07/26/2010-4B-Agenda Packet-RegularAGENDA
4B SANGER, TEXAS DEVELOPMENT CORPORATION
MONDAY, JULY 26, 2010
6:00 P.M.
502 ELM STREET
1. Call Meeting to Order.
2. Approve Minutes: March 22, 2010
3. Discussion and Possible Action on Election of Officers.
4. Discussion and Possible Action on Approving Fiscal Year 2010/2011 Budget.
5. Project Update:
a) Sports Complex
6. Discussion of Future Projects.
7. Review Financials.
8. 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: 4B SANGER TEXAS DEVELOPMENT CORPORATION
March 22, 2010
MEMBERS
PRESENT: John Payne, Jeff Springer, Will Dutton, Beverly Branch and Barbara Martin
MEMBERS
ABSENT: Scott Stephens, Beverly Howard
OTHERS
PRESENT: City Manager Mike Brice, Cheryl Price, Administrative Assistant
1. Call Meeting to Order.
President Payne called meeting to order at 6:03p.m.
2. Approve Minu~es: February 22, 2010
Motion was made by jeff Springer to approve minutes as presented. Seconded by
Barbara Martin. Motion carried unanimously.
3. Consider and Possible Action 'on Authorizing City Manager and Staff to Sign Checks
for Expenditures Approved by the Board and be the Signatories on 4B Bank Accounts
and Investments
John J:>ayne questioned what the difference is in how it is being handled now.
Mike· Brice advise.d that two Board member signatures are required for any checks or
bank drafts written on the 4B account. What is being proposed is allowing the City to
sign checks and issue checks for expenditures that have been approved by the Board.
This procedure was recommended by the CPA. Originally, the By-Laws required the
Treasurer to do all of the Banking and any two Board members need to sign the
checks. This procedure can be done without changing the By-Laws.
A motion was made by Barbara Martin to authorize the City Manager and staff to
sign checks for expenditures approved by the Board and to be signatories on 4B bank
accounts and investments, provided a list of expenditures is provided to ·the 4B Board
at each meeting. The Motion was seconded by Will Dutton. Motion carried
una~imously.
4. Project Updates:
a) Sports Complex
Mike Brice noted that because of the weather, not a lot has changed since the last
meeting .. He said that GEO Tech came out last Thursday with their regular equipment
and had to come back with heavier equipment on Sunday to access the property.
There will be an item on the next City Council Meeting to request a proposal for a
Construction Manager at Risk. What this does is require that the cost of the
'-
construction not exceed a· set price. This is the best way to do this in today's market.
Mike Brice noted that the RFP (Request for Proposal) process is a 60 day process.
Also, in the RFP we will be looking for someone with experience in building Sports
Parks.
5. Review Financials
Mike Brice referred to financial information he provided to the Board. He noted the
Sales Tax revenue from the last three months in 2009 and the first month 2010 are just
a little low but, revenue seems to have picked up in February and this month we are at
around $20,000. Mike Brice referred to the Investments page and advised that the 4B ·
is in great shape financially with $621,000 in the bank.
Barbara Martin said that she has noticed that there has not been any expenditure
lately. Mike Brice advised that the only project the board has right now is the Sports
Park. The downtown area is complete except for a dispute with one contractor that
believes the City owes him an additional $23,000.
6. Adjournment.
Motion was made by Jeff Springer to adjourn. The motion was secqnded by Barbara
Martin. The motion carried unanimously. John Payne adjourned meeting at 6:14 p.m.
