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HomeMy WebLinkAboutMin - 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 Page 2 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. Page 4 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 d��k4 �� &-, �� Deb Stout, Chairperson Robin Sedfacek, Secretary