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2000-01-18RESOLUTION NO. 3 P - Oil -®I A RESOLUTION setting a public hearing on the expenditure of corporation funds relating to projects to be undertaken by the Corporation for the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and streets improvements that enhance such park facilities, and paying maintenance and operating costs of said municipal park facilities; and approving and authorizing notice of such public hearing. WHEREAS, the Board of Directors of the Southlake Parks Development Corporation hereby finds and determines the bonds should be issued for the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and streets improvements that enhance such park facilities, and paying maintenance and operating costs of said municipal park facilities; and WHEREAS, prior to the expenditure of funds for such projects, the Board of Directors is required to hold a public hearing on such matter; now, therefore, BE IT RESOLVED. BY THE BOARD OF DIRECTORS OF THE SOUTHLAKE PARKS DEVELOPMENT CORPORATION THAT a public hearing on the expenditure of corporate funds for the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and streets improvements that enhance such park facilities, and paying maintenance and operating costs of said municipal park facilities shall be and is hereby resolved to the held on 7"' day of March, 2000, during a meeting of the Board of Directors to be held at 5:00 o'clock P.M. at the City Hall of Southlake, Texas, 667 North Carroll Avenue, and the Secretary of the Board of Directors is hereby authorized and directed to cause a notice of such public hearing, substantially in the form and content of Exhibit A hereto attached and incorporated herein by reference as a part of this resolution for all purposes, to be published in one or more newspapers having a general circulation in the City of Southlake, Texas. PASSED AND ADOPTED, this January 18, 2000. SOUTHLAKE PARKS DEVELOPMENT CORPORATION President, Board of Directors ATTEST: Secretary, Board of Directors (Corporation Seal) MM01_.,W NOTICE OF PUBLIC HEARING RELATING TO SOUTHLAKE PARKS DEVELOPMENT CORPORATION PROJECTS NOTICE IS HEREBY GIVEN that the Board of Directors of the Southlake Parks Development Corporation will conduct a public hearing during a meeting scheduled to begin at 5:00 o'clock P.M. on March 7, 2000 at the City Hall, 667 N. Carroll Avenue, Southlake, Texas, on projects to be undertaken involving the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and street improvements that enhance such park facilities, and on paying maintenance and operating costs of such projects. Secretary, Board of Directors Southlake Parks Development Corporation L 4W I�W "n6T . WPD L 0 e FIRST SOUTHWEST COMPANY James S. Sabonis Senior Vice President January 14, 2000 Honorable Mayor and Councilmembers City of Southlake 1725 E. Southlake Blvd. Southlake, Texas 76092 RE: 1) Crime Prevention District Tax Anticipation Note, Series 2000, 2) Combination Tax & TIRZ#1 Revenue Certificates of Obligation, Series 2000-B 3) Certificates of Obligation, Series 2000-A 4) Certificates of Obligation, Series 2000 5) General Obligation Bonds, Series 2000 6) SPDC Sales Tax Revenue Bonds, Series 2000 Dear Mayor and Councilmembers: The City is in the process of issuing debt to fund its fiscal 2000 capital program. This is a significant +M' endeavor as this bond implementation program is the largest in the City's history. Furthermore, several recent changes and significant issues are dramatically impacting the strategic planning and financial future of the City. These changes and issues include, but are not limited to, the following: 1) The necessity to explain the recent Council and Staff changes, make introductions, and begin an ongoing two-way communication process with the investment community, 2) The complexity and size of the fiscal 2000 debt issuance ($45.8 million of bonds involving 6 individual issues with 6 different security pledges and funding purposes), 3) The necessity to fully detail the City's evolution to a managed growth philosophy and the impact of this strategy on the City's financial condition, 4) The requirement to map out the City's conservative financial management and financial policies, and its proactive plans to manage long-term growth and financing requirements, I�W 1 L INVESTMENT BANKERS SINCE 1946 1700 Pacific Avenue - Suite 500 - Dallas, Texas 75201-4652 - 214-953-4195 - Fax 214-953-4050 - jsabonis@firstsw.eom 5) The City's issuance of subordinated lien sales tax revenue bonds, and the necessity of achieving an underlying investment grade rating and "AAA" bond insurance. Previously the City was unable to achieve these goals and issued IF subordinate lien bonds that were non -rated and non-insured, 6) The City's use of innovative debt structuring techniques (callable zero coupon bonds), 7) The goal of the City is to speak directly with its analysts. Southlake is handled by the expedited underwriting group which is located in New York City, 8) The City will be applying for its first bond rating from Fitch IBCA, 9) The requirement to detail the phased issuance of the traffic management bond program. One of the most important responsibilities of our role as your financial advisor is to assist in the development of strategies, policies and implementation programs that minimize costs of issuance and interest costs on debt issuance. As one part of this goal, we recommend that the City make personal in-depth presentations to all three of the municipal bond rating agencies and the main bond insurers. The goal of the meetings is to educate and to enlighten these firms in order to maintain the City's bond ratings on and to reduce the cost of municipal bond insurance for the planned debt issues, as well as to obtain an investment grade rating for ow the subordinate lien sales tax revenue bonds. We have assisted many of our other clients that were in similar situations make successful presentations directly to their analysts in New York Currently, the City's General Obligation Debt is rated "Al" by Moody's Investors Service, Inc. (Moody's) and "A+" by Standard & Poor's Corporation (S&P). The Senior Lien Sales Tax Debt is rated an "AY' and "A-" respectively. An "A" is an upper -medium grade investment grade and is an outstanding rating for the City based on its historical size and state of development. According to S&P, debt rated "A" has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories ("AAA" and Because of many significant changes and issues that have and will impact the City, a bond rating downgrade is a possibility. It is essential that we maintain the city's current rating. Increased borrowing costs result from increased interest costs when the City issues debt on a stand alone basis (without bond insurance) or from increased bond insurance premiums when the City issues debt that is credit enhanced (insured). A 0.10% increase or decrease in interest cost on this year's bond program will increase or decrease borrowing costs by approximately $700,000. FA f For background information, we have attached a copy of the most recent Moody's and Standard & Poor's rating results for the City's general obligation tax supported debt and sales tax debt. As we have indicated, we are dedicated to assisting the City in any way possible. Please feel free to call either Beth or I at (214) 953-4003 or (214) 953-4195 if you need any additional information, or have any questions or comments. Ve ruly yours, ames S. Sabonis Senior Vice President t- R 3 J f NJ $173,0309,000 CITY OF SOUTHLAKE, TEXAS TAX AND WATERWORKS AND SEWER SYSTEM REVENUE CERTIFICATES OF OBLIGATION, SERIES 1999 - A $496559000 SOUTHLAKE PARKS DEVELOPMENT CORPORATION SALES TAX REVENUE BONDS, SERIES 1999 APRIL 6,1999 Sales Tax General Revenue Obligation Debt Debt Moody's Investors Service: Underlying Rating "Al" "A3" err Insured Rating "Aaa" "Aaa" Standard & Poor's Rating Group: Underlying Rating "A+" "A-" Insured Rating "AAA" "AAA" DEFINITIONS OF LONG-TERM RATINGS: Bonds that are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present that suggest a susceptibility to impairment some time in the future. "Aaa" Bonds that are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues. N �, STANDARD &POORS � Public Finance E New Issue Review ISSUER: SOUTHLAKE, TEXAS April7, 1999 NEW RATING $17.03 mil tax, wtrwrks, and swr sys (ltd pledge) rev certs of oblig ser 1999A did April i 5, 1995• due Feb 15, 2019 A+ Offices: $3.61 mil comb tax and tax incre (reinvestment zone number one) rev certs ser 1999B did April 15, 1999 due Feb 15, 2019 A+ AFFIRMED Main Office: $13.91 mil tax, wtrwks, and swr sys (ltd pledge) rev certs of oblig ser 1998 dtd May 15, 1998 A+ (SPUR) $4.28 mil tax nts ser 1998 dtd Oct 15, 1998 A+ (SPUR) 25 Broadway OUTLOOK: STABLE New York, NY 10004 (212) 208-8000 RATIONALE The rating on Southlake, Texas' debt reflects the city's full faith and credit