48 BUDGET 2011
' .. ~ ',., ~~ \ :,· 'l. ........ ; : Revenues· ·· ,. -~,,_ ~ .. , .~ .:. ' ,·• .. ,. . , -............ ~! .. ··•··
Sales Tax $230,000.00
Interest $3,000.00
Other
Total Revenues $233,000.00
Expenditures
2009 Bond Pledge (sports park) $180,000.00
Tra·nsfer to General Fund $18,000.00
Total Expenditures $1~8,000.00
, :·,', , .. ·,, ',. $35,000.001
(Does not include prior year carry over balance)
•
4A DEPOSITS
1999 2000 2001 I 2002 I 2003 I 2004 I 2005 I 2006 I 2007 I 2008 I 2009 I 2010 7
'""· ~:.-~~~~.Ji-~-Jt/~.~c~~~-~ ;:"'~t,.,-~~·1-.. -:~;''.,;: .T,,. ·• 1·. .. " ·•.,., • ., k~ ··~l!J!l
JAN. $6,691.04 $8 083.93 $8,937.431 $10 348.821 $10,188.221 $25,847.621 $13,993.781 $16,264.501 $16,691.411 $17,436.571 $22,880.041 $16,389.971
,. ~~.;m.;~~~~~~~$~ •:;,:.~~ . ,,., .. . ·" ,-• • -·:, __ !~ ''.'.!
FEB. $9,806.45 $9,763.37 $11,840.641 $14 870.781 $14,840.341 $17,485.761. $21,779.911 $21,513.621 $19,601.10L $22,071.091 $23,228.791 $21,815.961
~~~~~~~C::f}~~i:;iV ..... ~.....1, •.• :r. , • -,.-,o, c~w~ ~
MARCH $6,700.02 $10 384.63 $8,984.181 $ 9 209.151 $12,446.361 $13,382.911 $14 254.431 $16,620.931 $ 16,472.341 $19,892.631 $24,179.62 I $20,921.541
' •··
. ~)li'.C.,.Q..~~.:!;'.~{~~---·· •• <:... •• ' ... ..,.... .. ",.../!j
APRIL $10 075.18 $8,416.52 $9,517.251 $9,195.021 $9,202.141 $12 224.771 $14,166.101 $17,198.171 $15,482.001 $18,511.541 $16,279.441 $17,032.721
;..~~~~1fl(:t:,4~'-!'r~~~--~~~~:--e_,L;;-:-••~ --~ _.,,-,.---:;:-••~ -~ (>c
. .
. . : ' -~ .
MAY $ 9 970.22 $10 323.15 $14 946.441 · $10 623.561 $15,125.041 $20,311.371 $20,556.141 $17,428.361 $26,767.831 $22,163.33 I $24,744.751 $21,612.611
' . ~~~~,;~.;;;._ ... ~t·; .. ·"':': .. :~· _,, -~ --. . ' ~-•' ~ 't':~;~ ......
JUNE $ 7 392.45 $ 7 953.66 $10,131.01 I · $11,911.061 $14,358.111 $18,276.941 $15,585.541 $23,063.991 $17,172.671 $19,338.741 $20,537.051 $19,823.471 .. , .. -;;,-;~~~~~~~"t'~!" ,t,,c;tt<_:•~"'i,.'t,l ... :~n-:::,,..,~t· ·--::· . ,, .. __ , . ·1 .::.; .r1,
•·· ~
JULY I $8,733.02 $7,642.301 $12 784.181 $10 597.471 · $11,370.281 $16,692.361 $16,914.661 $17,896.761 $19,127.611 $20,703.081 '$20,159.797 I
, ,. -:~~7J]~j'f~t~j$.t~~~•;":;"\.-,-r-.:., ·:t~: • r j; ,... ~ .. ~ :--, ... ~ -· "!.:.:· ; ;•,i
·--··
AUGUST $12,935.49 $10 854.25 $17 035.00I · $14,962.171 $16,132.421 $19,354.717 $20,375,581 $24,003.151 $24,581.421 $25,288.441 · $24,028.487 I
•. . ,_:;:~~,,.,..~~~' ·:;..,,;,..ii,~.r:..:::. "'\i'! -, ,,., . .,. ::; ..; ' !
