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10/22/2019-4B-Agenda Packet-RegularAGENDA 4B ECONOMIC DEVELOPMENT BOARD TUESDAY, OCTOBER 22, 2019 6:00 PM 502 ELM STREET SANGER, TEXAS 1.Call Meeting to Order 2.Approval of Minutes July 30, 2019 4B Board Meeting Minutes 3.Discussion on Fields at Porter Park 4.Sanger Development Corporation Bylaws Consider, Discuss and Possibly Act on Passing a Resolution to Amend the 4B Development Corporation Bylaws. 5.Discussion of a Facade/Sign Grant Program 6.CityWide Comprehensive Plan Update 7.Review Financials 8.Citizen Comments 9.Adjourn I, the undersigned authority, do hereby certify that this Notice of Meeting was posted on the City Website, and on the bulletin board, at the City Hall of the City of Sanger, Texas, a place convenient and readily accessible to the general public at all times. Said notice was posted on the following date and time, and remained posted continuously for at least 72 hours prior to the scheduled time of said meeting and shall remain posted until meeting is adjourned. Cheryl Price City Secretary City of Sanger, Texas Date/Time Posted This facility is wheelchair accessible and accessible parking spaces are available. Requests for additional accommodations or interpretive services must be made 48 hours prior to this meeting. Please contact the City Secretary's office at (940) 4587930 for further information. CITY COUNCIL AGENDA MEMO AGENDA ITEM NO. 2. AGENDA MEETING DATE: October 22, 2019 TO: Shani Bradshaw, 4B FROM: ITEM/CAPTION: Approval of Minutes July 30, 2019 4B Board Meeting Minutes AGENDA TYPE: Consent Agenda ACTION REQUESTED: Approval BACKGROUND: NA LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK: NA FINANCIAL SUMMARY FUNDING/FISCAL IMPACT: NA FUNDS: NA STAFF RECOMMENDATION/ACTION DESIRED: Approve the July 30, 2019 4B Board Meeting Minutes ATTACHMENTS: Description Upload Date Type July 30, 2019 4B Board Meeting Minutes 10/17/2019 Cover Memo MINUTES 4B ECONOMIC DEVELOPMENT BOARD TUESDAY, JULY 30, 2019 6:00 PM 502 ELM STREET SANGER, TEXAS COMMISSION MEMBERS PRESENT: COMMISSION MEMBERS ABSENT: OTHERS PRESENT: Shani Bradshaw, Stefani Dodson, Thomas Muir 1.Call Meeting to Order 2.4B 20192020 Budget Consider, Discuss and Possibly Act on Fiscal Year 20192020 Budget Shani goes over the budget. The only item added was the Comp Plan for $40,000.00. Mayor Muir speaks about the joint meeting and explains that the Council is her to listen. He will not be able to come to every meeting but they do care about 4B and will be her to listen. Secondly 4A and 4B all have it in their budget for this year and he explains briefly what the comp plan is used for the City. He explains how it will help get a direction with the downtown area. It lays out the ground plan for use. He knows there is focus on the ballpark area but he would like to know all that 4B can do and to get examples of what can be done. We will may need some training. We already have the growth coming. Beverly Branch asks about the 4 gas stations at I35 and 455. She states we are going to loose all those businesses. Do we know when this is going to happen? Muir answers says he is not sure of the timeline. Springer says he doesnt know either but a contractor told him to be expecting contracts any day. How soon will they shut down with the contracts? Muir said quickly I would think. Board would like to know the percentage of income those businesses bring into the City. Board is worried about sales tax dropping. Board asks for numbers to be researched. Shani states she thinks the sales tax may dip 10 percent. The board is asking if they can get a break down of the sales tax that businesses bring in each year. Springer speaks briefly about how they spend the money. He said it in interesting to see what they bring in and what they spend the money on. Barbara Martin says to the board members that have been here a while, they feel like they were mislead. MINUTES4B ECONOMIC DEVELOPMENT BOARDTUESDAY, JULY 30, 20196:00 PM502 ELM STREETSANGER, TEXASCOMMISSION MEMBERS PRESENT:COMMISSION MEMBERS ABSENT:OTHERS PRESENT:Shani Bradshaw, Stefani Dodson, Thomas Muir1.Call Meeting to Order2.4B 20192020 BudgetConsider, Discuss and Possibly Act on Fiscal Year 20192020 BudgetShani goes over the budget. The only item added was the Comp Plan for $40,000.00.Mayor Muir speaks about the joint meeting and explains that the Council is her to listen. He will notbe able to come to every meeting but they do care about 4B and will be her to listen. Secondly 4Aand 4B all have it in their budget for this year and he explains briefly what the comp plan is used forthe City. He explains how it will help get a direction with the downtown area. It lays out the groundplan for use. He knows there is focus on the ballpark area but he would like to know all that 4B cando and to get examples of what can be done. We will may need some training. We already havethe growth coming.Beverly Branch asks about the 4 gas stations at I35 and 455. She states we are going to loose allthose businesses. Do we know when this is going to happen? Muir answers says he is not sure ofthe timeline. Springer says he doesnt know either but a contractor told him to be expectingcontracts any day. How soon will they shut down with the contracts? Muir said quickly I wouldthink. Board would like to know the percentage of income those businesses bring into the City. Board is worried about sales tax dropping. Board asks for numbers to be researched. Shani statesshe thinks the sales tax may dip 10 percent. The board is asking if they can get a break down of thesales tax that businesses bring in each year.Springer speaks briefly about how they spend the money. He said it in interesting to see what theybring in and what they spend the money on. Barbara Martin says to the board members that have been here a while, they feel like they were mislead. Shani asks to elaborate on what she means. Barbara Martin says they thought after 10 years they would be able to get another bond. It has been 10 years and the City cant get a bond for a few more years. We look at the park as the gateway to Sanger. It is only half a gate because it is not done. It is a statement for Sanger. We look at the Park as a huge statement for Sanger. When it first was put in that it was talked about all over. John has a different view point about the Comp plan. I do see what Springer is saying also. Springer said he remembers that the bond paperwork laid it all out and the City had to pay off the bonds before they could ask for another one. Board member speak briefly about the comp. plan. The Mayor adds that there was a 13 million dollar bond with the waste water treatment plant. Springer asked will the comp plan look into infrastructure? He states we have a lot of plans. He asks if it will bring up the streets. Shani explains that the streets are being worked on now. The City has already laid out a 3 year plan for streets. Jeff Springer brings up that he like the handouts Shani gave them of all the 4B board can do with the sales tax. He explains that their scope is a lot broader than they knew. He said he was happy because he can now see how they can help the City move forward with things that they didnt know they could help with. Shani explains that tourism is a big part of 4B. Springer makes a motion to approve the Comp Plan. Bilyeau seconded the motion. Motion passes unanimously. 3.Approval of Minutes 4B Meeting Minutes 04232019 Beverly made a motion to approve. Springer Seconded the motion. Motion passes unanimously. 4.Review Financial Reports June 30, 2019 Review Financial Reports June 30, 2019 Discussion over the financials. 5.Soft Ball Fields at Porter Park Discussion regarding softball fields at Porter Park. They are wanting to know how much it will cost to fix the fields to be able to bring in softball tournaments. They want to know what it will take to hold a sanctioned tournament. 