pledge. Additional factors include: E• Re ional Offices: g A predominantly residential taxable property base that has exhibited solid growth, • High wealth levels, 84 State Street, 6th Floor • Sound financial management and healthy reserves, and L Boston, MA 02109 AW 0 High debt burden and growth -driven capital needs. (617) 371-0300 Southlake (population 21,050) is a fast growing suburb in northeastern Tarrant County, between Alliance and Dallas -Fort Worth International airports. Over the past six years, new homes with an average value 10 South Wacker Drive approaching $350,000 have been developed at a rate of about 600 annually. The population growth has Suite 2915 triggered retail and commercial construction along several thoroughfares, which contributed to an assessed Chicago, IL 60606 valuation increase of $380 million, or 24.5%, in fiscal 1999 to $1.93 billion. The tax base has tripled in the (312) 831-0400 past six years. Portions of the Solana Office Park are located in Southlake and provide a presence far American Airlines' Sabre Group, Citibank, Levi Strauss, and Mercedes Benz. Median household estimated buying income is about twice the national average. 500 North Akard Street Financial performa•ice is sound with an unreserved general fund balance of $2.9 million, or 21.8% of Suite 3200 expenditures at fiscal 1998 year-end. The city projects breakeven operations through fiscal 1999. In April Dallas, TX 75201 1998, the city began collecting a temporary 0.5% sales tax dedicated for crime control with the intention of (214) 871-1400 using the tax over the next five years to fund capital items related to police services. Year-to-date sales tax collections have met budget expectations of 20% growth. One Market Street Overall net debt is high at $6,686 per capita and 7.3% of market value. At the current pace of Stewart Tower, 15th Floor development, the city projects that it will require annual infrastructure investment of about $10 million-$15 San Francisco, CA 94105 million annually over the next five years. To fund those needs, the city has scheduled a $24 million bond (415) 371-5000 election for May 1, 1999. In addition, the city is planning to invest $12 million in a Town Center project, which will include new city offices and be financed through a tax increment district. OUTLOOK r The outlook reflects the city's solid tax base growth, conservative management, and strong reserves. Analysts: Alexander M. Fraser Dallas 214-871-1406 Standard & Poor's Jeanie Yarbrough A Di nam 0f 71WMVGrmrr=Qw*m Dallas7 Published by Stardud & Poorid '& a Divoo orThe McGraw-Hi11 Companies, Ix. Executive oirKa: 1221 Averse of the AmaicaR New York N.Y. 10020. Editorial drKa: 25 Bmdway, New York N.Y. 214-8 1-1420 10004. Subscriba services: (212) 208-1 lab. Copyright 1999 by The McGraw-Hill Companies, loc. Reproductao in whole a in pat prohibited except by pamissioo. STANDARD L 4W &POOR'S Public Finance New Issue Review ISSUER: SOUTHLAKE PARK DEVELOPMENT CORP., TEXAS NEW RATING $4.66 mil sales tax rev bnds ser 1999 did April 1, 1999 due Aug 15, 2024 A - OUTLOOK: STABLE RATIONALE The rating on Southlake Park Development Corp., Texas' bonds reflects the city of Southlake's pledge of sales tax revenues. Additional factors include: • A rapidly growing residential population and tax base, • Participation in the strong regional employment base, • Above -average wealth and income indicators, and • Extremely strong sales tax revenue growth. A higher rating is precluded due to the city's limited commercial and retail sales/retail base, as well as capital improvement and debt plans that will likely limit future coverage to the minimum 1.4 times (x) maximum annual debt service required under the additional bonds test Southlake is a rapidly growing, residential community of 21,050, located in northeast Tarrant County. The city's current estimated population has nearly tripled since the 1990 census. Wealth and income indicators are well above average, with median household effective buying income at 173% of the county, 206% of the state, and 196% of the national averages. The bonds are secured by a 1/2 cent sales tax, first collected in May 1994. Revenues have grown from $516,750 in fiscal 1995 to $1.26 million in fiscal 1998. The city has budgeted $1.5 million in fiscal year 1999, an increase of 20% from 1998. Based on five months of actual collections, it appears that the city will meet the budgeted amount. While the city's base remains primarily