SEPT. $8,584.58 $ 7103.50 $ 11 612.081 $12,928.161 $ 13 140.491 $15,725.621 $16,977.991 $19,746.741 $26,990.121 $21,583.441 $22,688.851 l
. ~~',$1,~~~~~~J. "C', :.··,. ~-; " ' ., ~ .• .. ,, :.Jl~ -1N~n\'".{'j
OCT. $9,164.48 $10 136.27 $ 28 586.961 $13 940.441 $11,426.721 $16,084.641 $17,074.511 $11,042.771 $24,397.631 $21,510.391 $17,688.521 7
... ~:;;;-..£,~.,.:;..~.~·~".;:"~1,>¥.;; -~ ...-~ . ,. . -·--_,, . -!·"• -, . ' u•.,,;j ... • , .,. ~ .-s;, ' . . . .
NOV. $8,912.47 $-11 975.61 $16,166.711 $14 246.901 $17 184.881 $22,700.731. $20661.061 $24,265.791 $22,846.791 $24,645.131 $20,293.531 l
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DEC. $12,594.42 $7,860.37 $10,397.061 $10,198.241 $12,570.111 $16,179.851 $19,822.071 $17,830.911 $ 17,961.611 $19,213.551 $17,150.971 7
• • • •-lll,l;i-J ._,.,.rJ! ..,.~ F -. , • ..,..,~~ J --~-u --· ---· . .
.. ,,, -···· !QIAb $111,559.82 $110,497.56 $160,938.94 $143,031.77 $157,985.11 S 214,267.28 S 212,161.77 $226,875.69 $248,092.53 $252,357.93 $ 253.859.83 $117,596.27
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Investments 6/15/2010
i:~ ·• t-1•
1
c'-;__: 4Arcertificates;of Dtfposit;aMoi't'ey"Mark:et/a'ricfCash·Acct:.'~:-';
~--~--, .. , ....... ,..... -, .. -·~-~•·-. ..
Name Acct. # Maturity Yield Balance Restricted
-Cash #900020693 00-1010 0.50% . $239,957.89 Y
4A Money Market#902551273 00-1012 0.75% $69,528.04 Y
Sanger TX Ind Corp CD#486639 00-1013 -6MO 1.10% $91,502.92 Y
Sanger TX Ind Corp CD#568058 00-1014 90Day 1.00% Redeemed Y
TOTAL INVESTED $400,988.85
48 Certificates of DeQosit1 Money Market1 and Cash Acct.
Name Acct. # Maturity -Yield Balance Restricted
Cash MMKT 2379694 00-1010 0.75% $248,870.77 y
4B CD 461024 (6669) 00-1012 30D 1.00% $191,259.85 y
4B CD #653500 00-1013 1 YR 1.30% $20,572.30 y
4B CD #659924 00-1014 1 YR 1.30% $20,524.05 y
4B CD# 664243 00-1015 1 YR 1.30% $20,505.77 y
4B CD# 673277 00-1016 1YR 2.50% $20,463.72 y
4B CD#686115 00-1018 1 YR 2.50% $20,420.36 y
4B CD#689521 00-1017 1 YR 2.50% $20,377.09 y
4B CD#694371 00-1019 1YR 2.50% $20,335.31 y
4s·cD #697230 00-1020 1YR 2.50% $20,292.22 y
4B CO #699934 00-1021 1 YR 2.50% $20,164.89 y
4B CD #702285 00-1022 1 YR 2.50% $20,207.71 y
4BCD# 1YR 1.30% $20,000.00 y
4BCD# 1YR 1.30% $20,000.00 y
' -•-·· TOTAL INVESTED . · -$683,994;04
•
7-21-2010 07:49 AM CITY OF SANGER PAGE: 1
REVENUE & EXPENSE REPORT (UNAUDITED)
AS OF: JUNE 30TH, 2010
42 -4B CORPORATION
FINANCIAL SUMMARY % OF YEAR COMPLETED: 75.00
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET % OF
BUDGET PERIOD PO ADJUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
