DECEMBER 11. 1998
SCHERTZ DEVELOPMENT FOUNDATION
BOARD OF DIRECTORS MEETING
MINUTES
December 11, 1998 - 8:30 a.m.
Denny's Restaurant
ITEM ## 1 CALL TO ORDER: Vice-Chairman Don Jeffreys called the meeting of
the Schertz Development Foundation Board of Directors to order at 8:45 a.m.
Those present:
Staff
Don Jeffreys
Roy Richard
John Sheridan
Mark Marquez-Executive Director
Teresa Prigmore-Rec. Secretary
ITEM ##2 APPROVAL OF MINUTES FROM 29 OCTOBER 1998:
Board members reviewed minutes of 29 October 1998 meeting. The minutes
were approved as written.
ITEM ##3 REVIEW I ACTION ON SALE AND PURCHASE AGREEMENT FOR
MR OLSEN ON LOT 22:
Board members reviewed and discussed the sale and purchase agreement for
Lot 22. Mr. Sheridan moved to approve sale of the lot to Mr. Olsen. Two yea
votes and one abstention by Mr. Richard carried the motion contingent on Mr.
Olsen's obtainment of a lender's commitment and signing the release of Lot 8.
Board members discussed a letter rescinding offers if not acted upon within a
certain time frame. The Board unanimously approved Mr. Marquez producing
these letters to be sent to the purchasers of Lots 7 and 18.
ITEM ##4 REVIEW I ACTION ON ENGAGEMENT LETTER FOR AUDITOR:
Board members reviewed and discussed the engagement letter to hire auditors
to review the Foundation's books. The Board unanimously approved the
engagement.
ITEM ##5 REVIEW I ACTION ON RESOLUTION 98.6 LEGAL FEES FOR LOT 8:
Board members reviewed and discussed the resolution for legal fees accrued in
the preparation for the sale of Lot 8, which was stopped prior to completion.
The Board unanimously agreed to hold off on any further action until Mr.
Marquez could speak to the firm regarding lowering the charge due to the
cancellation of the sale.
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ITEM #6 OLD BUSINESS:
There was no old business.
ITEM #7 NEW BUSINESS:
Mr. Marquez stated that the Foundation's current balance stood at
approximately $78,000. The Board discussed different ways of using this
money to further improve economic development.
Mr. Richard suggested contacting the property owners on Commercial Place to
take over control of the covenants. Mr. Richard also suggested taking a harder
look at property adjacent to Commercial Place for possible purchase and
development and that Schertz Bank would consider financing if other financing
avenues were unavailable.
Board members reviewed and discussed Resolutions 98-7 and 98-8 for the
purpose of paying taxes. Mr. Sheridan moved to approve the Resolutions. The
motion passed by acclimation.
ITEM #8 COMMENTS BY BOARD MEMBERS:
There were no comments from board members.
ITEM #9 COMMENTS BY EXECUTIVE DIRECTOR:
There were no comments from the executive director.
ITEM no COMMENTS BY CHAIRPERSON:
There were no comments from the vice-chairman.
ITEM # 12 ADJOURN:
The meeting was adjourned at 9:30 a.m.
ir-'
eresa or
RecordiD.g Secre
Ja e Jones
Cliilirperson
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