September 28, 1998-ns MINUTES
SCHERTZ ECONOMIC DEVELOPMENT CORPORATION MEETING
SEPTEMBER 28, 1998
The Schertz Economic Development Corporation convened on Monday,
September 28, 1998 at 7:00 p.m. in the Municipal Complex Conference Room,
1400 Schertz Parkway, Schertz, Texas. Those members present were as
follows: President Timothy G. Swinney, presiding; Vice-President Steven F.
White; Secretary Johnie McDow; Director Ramon J. Cook; Director Norman W.
Agee, Sr.; Director Pia Jarman and Director Ken Greenwald. Also present were
Executive Director Kerry R. Sweatt, Treasurer L.J. Cott, and Recording Secretary
Norma Althouse.
President Swinney called the meeting to order.
#1 Approval of March 16, 1998 Minutes
Mr. White moved to approve the minutes, as written, for the March 16, 1998
meeting. Mr. Agee seconded the motion, which carried by unanimous vote of all
Directors present.
#2 Review FY 1998-99 budget
Mr. Sweatt advised a copy of the budget had been included in the Board's
packets. The revenue total includes the balance from the previous year. Debt
service is a big chunk of the expenditures.
At this time the Board reviewed the budget and Mr. Cook asked what dates were
included. Mr. Sweatt replied from October 1, 1998 to September 80, 1999. Mr.
Sweatt went on to say they tried to be optimistic about expenses and pessimistic
about revenue. In seven months the sales tax brought in $475,000. He thinks
the reserve number is a good number and by next year they should be able to
look at other projects.
President Swinney asked if the federal government lowers rates, would it be
feasible to refinance. Would the savings be enough? Mr. Sweatt answered it
would have to be a pretty good savings. Mr. McDow questioned if the debt
service is the Corporation's obligation and was told by Mr. Sweatt it is. President
Swinney then pointed out that one option, with the reserve, is to prepay the debt.
Other options were mentioned briefly.
#3 Consider and take action regarding the FY 1998-99 budget
Mr. Greenwald moved to approve the FY 1998-99 budget, as presented. Mrs.
Jarman seconded the motion.
Before the vote, Mr. Agee asked if procedures are in place to monitor the
accounts and Mr. Sweatt noted that Mr. Cott monitors them each month and
would come to the Board if there were a problem.
President Swinney inquired how often the debt service payments are made and
Mr. Cott answered every 6 months. President Swinney wondered if paying it
every month wouldn't be better and Mr. Cott explained the principal and interest
is set out for the next 20 years.
At this time the vote was taken, and the motion carried by unanimous vote of all
Directors present.
#4 Discuss emergency services building progress.
Mr. Sweatt indicated there has not been a lot of progress. E.E. Roberts
Construction Co. was awarded the contract and they have had a lot of trouble
with sub-contractors. They are moving dirt and have hauled in the base material.
Mr. McDow asked if they finished the road back to the house and Mr. Sweatt
replied no -that is a City project. Mr. Sweatt mentioned that the architect's
model of the emergency services buildings is on display in the lobby for everyone
to see.
Mr. Sweatt advised they did not award the bricking of the library. The prices
were skewed and they will rebid in 3 to 6 months. Mr. Cook asked what the
target date is for that project and Mr. Sweatt answered 3 months after the
constrict is awarded. Mr. Cook then wondered if it is the same architect as the
emergency services buildings and Mr. Sweatt informed him it is.
#5 Other Business
Mr. White inquired about the status of FM 78 and Mr. Sweatt told him they are
now buying right-of--way. TXDoT was originally scheduled to start work on the
widening project in October/November, but now it looks like it may be April.
Mr. Cook asked if historical status of the old shoe shop is still in abeyance. Mr.
Sweatt replied they are still waiting on approval from the Highway Department to
move it. They have a gentleman willing to move it at no cost and that may be the.
best solution.
President Swinney questioned if they're still looking at moving the bookstore into
the old fire station, leaving the back of the library for a juvenile room. Mr. Sweatt
answered he thinks the decision will be to dispose of the old fire station. The
voters didn't want a town center.
Mr. Greenwald commented they discussed the possibility of acquiring the old City
Hall across from the railroad tracks, but it's too expensive.
Mr. White remarked he heard there is a gas tank in the ground at Merlin's
Automotive. Mr. Sweatt acknowledged the Highway Department has been
informed.
Mr. Sweatt told the Board, for their information, that before the FM 78 widening
project is all over, the City will have spent three-quarters of a million dollars on
right-of-way and moving of utility lines. .
#6 Adjournment
There being no further business to discuss, President Swinney adjourned the
meeting at 8:02 p.m.
MINUTES APPROVED, this the day of , 2000.
Signature of all Directors whether present or absent:
President Director
Vice-President Director
Secretary Director