.00)
235,000.00
235,000.00
AS OF: JULY 31ST, 2009
CURRENT
PERIOD
20,159.79
571. 01
0. 00
0. 00
0. 00
0. 00
20,730.80
20,730.80
Y-T-D % OF
ACTUAL BUDGET
217,378.55 90.57
14,057.65 70.29
0.00 0.00
0. 00 0.00
0.00 0.00
0.00 0.00
231,436.20 98,48
231,436.20 98.48
Y-T-D
ENCUMB.
o. 00
0. 00
0.00
o. 00
0.00
0.00
0,00
0,00
PAGE:
BUDGET
BALANCE
22,621.45
5,942.35
0 .00
0.00
0.00
25,000.00)
3,563.80
3,563.80
7-20-2009 04:41 PM
42 -48 CORPORATION
76-48 EXPENSES
DEP T EXPENDITURES
52-SUPPLIES AND MATERIALS
76-5200 CHECK CHARGES
76-5210 OFFICE SUPPLIES
76-5215 TRAVEL & REGISTRATIONS
76-5220 DUES
76-5225 PUBLICATIONS/SUBSCRIPTIONS
76-5235 DUES & REGISTRATION
76-5240 TRAVEL
TOTAL 52-SUPPLIES AND MATERIALS
54-CONTRACT SERVICES
76-5410 INSURANCE
76-5420 CONTRACTUAL SERVICES
76-5450 ENGINEERING FEES
TOTAL 54-CONTRACT SERVICES
63-C L IMP/0$5, 000
76-ARK -IMP CIP
TOTAL 63-CAPITAL IMP/0$5,000
65-PROJECTS
76-6500 PROJECTS
TOTAL 65-PROJECTS
DEPARTMENT TOTAL
T0:'_;:,._1 E:X?:::NDITUR:S:S """ *
o:!'1::::K FIN.:.~1cn;G SOU?.c:::s (US2S)
00-4990 TRANSFERS FROM RESE:RVES
TOTAL OTHER FINANCING SOURCES (USES)
*** END OF REPORT***
CITY OF SANGER
FINANCIAL STATEMENT
CURRENT
BUDGET
0,00
200, 00
0,00
0. 00
200,00
250.00
750,00
1,400.00
0, 00
0, 00
0. 00
0.00
0,00
0.00
0.00
0.00
1,400.00
2.,400.00
25,000.00)
25,000.00
AS OF: JULY 31ST, 2009
CURRENT
PERIOD
0,00
0.00
0.00
0,00
0,00
0,00
0.00
0.00
0,00
0.00
0,00
0,00
0. 00
0. 00
0.00
0. 00
0,00
0.00
0.00
0.00
Y-T-D % OF
ACTUAL BUDGET
0.00
98,70
0.00
0.00
0.00
0,00
0.00
98.70
0.00
0.00
0.00
0.00
173,511.17
173,511.17
290,027.45
290,027.45
463,637.32
~63, 63"7. 32
0.00
0,00
0,00
49.35
0.00
0.00
0.00
0,00
0.00
7.05
0.00
0.00
0.00
0.00
0.00
0. 00
0,00
0.00
116. 95
: : 6. 93
0.00
0.00
Y-T-D
ENCUMB.
