1996-12-11-Minutes - Laserfiche WebLink

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277 Boardmember Bray stated he wanted the total of the items that the Board has committed to at this time that the board will expend money within the next twelve months. Mr. Anderson said he totaled the commitments up not counting the $167,000.00 revolving fund that he is not sure represents an obligation at this time. City Attorney Haynes stated that this amount represents an obligation. Mr. Vest stated that the Board will never be called upon for this amount. Mr. Anderson stated if that amount is included that's $915,582.00, not including the Campbell's Soup amount. Boardmember Bray stated that he felt that this amount should be included since this is an obligation. President Fendley said in order to be conservative, this amount should be included in this calculation. Mr. Anderson stated if the Board is going to consider the potential five year commitment to Campbell Soup which totals $1,000,000.00, in order to accurately examine it, you would also have to consider five year's worth of revenue as well because it extends over that period of. time. Mr. Anderson asked if he had answered all the Board's questions concerning the obligations. Boardmember Amis asked what the total balance plus revenue for the next twelve months was. Mr. Anderson stated current balance plus estimated revenue for the rest of the year is approximately $1,255,000.00 those two items together. Boardmember Amis asked if the Board had approximately $1,000,000.00 in commitments for the year. Mr. Anderson said $915,582.00 if you include the $167,000.00. This figure does not include an annual installment of $200,000.00 per year for five years to Campbell's Soup, if they perform as they say that they will. Mr. Anderson gave the financial report for the month of November. Mr. Fendley called for questions. Boardmember Bray made a motion, seconded by Boardmember Amis, that the report be approved as presented. The motion carried unanimously. President Fendley stated that there would not be a President's Report given at this time. President Fendley asked Mr. Vest to give the Director's Report. Mr. Vest passed around the new direct mail brochure to the boardmembers. Mr. Vest advised that due to advertising, they had received thirty-six responses since the last meeting. Mr. Vest said they had a prospect on Monday with T.U. Electric,looking at rail sites which is a confidential company. He said they looked at several sites in our community and we do not have any feed back at this time. He said the company was looking at several cities in northeast Texas. President Fendley called for questions ..... concerning Mr. Vest's report and there were none. President Fendley asked the City Engineer to discuss the area of Fourth Street that we discussed at last month's meeting concerning some of the cost options. City Engineer Earl Smith stated that he didn't consider any options such as asphalt because, being a new street, his interpretation was that it would need to meet the subdivision ordinance. He said the only thing that might be considered would be to reduce the thickness to a six inch thick pavement, but knowing that it is primarily for truck traffic he said he didn't know if that would be wise. Boardmember Amis questioned the street width. Mr. Smith said the 39 ft. wide pavement cost was $260,000.00 and the 28 ft. wide pavement was $205,000.00. He said that his cost estimate did consider the street being eight inches thick. President Fendley called for questions concerning the City Engineer's report. President Fendley stated the next item on the agenda was put on the agenda to bring from the table. Mr. Fendley stated the City has not had time to discuss this and get back to the Board and report what the City is going to do on this item, so the Board will skip this item this month and leave it on the table.