residential, a number of large commercial projects, which would boost the city's sales tax base, have recently opened. Such projects include a Home Depot in 1997 and the "Town Center" development in March 1999, which includes a number of retail outlets vich as Ann Taylor, Gap, and Eddie Bauer in a mixed -use setting. Bond proceeds will be used to fund a variety of park improvements within the city. While the 1/2 cent sales tax's history is limited, the tax has increased at annual rates of 42%, 31 %,and 31 % over the last three years. The size and timing of future sales tax bond issues will depend on the growth in the sales tax. Management expects coverage to remain near the l Ax required by the additional bonds test with bond issues every two years. OUTLOOK The outlook reflects the city's currently limited retail sales tax base and its plans for additional debt. Standard & Poor's A Dwb mt of 7heMVG,=rffWC* pm:a Published by Staodard k Pooes. a Division of The McGraw-Hill Companies. Inc. Executive ofrica: 1221 Avenue of the Amaicas. New York. N.Y. 10020. Editorialoffices: 25 Broadway. Ncw Yori N.Y 10000. Subscriber services: (212) 209-1146. Copyright 1999 by The McGraw-Hill Companies, brc. Reproduction in whole or in pars prohibited except by per nission. April 7, 1999 Offices: Main Office: 25 Broadway New York, NY 10004 (212)208-8000 Regional Offices: 84 State Street, 6th Floor Boston, MA 02109 (617)371-0300 10 South Wacker Drive Suite 2915 Chicago, IL 60606 (312)831-0400 500 North Akard Street Suite 3200 Dallas, TX 75201 (214)871-1400 One Market Street Stewart Tower, 15th Floor San Francisco, CA 94105 (415) 371-5000 Analysts: Alexander M. Fraser Dallas 214-871-1406 Jeanie Yarbrough Dallas 214-871-1420 Mood jr'S Investors Service New Issue Report Published 04/05/99 Municipal Credit Re -search Southlake Park Development Corporation, TX Contacts Douglas Benton 214-220-4347 Laura Barrientos 214-220-4380 Moody's Rating Underlying Issue Rating Rating Sales Tax Revenue Bonds, Series 1999 A3 Aaa Sale Amount $4,655,000.00 Expected Sale Date 04/06/99 Rating Description Sales Tax Revenue Moody's Upgrades to A3 from Baal the Rating on Southlake Park Development Corporation's Sales Tax Revenue Debt $13.3 Million of Debt Affected Opinion Ambac is expected to insure the Southlake Park Development Corporation's (SPDC) $4,655,000 Sales Tax Revenue Bonds Series 1999. Subject to Moody's review and approval of the insurance policy and other relevant documentation, the bonds are expected to carry Ambac's current financial strength rating of Aaa. Moody's has assigned an underlying rating of A3 to the current issue and upgraded the underlying rating to A3 from Baal on the Southlake Park Development Corporation Refunding and Improvement Sales Tax Bonds, Series 1997. The A3 rating reflects the improving coverage levels provided by a growing sales tax base and the anticipation that this growth will continue for the foreseeable future. The underlying rating affects a total of $13,325,000 of debt. SPDC approved a half -percent sales tax in November 1993 and began full year collections in 1995. Over the three year time period from fiscal 1995 to 1998 sales tax growth has averaged over 30%. This growth has occurred as Southlake's development has included a notable increase in the amount of retail establishments located in the city. Moody's believes that this trend will continue as city officials have indicated that future development efforts are targeted at commercial retail projects like the recently opened Town Square. The bonds are secured by the half -percent sales and use tax, which is dedicated to the acquisition of park land, as well as the development of existing park facilities in the city of Southlake. An original issue of $8,970,000 was sold in March 1997 with the proceeds utilized in the acquisition of additional land contiguous to Bob Jones park and the L N construction of new facilities at Bicentennial park. Officials have stated that the immediate focus of SPDC is to acquire parcels of land for future park use as the city's supply of available land is declining. The shrinking supply of land is due to the rapid development that has occurred over the past several years. SPDC's capital plan anticipates the issuance of additional debt totaling $9.9 million in fiscal 2001 and 2003. SPDC's debt position is high with limited excess coverage. Calculations for the twelve months ending February 1999 reflect that SPDC's pledged revenues