0.00
0.00
0.00
0.00
0.00
0,00
0,00
0. 00
0,00
0, 00
0. 00
0. 00
0,00
0.00
0.00
0.00
0.00
0.00
0. 00
0. 00
PAGE:
BUDGET
BALANCE
0. 00
101.30
0. 00
0. 00
200.00
250, 00
750,00
1,301.30
0.00
0.00
0~ 00
0,00
173,511.17)
173,511.17)
290,027.45)
290,027.45)
462,237.32)
462,237.32)
25,000.00)
25,000.00
7-20-2009 04: 43 PM
42 -4B CORPORATION
ACCT# ACCOUNT NAME
ASSETS
42-00-1010 CASH MONEY MARKET#2379694
42-00-1011 SANGER TX DEV. CORP.CD 497371
42-00-1012 4B CD 461024 (6669)
42-00-1013 4B SANGER TEXAS DEV.CD#653500
42-00-1014 4B DEVELOPMENT CDJ659924
42-00-1015 4B CD#664243
42-00-1053 RECEIVABLE-OTHER
42-00-1060 DUE FROM GEN. FUND
42-00-1062 AMT TO BE PROVIDED FOR L-T-D
TOTAL ASSETS
LIABILITIES
42-00-2201 NIP GNB
TOTAL LIABILITIES
FUND BALANCE
42 0 FUND BALANCE
OTAL BEGINNING FUND BALANCE
TOTAL EQUITY/FUND BALANCE
REVENUES
42-00-4425 STATE SALES TAX
42-00-4800 INTEREST INCOME
42-00-4940 DONATIONS
42-00-4950 TRANSFER PRIOR YEAR INCOME
42-00-4985 TRANFERS OUT FROM 4B/ TO GF
42-00-4990 TRANSFERS FROM RESERVES
TOTAL REVENUES
EXPENDITURES
42-76-5200 CHECK CHARGES
42-76-5210 OFFICE SUPPLIES
42-76-5215 TRAVEL & REGISTRATIONS
42-76-5220 DUES
42-76-5225 PUBLICATIONS/SUBSCRIPTIONS
42-35 DUES & REGISTRATION
42 0 TRAVEL
42-76-5410 INSURANCE
CITY OF SANGER PAGE:
BASE TRIAL BALANCE
AS OF: JULY 31ST, 2009
*** MONTH TO DATE *""* *** YEAR TO DATE
DEBITS CREDITS DEBITS CREDITS
20,159.79 95,590.92
0.00 0.00
529.74 347,586.72
41.27 20,124.92
0.00 20,042.47
0.00 20,000.00
0.00 18,131.63
0.00 60,058.00
0.00 0.00
20,730.80 o.oo 521,476.66 60,058.00
---=--=-----=--
o.oo 0.00
0.00 0.00 o. 00 0.00
----~o~·~o~o ______ _ 693,619.78
_____ o_._o_o --------'o'-'.'--'o°"o --------'o'-'.'--'o~o ----~o'-'.'--'o~o
0.00 o. 00 0. 00 693,619.78
20,159.79 217,378.55
571. 01 14,057.65
0.00 0.00
0.00 o.oo
0.00 0.00
0. 00 0. 00
0.00 20,730.80 0.00 231,436.20
-=----==-==-===--=-=-===-====-=:
o.oo 0.00
0.00 98. 70
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
7-27-2009 03:55 PM
42 ORP?RATION
REVENUE SUMMARY
4B REVENUES
TOTAL REVENUES
,XPENDITURE SUMMARY
16-4B EXPENSES
·++ TOTAL EXPENDITURES •u+
* REVENUES OVER(UNOER) EXPENDITURES**(
,
PRIOR
YEAR
BUDGET
259,135.06
259,135.06
391,141.48
391,141.48
132,006.42)
C I T Y O F S A N G E R
PROJECTED BUDGET WORKSHEET
AS OF: JULY 31ST, 2009
--------------CURRENT YEAR --------------
ORIGINAL
BUDGET
235,000.00
235,000.00
1,400.00
1,400.00
233,600.00
AMENDED
BUDGET
235,000.00
235,000.00
1,400.00
1,400.00
233,600.00
Y-T-D
ACTUAL
231,436.20
231,436.20
PROJECTED
BUDGET
277,723.44
277,723.44
4 63, 637 . 32 ___ 55_6~·~3_6_4_._7_8
463,637.32 556,364. 78
232,201.12) ( 278,641.34)
PAGE: 1
BUDGET
WORKSPACE
255,900
190,600
65,300
•