REVENUE SUMMARY
TAXES 259,000.00 19,823.47 0.00 172,729.29 0.00 86,270.71 66.69
INTEREST 16,900.00 608.42 0.00 6,036.49 0.00 10,863.51 35. 72
TRANSFERS 0.00 0.00 0.00 0.00 0.00 0.00 o.oo
TOTAL REVENUES 275,900.00 20,431.89 0.00 178,765.78 0.00 97,134.22 64.79
EXPENDITURE SUMMARY
76-4B EXPENSES' 201,320.00 0.00 0.00 896.52 0.00 200,423.48 0.45
TOTAL EXPENDITURES 201,320.00 0.00 0.00 896.52 0.00 200,423.48 0.45
REVENUE OVER/(UNDER) EXPENDITURES 74,580.00 20,431.89 0.00 177,869.26 0.00 ( 103,289.26 238.49
OTHER FINANCING SOURCES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OTHER FINANCING USES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NET OTHER SOURCES & USES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
REVENUE & OTHER SOURCES OVER/
(UNDER) EXPENDITURES & OTHER (USES) 74,580.00 20,431.89 0.00 177,869.26 0.00 ( 103,289.26 238.49
7-21-2010 07:49 AM CITY OF PAGE: -~ 2 SANGER
REVENUE & EXPENSE REPORT (UNAUDITED)
AS OF:
42 -4B CORPORATION
JUNE 30TH, 2010
FINANCIAL SUMMARY % OF YEAR COMPLETED: 75.00
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET % OF
REVENUES BUDGET PERIOD PO ADJUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
TAXES
00-4425 STATE SALES TAX 259,000.00 19,823.47 0.00 172,729.29 0.00 861270.71 66.69
TOTAL TAXES 259,000.00 19,823.47 0.00 172,729.29 0.00 86,270.71 . 66. 69
INTEREST
00-4800 INTERE$T INCOME 16,900.00 608.42 0.00 6,036.49 0.00 10,863.51 35. 72
00-4801 INT. INCOME BOND PROCEEDS 0.00 o.oo 0.00 0.00 0.00 0.00 0.00
TOTAL INTEREST 16,900.00 608.42 0.00 6,036.49 0.00 10,863.51 35.72
TRANSFERS
00-4987 TRSF TO DEBT SERVICE 0.00 0.00 0.00 0.00 0.00 0.00 0.00
00-4990 TRANSFERS FROM RESERVES 0.00 o.oo 0.00 0.00 0.00 0.00 0.00
TOTAL TRANSFERS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL REVENUES 275,900.00 20,431.89 0.00 178,765.78 0.00 97,134.22 64.79
7-21-2010 07:49 AM CITY OF SANGER PAGE: 3
REVENUE & EXPENSE REPORT (UNAUDITED)
AS OF: JUNE 30TH, 20)0
42 -48 CORPORATION
76-48 EXPENSES % OF YEAR COMPLETED: 75.00
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET % OF
DEPARTMENTAL EXPENDITURES BUDGET PERIOD PO 1'.DJUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
52-SUPPLIES AND MATERIALS
76-5200 CHECK CHARGES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
76-5210 OFFICE SUPPLIES 200.00 0.00 0.00 o.oo 0.00 200.00 0.00
76-5215 FOOD 0.00 0.00 0.00 o.oo 0.00 0.00 0.00
76-5220 POSTAGE 10.00 0.00 0.00 0.00 0.00 10.00 0.00
76-5225 PUBLICATIONS/SUBSCRIPTIONS 200.00 0.00 o.oo 0.00 0.00 200.00 0.00