provided 1.41 times coverage of projected debt service. This coverage level is slightly above the additional bonds test limitation of 1.40. Moody's expects this coverage level to improve to over 1.7 times as the sales tax base continues to expand at its historically rapid growth rate. Interim results provided by the city indicate that this growth rate continues unabated. This improved coverage level includes the issuance of the $9.9 million of planned additional debt. Outlook The outlook for this rating is stable based on Moody's belief that debt service coverage levels will continue to improve as the city's retail base expands. Moody's expects that growth of the retail sector will be supported by ongoing economic growth in the city and a continued favorable socioeconomic profile. ©Copyright 1999 Moody's Investors Service t- E A Moody's investors Service Southlake (City of) TX Contacts Douglas Benton Laura Barrientos Moody's Rating Issue 214-220-4347 214-220-4380 Tax and Waterworks and Sewer System (Limited Pledge) Revenue Certificates of Obligation, Series 1999-A Sale Amount $17,030,000.00 Expected Sale Date 04/06/99 Rating Description General Obligation. Limited Tax Moody's Assigns Al to Southlake's General Obligation Debt $67.8 Million of Debt Affected +W Opinion New Issue Report Published 04/05/99 Underlying Rating Rating Al Aaa Ambac is expected to insure the City of Southlake's $17,030,000 Tax and Waterworks and Sewer System (Limited Pledge) Revenue Certificates of Obligation Series 1999-A. Subject to Moody's review and approval of the insurance policy and other relevant documentation, the bonds are expected to carry Ambac's current financial strength rating of Aaa. Moody's Investors Service has assigned a Al underlying rating on this issue and affirmed the Al rating on the city's outstanding $51.4 million of general obligation debt. The certificates are secured by, and the rating reflects, the city's general obligation, limited tax pledge, although a portion of the debt service is expected to be paid from water and sewer revenues. The underlying rating is supported by an established trend of sound financial operations, the city's solid and rapidly growing tax base, and an acceptable debt position. The financial operations are well maintained as reflected by the maintenance of a General Fund balance at 20% or higher over the past few years. Considering the city's rapid development and increasing demand for city services, Moody's believes maintenance of this level of reserves is important. In 1998 the main source of revenue for the city continued to be property taxes with strong collections at over 100% for the fourth consecutive year. Results for 1998 reflected a General Fund operating surplus with a surplus also anticipated in 1999. The positive results for 1998 and into 1999 have occurred as a result of the city's steady revenue growth provided by an ever expanding tax base. City officials continue to stress a conservative approach to reserve levels with a target of fifteen to twenty-five percent of total General Fund Revenues. b H Strong growth in the city's tax base continued into 1998 with an increase of 331/6 for the year and a five year average annual increase of 25%. Full taxable value now exceeds $2.1 billion. Growth for the city has occurred due to its desirable location in the Dallas -Fort Worth metroplex and its proximity to the employment centers of DFW airport. Las Colinas, and downtown Fort Worth. During the 1990s. growth for the city has been primarily residential however, recent development has become more commercial. This shift is reflected in the change from 1997 to 1999 whereby commercial taxable value increased from 6% to 13% of total taxable value. Moody's believes that this trend will continue with the recent opening of Town Square and the planned completion of highway 114 as a major thoroughfare to interstate 35W. The city's development emphasis is reflected in the creation of a Tax Increment Reinvestment Zone (TIF) to assist in the development of the Town Square project. This project, which recently opened Phase I. will include a combination of retail establishments and city facilities (city/county offices and a library). It is anticipated that the Town Square project will generate $300MM in taxable value and the city has committed to fund $28.5MM in capital needs through the issuance of Combination Tax and TIF Revenue Certificates of Obligation over fiscal years 1999 to 2008. The