Min - Community Development Corporation - 1997 - 03/17 - RegularMINUTES
ALLEN COMMUNITY DEVELOPMENT t
REGULAR MEETING
March 17, 1997 - 7:00 P.M.
317.1R133101u1.1304i1.19R0WWIf
Debbie Stout, Chairperson
Carl Clemencich
Steve Terrell
Jason Collier
Claudia Kelley
BOARD MEMBERS ABSENT:
Robin Sedlacek, Secretary
Bob Moms
STAFF PRESENT:
Jon McCarty, City Manager
Michael Stanger, Assistant City Manager
Donna Miller, Secretary II
Larry Kirk, Program Coordinator Parks and Recreation
Tim Dealer, Parks and Recreation Superintendent
GUESTS PRESENT:
Dan Almon, Southwest Securities
I. CALL TO ORDER
Debbie Stout called the meeting to order at 7:05 p.m.
II. APPROVAL OF MINUTES FROM THE FEBRUARY 17, 1997 REGULAR
MEETING
MOTION: Motion made by Mr Collier and seconded by Mr Clemencich to
approve the minutes. All were in favor and the motion carried.
III. CITIZENS' COMMENTS
None
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Allen CDC Minutes
March 17, 1997
IV. TABLED ITEM: CONSIDER INCREASING FUNDING
AUTHORIZATION FOR ALLEN STATION PARK
MOTION: Motion made by Ms. Kelley and seconded by Mr. Collier to
remove this item from the table. All were in favor and the
motion carried.
Mr. Dentler handed out copies of an updated Construction Document Cost
Estimate for Phase I, gave a detailed explantation, and answered a few questions
asked by board members. Next, Mr. Dentler handed out copies of an Opinion
of Probable Construction Costs for Phase I, gave a detailed explanation of the
road construction plan and expenses, and answered a few questions asked by
board members. Finally, Mr Dentler handed out copies of the Allen Station
Park Budget Estimate and reviewed the information with the board.
Mr Clemencich stated that he was reluctant to approve another funding
commitment for Allen Station Park without first considering it alongside all the
other projects that have been proposed.
MOTION: Motion made by Mr. Clemencich and seconded by Ms. Kelley to
table this item to be placed after item VI. of this agenda. All
were in favor and the motion carried.
V. REVIEW FINANCING PLAN AND CONSIDER AUTHORIZING
SOUTHWEST SECURITIES TO PROCEED WITH THE SALE OF
REVENUE BONDS.
Mr Dan Almon reviewed the Debt Service Schedule which members received
in their agenda packet. Mr. Almon reminded members of some of the
procedures of bond sales and the Board's previously stated interest in 1) Selling
a larger bond amount to receive a better interest rate, and 2) limiting the City's
annual debt service to $500,000. Members asked Mr. Almon if bonds could be
sold without a reason or specific project in mind, or would the CDC be required
to list specific projects and costs in order to sell bonds. Mr. Almon and Mr.
McCarty answered by stating that the purpose of bond projects must be declared
up front, and bond money can only be spent on the type of project it was
approved for. Mr. McCarty and Mr Terrell suggested that the bond projects
not be too specific because then you are very limited in spending, and suggested
listing projects in general categories (e.g., Street Improvements, Park Projects,
Library Improvements) so there is greater flexibility to use all the bond money
Page 3
Allen CDC Minutes
March 17, 1997
authorized.
No action was taken on this item.
VI. DISCUSS PLANNING ISSUES
After further discussion, members agreed they would prefer to have one bond
debt at a time worth the $5 million threshold applied by arbitrage rules. Mr
Almon stated that costs are lower when larger bonds are sold because the more
you sell, the better the rate, and the interest rate is lower on longer re -pay
terms.
Ms. Stout stated that the board wants to review all of the projects which has
been presented to them, create and prioritize a list, and have one bond sale. All
members agreed they would like to have a special called meeting to hold a
workshop and limiting the agenda to the following subjects: 1) create a vision
and guidelines, 2) each member to discuss their ideas and suggestions; 3) create
and prioritize a project list; and 4) discuss planning and finance issues. All
members agreed the workshop date would be March 24, 7:00 p.m., at the Joe
Farmer Recreation Center Meeting Room.
IV. TABLED ITEM: CONSIDER INCREASING FUNDING
AUTHORIZATION FOR ALLEN STATION PARK
MOTION: Motion made by Mr. Collier and seconded by Mr. Clemencich to
remove this item from the table. All were in favor and the
motion carried.
Members discussed their options and the merits of tabling this item until after
the workshop, or rejecting the authorization in order to consider it alongside
other projects.
MOTION: Motion made by Mr. Clemencich and seconded by Mr. Terrell to
table this item until next meeting. None were in favor and Ms.
Kelley, Ms. Stout, Mr Collier, and Mr. Clemencich opposed.
The motion did not pass.
MOTION: Motion made by Mr Clemencich and seconded by Mr. Collier to
deny authorization for increasing funding for Allen Station Park.
All were in favor and the motion carried.
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Allen CDC Minutes
March 17, 1997
VII. OTHER BUSINESS
A. Items of Interest to the Board.
None
B. Calendar
Next regular meeting is April 21, 1997 A special called workshop has
been set for March 24, 1997, 7:00 p.m. at the Joe Farmer Recreation
Center Meeting Room.
VIII. ADJOURN
With no further business to be discussed, Ms. Kelley moved to adjourn the
meeting and Mr Terrell seconded. All were in favor and the motion carried.
The meeting adjourned at 9:35 p.m.
These mu 7
es read and approved the 21st day of April, 1997
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Deb Stout, Chairperson Robin Sedfacek, Secretary