76-5235 DUES & REGISTRATION 250.00 0.00 0.00 0.00 0.00 250.00 0.00 76-5240 TRAVEL 660.00 0.00 0.00 0.00 0.00 660.00 0.00
TOTAL 52-SUPPLIES AND MATERIALS 1,320.00 o.oo 0.00 0.00 0.00 1,320.00 0.00
54-CONTRACT SERVICES
76-5410 INSURANCE 0.00 0.00 0.00 o.oo 0.00 0.00 0.00
76-5420 CONTRACTUAL SERVICES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
76-5440 ENGINEERING FEES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
76-5445 PROPERTY TAXES 0.00 0.00 0.00 9.52 0.00 ( 9.52 0.00
TOTAL 54-CONTRACT SERVICES 0.00 0.00 0.00 9.52 0.00 ( 9.52 0.00
61-CAPITAL OUTLAY> $5K
76-6111 LAND PURCHASE -SPORTS COMPLEX 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL 61-CAPITAL OUTLAY> $5K 0.00 0.00 0.00 0.00 0.00 0.00 0.00
65-CAPITAL PROJECTS
76-6500 PROJECT -STREETSCAPE 0.00 0.00 0.00 887.00 0.00 ( 887.00 0.00
TOTAL 65-CAPITAL PROJECTS 0.00 0.00 0.00 887.00 0.00 ( 887.00 0.00
70-DEBT PAYMENTS . 76-7001 2009 BOND PRINCIPAL 0.00 0.00 0.00 0.00 0.00 0.00 o.oo
76-7002 2009 BOND INTEREST 0.00 0.00 0.00 0.00 0.00 0. 00 . 0.00 76-7080 BOND FEES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL 70-DEBT PAYMENTS 0.00· 0.00 o.oo 0.00 0.00 0.00 o.oo
74-TRANSFERS
76-7401 TRANFERS TO GENERAL FUND 20,000.00 0.00 0.00 0.00 0.00 20,000.00 0.00
76-7402 TRANSFERS TO DSF 180,000.00 0.00 0.00 0.00 0.00 180!000.00 0.00
TOTAL 74-TRANSFERS 200,000.00 0.00 0.00 0.00 0.00 200,000.00 0.00
TOTAL 76-4B EXPENSES 201,320.00 0.00 0.00 896.52 0.00 200,423.48 0.45
7-21-2010 07:49 AM CITY OF SANGER PAGE: 4
REVENUE & EXPENSE REPORT (UNAUDITED)
AS OF: JUNE 30TH, 2010 ~
42 -4B CORPORATION
% OF YEAR COMPLETED: 75.00
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET % OF
OTHER FINANCING SOURCES & USES BUDGET PERIOD PO ADJUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
TOTAL EXPENDITURES 201,320.00 0.00 0.00 896.52 0.00 200,423.48 0.45
** REVENUE OVER(UNDER) EXPENDITURES** 74,580.00 20,431.89 0.00 177,869.26 0', 00 ( 103,289.26 238.49
OTHER FINANCING SOURCES
00-4987 TRSF TO DEBT SERVICE 0.00 0.00 0.00 o.oo 0.00 0.00 0.00
00-4990 TRANSFERS FROM RESERVES 0.00 0.00 0.00 0.00 0.00 0.00 o.oo
TOTAL OTHER FINANCING SOURCES 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OTHER FINANCING (USES)
TOTAL OTHER FINANCING (USES) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
REVENUES & OTHER SOURCES OVER -1 (UNDER) EXPENDITURES & OTHER (USES) 74,580.00 20,431.89 .0.00 177,869.26 0.00 ( 103,289.26 138.49-
Account Number: 42 -00-101 0 Name:CHECKING -48 CASH Fiscal: 2009-201 0 I
Date nan R,.eference. .. pescrip~on AmounL ;. .. •, .,.Vendor . Invoice. PO. Encumbrance R. ..
