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HomeMy WebLinkAbout07/19/2001 MINUTES THE COLONY COMMUNITY DEVELOPMENT CORPORATION REGULAR SESSION JULY 19TH 2001 Present: Vicki Briggs - President Richard Boyer - Vice President Sue Walden - Treasurer Bunker Hill - Member Susan King - Member John Sanders - Member Guests: Tony Johnston - Asst. City Manager / Finance Director Staff: Sam Fitzgerald Kathy Neal Absent: Pam Nelson 1. CITIZEN'S INPUT - Lori Hill, 5949 Carroll, The Colony, Texas, 75056 - Since she last spoke before the board, The North Texas Arts Project, an organization she heads, has been entertaining many elementary schools in various local school districts. This past fall, they offered performing arts classes to home school students and there were 25 children enrolled in a Young Actors Workshop that was held this summer. A performance was also held at the Waters Edge Church, which also serves as a joint effort with the Lakeside Community Theater. She stressed that all of this is being done without any city support. She has traveled through the Ohio Valley and the Appalachia's and discovered those areas give a lot of support to the arts. One town she visited was Davis, West Virginia, population 800. This city has many cultural arts events, they have an artist co-op which is funded by the city, and the city will soon help to buy a piano for the opera hall that is being restored. All of this is being funded by proceeds from the hotel/motel tax. The city director told her their state law states a minimum of 55% of the hotel/motel tax is to be set aside for supporting and encouraging the arts. She believes The Colony should not depend on a state grant as a solution to be able to support, promote, encourage and develop the arts. The 4B Board should put some money aside now for the arts. According to the 4B handbook from the Attorney General's office, this organization is authorized to spend money for the arts. The old library can be turned into a visitor information center and with the addition of sound and lighting equipment, seating, and additional walls, it could be ready to house a theater for 150 people which is what is needed, we don't need a facility made for 500 people. She urges the board not to neglect the arts and offers to help in any way she can. Danielle Stack, 5233 Bartlett Dr., The Colony, Texas, 75056 - She attended the Young Actors Workshop and says it was a great experience for anyone who wanted to act. It would be good to have a community theater where people can perform plays. Jean Laguidice, 5233 Bartlett Dr., The Colony, Texas, 75056 - She is proud of The Colony, but feels we always promote sports and cultural arts get neglected. People have to go to other cities for liberal arts programs. We should impress diversity to our children and give them a broader outlook. The Colony kids need to be taught more compassion and less aggression, and that's something the arts can accomplish. Having a community arts center would enable us to educate our citizens about working with and respecting other cultures and setting a good example for our children. Lori would be great to have working on this. 2. STAFF REPORTS - Sam gave the board a copy of the financial statements in the new format he and Alice, from the finance department, created. On the first page of the CDC summary, it gives a complete, up-to-date balance for the year of the fund balance, sales tax revenue accumulated, interest, debt service payment, operating fund - administrative and park improvement. The next 3 pages are a breakdown of accounts followed by a financial statement for the expenditures. This format was created so the financial statements would be easier to read and understand. The board suggested that when projects are complete, they remain on the list so you can see how much money is left over. 4A BOARD EX-OFFICIO - Sue had nothing to report, there was no meeting in June. 3. REVIEW AND CONSIDERATION OF REQUEST FROM TONY JOHNSTON, ASST. CITY MANAGER, FOR REIMBURSEMENT TO HOME DEPOT FOR CONSTRUCTION OF 2 LANES OF MEMORIAL DR. Home Depot was approached to build Memorial Dr. north of their location. They were asked if they could build all 4 lanes, which they did. Two lanes were being built south of the 35-acre tract. They have found some areas that need to be rebuilt or dug out. Tony does not have an estimate as to the cost of this and he does not know when he will receive an invoice for payment. He has come to request the board's assistance with this expense. Because the corporation's funds are already allocated, the interest on the seven million could be used. There is $25,000 a month going in as interest. Tony explained to the board that when you receive certain dollars coming from bonds, you can't make interest above and beyond the interest you got it for or are making payments for and keep it. The IRS makes you give it back. The interest you make up to the bond interest belongs to the board. An outside consultant will be hired to calculate any amount over that and start allocating it to the IRS liability and that will be set aside. Tony is asking the board to use the interest accumulated to pay for 2 lanes and it won't include linking. A question was raised as to whether this would increase the debt payment next year on the seven million because the interest was going to be used as the payment on the next year's debt service. Tony said there are 2 funds - capital projects which is the seven million, and the operational. In the operational, there is over one million that you are collecting interest on, the seven million is strictly for the project. The interest on the operating fund is what will be used to pay the debt; the debt is coming out of the operational. The interest from the seven million is completely for capital projects infrastructure. This was not part of the plan because the 35-acre tract was not going to be worked on until the 80 acres were completed. Susan made a motion to table this until Tony has cost figures to present to the board. John seconded the motion. The motion carried. 4. DISCUSSION OF DEBT SERVICE PAYMENT SCHEDULE FOR THE $7 MILLION BOND. As of 9/30/01, Tony said he would have next year's payment in the bank. There will be 3 separate funds - operation, capital projects and debt service. Money gets moved into the separate fund, and Oct. 1st Tony starts collecting again for the next year - 1/12th of the next year's payment. At the end of the year, the interest is subtracted from all the debt service and we come up with another figure to collect for the next year. 5. CONSIDERATION OF APPROVAL OF EQUIPMENT BUDGET FOR 2001-2002 FIVE STAR. The equipment needed to maintain the complex after it is built was not included in the budget. This will come out of the $7 million bond. It was described in the bond as part of what the bond would be. It will be coming out of the complex's budget. It is needed in the 2001-2002 budget so that it can be spent after Oct. 1st so we can be able to use it next summer. This will be an amendment to the budget. John made a motion to approve the equipment budget for 2001-2002 Five Star. Sue seconded the motion. The motion carried. 6. APPROVAL OF MINUTES OF JUNE 21sT, 2001. Bunker made a motion to approve the minutes of June 21St, 2001. Susan seconded the motion. The motion carried. 7. RECEIVE REPORT FROM DESIGN COMMITTEE. Sam gave the board pictures of facilities that the committee toured. He told the board to review the pictures and inform him if they find any ideas they like. 8. UPDATE FROM ASST. DIRECTOR. TPWD GRANT UPDATE - A representative from TPWD came today and did a site visit. We will be notified by the middle of August if we are awarded the grant or not. It's a $500,000 grant. 9. ITEMS OF CONCERN TO THE BOARD. None at this time. % r Kathy Neal, Recording Secretary Vicki Briggs, Presidents;'