Min - Community Development Corporation - 2005 - 07/18 - RegularMINUTES
ALLEN COMMUNITY DEVELOPMENT CORPORATION BOARD
REGULAR MEETING
JULY 18, 2005
BOARD MEMBERS:
Lee Howard, President
Sue Johnson, Vice -President
Richard Kessler, Secretary (absent)
Debbie Stout
George Chrisman
Lonnie Simmons
Lon Stitt
CITY STAFF:
Peter H. Vargas, City Manager
Tim Dentler, Director of Parks and Recreation Department
Kevin Hammeke. Director of Finance Department
1. CALL TO ORDER.
President Howard called the meeting to order at 7:03 p.m.
2. APPROVAL OF MINUTES FROM THE JUNE 20, 2005, MEETING.
City Manager Peter H. Vargas indicated a correction needed to be made to the minutes of the June 20,
2005, meeting. Agenda Item Number 4 should read: "PRESENTATIONS BY MONTGOMERY
FARMS GARDEN DISTRICT PARTNERSHIP ON REQUEST FOR FINANCIAL ASSISTANCE
FROM THE ACDC'
MOTION: Upon a motion by Board Member Johnson and a second by Board Member Simmons,
the Board voted six (6) for and none (0) opposed to approve the corrected minutes
from the June 20, 2005, meeting The motion carred.
3. CITIZENS' COMMENTS.
None
4. REVIEW FIVE YEAR WORK PROGRAM.
City Manager Vargas reviewed the Revised CDC FY 05 Budget and the Proposed CDC FY 05-06
Budget.
Allen Community Development Corporation Board
July 18, 2005, Regular Meeting
Page 2
Discussion was held regarding the Chelsea Agreement. It is a 15 -year -or -$15 million agreement,
whichever comes first. The Chelsea Corporation is ahead of schedule with their payments.
The Board was pleased with the strong reserve the CDC was maintaining.
5. OTHER BUSINESS.
A. Revenue Report
• Revenues from May 2005 are 6.95% over the projected budget.
• Year-to-date revenues are below projections by 2.93%.
B. Balance Sheet
There were no questions regarding the Balance Sheet.
C. Current Project Status Report
Discussion was held regarding the CDC Project Status Report.
D. Items of Interest to the Board
• The August 2005 issue of D Magacine identified the Allen Public Library as being the
metroplex's best library
• The FY 05-06 CDC Budget approved by the Board is incorporated into the Proposed FY
05-06 Budget being presented to the City Council at their Budget Workshop on August 12-
14, 2005. Public hearings on the budget are scheduled for August 23rd and September
13th. The final Proposed Budget will be presented to City Council for approval at their
September 27th meeting.
• Community Calendar
• Next Regular Meeting — August 15, 2005, at 7:00 p.m.
7. ADJOURN.
MOTION: Upon a motion by Board Member Chnsman and a second by Board Member
Simmons, the Board voted six (6) for and none (0) opposed to adjourn the meeting at
7:35 p.m. The motion earned.
These minutes approved on the 15th day of August, 2005.
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ee mvi rd, PRESIDENT Richard Kessler, SECRETARY