10/19/2009 B06518 E.F.T. 0000I48SALESTAX 17,688.52 0.00
10/31/2009 B06769 Deposit 0001 INTEREST 12.90 0.00 2
1"'',. /2009 B06798 lnterestOO00 Interest Income 12.90 0.00 3
t--
2009 B06799 lnterest0000 Reverse duplicate enttry 12.90CR 0.00 4
,-.11/12/2009 B06834 Deposit000( STATE SALES TAX 20,293.53 0.00 5
11/17/2009 A00001 CHK: 00128 HOLLINGSWORTH MFG CC 887. OOCR 01170 0.00 6
11/30/2009 B07045 Deposit 000( INTEREST 9.39 0.00 7
12/18/2009 801176 Deposit 000( SALES TAX INCOME 17,150.97 0.00 8
12/31/2009. ]307288 Deposit 000( INTEREST 5.51 0.00 9
01/20/2010 807458 Deposit 000( SALES TAX TRANSFER 16,389.97 0.00 10
01/31/2010 307551. DepositO00( INTEREST 15.30 0.00 11
02/18/2010 5Cl767~· Deposit 000( SALES TAX 21,815.96 0.00 12
02/28/2010 80,73.L lnterestO000 MONTHLY BANK INTEREST 8.57 0.00 13
03/31/2010: 2,Q2,(),,Q lnterest0000 INTEREST INCOME 17.30 0.00 14
04/08/2010 30808? E.F.T. 0000 4B SALES TAX TRANSFER 20,921.54 0.00 15
04/27/2010 ,:,,J,l;;102 CHK: 00128 DENTON CO TAX OFFICE 3. OSCR i:'.4,cQ 0.00 16
04/27/2010 !.:.OOJO'.:, CHK: 00128 DENTON CO TAX OFFICE 31. lSCR 047~ 0.00 17
04/30/2010 ;,DD1.10 lnterest0000 MONTHLY INTEREST INCOI 18.57 0.00 18
05/06/2010 S•JS163 E.F.T 0000 48 SALES TAX "f:RANSFER 17,032.72 0.00 19
05/06/2010 5,J84T9 Deposit O0OC TAX REFUND 24. 71 0.00 20
05/20/2010 8033?2 E.F.T. 0000 48 SALES TAX TRANSFER 21,612.61 0.00 21
05/31/2010' B08471 lnterest0000 INTEREST INCOME 31. 33 0.00 22
06/11/2010 B08521 E.F.T. 0000 48 SALES TAX TRANSFER 19,823.47. 0.00 23
0_6/30/2010 608734 lnterest0000 BANK INTEREST 38.10 0.00 24
07/15/2010 808764 E.F.T. 0000 4B SALES TAX TRANSFER 19,610.35 0.00 25
!07/15/2010 808771 E.F.T. 00004BBUDGETEDTRANSFER 20,000.00CR 0.00 26
j26 records I I 171,600.09 /
••
MINUTES: 4ASANGER TEXAS INDUSTRIAL DEVELOPMENT CORPORATION
July 30, 2009
MEMBERS
PRESENT: Bill Fuller, Vickie Jenkins, Fred Yeatts, Gary Bilyeu
MEMBERS
ABSENT: Carroll McNiell
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: May 27, ~009
Motion was made by Vickie Jenkins to approve the miµutes of May 27, 2009.
Seconded by Fred Yeatts. Motion carried unanimously.
3. Discussion on Purchasing Additional Industrial Land.
City Manager advised he was approached by a representative· of Ampco who is.
trying to sell several tracts of lands for the owners. There is a tract consisting of .9
acres north of the We.Package It building that they have for sale. The property is
not conducive for development on its own. There is only one road right-of-way to
the property, but it is not developed. This property has no value to Ampco and
they have no use for it. They want to know if the 4A would be interested in
purchasing this property to go along with the We Package It property. This area
could be utilized for outside storage or additional parking without using the
property that is around the We Package It building, then the entire block can be
reserved for future development. The owners want $16,500 for the property.
There was a discussion concerning the property and the sale price.
Gary Bilyeu asked how this price compares with other properties.
The City Manager advised that he consulted with Steve Watkins with Elk River to
get an opinion. Mr. Watkins advised that commercial property is selling for $1.00
to $2.00 a sq. ft. if the property can be developed. The City Manager advised that he
did offer a lesser price and ended with $16,500. Discussion continued concerning
the advantage of this property to be utilized for parking and future use of reserving
the entire .block around the We Package It building for future development.
Vickie Jenkins indicated that the. Board has made a substantial investment in
purchasing the We Package It property and the $16,SO0is relatively a small price to
pay to make the property more valuable.
