03/23/2009-4B-Agenda Packet-Regular•
AGENDA
4B SANGER, TEXAS DEVELOPMENT CORPORATION
MONDAY, MARCH 23, 2009
6:00 P.M.
502 ELM STREET
1. Call Meeting to Order.
2. Approve Minutes: February 23, 2009
3. Consider and Approve a Development Agreement Between the City of Sanger and
Eagle Farms, Inc. and Authorize City Manager to Sign the Agreement at Closing on
the Property.
4. Discussion of Funding Mechanisms for the new Sports Park and Access Roads.
5. Project Updates:
a) Streetscape
b) Downtown Park
6. Review Financials
a) Discussion and Possible Action on Investments
7. \\\\IIIIIIIJ//// ,,, ,... s ,,, ,,,,. 0 r-A,~, ,,,.,
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Adjournment.
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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 DEVELOPMENT CORPORATION
February 23, 2009
MEMBERS
PRESENT: John Payne, Barbara Martin, Beverly Howard, Scott Stephens, Beverly
Branch, Jeff Springer
MEMBERS
ABSENT: Will Dutton
OTHERS
PRESENT: City Manager Mike Brice, City Secretary/Asst. City Manager Rose Chavez
1. Call Meeting to Order.
President Payne called meeting to order 6:05 p.m.
2. Approve Minutes: October 27, 2009.
Motion was made by Beverly Howard to approve the minutes as presented. Beverly
Branch seconded the motion. Motion carried unanimously.
3. Consider and Discussion on Purchasing Property for a Sports Park.
City Manager advised that an agreement was finally reached with the Porter's on the
property down by Clear Creek. The agreed price was at $4,000 an acre on a total of
about 40 acres. This is basically in the flood plain area and does not include the house.
Part of the agreement is for the City to build a road that extends Keaton Road South
from Clear Creek Elementary into the park, and then bring a road East and West to
connect that road to the Service Road North of the house.
City Manager has sent the contract to the City Attorney to review and make any
necessary modifications. This property should be adequate for soccer fields and
baseball fields for the near future. The property extends to the creek. There will also
be enough area to allow for walking trails and pavilions along the creek.
Discussion continued regarding the total cost for the property was $160,000.00 plus the
cost for putting in the road.
City Manager recommended that the land be purchased from existing funds since the
; funds are available to pay for the purchase. He will prepare the cost for putting in
the park and for the development of the road. The Board can then consider a bond
issue to pay for
1
these improvements. The City Manager advised that there is already
a water and sewer line on the property. The discussion continued regarding financing.
I , The bond issue will probably be done.by the City, with an agreement between the City
and 4B. If the bond issue is guaranteed by the City it will allow for a lower interest
rate.
Jeff Springer made the motion to purchase approximately 40 acres of property from
Eagle Farms LLC for the deveiopment of a Sports Park for $4,000 per acre and to
authorize the City Manager to execute the contract and proceed with the purchase.
Seconded by Scott Stephens. Motion carried unanimously.
Brief discussion followed concerning· the location of the sewer line. The Board
members discussed the existing house and the property around it is currently under
contract for sale as commercial property.
4. Project Updates:
a) Streetscape
b) Downtown Park
a. City Manager gave a brief update on the Streetscape Project and advised they have
had some trouble getting the contractor to come back and finish the project. He
has advised staff to put them on notice and that they need to finish this week;
otherwise, liquidated damages will start.
Barbara Martin expressed a concern in putting down the sealant on the bricks with
all the dust that is in the air from the construction project that is currently in
progress. She also indicated when the contractor came down to power wash the
sidewalk and bricks, they never power washed the buildings.
City Manager indicated he will make sure John Henderson is made aware of the
situation.
b. City Manager informed the Board that everything is in for the Park Project and
they will start within the next month or so. James Hunter has been working with
the Electric department to get the lights in.
Beverly Howard asked if the City can look into a speaker system at the Park.
City Manager advised this was not part of the Park Project, but he can certainly
look into it.-
5. Review Financials.
President Payne asked if the economic climate and the current situation have impacted
sales tax collection revenues.
City Secretary reviewed the sales tax collections summary report, financials and
discussed the interest earned to date. She also discussed the changes in the interest
rate that became effective January 1, of this year.
City Secretary indicated that the sales tax revenues are holding at a steady amount.
There has not been a noticeable decline in the revenues.
President Payne expressed a concern and advised that :he is currently involved with
another city that is close to Sanger. One of the things that this City had to do in their
current budgets is to cut them by 15% or better. He asked if they need to look at their
financial status differently and save for a "rainy day" . or keep "trucking" in the same
direction.
