HomeMy WebLinkAbout09/26/2012 CDC
September 26, 2012, Joint Meeting
MINUTES
COMMUNITY DEVELOPMENT CORPORATION
JOINT SESSION HELD ON
SEPTEMBER 26 2012
The Joint Session of the Community Development Corporation of the City of The Colony,
Texas, was called to order at 7:05 p.m. on the 26th day of September 2012, at City Hall,
6800 Main Street, The Colony, Texas, with the following roll call:
Tenon Lawrence President Absent
Stephen Sohn Vice President Present
Kathy Braby Treasurer Present
Lisa Leary Secretary Present
Susana Perez Member Present
Don Beckel Member Present
And with five members present a quorum was established and the following items were
addressed:
3.0 REGULAR COMMUNITY DEVELOPMENT CORPORATION (TYPE B)
AGENDAITEMS
Call to Order
Steve called the meeting to order at 7:05 p.m.
3.1 Discuss and consider real estate appraisal performed on the approximately 433 acre
tract or tracts of land generally located along the south side of and adjacent to the
Sam Rayburn Tollway (State Highway 121), north of and adjacent to Plano
Parkway, and west of Spring Creek Parkway, concerning the Nebraska Furniture
Mart Texas project.
Jeff Moore, City Attorney, explained that this item authorizes the board to approve the
appraisal.
Motion to approve the real estate appraisal by Crosson Dannis, Inc., on the
approximately 433 acre tract or tracts of land as presented - Leary, second - Beckel;
motion passes with all ayes.
3.2 Discuss and consider a resolution authorizing and approving a real estate contract of sale
promissory note, special warranty deed, deed of trust, and all necessary documents to acquire
from 121 Acquistion Company, LLC, a Texas limited liability company, an undivided interest in an
approximately 82 acre tract of land generally located along the south side of and adjacent to the
Sam Rayburn Tollway (State Highway 121), north of an adjacent to Plano Parkway, and west of
Spring Creek Parkway, concerning the Nebraska Furniture Mart Texas project.
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September 26, 2012, Joint Meeting
Jeff Moore explained that this item authorizes the execution of all closing documents to
acquire the 82 acres of land. Jeff also suggested that vice-president be added to the
motion in the event that the board president is not available to sign the documents.
Motion to approve the resolution, and authorize the president or vice-president to
execute the real estate contract of sale, promissory note, special warranty deed, deed of
trust, and all necessary documents to acquire from 121 Acquisition Company, LLC, an
undivided interest in the approximately 82 acre tract of land, with the insertion of the
updated legal description of the property, and updated title exceptions, as presented -
Beckel; second - Perez, motion passes with all ayes.
3.3 Discuss and consider a resolution authorizing and approving a real estate contract
of sale, promissory note, special warranty deed, deed of trust, and all necessary
documents to acquire from 121 Acquisition Company, LLC, a Texas limited liability
company, an undivided interest in an approximately 351 acre tract of land generally
located along the south side of and adjacent to the Sam Rayburn Tollway (State
Highway 121), north of and adjacent to Plano Parkway, and west of Spring Creek
Parkway, concerning the Nebraska furniture Mart Texas project.
Jeff Moore explained that if the bonds aren't issued by March 31, 2013, we don't have to
make the interest payment and we have no further obligations under the note or deed of
trust, provided we convey the property back to 121 Acquisition. Jeff also suggested that
vice-president be added to the motion in the event the board president is not available to
sign the documents.
Motion to approve and authorize the president or vice president to execute the real estate
contract of sale, promissory note, special warranty deed, deed of trust, and all necessary
documents to acquire from 121 Acquisition Company, LLC, an undivided interest in the
approximately 351 acre tract of land, with the insertion of the updated legal description
of the property, and updated title exceptions, as presented - Braby; second - Leary;
motion passes with all ayes.
3.4 Discuss and consider a petition received from 121 Acquisition Company, LLC, a
Texas limited liability company, concerning the creation of a public improvement
district for approximately 439.12 acres of land generally located along the south side
of and adjacent to the Sam Rayburn Tollway (state Highway 121), north of and
adjacent to the Sam Rayburn Tollway (State HWY 121), north of and adjacent to
Plano Parkway, and west of Spring Creek Parkway, concerning the Nebraska
Furniture Mart Texas Project, and authorize the execution of waivers for the 15-day
notice for the public hearing on the creation of the public improvement district to be
held on October 8, 2012, and waiver of the 20-day protest period after the public
improvement district is created.
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September 26, 2012, Joint Meeting
Member Beckel asked why the term "trails on the petition requesting the establishment
of the PID, is not included in the definition of the projects that can be included. Misty
Ventura from Nebraska Furniture Mart explained that the PID Statute does not include
the term "trails " it uses "parks " and by definition the trail system is included as part of
parks. There is no legal distinction and it's clear that everyone intends for there to be
trails and that they can be funded. Misty thinks it is possible to add "trails" without any
objections.
Motion to approve the petition for the creation of the public improvement district from
121 Acquisition Company, LLC, on the approximately 439.12 acres on land as presented,
and authorize the execution of waivers for the 1 S-day notice of the October 8, 2012
public hearing, and for the 20-day protest period following the creation of the public
improvement district - Perez; second - Beckel; motion passes with all ayes.
3.5 Adjourn Community Development Corporation
The Community Development Corporation adjourned at 7:56 p.m.
APPROVED:
'Tekon( Lawrence
Community Development Corporation
City of The Colony
ATTEST:
uex
Kathy Neal, Recording Secretary
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