6.Citizen Comments 7.Adjourn MINUTES4B ECONOMIC DEVELOPMENT BOARDTUESDAY, JULY 30, 20196:00 PM502 ELM STREETSANGER, TEXASCOMMISSION MEMBERS PRESENT:COMMISSION MEMBERS ABSENT:OTHERS PRESENT:Shani Bradshaw, Stefani Dodson, Thomas Muir1.Call Meeting to Order2.4B 20192020 BudgetConsider, Discuss and Possibly Act on Fiscal Year 20192020 BudgetShani goes over the budget. The only item added was the Comp Plan for $40,000.00.Mayor Muir speaks about the joint meeting and explains that the Council is her to listen. He will notbe able to come to every meeting but they do care about 4B and will be her to listen. Secondly 4Aand 4B all have it in their budget for this year and he explains briefly what the comp plan is used forthe City. He explains how it will help get a direction with the downtown area. It lays out the groundplan for use. He knows there is focus on the ballpark area but he would like to know all that 4B cando and to get examples of what can be done. We will may need some training. We already havethe growth coming.Beverly Branch asks about the 4 gas stations at I35 and 455. She states we are going to loose allthose businesses. Do we know when this is going to happen? Muir answers says he is not sure ofthe timeline. Springer says he doesnt know either but a contractor told him to be expectingcontracts any day. How soon will they shut down with the contracts? Muir said quickly I wouldthink. Board would like to know the percentage of income those businesses bring into the City. Board is worried about sales tax dropping. Board asks for numbers to be researched. Shani statesshe thinks the sales tax may dip 10 percent. The board is asking if they can get a break down of thesales tax that businesses bring in each year.Springer speaks briefly about how they spend the money. He said it in interesting to see what theybring in and what they spend the money on. Barbara Martin says to the board members that have been here a while, they feel like they weremislead.Shani asks to elaborate on what she means.Barbara Martin says they thought after 10 years they would be able to get another bond. It hasbeen 10 years and the City cant get a bond for a few more years. We look at the park as thegateway to Sanger. It is only half a gate because it is not done. It is a statement for Sanger. Welook at the Park as a huge statement for Sanger. When it first was put in that it was talked about allover. John has a different view point about the Comp plan. I do see what Springer is saying also. Springer said he remembers that the bond paperwork laid it all out and the City had to pay off thebonds before they could ask for another one. Board member speak briefly about the comp. plan.The Mayor adds that there was a 13 million dollar bond with the waste water treatment plant.Springer asked will the comp plan look into infrastructure? He states we have a lot of plans. Heasks if it will bring up the streets. Shani explains that the streets are being worked on now. The Cityhas already laid out a 3 year plan for streets.Jeff Springer brings up that he like the handouts Shani gave them of all the 4B board can do with thesales tax. He explains that their scope is a lot broader than they knew. He said he was happybecause he can now see how they can help the City move forward with things that they didnt knowthey could help with.Shani explains that tourism is a big part of 4B. Springer makes a motion to approve the Comp Plan.Bilyeau seconded the motion. Motion passes unanimously.3.Approval of Minutes4B Meeting Minutes 04232019Beverly made a motion to approve.Springer Seconded the motion. Motion passes unanimously.4.Review Financial Reports June 30, 2019Review Financial Reports June 30, 2019Discussion over the financials. 5.Soft Ball Fields at Porter ParkDiscussion regarding softball fields at Porter Park.They are wanting to know how much it will cost to fix the fields to be able to bring in softballtournaments. They want to know what it will take to hold a sanctioned tournament.6.Citizen Comments 7.Adjourn 6:51 PM CITY COUNCIL AGENDA MEMO AGENDA ITEM NO. 3. AGENDA MEETING DATE: October 22, 2019 TO: Shani Bradshaw, 4B FROM: Jennifer Shumate ITEM/CAPTION: Discussion on Fields at Porter Park AGENDA TYPE: Presentation ACTION REQUESTED: Presentation BACKGROUND: Jennifer will provide an update on the softball fields at Porter Park. LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK: NA FINANCIAL SUMMARY FUNDING/FISCAL IMPACT: NA FUNDS: NA STAFF RECOMMENDATION/ACTION DESIRED: NA CITY COUNCIL AGENDA MEMO AGENDA ITEM NO. 4. AGENDA MEETING DATE: October 22, 2019 TO: Shani Bradshaw, 4B FROM: ITEM/CAPTION: Sanger Development Corporation Bylaws Consider, Discuss and Possibly Act on Passing a Resolution to Amend the 4B Development Corporation Bylaws. AGENDA TYPE: Regular ACTION REQUESTED: Approval BACKGROUND: Staff has been instructed to revise the Sanger Development Corporation Bylaws. While some changes are minor in nature, others were inserted in order to address titles, terms of office, and other duties and responsibilities of the Board of Directors. LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK: The requested amendments have been reviewed and revised by the city's legal counsel. FINANCIAL SUMMARY FUNDING/FISCAL IMPACT: NA FUNDS: NA STAFF RECOMMENDATION/ACTION DESIRED: Staff recommends approval of the amendments to the Sanger Ievelopment Corporation Bylaws as written. ATTACHMENTS: Description Upload Date Type 4B Resolution 10/17/2019 Cover Memo CITY COUNCIL AGENDA MEMOAGENDA ITEM NO. 4.AGENDA MEETING DATE: October 22, 2019TO: Shani Bradshaw, 4BFROM: ITEM/CAPTION:Sanger Development Corporation BylawsConsider, Discuss and Possibly Act on Passing a Resolution to Amend the 4B Development Corporation Bylaws.AGENDA TYPE: RegularACTION REQUESTED: Approval BACKGROUND:Staff has been instructed to revise the Sanger Development Corporation Bylaws. While some changes are minor innature, others were inserted in order to address titles, terms of office, and other duties and responsibilities of the Boardof Directors. LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK:The requested amendments have been reviewed and revised by the city's legal counsel. FINANCIAL SUMMARY FUNDING/FISCAL IMPACT:NAFUNDS:NASTAFF RECOMMENDATION/ACTION DESIRED:Staff recommends approval of the amendments to the Sanger Ievelopment Corporation Bylaws as written. ATTACHMENTS: Description Upload Date Type 4B Resolution 10/17/2019 Cover Memo 4B Bylaws (Redline)10/17/2019 Cover Memo RESOLUTION NO. ________ RESOLUTION APPROVING AMENDED BYLAWS OF THE SANGER TEXAS DEVELOPMENT CORPORATION, ALSO KNOWN AS THE SANGER TEXAS 4B DEVELOPMENT CORPORATION AND THE SANGER TEXAS TYPE B DEVELOPMENT CORPORATION WHEREAS, in October of 1998, the eligible voters of the City of Sanger, Texas, approved a ballot proposition authorizing a sales tax and creation of a non-profit corporation, governed by Section 4B of the Development Corporation Act of 1979, as amended, and now known as the Type B sales tax and corporation, currently authorized pursuant to Chapter 501 and 505 of the Texas Local Government Code; and WHEREAS, the Sanger Texas Development Corporation was duly incorporated and the Bylaws approved in conjunction with the original Articles of Incorporation; and WHEREAS, the Board of Directors of the Sanger Texas Development Corporation has reviewed the bylaws and adopted amended bylaws as attached hereto as Exhibit A, subject to approval of the City Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS: Section 1. That the bylaws attached hereto as Exhibit A, and submitted to this City Council by the Sanger Texas Development Corporation, also known as the Sanger Texas type B Development Corporation, are hereby approved by the City Council of the City of Sanger, Texas. Section 2. This Resolution is effective immediately upon passage and repeals any prior resolutions, policies or practices inconsistent