The City Manager indicated that they may see a drop this year in sales tax revenues,
but the only thing he can attribute to the collections staying up· is more people are
spending and shopping in Sanger. He is not sure that we have seen the worse part of
the economy, but an advantage the Board has is that they are financial stable. There is
not any current debt, and the Board is getting ready to spend some of those monies,
but we are certainly going to keep a healthy reserve in the bank. In considering a
Bond Issue we will make sure that it is done without committing all their funds to
allow them the capability of funding projects in the future. They certainly don't want
to commit all their monies for the next five, ten or fifteen years. We want to make
sure that we can absorb a contraction in the sales tax if needed, and for the Board to
continue to fund future projects as well as building a Sports Park.
Jeff Springer inquired how the certificates of deposits are structured.
The City Manager discussed there is one Certificate of Deposit invested in a 30-day
investment earning 1.85%. There was discussion in investing quarter of million for a
one year term to get a better interest rate.
Jeff Springer suggested that we "shop" the rates. He suggested that we possibly take
some of the monies and break them out to where those investments mature on a
quarterly basis. Discussion continued on pursuing this option.
City Manager advised he will prepare something to ge~ it back to the Board. There
was discussion concerning bond payments and what can be available for future
investments. Grants were also discussed as a possibility along with availability of
Federal Funds.
6. Adjournment.
Beverly Branch made motion to adjourn. Seconded by Barbara Martin. Motion
carried unanimously.
THE STATE OF TEXAS )
COUNTY OF DENTON )
CITY OF SANGER )
DEVELOPMENT AGREEMENT
This agreement is entered into by and between the City of Sanger, Texas, A home rule city and
municipal corporation of Denton County, Texas, hereinafter referred to as CITY, and EAGLE
FARMS INC. hereinafter referred to as Developer.
In consideration of the sale of property by Developer to the City for economic development
purposes, the City agrees to the following: After Purchase and Closing of the ·Property described
below, City agrees to dedicate an 100' Road Right-of-Way along the western boundary of the
property (running north-south) as generally indicated on Exhibit A. Developer agrees to dedicate
a 100' right of way running from the Western Right-of-way, eastward to the 1-35 service road as
indicated in exhibit A. In these Rights-of-Way, City will construct a 31' concrete road and
provide space for the various providers of electric, water, sewer, natural gas, etc. This Right-of-
Way will be more specifically shown in the survey ordered by the City.
The conditions of this agreement are contingent upon the sale and transfer of approximately 40±
acres situated in the M.R. Burleson Survey, Abstract #71 and the R.A. Johnson Survey, Abstract
#666, Denton County, Texas. See Exhibit A for projected boundaries on property to be
acquired. Actual acreage and boundaries shall be determined by the survey.
•
•
SUMMARY ON ACCOUNT BALANCES
CASH MONEY MARKET ACCOUNT
SANGER 4A CD #461024
TOTAL
$210,611.69
469,022.63
$679,633.92
3-18-2009 09: 26 AM
