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03/22/2010-4B-Minutes-RegularMINUTES: 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 Minutes: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 Payne questioned what the difference is in how it is being handled now. Mike Brice advised 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 unanimously. 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 seconded by Barbara Martin. The motion carried unanimously. John Payne adjourned meeting at 6:14 p.m.