or in conflict with this Resolution, subject to the approval and passage of same by the City Council of the City of Sanger. APPROVED this day of 2019. PASSED AND APPROVED this day of 2019. City Of Sanger, Texas By:___________ Mayor, Thomas MUIR Attest: ___________ Cheryl Price, City Secretary Sanger Texas Development Corporation Page 1 of 14 BYLAWS OF THE SANGER TEXAS DEVELOPMENT CORPORATION A NON-PROFIT CORPORATION SANGER, TEXAS SECTION ARTICLE I OFFICES Section 1.01 Registered Office and Registered Agent The Sanger Texas Development Corporation (“the cCorporation”) shall have and continuously maintain in the State of Texas a registered office, and a registered agent whose office is identical with such registered office, as required by the Texas Development Corporation Act of 1979, as amended (“the Act”). The BbBoard of Directors (“the Board”) may, from time to time, change the registered agent and/or the address of the registered office, provided that such change is appropriately reflected in these Bylaws and in the Articles of Incorporation.thatprovided that proper notification of such change is given to the Office of the Secretary of State of Texas. The registered office of the Corporation is located at 201 Bolivar Street, Sanger, Texas 76266 and at such address is the Corporation,its whose mailing address is P.O. Box 1729, Sanger, Texas 76266. The corporation and the registered office of the corporation are located at 201 Bolivar Street, Sanger, Texas 76266. The registered agent of the corporation at such office shall be the City Administrator of the City of Sanger. Section 1.02 Principal Office The principal office of the cCorporation in the State of Texas shall be located in the City of Sanger, County of Denton, and it may be, but need not be, identical with the registered office of the cCorporation. ARTICLE II PURPOSES Section 2.01 Purposes The cCorporation is incorporated for the purposes set forth in its Articles of Incorporation, the same to be accomplished on behalf of the Sanger Development CorporationCity of Sanger, , Texas (the “Corporation”) as it’s duly constituted authority and instrumentality in accordance with the Development Corporation Act of 1979, Article 5190.6, Vernon’s Ann. Civ. St., as amended (the “Act”), and other applicable laws, and organized under Section 4B of the Act. The purposes of the Sanger Development Corporation is to promote, assist, and enhance Sanger Texas Development Corporation Page 2 of 14 economic development in accordance with the Texas Development Corporation Act of 1979. Any project, as defined by such Act, which shall be undertaken by the cCorporation, may include in such costs, the maintenance and operating costs of such project. SECTION ARTICLE III MEMBERS Section 3.01 Members The cCorporation shall have no members or issue any stock. SECTION ARTICLE IV BOARD OF DIRECTORS Section 4.01 Board of Directors The business and affairs of the cCorporation and all corporate powers shall be exercised by or under authority of the Board of Directors (the “Board”), appointed by the governing body of the City of Sanger Development Corporation, and subject to applicable limitations imposed by the Texas Development Corporation Act of 1979, the Articles of Incorporation, and these Bylaws. The Board may, by contract, resolution, or otherwise, give general or limited or special power and authority to the officers and employees of the cCorporation to transact the general business of any special business of the cCorporation, and may give powers of attorney to agents of the corporation to transact any special business requiring such authorization. Section 4.02 Number and Qualifications The authorized number of Directors of this Board shall be seven (7). The City Council shall appoint the Directors of the cCorporation. Section 4.03 Tenure Term of Office The term of office for the Directors shall be at the pleasure of the City Council. Directors shall be removable at any time by a majority vote of a quorum present of the City Council of the City of Sanger, Texas. Each member of the Board shall serve a terms of two (2) years. The Board of Directors shall be classified with respect to the time for which they shall severally hold office by dividing the Board into two (2) classes, with the dDirectors of the first class being composed of three (3) members and the dDirectors of the second class being composed of four (4) members. The first class shall be seats 2, 4 and 6 and their terms of office shall expire on December 31 of even numbered years. The second class shall be seats 1, 3, 5 and 7 and their terms shall expire on December 31 of odd numbered years. No member of the Board shall serve more than three (3) consecutive two (2) year terms. Any dDirector may be removed from this office by City Council at will without cause. A vacancy Sanger Texas Development Corporation Page 3 of 14 of any dDirector’s position which occurs by reason of death, resignation, disqualification, removal, or otherwise, shall be filled by the City Council for the remainder of the term.. Section 4.04 Vacancies Any vacancy occurring shall be filled by appointment by the vote of a majority of a quorum present of the City Council of the City of Sanger, Texas. Section 4.05 Meetings Regular meetings of the Board shall be held on the fourth Monday in each month at 7:00 P.M. in the Council Chambers of the City of Sanger, Texas. quarterly starting in October of each year, ats such place orf places and at such times or times, from time to time, as may be designated by the Board of Directors and communicated to all dDirectors by written notice. All meetings of the Boards shall provide nNotice thereof all meetings of the Board shall be provided as provided and sset forth in Chapter 551, Texas Government Code, the “Texas Open Meetings Act”. Any member of the Board may request that an item be placed on the agenda by delivering the requestsame in writing to the Secretary of the Board no later than three (3) days (72 hours) prior to the date and time of the Board meeting. The President of the Board shall set special meeting dates and times. The annual meeting of the Board of Directors shall be held in October of each year at a place and time to be determined by the Board. Notice of any meeting shall be given to the public in accordance with the requirements of the Texas Open Meetings Act. The notice shall contain information regarding the particular time, date, and location of the meeting and the agenda to be considered. All meetings shall be conducted in accordance with the Texas Open Meetings Act. Section 4.06 Quorum For the purposes of convening a meeting, a simple majority of the appointed Directors then serving on the Board shall constitute a quorum. For purposes of transacting the business of the corporation at any meetings, a simple majority of the appointed Directors shall constitute a quorum. If there is an insufficient number of Directors present to convene the meeting, the presiding officer shall adjourn the meeting. Section 4.07 Compensation The duly appointed members of the Board shall serve without compensation, but shall be reimbursed for actual or commensurate cost of travel, lodging and incidental expenses while on official business of the Board in accordance with State Law. Section 4.08 Voting: Action of the Board of Directors Directors must be present in order to vote at any meeting, unless otherwise provided in these Bylaws or in the Articles of Incorporation or as required by law. The act of a majority of the Directors present at any meeting for which a quorum is present shall be the act of the Board of Directors. Ifn the event that a Director is aware of a conflict of interest or potential conflict of Sanger Texas Development Corporation Page 4 of 14 interest, aboutwith regard to any particular vote, the Director shall bring the same to the attention of the meeting and shall abstain from the vote or