President Fuller indicated that he would like _for them to take less for the property.
Vickie Jenkins amended to authorize the City Manager to make an offer up to
$16,500 for the _.9 acre plus the closing costs. Seconded by Gary Bilyeu. Motion
carried unanimously.
4. Consider and Discussion Expending 4A Funds for Extension of a Wastewater Line
to Industrial Property North of the Wal-Mart Distribution Center.
The City Manager discussed that Dr. Wolksi is getting ready to build an extension
of View Road north of Wal-Mart that will start on the service road and go back to
the railroad tracks. It will open this property up for industrial development. The
City Manager advised that when the Wal-Mart and Wolski lawsuit was settled, one
of the terms in the settlement was that when Dr. Wolski got ready to build that road
the · City would extend water and wastewater lines to the road. The City has a
contractual obligation to do this work. The advantage to the City is that it will open
several thousand acres for industrial development. The other issue he addressed
was the sewer line coming back south from that area is undersized and this line will
be rebuilt to handle the growth. . This will help with development on the west side of
the Interstate. The 4A funded a project a few years ago where they bored under the
interstate and installed casing for a future wastewater line. This new line will help
make servicing the west side of the interstate possible. He proposes the following for
consideration: -
• The wastewater line to Wal-Mart is a 6-inch and it will be replaced with a 15-
inch line and extended on up to View Road
• Bringing a 20-inch water line from Lois Road from the water tower then
going north with a 12-inch water line to View Road
• The estimated cost for these two projects is $700,000 to $800,000 .and does not
include the interceptor line south
• Fund the proje.cts with existing funds from water and wastewater tap fees
and excess bond funds without creating future debt.
• The bond funds will pay for all the interceptor sewer line to the south and for
half of the line going north. The line going north will cost an estimated
$200,000
• Request from 4A $100,000 and the City will pick up the difference
City Manager continued to discuss the projects. Discussion concerning the
interceptor sewer line going north and the funding. The City Manager advised that
the 4A funds can be the secondary funds.
The estimated cost fo,;-these projects was determined by our City Engineer, and
KSA, the consulting firm that is conducting the water and wastewater study. There
was discussion on the time-line and the bid process for the· projects.
Discussion concerning the loan payments to Prosperity Bank-and future sales tax
s~
revenues.
President Fuller asked when Dr. Wolski will be ready to start the road.
The City Manager discussed that the City is entering into an interlocal agreement
with the County. The County is committed to pay $300,000 as part of the settlement
agreement for the construction of the road. Dr. Wolski is waiting for the City to
complete the interlocal agreement with the County and to complete a development
agreement with him before he proceeds. Discussion continued.
Motion was made by . Gary Bilyeu to authorize up to $100,000 for the north
extension of the wastewater lines project and that the 4A funds be secondary to the
CIP funds. Seconded by Vickie Jenkins. Motion carried unanimously.
Consider and Discussion of Fiscal Year 2009/2010 Budget.
City Manager reviewed the proposed budgets for 2009/2010. The projected
revenues were $255,900 and total expenditures were $62;587. If the Board does not
consider any future projects, the balance of revenues over expenditures will be
$187,663. This does not include any fund balance for the end of the year. The City
Manager discussed that the Economic Development budget was cut, reducing the
transfer from $25,000 last year to $20,000 this year. The budget in Economic
Development includes the utility bills for the building at 103 Bolivar and minor
repairs. A brief discussion followed concerning the transfer and the proposed
budget.
Motion was made by Fred Yeatts to accept the 2009/2010 Budget as presented.
Seconded by Gary Bilyeu. Motion carried unanimously.
6. Review Financials.
City Secretary reviewed the financials and the total funds in their chec~ng, money
market and their certificate of deposits.
There was discussion concerning current investment strategies. Vick,ie Jenkins
commented the importance of having funds to cover their debt payments; however,
their funds must be as liquid as possible.
7. Adjournment.
President Fuller adjourned the meeting.