HomeMy WebLinkAboutCity Council-Minutes-11/12/2013 City of Colleyville City Hall
COLLEYVILLE City Council and 100 Main Street
_. •: Y Colleyville,Texas 76034
Colleyville Economic 817.503.1000
r Fw www.colleyville.com
Development
Corporation Board
Joint Worksession
Agenda
Tuesday, November 12, 2013 Executive Conference Room
5:15 p.m. Third Floor - City Hall
1. CALL TO ORDER
2. PRESENTATION AND DISCUSSION
2a Presentation and discussion of potential refunding of outstanding
Colleyville Economic Development Corporation Series 2005
Refunding and Improvement Sales Tax Revenue Bonds
3. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday,
November 8, 2013 by 5:00 p.m.
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Amy Welley, TRMC
City Secretary
Any matter on this agenda may, at the discretion of the governing body, be
opened for public comment and discussion.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the City Secretary at least 48 hours in advance at
817.503.1133, and reasonable accommodations will be made to assist you.
Y City of Colleyville
t, 1 City Hall
COLLEYVILLE Colleyville City Council 100 Main Street
Colleyville, Texas 76034
and Colleyville Economic 817. 503.1000
7:71- x www.colleyville.com
Development
Corporation Board Joint
Worksession
Minutes
Tuesday, November 12, 2013 Executive Conference Room
5: 15 p.m. Third Floor - City Hall
Mayor David Kelly called the Colleyville City Council and Colleyville Economic
Development Corporation Board Joint Worksession to order on November 12,
2013, at 5:23 p.m. and called the City Council roll.
ROLL CALL CITY COUNCIL: Mayor David Kelly, Mayor Pro Tern Mike Taylor,
Councilmembers Carol Wollin, Chuck Mogged, Stan Hall, Jody Short, and Torn
Hart.
Colleyville Economic Development Corporation President Carol Wollin called the
Colleyville Economic Development Corporation Board roll.
ROLL CALL COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
President Carol Wollin, Vice President Stan Hall, Directors Mark Davidson, Tom
Hart, David Kelly, Bradley Shields, and Mark Slosson.
General Manager Jennifer Fadden, Finance Manager Terry Leake, Secretary Amy
Shelley, and Assistant City Attorney Matt Butler were also present.
2. PRESENTATION AND DISCUSSION
2a Presentation and discussion of potential refunding of outstanding
Colleyville Economic Development Corporation Series 2005 Refunding
and Improvement Sales Tax Revenue Bonds
Finance Manager Terry Leake presented this item to the City Council and the
Colleyville Economic Development Corporation (CEDC) Board.
Jim Sabonis, Managing Director of First Southwest, presented this item to City
Council and the CEDC Board.
Director Kelly questioned Mr. Sabonis regarding a recommended standard. Mr.
Sabonis replied four percent of present value.
Vice President Hall questioned Mr. Sabonis regarding who are the normal bidders.
Mr. Sabonis replied the big national banks, such as Chase and Wells Fargo. He
added each bank is unique.
Colleyville City Council and Minutes November 12, 2013
Colleyville Economic
Development Corporation Board
Joint Worksession
Mayor Pro Tern Taylor questioned Mr. Sabonis regarding the placement. Mr.
Sabonis replied they are asking for a private placement.
Councilmember Mogged questioned Mr. Sabonis regarding if the bank IRS status is
based on a calendar or fiscal year. Mr. Sabonis replied it is based on the calendar
year, January 1 to December 31.
Vice President Hall stated it sounds good to him. Mayor Pro Tern Taylor concurred.
Director Kelly questioned the Board members regarding if they want to put the
minimum of the four percent within the present value within the transaction. All
concurred.
Vice President Hall questioned Mr. Sabonis regarding if the potential bidders will
have full disclosure. Mr. Sabonis replied full disclosure will be given.
Director Kelly explained the item will be discussed at the CEDC meeting on
Tuesday, December 3, 2013.
3. ADJOURNMENT
There being no further business before the City Council and Colleyville Economic
Development Corporation Board, Mayor Kelly adjourned the meeting at 5:42 p.m.
APPROVED BY A VOTE OF Z AYES, 0 NAYS, AND 0 ABSTENTIONS ON THIS THE
3RD DAY OF DECEMBER 2013.
Minutes taken and prepared by:
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Amy Shelley, TRMC
City Secretary