further participation in the matter. Any conflict of interest shall be determined according to the standards of Chapter 171, Texas Local Government Code, or as amended. In the event Chapter 171 of the Local Government Code shall apply, the Director shall disclose the relationship as required by Section 171.004 of the Local Government Code and shall abstain from further participationvoting. Section 4.09 Board’s Relationship with City Council In accordance with State law, the City Council shall require the Sanger Development Corporation to be responsible to it for the proper discharge of its duties assigned in this article. All policies and actions for program administration shall be submitted for Council approval, and the Board shall administer said programs accordingly. SECTION ARTICLE V OFFICERS Section 5.01. Officers of the CorporationTitles and Term of Office The elected officers of the corporation shall be a President, Vice President, Secretary and Treasurer. The Board may resolve to elect one or more Assistant Secretaries or one or more Assistant Treasurers as it may consider desirable. Such officers shall have the authority and perform the duties of the office as the Board may from time to time prescribe or as the Secretary or Treasurer may from time to time delegate to his/her respective assistant. Any two (2) or more offices may be held by the same person, except the office of President. The President and Vice President of the Corporation shall be elected by the Board and shall serve a terms of one (1) year, until the next annual meeting of the Board of Directors and until his or her successor is duly elected and qualified or until his or her death, resignation, retirement, disqualification or removal from office. There shall be no limitation on the number of consecutive years that a person may serve in the same office. 5.02 Selection of Officers The initial Officers shall be elected by the Board and shall serve until the Board elects to select new officers. Vacancies in any office which occur by reason of death, resignation, disqualification, removal, or otherwise, may be filled by the Board of Directors. Section 5.03 02 President Powers and Duties of the President The President shall be the presiding officer of the Board with the following authority: The President shall be the chief executive officer of the Corporation, and shall, subject to the authority of the Board and paramount authority and approval from the City Council, preside at all the meetings of the Board, and absent designation by a majority of the Board, shall sign and execute all contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, and notes in the name of the Corporation. In addition, the president shall: Sanger Texas Development Corporation Page 5 of 14 A. 1. Shall preside over all meetings of the Board. B. 2. Shall have the right to vote on all matters coming before the Board. C. 3. Shall have the authority, upon notice to the members of the Board, to call a special meeting of the Board when, in his/her judgment, such meeting is required, subject to provisions of the Texas Open Meeting Act. D. 4. Shall have the authority to appoint standing committees to aid and assist the Board in its business undertakings or other matters incidental to the operation and functions of the Board. E. 5. Shall have the authority to appoint ad hoc committees which may address issues of a temporary nature of concern or which have a temporary aeffect on the business of the Board. F. appear before the City Council, or be represented by his or her designee, regarding any items being considered by the City Council concerning the Corporation. In addition to the above mentioned duties, the President shall sign with the Secretary of the Board any deed, mortgage, bonds, contracts, or other instruments which the Board of Directors has approved and unless the execution of said document has been expressly delegated to some other officer or agent of the corporation by appropriate Board resolution, by a specific provision of these Bylaws, or by statute. In general, the President shall perform all duties incident to the office, and such other duties as shall be prescribed from time to time by Board of Directors. Section 5.0403 Vice President In the absence of the President or in the event of his/her inability to act, the Vice President shall perform the duties of the President. When so acting, the Vice President shall have thea power of and be subject to all the same restrictions as upon the President. The Vice President shall also perform other duties as from time to time may be assigned to him/her by the President. 5.05 Secretary The Secretary shall keep, or cause to be kept, at the registered office a record of the minutes of all meetings of the Board and of any committees of the Board. The Secretary shall also file a copy of said minutes with the City and the same to be given, in accordance with the provisions of these Bylaws, or as required by the Texas Open Meetings Act or the Texas Open Records Act or other applicable law. The Secretary shall be custodian of the corporate records and seal of the corporation, and shall keep a register of the mailing address and street address, if different, of each Director. 5.06 Treasurer The Treasurer shall be bonded for tile faithful discharge of his/her duties in the amount of $20,000.00. The Treasurer shall have charge and custody of and be responsible for all funds and securities of the corporation. The Treasurer shall receive and give receipt for money due and payable to the corporation from any source whatsoever, and shall deposit all such moneys in the name of the corporation in such bank, trust corporation, and/or other depositories as shall Sanger Texas Development Corporation Page 6 of 14 be specified in accord with Section VI of these Bylaws. The Treasurer shall, in general, perform all the duties incident to that office and such other duties as from time to time may be assigned to him/her by the President of the Board. 5.07 Assistant Secretaries and Assistant Treasurers The Assistant Secretaries and Assistant Treasurers, if any, shall, in general, perform such duties as may be assigned to them by the Secretary or the Treasurer, or by the President or the Board of Directors. Section 5.0804 Contracts for Services The cCorporation may, with approval of the City Council, contract with any qualified and appropriate person, association, corporation or governmental entity to perform and discharge designated tasks which will aid or assist the Board in the performance of its duties. This shall include the right to contract for promotional purposes as may be defined by the Development Corporation Act of 1979, subject to any limitations contained in the Act. SECTION ARTICLE VI FINANCIAL ADMINISTRATIONFUNCTIONAL CORPORATION DUTIES AND REQUIREMENTS The Corporation shall contract with the City for financial and accounting services. The corporation’s financing and accounting records shall be maintained according to the following guidelines: Section 6.01. Director of Economic Development The director of economic development shall be the chief administrative officer of the Corporation and be in general charge of the properties and affairs of the Corporation, shall administer all work orders, requisitions for payment, purchase orders, contract execution, administration/oversight, and other instruments or activities as prescribed by the Board in the name of the Corporation. The director of economic development shall be an employee of the City. Section 6.02. Director of Finance The director of finance shall have the responsibility to see to the handling, custody, and security of all funds and securities of the Corporation. When necessary or proper, the director of finance shall endorse and sign, on behalf of the Corporation, for collection or issuance, checks, notes and other obligations drawn upon such bank or banks or depositories