42 -4B CORPORATION
ASSETS
42-00-1010 CASH MONEY MARKET#2379694
42-00-1011 SANGER TX DEV. CORP.CD 497371
42-00-1012 4B CD 461024(6669)
42-00-1053 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 N/P GNB
TOTAL LIABILITIES
FUND BALANCE
42-00-3020 FUND BALANCE
TOTAL BEGINNING FUND BALANCE
.OTAL 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
42-76-5235 DUES & REGISTRATION
42-76-5240 TRAVEL
42-76-5410 INSURANCE
42--CONTRACTUAL SERVICES
42-76-~ 50 ENGINEERING FEES
42-76-6500 PROJECTS
TOTAL EXPENDITURES
CI TY OF SANGER
BASE TRIAL BALANCE
AS OF: MARCH 31ST, 2009
*** MONTH TO DATE***
24,080.92
0.00
664.68
0.00
o.oo
-------=-o.:...o=o _____ _
24,745.60 0.00
_____ o=.o=o _____ _
0.00 0.00
--==-==•-===---=--=
----~0.:...0=0 ------
____ -=.0.:... o=o ____ ...,oc.:.·.::.o.:co
o.oo 0.00
24,179.62
664. 68
0.00
0.00
0.00
_____ o_._o~o _____ _
0.00 24,844.30
=•==•=•==----------~
0. 00
98. 70
o.oo
0.00
0.00
0.00
0.00
0.00
o.oo
0.00
-------=-o.:...o=o _____ _
98. 70 0.00
======-•====•= ----
PAGE:
*** YEAR TO DATE ***
210,611.29
o.oo
469,022.07
24,397.63
o. 00
_ ___ _,0c,-.::.0.::.0 _____ _
704,030.99 0.00
-------=-o.,_.o=o _____ _
o.oo 0.00
759,943.78
____ _,0c.:_•.::.0.:c0 ____ -.,0c.:_•.::.0.:c0
o.oo 759,943.78
135,657.52
11,208.27
o.oo
o.oo
o.oo
-------"-o.,_.o=o _____ _
0.00
o.oo
98. 70
o.oo
o. 00
0.00
o.oo
0.00
0.00
0.00
0.00
146,865. 79
202,679.88 ------
202,778.58 0.00
,,,
3-18-2009 09: 26 AM
42 -4B CORPORATION
EXPEND I TURES (CONT)
*** TOTALS BALANCE ***
*** END OF REPORT***
CITY OF SANGER
BASE TRIAL BALANCE
AS OF: MARCH 31ST, 2009
*** MONTH TO DATE***
24,844.30 24,844.30
!;'AGE: 2
*** YEAR TO DATE
rna;.i.,.~.£ C,:R~J:/F»
906,809.57 906,809.57
3-18-2009 09:26 AM
42 -48 CORPORATION
REVENUE SUMMARY
4B REVENUES
TOTAL REVENUES • **
EXPENDITURE SUMMARY
76-48 EXPENSES
++• TOTAL EXPENDITURES • • •
•• REVENUES OVER (UNDER) EXPENDITURES
TOTAL OTHER FINANCING SOURCES (USES)
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: MARCH 31ST, 2009
CURRENT
PERIOD
24,844.30
24,844.30
98. 70
98. 70
24,745.60
o.oo
0.00
0.00
-=-==-~---... •=-
Y-T-D % OF
ACTUAL BUDGET
146,865.79 62. 50
146,865.79 62. 50
202,778.58
202,778.58 484.18
55,912. 79) 23.94-
=-==----= ... -=,...,,.
0.00 0.00
0.00 0. 00
0.00 0.00
Y-T-D
ENCIJMB.
o.oo
o. 00
o.oo
o.oo
0.00
o.oo
o.oo
0.00
PAGE:
BUDGET
BALANCE
88,134.21
88,134.21
201,378.58)
201,378.581
289,512.79
25,000.00)
0.00
25,000.00
3-18-2009 09: 26 AM
42 -4B CORPORATION
48 REVENUES
00-4425 STATE SALES TAX
00-4800 INTEREST INCOME
00-4940 DONAT.IONS
00-4950 TRANSFER PRIOR YEAR INCOME
00-4985 TRANFERS OUT FROM 48/ TO GF
00-4990 TRANSFERS FROM RESERVES
TOTAL 48 REVENUES
TOTAL REVENUES * **
C I T Y O F S A N G E R
FINANCIAL STATEMENT
AS OF: MARCH 31ST, 2009
CURRENT
BUDGET
240,000.00
20,000.00
0.00
0. 00
0. 00
25,000.00)
235,000.00
235,000.00
CURRENT
PERIOD
24,179.62
664.68
o.oo
0.00
o.oo
0.00
24,844.30
24,844.30
Y-T-D % OF
ACTUAL BUDGET
135,657.52 56.52
11,208.27 56.04
0.00 0.00
0.00 0.00
0.00 o.oo
0.00 ----2.:_QQ
146,865.79 62.50
146,865.79 62.50
Y-T-D
ENCUMB.
0.00
o.oo
0.00
o.oo
o.oo
o.oo
o. 00
o.oo
PAGE:
BUDGET
BALANCE
104,342.48
8,791.73
o.oo
0.00
o.oo
25,000.00)
88,134.21
88,134.21
3-18-2009 09:26 AM
42 -4B CORPORATION
76-4B <YPENSES
C I T Y O F S A N G E R
FINANCIAL STATEMENT
CURRENT
BUDGET
AS OF: MARCH 31ST, 2009
CURRENT
PERIOD
Y-T-D % OF
ACTUAL BUDGET
Y-T-D
ENCUMB.