7-27-2009 03:55 PM
42 -ORPORATION
DE T REVENUES
4B REVENUES
00-4425 STATE SALES TAX
00-4 800 INTEREST INCOME
00-4801 INT. INCOME BOND PROCEEDS
00-4940 DONATIONS
00-4 950 TRANSFER PRIOR YEAR INCOME
00-4 985 TRANFERS OUT FROM 4B/ TOG(
00-4 990 TRANSFERS FROM RESERVES
'* REVENUE CATEGORY TOTAL **
"** TOTAL REVENUES +-.+
I
PRIOR
YEAR
BUDGET
245,931.89
38,203.36
0. 00
0. 00
o. 00
25,000.00)
0. 19)
259,135.06
C I T Y O F S A N G E R
PROJECTED BUDGET WORKSHEET
AS OF: JULY 31ST, 2009
--------------CURRENT YEAR --------------
ORIGINAL
BUDGET
240,000.00
20,000.00
0. 00
0.00
0.00
0.00
25,000.00)
235,000.00
AMENDED
BUDGET
240,000.00
20,000.00
0.00
0.00
o. 00
0. 00
25,000.00)
235,000.00
Y-T-D
ACTUAL
217,378.55
14,057.65
0.00
0.00
0. 00
0.00
0. 00
231,436.20
259,135.06 235,000.00 235,000.00 231,436.20
PROJECTED
BUDGET
260,854.26
16,869.18
0.00
0. 00
0. 00
0.00
0. 00
277,723.44
277,723.44
PAGE: 2
BUDGET
WORKSPACE
259,000
16,900
(20,000)
7-27-2009 03:55 PM
42 -4B CORPORATION
DE T EXPENSES
76-4B EXPENSES
52-SUPPLIES AND MATERIALS
76-5200 CHECK CHARGES
76-5210 OFFICE SUPPLIES
76-5215 TRAVEL & REGISTRATIONS
76-5220 DUES
76-5225 PUBLICATIONS/SUBSCRIPTIONS
76-5235 DUES & REGISTRATION
16-5240 TRAVEL
·<• CATEGORY TOTAL ...
,4-CONTRACT SERVICES
6-5410
6-54
6-5
INSURANCE
CONTRACTUAL SERVICES
ENGINEERING fEES
•• CATEGORY TOTAL H<
3-CAPITAL IMP/0$5, 000
;-6311 PARK -IMP CIP
·• CATEGORY TOTAL H *
~PROJECTS
-6500 PROJECTS
* CATEGORY TOTAL***
-DEBT PAYMENTS
-7001 2009 BOND PRINCIPAL
-7002 2009 BOND INTEREST
-7080 BOND FEES
CATEGORY TOTAL ***
~•-M ...
TOTAL EXPENDITURES***
PRIOR
YEAR
BUDGET
0.00
62.80
0. 00
5.00
926.49
0.00
0.00
994.29
0.00
0.00
o.oo
0. 00
0.00
o.oo
390,147.19
390,147.19
o.oo
0.00
0.00
0.00
391,141.48
391,141.48
~~
C I T Y O F S A N G E R
PROJECTED BUDGET WORKSHEET
AS OF: JULY 31ST, 2009
--------------CURRENT YEAR --------------
ORIGINAL
BUDGET
0 .00
200.00
0. 00
o.oo
200.00
250.00
750.00
1,400.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
o.oo
0.00
0.00
o.oo
0.00
1,400.00
1,400.00 ---
AMENDED
BUDGET
0. 00
200.00
0. 00
0. 00
200. 00
250.00
750. 00
1,400.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,400.00 ---
1,400.00
•a.:zm=-•--
Y-T-D
ACTUAL
0. 00
98.70
0.00
0. 00
o.oo
0. 00
0.00
98. 70
0. 00
0.00
PROJECTED
BUDGET
0. 00
118. 44
o. 00
0.00
0. 00
0.00
0. 00
118. 44
0.00
0.00
_____ o~-~o~o ----~o~. o~o
0.00 0.00
173,511.17 208,213.40
173,511.17 208,213.40
290,027.45 __ 3_4_8~,0_3_2_._9_4
290,027.45 348,032.94
0.00 o.oo
0.00 0.00
0.00 o.oo
0.00 0.00
463,637.32 556,364.78
-------
463,637.32 556,364.78
-----~-=--=
PAGE: 3
BUDGET
WORKSPACE
200.00
10.00
200.00
250.00
660.00
95l425.QQ
94l575.QQ
--=z=m=-•
1_9...Q,66.Q..:OO