as shall be designated by the City Council as consistent with these Bylaws. The director of finance shall see to the entry in the books of the Corporation of full and accurate accounts of all monies received and paid out on account of the Corporation. The director of finance shall, at the expense of the Corporation, give such bond for the faithful discharge of the duties in such form and amount as the City Council shall require, by resolution. The director of finance shall be an Sanger Texas Development Corporation Page 7 of 14 employee of the City. The director of finance shall submit a monthly report, to the Board, insufficient detail, of all checks or drafts issued on behalf of the corporation for the previous month. The director of finance shall provide a monthly financial report to the City Council concerning activities of the Corporation in a format consistent with other financial reports of the City. Section 6.03. Secretary The secretary shall keep the minutes of all meetings of the Board in books provided for that purpose, shall give and serve all notices, shall sign with the president in the name of the corporation, and/or attest the signature thereto, all contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, notes and other instruments of the corporation, shall have charge of the Corporation books, records, documents and instruments except the books of the accounts and financial records and securities, and such other books and papers as the Board may direct, all of which shall at all reasonable times be open to public inspection upon application at the office of the corporation during business hours, and shall in general perform all duties incident to the office of secretary subject to the control of the Board. The secretary shall endorse and countersign, on behalf of the Corporation, for collection or issuance, checks, notes and other obligations in or drawn upon such bank or banks or depositories as shall be designated by the City Council consistent with these Bylaws. The secretary shall be an employee of the City. Section 6.04. Participation in Board Meetings The director of economic development, secretary, director of finance manager, Mayor and City Manager (or their respective designees), shall have the right to take part in any discussion of the Board, including attendance ofin executive sessions, but shall not have the power to vote in any meetings attended. Section 6.01 05 Fiscal Year The fiscal year of the cCorporation shall begin on October 1 and end September 30 of the following year. Section 6.02 06 Budget A budget for the forthcoming fiscal year shall be submitted to and approved by the Board of Directors and the City Council of the City of Sanger. The Board of Directors shall submit the budget in accordance with the annual budget preparation schedule as set forth by the City Manager. The budget shall be submitted to the City Manager for inclusion of it in the annual budget presentation to the City Council. The budget proposed for adoption shall include the projected operating expenses and such other budgetary information as shall be useful to or appropriate for the Board of Directors and the City Council of the City of Sanger. Section 6.0307. Contracts As provided in Section V above herein, the President and Secretary shall execute any contracts or other instruments which the Board has approved and authorized to be executed, provided, Sanger Texas Development Corporation Page 8 of 14 however, that the Board may by appropriate resolution, authorize any other officer or officers or any other agent or agents to enter into contract or execute and deliver any instrument in the name and on behalf of the cCorporation. Such authority may be confined to specific instances or defined in general terms. When appropriate, the Board may grant a specific or general power of attorney to carry out some action on behalf of the Board, provided, however, that no such power of attorney may be granted unless an appropriate resolution of the Board authorizes the same to be done. 6.04 Checks and Drafts All checks, drafts, or order for payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed or bear the facsimile of any two of the directors of the corporation. 6.05 Deposits All funds of the Sanger Development Corporation shall be deposited on a regular basis to the credit of the corporation in a depository which shall be selected following procedures and requirements for selecting a depository as set forth in Chapter 105 of the Local Government Code or the depository of the City of Sanger, may be utilized. 6.06 Gifts The Sanger Development Corporation may accept on behalf of the corporation any contribution, gift, bequest, or device for the general purpose or for any special purposes of the corporation. 6.07 Purchasing All purchasing and contracts executed by the corporation shall be made in accordance with the requirements of the Texas Constitution and Statutes of the State of Texas. Section 6.08 InvestmentsDebt, Deposit and Investment of Corporate Funds Temporary and idle funds which are not needed for immediate obligations of the corporation may be invested in accordance with the following investment policy. All proceeds from the issuance of bonds, notes or other debt instruments (the “Bonds”) issued by the Corporation shall be deposited and invested as provided in the resolution, order, indenture, or other documents authorizing or relating to their execution or issuance and handled in accordance with the statute governing this Corporation, but no Bbonds shall be issued, including refunding Bbonds, by the Corporation without the approval of the City Council after review and comment by the City’s bond counsel and financial advisor. All monies of the Corporation shall be deposited, secured, and/or invested in the manner provided for the deposit, security, and/or investment of the public funds of the City, as authorized by the City Investment Policy. The finance director shall designate the accounts and depositories to be created and designated for such purposes, and the methods of withdrawal of funds therefrom for use by and for the purposes of the Corporation upon the signature of the Sanger Texas Development Corporation Page 9 of 14 finance director and the secretary. The accounts, reconciliation, and investment of such funds and accounts shall be performed by the Department of Finance of the City. Investment Policy for the Sanger Industrial Development Corporation Whereas, the Public Funds Investment Act of 1995 requires each municipality to adopt rules and guidelines for the investment of public funds; and Whereas, such rules and guidelines should specify the type, length and strategy for each fund as well as the authority for officers and employees responsible for the investment of such funds. 6.08 – 1.0 Scope This investment policy applies to all financial assets of the Sanger Industrial Development Corporation. These funds are accounted for in the City of Sanger’s Comprehensive Annual Financial Audit. 6.08 – 2.0 Statement of Cash Management Philosophy: The Sanger Development Corporation shall maintain a comprehensive cash management program to include the effective collection of all accounts receivable, the prompt deposit of receipts to the Corporation’s bank accounts, the payment of obligations so as to comply with state law and in accord with vendor invoices and the prudent investment of idle funds in accordance with this policy. 6.08 – 3.0 Objective: The primary objectives, in priority order, of the Sanger Development Corporation’s investment activities shall be: 3.1 Safety: Safety of principal is the foremost objective of the investment program. Investments of the Sanger Development Corporation shall be undertaken in a mannger that seeks to ensure the preservation of capital in the overall portfolio. 