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HomeMy WebLinkAbout03/15/2001 MINUTES THE COLONY COMMUNITY DEVELOPMENT CORPORATION REGULAR SESSION MARCH 15TH, 2001 Present: Vicki Briggs - President Richard Boyer - Vice President Susan King - Member Sue Walden - Treasurer Bunker Hill - Member Absent: John Sanders - Member Delmer Pinson - Secretary Staff: Pam Nelson Sam Fitzgerald Kathy Neal 1. STAFF REPORTS - Pam informed the board that the Finance dept. has gotten a new software program that will allow them to separate capital project items on the financial statements. It should be ready within the next few months. REPORT FROM 4A BOARD EX-OFFICIO - A special meeting was held on the 21St. They had tabled discussion regarding their $200,000 contribution to Memorial Dr. They were concerned about the legalities of 4A's participation. Tom Terrell researched that through the Attorney General's office and discovered they can participate. 4A did approve $200,000 to be paid for the road; $100,000 one year and $100,000 the next year. 2. APPROVAL OF MINUTES OF FEBRUARY 15TH 2001- Susan made a motion to approve the minutes of February 15th, 2001. Sue seconded the motion. The motion carried. 3. DISCUSSION AND CONSIDERATION OF PAYMENT OF DRAINAGE IMPROVEMENTS AND CONSTRUCTION OF MEMORIAL DR. - The board has received a breakdown of each cost and what the 4B share would be. Pam told the board a decision needs to be made on how to pay for these items; should we pay for them with cash out of the fund balance of take it from the $7 million. On the first page of the cost breakdown for the drainage and water feature, it shows a total $353,682 for those items. Tony has prepared a spreadsheet showing this amount spread out over a 3-year period. We would pay $250,000 the first year, and $75,000 the next 2 years. This keeps us showing an excess each year. If we took the entire $350,000 out of the fund balance in the first year, we'll show a deficiency. Tony's projections show us with a fund balance of $1.5 million at the end of 5 years. It is affordable to pay cash and not take it out of the $7 million. These figures are based on projections. The figures do not reflect any interest we'll accumulate on the bonds. If we pay for this out of the fund balance, it will allow us to have more of the $7 million to spend on the project; if we use money from the $7 million, it diminishes what we can apply toward the ballfields or other items in the project. We are required to pay a pro-rata share for the drainage improvements on the 30 and 80 acres. Sue made a motion to pay for the drainage improvements and construction of Memorial Dr. from the fund balance and pay it out over a 3-year period. Susan seconded the motion. The motion carried. 4. CONSIDERATION OF APPROVAL OF PROJECT AGREEMENT WITH THE CITY OF THE COLONY FOR THE CONSTRUCTION AND FUNDING OF IMPROVEMENTS FOR THE DEVELOPMENT OF THE COMMUNITY COMPLEX - The board reviewed this agreement in February and now has a revised copy with the changes suggested at the last meeting. Leroy has contacted the Attorney General's office and they have made some suggestions to change some of the wording and those changes are in bold print. Leroy has sent this to the Attorney General's office and is waiting to hear from them to see if there are any other changes they may suggest. This will go to City Council on Monday night for their approval. We won't have it back from the AG's office before the Council meeting, so it needs to be approved with the stipulation that if there are any more changes from the AG's office, then we can go back and make them accordingly. Susan made a motion to approve the agreement with the City of The Colony for the construction and funding of improvements for the development of the Community Complex pending changes from the AG's office. Richard seconded the motion. The motion carried. 5. CONSIDERATION OF APPROVAL OF AN ENGAGEMENT LETTER WITH MCCALL, PARKHURST & HORTON LLP IN CONNECTION WITH THE COMMUNITY COMPLEX PROJECT - This is a letter that lists the services Leroy will provide or has already provided. The cost for his services is $15,000, which will see us through the issuance of the bonds and any reimbursables. The city will be paying this because they're getting the bonds. It comes out of the cost of the issuance of the bonds, so it comes out of the $7 million. Sue made a motion to approve the engagement letter with McCall, Parkhurst & Horton LLP in connection with the Community Complex project. Susan seconded the motion. The motion carried. 6. CONSIDERATION OF APPOINTING A BOARD MEMBER AND AN ALTERNATE AS REPRESENTATIVES ON THE FIVE STAR DESIGN COMMITTEE - The Park Board and 4B Board will have representatives on this committee. The Park Board has appointed John Sanders as their representative and Jim Briggs as their alternate. Whoever is chosen will attend design meetings with staff, Dennis and the architect and make sure the board members are kept informed. As we go through each area like soccer for example, we will also include a representative from that organization to be involved in some meetings. Vicki asked Richard if he would be the 4B representative; he said he would be the alternate. Vicki asked Bunker if he would be the 4B representative and he accepted. 7. DIRECTOR / ASST. DIRECTOR UPDATE - RIDGEPOINTE PARK - Most of the equipment has arrived. The play structure is in the process of being built. Each playground takes 2 weeks to set up. There is a fence around the park to help keep people out. SKATEPARK INFORMATION - Sam, Susan and her son toured two skateparks in our area. They went to Sherman and Plano. The park in Sherman was built on an old tennis court. They built ramps and put out signs that read "Play at your own risk." This is a free park. The park in Plano is Eisenberg's. It is an indoor, privately owned facility and costs $12 for 3 hours. The kids and parents have to sign a waiver. The facility does require helmets to be worn and you can rent one if you don't have one, and they recommend you wear pads but they are not required. It is recommended that if you have this type of facility, you do not have any staff supervising it, if you do people think you are liable. At both facilities, they have signs of the laws Texas has adopted regarding a municipality's liability. For more information about skateparks, the website is SPAUSA.COM. Pam said if we did a skatepark, we would find an existing area that is centrally located. PUBLIC HEARING - The public hearing is April 19th at 6:30 with the regular meeting afterward. VISITOR AND CONVENTION BUREAU - A meeting was held at City Hall. The city will see a huge impact when 5-Star is built. 8. ITEMS OF CONCERN TO THE BOARD. Vicki asked if there is a line item in the budget to take care of cards or flowers, hospitality type things. Pam said it would come out of miscellaneous supplies. Richard suggested we build it into the budget next year. Pam said when we do the budget, we could add it in to allocate funds to do that. The meeting was adjourned at 8:45 p.m. -W~ Kathy Neal, Recording Secretary Vicki Briggs, Presid n