01/10/2012-4A-Minutes-RegularMINUTES:4A
SANGER TEXAS INDUSTRIAL DEVELOPMENT CORPORATION
January 10, 2012
MEMBERS
PRESENT:Vickie Jenkins,Don Gillum and John Jacobs
ABSENT:Fred Yeatts
OTHERS
PRESENT:Mike Brice City Manager,Tami Taber City Secretary, Steve Watkins of Elk
River and Gary Bilyeu
1.Call Meeting to Order.
Vickie Jenkins called the meeting to order at 1:00 p.m.
2.Approval of Minutes:August 12, 2011
Don Gillum made a motion to approve minutes. Seconded by John Jacobs.
Motion carried unanimously.
3.Consider, Discuss and Possibly Act on Proposed Lease of 103 Bolivar to
Hollingsworth Manufacturing.
City Manager advised that Hollingsworth needs to expand and will be hiring an
additional 15-30 employees.
The deal points at this time are:
39 month lease with the first 3 months free rent beginning February 1, 2012
$2.00 /sf base rent
Tenant to provide finish out of approximately $160,000. Reimbursed $70,000
and amortized over the term of the lease in rent reduction
Tenant is responsible for the property taxes
No upfront cash or incentives included
Tenant has option to buy at $1,250,000 throughout the term of the lease
The attorney is working on the final paperwork.
The City will be responsible for the hazard insurance on the building and the
shell/exterior of the building.
4.Review Financials.
City Manager advised that 2011 was the largest year ever in sales taxes, still have
good reserves and the income from the lease will also help.
5.Adjourn.
Meeting was adjourned at 1:12 p.m.