3.2 Liquidity: The Sanger Development Corporation’s investment portfolio will remain sufficiently liquid to enable the Sanger Development Corporation to meet all operating requirements which might be reasonably anticipated. 3.3 Return on investments: The Sanger Development Corporation’s investment portfolio shall be designed with the objective of attaining a rate of return throughout budgetary and economic cycles, commensurate with the Sanger Development Corporation’s investment risk constraints and the cash flow characteristics of the portfolio. 6.08 – 4.0 Delegation of Authority Management responsibility for the investment program is hereby delegated to the investment officer, who shall establish written procedures for the operation of the investment program consistent with the investment policy. Procedures should include reference to: safekeeping, wire transfer agreements, banking service contracts and collateral/depository agreements. Such Sanger Texas Development Corporation Page 10 of 14 procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the investment officer. The investment officer shall be responsible for all transactions undertaken and shall establish a system of controls. 6.08 – 5.0 Authorized Investments: Sanger Development Corporation funds may be invested in the following securities: 1. Collateralized or fully insured money market accounts. 2. Collateralized or fully insured certificates of deposit. 3. U.S. Treasury bills, notes or bonds. 4. Direct obligations of the State of Texas or its agencies and instrumentality’sies. 6.08 – 6.0 Qualifying Institutions: Investments may be made through or with the following institutions: 1. Federally insured banks located in the State of Texas. 2. Primary government security dealers reporting to the Market Reports Division of the Federal Reserve Bank of New York. 6.08 – 7.0 Collateralization The Sanger Development Corporation will accept as collateral for its money market accounts, certificates of deposit and other evidence of deposit the for the following securities: 1. F.D.I.C. coverage 2. U.S. Treasury Bills 3. State of Texas bonds. 4. Other obligations of the United States, its agencies or instrumentality’s. 5. Bonds issued by other Texas government entities (Corporation, county, school or special districts) with a remaining maturity of twenty years or less. Securities pledged as collateral must be retained in a third- party bank in the State of Texas and the Corporation shall be provided with the original safekeeping receipt on each pledged security. The Corporation, financial institution and the safekeeping bank shall operate in accordance with a master safekeeping agreement signed by all three parties. The Corporation’s investment officer must approve release of collateral in writing prior to its removal from the safekeeping account. The financial institution with which the Corporation invests and/or maintains other deposits shall provide monthly, or as requested by the Corporation, a listing of the collateral pledged to the Corporation, marked to current market prices. The listing shall include total pledged securities itemized by: 1. Name, type and description of security. 2. Safekeeping receipt number. Sanger Texas Development Corporation Page 11 of 14 3. Par value. 4. Current market value. 5. Maturity date. 6. Moody’s or Standard and Poor rating (both if available) 6.08 – 8.0 General Government Practices: All investment transactions shall be documented by the investment officer. The investment officer may make investments orally but shall follow promptly with a written confirmation to the financial institution or dealer with a copy of such confirmation retained in the Corporation’s files. 6.08 – 9.0 Investment Policy: It is the policy of the Sanger Development Corporation to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds. 6.09 Bonds: Any bonds issued by the cCorporation shall be in accordance with the statute governing this Ccorporation but, in any event, no bonds shall be issued without approval of the Sanger City Council after review and comment by the City’s bond counsel and financial advisor. ARTICLE VII BOOKS AND RECORDS Section 7.01 Books and Records The corporation shall keep correct and complete books and records of all actions of the corporation, including books and records of account and the minutes of meetings of the Board of Directors and of any committee having any authority of the Board and to the city council. All books and records of the corporation may be inspected by Directors of the corporation or his/her agent or attorney at any reasonable time; and, any information which may be designated as public information by law shall be open to public inspection at any reasonable time. The Texas Open Records Act and Open Meetings Act shall apply to disclosure of public information. The Board of Directors shall provide for an annual financial audit to be performed by a competent independent audit firm employed by the City Council for the Corporation’s audit. The financial manager shall keep and properly maintain, in accordance with generally accepted accounting principles, complete financial books, records, accounts, and financial statements pertaining to its corporate funds, activities and affairs. The City shall cause the Corporation’s financial books, records, accounts, and financial statement to be audited at least once each fiscal year by an outside, independent, auditing and accounting firm selected by the City Council. Such audit shall be at the expense of the Corporation. Sanger Texas Development Corporation Page 12 of 14 Section 7.02 Monthly Reports The cCorporation shall provide monthly summaries of anticipated projects, proposed dispersal of funds, and funds that are dispersed. ARTICLE VIII SEAL Section 8.01 Seal The Board of Directors may obtain a corporate seal which shall bear the words “Corporate Seal of the Sanger Texas Development Corporation”. The Board may thereafter use the corporate seal and may later alter the seal as necessary without changing the corporate name, but these Bylaws shall not be construed to require the use of the corporate seal. SECTION ARTICLE IX PROGRAM Section 9.01 Authorization The cCorporation shall carry out its program subject to its Articles of Incorporation and these Bylaws, and such resolutions as the Board may from time to time authorize. Section 9.02 Program The program of the Sanger Development Corporation shall be to assist, stimulate, and enhance economic development in Sanger, Texas, subject to applicable State and Federal law, these Bylaws, and the Articles of Incorporation. SECTION ARTICLE XARTICLE X PARLIAMENTARY AUTHORITY Section 10.1 Amendments to Bylaws These Bylaws may be amended or repealed and new Bylaws may be adopted by an affirmative two-thirds (2/3) majority vote of the number of authorized Directors then serving on the Board, subject to approval by the City Council. at any regular or any special meeting of the Directors held for such specific purpose, and the notice requirements stated herein above regarding regular or special meetings shall apply. A majority of the Directors of the Corporation present at an annual meeting of the Board may, amend or repeal and institute new Bylaws, provided that at least ten (10) days prior to the annual meeting, written notice setting forth the proposed Sanger Texas Development Corporation Page 13 of 14 action shall have been given the Directors, and public notice regarding such actin given according to the requirements of the Texas Open Meetings Act and Open Records Act. The City Council may amend these Bylaws at any time. Such amendments by the City Council will be duly passed and adopted by motion, resolution or ordinance duly reflected in the minutes of the City Council and thereafter, duly noted to the Board. Notwithstanding the foregoing, no amendment shall become effective unless the City Council approves the amendment. SECTION ARTICLE XI DISSOLUTION Section 11.01 Dissolution The cCorporation shall