PAGE:
BUDGET
BALANCE
----------------------------------------------------------------------------------------------------------------------------------
52-SUPPLIES AND MATERIALS
76-5200 CHECK CHARGES
76-5210 OFFICE SUPPLIES
76-5215 TRAVEL & REGISTRATIONS
76-5220 DUES
76-f>:!_'3~ ~11l½.',_,.A<J:J01'./il//i'.llil/i'.C::R!.~TX0Nil_
76-5235 DUES & REGISTRATION
76-5240 TRAVEL
TOTAL 52-SUPPLIES AND MATERIALS
76-5410 INSURANCE
76-5420 CONTRACTUAL SERVICES
76-5450 ENGINEERING FEES
TOTAL 54-CONTRACT SERVICES
65-PF 5_
76-6. JJECTS
TOTAL 65-PROJECTS
l'llsPARTW:NT TQTA+. --------·-· -
TOTAL EXPENDITURES ***
)THER FINANCING SOURCES (USES)
~ -----------------------------
)0-4990 TRANSfERS fROM RESERVES
rOTAL OTHER FINANCING SOURCES (USES)
•• END Of REPORT•••
0.00
200. 00
0.00
0 .00
?00.QQ
250.00
750.00
1,400.00
0.00
o. 00
0.00
0.00
0.00
0. 00
+_,400.00
1,400.00
25,000.00)
25,000.00
0.00
98. 70
o.oo
o.oo
Q.Q_Q
0.00
0.00
98. 70
0.00
0.00
0.00
0.00
0.00
0.00
g8. 7Q
98. 70
---=-... ===-=-==
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0.00
0.00 o.oo
98.70 49.35
0.00 o. 00
0.00 0.00
Q.QQ Q_,QQ
0. 00 0.00
0.00 ___Q,_QQ
98.70 7.05
0.00 o.oo
0.00 0.00
_____ o_._o_o ___Q,_QQ
0.00 0.00
202,679.88 ___Q,_QQ
202,679.88 0.00
:_0:'.77R • .oR 484.,R
--.. --------=-=-
202,778.58 484.18
0. 00 _____Q_,_QQ
0.00 0.00
--=-=-=----•=:z:uo,
0.00
0.00
0.00
0.00
Q.QQ
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0.00
0.00
0.00
0.00
0.00
0 .00
0.00
o. 00
o. 00
0.00
0.00
0 .00
0 .oo
101.30
0.00
0.00
~_Q_Q._QQ
250.00
750.00
1,301.30
0.00
0.00
0. 00
0 .00
202,679.88)
202,679.88)
;,_o:i_'.~?R • .oR!
""'""""""''""=-=----=--
201,378.58)
=-----=-=-... =--=
25,000.00)
25,000.00
=-=-=====-----
4)8 DEPOSITS
20001 2001 2002 :2003 2004 2005 I 2000 2007 2008 I 2009 )
JAN. I $8,083.931 $8,937.431 $110 1348!821 s1011:88.22j $25,847.621 $t3,993q81 $16;264.501 $16.:691.41 I $17A36:57I $22;:880.04!
C -'
I
FEB. I $9,763.371 $1'1,840.641 $14,870:781 $14,840.34·1 $17z485.76I $21}79l91 I $21,513)62! $19;601.101 $22,071.'091 $23;228.79!
MARCH I $·10,384.631 $8,984.181 $9,209:151 $12,446.361 $13,382.911 $1-4,254A31 $16;620:931 $16,472.34! $19;892§631 $24,~179.62!
1
APRIL I $8,416.521 $9,517.251 $9,195.021 $9,202.14'1 $12,224.771 $1-4,166i10l $17,198.171 $15,482.GlOI $18,511.:54
-I
MAY I $~0,323.151 $1'4,946:441 $110,623!561 $15,1:25.041 $20,311.371 $20,556\141 $17;428:361 $26,767.831 $22,166:331
IJUNE I $7,953.661 $10,131.01 I $11,911.06! $14,358.111 $18,276.941 $1:5,585:541 $23;063:991 $17,·172.671 $19;338741 J
JULY I $7,642.301 $12,784.181 $110,597:47! $11,370.281 $16,692.36! $116,914t66! $17,896761 $19;127.61 I $20;703::081 !
AUGUSlli I $'10,854.251 $17,035.001 $1-4,962:171 $16,1:32.421 $19,354.711 $20,375t58I $24,003.151 $24(581.42_1 $25;288,441
SEPT. I $7,103.501 $1"1,61:2.081 $1:2,928'.161 $13,140.491 $15,725.621 $16,977:991 $19;746741 -$26,990.121 $21,583:441
OCT. I $~0,136.271 $28,586.961 $13,940:441 $11,426.n:1 $16,084.641 $17,074i51 I $11,042771 $24;397.631 $21,510;391 L ..........,.._ ~ ~ e;:~ --=~ ----w
NOV. I $:11,975.61 I $16,166.711 $1-4,246~901 $17,1:84.881 $22,700.731 $20,661-.06!-$24,265.791 $22;846.791 $24,645.131 [ ---------... ±;. ... ~ = "'-:;c-!~ --~
DE€. I $7,860.371 $1'0,397.061 $110,198-.241 $12,570.111 ~ $16,17,9.851 $t9,822:07T $17;830:91 l $17,961.61 I $19;213;55
TOTAL $110,497.56 $160,938.94 $143,031177 $i157,985.11f $214,267.28: $21:2,161l77 $226i875~69 $2481992.53 $252;360~93
--!-