be dissolved according to the provisions contained in the appropriate sections of the Texas Development Corporation Act of 1979, as amended. SECTION ARTICLE XII INDEMNITY Section 12.01 Indemnity The Board of Directors shall authorize the cCorporation to pay or reimburse any current or former Director of Officer of the cCorporation for any costs, expenses, fines, settlements, judgments, and other amounts, actually and reasonably incurred by such person in any action, suit, or proceeding to which he/she is made a party by reason of holding such position as Director or Officer; provided, however, that such Director or Officer shall not receive such indemnification if he/she isbe finally adjudicated in such instance to be liable for misconduct in office. The indemnification herein provided shall also extend to good faith expenditures incurred in anticipation of or preparation for threatened or proposed litigation. The Board of Directors may, in proper causes, extend the indemnification to cover the good faith settlement of any such action, suit, or proceedings, whether formally instituted or not. Furthermore, the Ccorporation agrees to indemnify and hold harmless and defend the City of Sanger Development Corporation, its officers, agents, and its employees, from and against all claims and suits or damages, injuries to persons (including death), property damages (including loss or use), and expenses (including court costs and attorney fees), arising out of or resulting from the cCorporation’s work and from any liability arising out of or in connection with the Sanger Development Corporation or its officers, agents, or employees entry upon said property, common, constitutional, or statutory law, or based on whole or in part upon the negligent or intentional acts or omissions of the cCorporation, its officers, agents, employees, subcontractors, licensees, invitees, or trespassers or based in whole or in part upon the negligent acts or omissions of the Sanger Development Corporation, its officers, agents, Sanger Texas Development Corporation Page 14 of 14 employees, licensees, or invitees. The cCorporation agrees to waive any and all claims it may have against the City of Sanger Development Corporation connrrected with, resulting from, or arising out of claims and suits covered by this indemnification provision and agrees that any insurance carrier involved shall not be entitled to subrogation under any circumstances against the Sanger Development Corporation, its officers, agents, and employees. SECTION ARTICLE XIII MISCELLANEOUS Section 13.01 Relation to Articles of Incorporation These Bylaws are subject to and governed by the Articles of Incorporation. Section 13.02 Effective Date These Bylaws shall be effective upon the adoption by the Board of Directors of the Sanger Development Corporation and the approval of the City Council of the City of Sanger, Texas. Section 13.03 Gifts The Sanger Development Corporation may accept on behalf of the Corporation any contribution, gift, bequest, or device for the general purpose or for any special purposes of the Corporation. Section 13.03 Code of Ethics Each director, including the president and vice president, its officers, employees, and agents shall abide by and be subject to the City Code of Ethics. The Code of Ethics shall be applicable to independent contractors of the Corporation, except to the extent that such independent contractor is not performing work on behalf of the Corporation. Section 13.04 Applicability of City Charter, Policies and Procedures The City Charter and all duly approved city policies and procedures shall apply directly to the Corporation and the Bboard unless such charters, policies or procedures are superseded by state law or not related to the functions of the Board. The Board has the prerogative, subject to approval by the City Council, to adopt other policies and procedures in addition to or in place of those of the City. CITY COUNCIL AGENDA MEMO AGENDA ITEM NO. 5. AGENDA MEETING DATE: October 22, 2019 TO: Shani Bradshaw, 4B FROM: ITEM/CAPTION: Discussion of a Facade/Sign Grant Program AGENDA TYPE: Presentation ACTION REQUESTED: Presentation BACKGROUND: Facade improvement programs are incentive programs created to encourage property owners and businesses to improve the exterior appearance of their buildings and storefronts. They focus on either commercial properties in historic or non historic areas and provide financial incentives in the form of a matching grant. LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK: NA FINANCIAL SUMMARY FUNDING/FISCAL IMPACT: NA FUNDS: NA STAFF RECOMMENDATION/ACTION DESIRED: Discussion on implementing a 50/50 matching facade/sign grant program up to $5,000 for businesses in the downtown area. CITY COUNCIL AGENDA MEMO AGENDA ITEM NO. 6. AGENDA MEETING DATE: October 22, 2019 TO: Shani Bradshaw, 4B FROM: ITEM/CAPTION: CityWide Comprehensive Plan Update AGENDA TYPE: Presentation ACTION REQUESTED: Presentation BACKGROUND: The City of Sanger's Comprehensive Land Use Plan was adopted in 2007. Comprehensive Plans should be updated approximately every 10 years. The current plan is 12 years old. The City is experiencing unprecedented growth and is anticipating this trend to continue. An update to the Comprehensive plan is needed to ensure all future growth meets the City's vision. The plan would include a overall look at land use, a Mobility Plan, a Parks Master Plan, a Downtown Strategic Plan, and other elements along with strategies for implementation. On Monday, October 7 City Council approved staff to issue a Request for Qualifications (RFQ) for consulting services to update the comprehensive plan, along with a Request for Proposal (RFP) component. The RFQ should be released by October 28 and the estimated project start date is March 2, 2020. LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK: NA FINANCIAL SUMMARY FUNDING/FISCAL IMPACT: NA FUNDS: Proposed funding will be allocated between 4A, 4B, and General Funds (Development Services Department). STAFF RECOMMENDATION/ACTION DESIRED: CITY COUNCIL AGENDA MEMOAGENDA ITEM NO. 6.AGENDA MEETING DATE: October 22, 2019TO: Shani Bradshaw, 4BFROM: ITEM/CAPTION:CityWide Comprehensive Plan UpdateAGENDA TYPE: PresentationACTION REQUESTED: Presentation BACKGROUND:The City of Sanger's Comprehensive Land Use Plan was adopted in 2007. Comprehensive Plans should be updatedapproximately every 10 years. The current plan is 12 years old. The City is experiencing unprecedented growth and isanticipating this trend to continue. An update to the Comprehensive plan is needed to ensure all future growth meets theCity's vision. The plan would include a overall look at land use, a Mobility Plan, a Parks Master Plan, a DowntownStrategic Plan, and other elements along with strategies for implementation.On Monday, October 7 City Council approved staff to issue a Request for Qualifications (RFQ) for consulting servicesto update the comprehensive plan, along with a Request for Proposal (RFP) component. The RFQ should bereleased by October 28 and the estimated project start date is March 2, 2020.LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK:NAFINANCIAL SUMMARY FUNDING/FISCAL IMPACT:NAFUNDS:Proposed funding will be allocated between 4A, 4B, and General Funds (Development Services Department). STAFF RECOMMENDATION/ACTION DESIRED: NA CITY COUNCIL AGENDA MEMO AGENDA ITEM NO. 7. AGENDA MEETING DATE: October 22, 2019 TO: Shani Bradshaw, 4B FROM: ITEM/CAPTION: Review Financials AGENDA TYPE: Presentation ACTION REQUESTED: Presentation BACKGROUND: Review revenue and expenditure report for the period ending September 30, 2019 and monthly sales tax report. LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK: NA FINANCIAL SUMMARY FUNDING/FISCAL IMPACT: NA FUNDS: NA STAFF RECOMMENDATION/ACTION DESIRED: NA ATTACHMENTS: Description Upload Date Type Monthly Sales Tax Report September 30, 2019 10/18/2019 Cover Memo Financial Report September 30, 2019 10/18/2019 Cover Memo RG Revenue Expense Report September 30, 2019 10/18/2019 Cover Memo CITY COUNCIL AGENDA MEMOAGENDA ITEM NO. 7.AGENDA MEETING DATE: October 22, 2019TO: Shani Bradshaw, 4BFROM: ITEM/CAPTION:Review FinancialsAGENDA TYPE: PresentationACTION REQUESTED: Presentation BACKGROUND:Review revenue and expenditure report for the period ending September 30, 2019 and monthly sales tax report. LEGAL/BOARD COMMISSION RECOMMENDATIONS/CITIZEN NOTICE FEEDBACK:NAFINANCIAL SUMMARY FUNDING/FISCAL IMPACT:NAFUNDS:NASTAFF RECOMMENDATION/ACTION DESIRED:NAATTACHMENTS:Description Upload Date TypeMonthly Sales Tax Report September 30, 2019 10/18/2019 Cover Memo Financial Report September 30, 2019 10/18/2019 Cover Memo RG Revenue Expense Report September 30, 2019 10/18/2019 Cover Memo RG Trial Balance September 30, 2019 10/18/2019 Cover Memo RG Balance Sheet September 30, 2019 10/18/2019 Cover Memo TOTAL REVENUE 2013-2019 2013 2014 2015 2016 2017 2018 2019 2013 $315,055 OCT 23,310 25,572 26,843 29,528 33,532 36,117 35,425 2014 $334,755 NOV 28,064 28,823 31,897 36,744 36,725 38,951 36,853 2015 $386,739 DEC 25,854 27,350 28,786 30,055 37,133 32,669 36,420 2016 $391,082 JAN 24,097 23,812 41,810 28,916 32,386 34,264 33,403 2017 $435,516 FEB 26,189 27,381 38,909 35,203 42,385 48,966 36,966 2018 $436,100 MAR 21,635 22,628 29,841 30,091 34,273 32,712 32,428 2019 $442,506 APR 25,163 27,445 29,329 31,321 29,088 28,440 32,984 MAY 28,095 37,356 33,641 34,401 42,345 39,427 43,134 JUN 28,181 26,167 29,030 32,746 30,853 31,811 36,456 JUL 24,929 27,420 27,800 32,803 35,710 34,802 36,977 AUG 29,775 29,546 35,487 37,628 42,725 39,661 42,598 SEP 29,761 31,256 33,366 31,646 38,361 38,280 38,860 TOTAL 315,055 334,755 386,739 391,082 435,516 436,100 442,506 BUDGET 250,000 300,000 320,000 362,500 362,500 385,000 385,000 4A & 4B SALES TAX REVENUE $334,755 $386,739 $391,082 $435,516 $436,100 $442,506 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 2013 2014 2015 2016 2017 2018 2019 TOTAL REVENUE 2013 -2019 Percent Budget Actual of Budget Revenue Sales Tax 385,000 442,506 115% Interest Income 1,000 3,417 342% Total Revenue 386,000 445,923 116% Expenditures Transfer to 4A 25,000 25,000 100% Transfer to Debt Service Fund 212,500 212,500 100% Community Projects 50,000 - 0% Special Projects 15,000 62,514 417% Total Expenditures 302,500 300,014 99% Revenues Over Expenditures 83,500 145,909 Cash in Bank - Checking 191,124 Certificate of Deposit 281,699 Claim on Cash 677,340 Total Cash 1,150,163 September 30, 2019 Fund 4B Sanger Texas Development Corporation 10-18-2019 08:58 AM CITY OF SANGER PAGE: 1 BALANCE SHEET AS OF: SEPTEMBER 30TH, 2019 42 -4B CORPORATION ACCOUNT # ACCOUNT DESCRIPTION BALANCE _____________________________________________________________________________________________ ASSETS ====== 42-00-1000 CLAIM ON CASH 677,339.56 42-00-1010 CKG - 4B CASH (2379694) 191,124.32 42-00-1013 CD - 4B #653500 21,983.89 42-00-1014 CD - 4B #659924 21,730.99 42-00-1015 CD - 4B #664243 21,814.97 42-00-1016 CD - 4B #673277 21,757.93 42-00-1017 CD - 4B #686115 21,765.75 42-00-1018 CD - 4B #689521 21,675.88 42-00-1019 CD - 4B #694371 21,749.24 42-00-1020 CD - 4B #697230 21,862.98 42-00-1021 CD - 4B #699934 21,776.14 42-00-1022 CD - 4B #702285 21,578.26 42-00-1023 CD - 4B #706078 21,478.80 42-00-1024 CD - 4B #720097 21,249.77 42-00-1025 CD - 4B #720119 21,274.25 42-00-1153 SALES TAX RECEIVABLE 68,595.08 1,218,757.81 TOTAL ASSETS 1,218,757.81 ============== LIABILITIES =========== 42-00-2001 ACCOUNTS PAYABLE 43,899.93 TOTAL LIABILITIES 43,899.93 EQUITY ====== 42-00-3015 FUND BALANCE - RESTRICTED 1,028,948.65 TOTAL BEGINNING EQUITY 1,028,948.65 TOTAL REVENUE 445,923.46 TOTAL EXPENSES 300,014.23 TOTAL REVENUE OVER/(UNDER) EXPENSES 145,909.23 TOTAL EQUITY & REV. OVER/(UNDER) EXP. 1,174,857.88 TOTAL LIABILITIES, EQUITY & REV.OVER/(UNDER) EXP. 1,218,757.81 ============== 10-18-2019 08:57 AM CITY OF SANGER PAGE: 1 BASE TRIAL BALANCE AS OF: SEPTEMBER 30TH, 2019 42 -4B CORPORATION *** MONTH TO DATE *** *** YEAR TO DATE *** ACCT# ACCOUNT NAME DEBITS CREDITS DEBITS CREDITS ______________________________________________________________________________________________________________________ ASSETS ====== 42-00-1000 CLAIM ON CASH 198,639.54 677,339.56 42-00-1010 CKG - 4B CASH (2379694) 266.68 191,124.32 42-00-1013 CD - 4B #653500 13.99 21,983.89 42-00-1014 CD - 4B #659924 13.83 21,730.99 42-00-1015 CD - 4B #664243 13.89 21,814.97 42-00-1016 CD - 4B #673277 13.85 21,757.93 42-00-1017 CD - 4B #686115 13.86 21,765.75 42-00-1018 CD - 4B #689521 13.80 21,675.88 42-00-1019 CD - 4B #694371 13.85 21,749.24 42-00-1020 CD - 4B #697230 13.92 21,862.98 42-00-1021 CD - 4B #699934 13.86 21,776.14 42-00-1022 CD - 4B #702285 13.74 21,578.26 42-00-1023 CD - 4B #706078 13.67 21,478.80 42-00-1024 CD - 4B #720097 13.53 21,249.77 42-00-1025 CD - 4B #720119 13.55 21,274.25 42-00-1153 SALES TAX RECEIVABLE 0.00 68,595.08 ______________ TOTAL ASSETS 446.02 198,639.54 1,218,757.81 0.00 ============== ============== ============== ============== LIABILITIES =========== 42-00-2001 ACCOUNTS PAYABLE 0.00 43,899.93 TOTAL LIABILITIES 0.00 0.00 0.00 43,899.93 ============== ============== ============== ============== FUND BALANCE ============ 42-00-3015 FUND BALANCE - RESTRICTED 0.00 1,028,948.65 TOTAL EQUITY/FUND BALANCE 0.00 0.00 0.00 1,028,948.65 ============== ============== ============== ============== REVENUES ======== 42-00-4325 STATE SALES TAX 38,860.46 442,506.45 42-00-4800 INTEREST INCOME 446.02 3,417.01 TOTAL REVENUES 0.00 39,306.48 0.00 445,923.46 ============== ============== ============== ============== EXPENDITURES ============ 42-74-7403 TRANSFER TO DSF 212,500.00 212,500.00 42-74-7441 TRANSFER TO 4A (ADMIN) 25,000.00 25,000.00 42-76-6115 SPECIAL PROJECTS 0.00 62,514.23 ______________ TOTAL EXPENDITURES 237,500.00 0.00 300,014.23 0.00 ============== ============== ============== ============== 10-18-2019 08:57 AM CITY OF SANGER PAGE: 2 BASE TRIAL BALANCE AS OF: SEPTEMBER 30TH, 2019 42 -4B CORPORATION *** MONTH TO DATE *** *** YEAR TO DATE *** ACCT# ACCOUNT NAME DEBITS CREDITS DEBITS CREDITS ______________________________________________________________________________________________________________________ EXPENDITURES (CONT) ==================== ______________________________________________________________________________________________________________________ *** TOTALS BALANCE *** 237,946.02 237,946.02 1,518,772.04 1,518,772.04 ============== ============== ============== ============== *** END OF REPORT *** 10-18-2019 08:58 AM CITY OF SANGER PAGE: 1 BALANCE SHEET AS OF: SEPTEMBER 30TH, 2019 42 -4B CORPORATION ACCOUNT # ACCOUNT DESCRIPTION BALANCE _____________________________________________________________________________________________ ASSETS ====== 42-00-1000 CLAIM ON CASH 677,339.56 42-00-1010 CKG - 4B CASH (2379694) 191,124.32 42-00-1013 CD - 4B #653500 21,983.89 42-00-1014 CD - 4B #659924 21,730.99 42-00-1015 CD - 4B #664243 21,814.97 42-00-1016 CD - 4B #673277 21,757.93 42-00-1017 CD - 4B #686115 21,765.75 42-00-1018 CD - 4B #689521 21,675.88 42-00-1019 CD - 4B #694371 21,749.24 42-00-1020 CD - 4B #697230 21,862.98 42-00-1021 CD - 4B #699934 21,776.14 42-00-1022 CD - 4B #702285 21,578.26 42-00-1023 CD - 4B #706078 21,478.80 42-00-1024 CD - 4B #720097 21,249.77 42-00-1025 CD - 4B #720119 21,274.25 42-00-1153 SALES TAX RECEIVABLE 68,595.08 1,218,757.81 TOTAL ASSETS 1,218,757.81 ============== LIABILITIES =========== 42-00-2001 ACCOUNTS PAYABLE 43,899.93 TOTAL LIABILITIES 43,899.93 EQUITY ====== 42-00-3015 FUND BALANCE - RESTRICTED 1,028,948.65 TOTAL BEGINNING EQUITY 1,028,948.65 TOTAL REVENUE 445,923.46 TOTAL EXPENSES 300,014.23 TOTAL REVENUE OVER/(UNDER) EXPENSES 145,909.23 TOTAL EQUITY & REV. OVER/(UNDER) EXP. 1,174,857.88 TOTAL LIABILITIES, EQUITY & REV.OVER/(UNDER) EXP. 1,218,757.81 ==============