additional tax revenue generated by the Town Square TIF will be dedicated to TIF operations and not available for general operations of the city. Moody's anticipates the first issuance of TIF supported debt in the near future. In addition to growth in the tax base the city benefits from high resident wealth and income levels. Per capita and median family incomes are 177% and 200% of the state's levels, respectively. The city's overall debt position is high, as reflected by an overall net debt burden of 7.7% and debt per capita of $7.522. The city's direct net debt burden is 4.1 %. These higher debt levels are a result of the rapid growth in the city that has resulted in the need for significant infrastructure capital improvements. The rate of principal retirement is slowing, and is now 44% in ten years. Debt service as a percentage of expenditures is growing„ but remains manageable at 15% in FY 1999. At this time the city does not have any unissued authorized capacity but officials stated that they are planning a bond election for May 1, 1999 in which they would seek approximately $24 million in bonding capacity. If approved, these funds would be utilized to support roadway infrastructure projects with an anticipated issuance in early 2000. In addition to this anticipated offering there are plans to issue approximately $10 million of sales tax supported debt over the next few years. Moody's rating and the stable outlook reflect the expectation that the effect of this additional debt will be offset by continued expansion of the tax base, preventing deterioration of the city's debt position. Outlook Moody's outlook on the city is stable. The outlook reflects Moody's expectation that continued growth in taxable values and the current debt retirement structure will mitigate the impact of planned debt issuance by the city. Additionally, the outlook reflects Moody's belief that other strong credit fundamentals, notably a satisfactory financial position and strong socioeconomic profile, will remain positive, offsetting the city's relatively high debt position. © Copyright 1999 Moody's Investors Service L RESOLUTION NO. A RESOLUTION setting a public hearing on the expenditure of corporation funds relating to projects to be undertaken by the Corporation for the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and streets improvements that enhance such park facilities, and paying maintenance and operating costs of said municipal park facilities; and IF approving and authorizing notice of such public hearing. WHEREAS, the Board of Directors of the Southlake Parks Development Corporation hereby finds and determines the bonds should be issued for the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and streets improvements that enhance such park facilities, and paying maintenance and operating costs of said municipal park facilities; and WHEREAS, prior to the expenditure of funds for such projects, the Board of Directors is required to hold a public hearing on such matter; now, therefore, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SOUTHLAKE PARKS DEVELOPMENT CORPORATION THAT a public hearing on the expenditure of corporate funds for the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and streets improvements that enhance such park facilities, and paying maintenance and operating costs of said municipal park 4, facilities shall be and is hereby resolved to the held on I' day of March, 2000, during a meeting of the Board of Directors to be held at 5:00 o'clock P.M. at the City Hall of Southlake, Texas, 667 North Carroll Avenue, and the Secretary of the Board of Directors is hereby authorized and directed to cause a notice of such public hearing, substantially in the form and content of Exhibit A hereto attached and incorporated herein by reference as a part of this resolution for all purposes, to be published in one or more newspapers having a general circulation in the City of Southlake, Texas. PASSED AND ADOPTED, this January 18, 2000. SOUTHLAKE PARKS DEVELOPMENT CORPORATION /�� ; - Z', /,5c� Pr sident, Board of Director ATTEST:*A��A,��IA— i ,Q ` Secretary, Board of Directors (Corporation Seal) I �aw NOTICE OF PUBLIC HEARING RELATING TO SOUTHLAKE PARKS DEVELOPMENT CORPORATION PROJECTS NOTICE IS HEREBY GIVEN that the Board of Directors of the Southlake Parks Development Corporation will conduct a public hearing during a meeting scheduled to begin at 5:00 o'clock P.M. on March 7, 2000 at the City Hall, 667 N. Carroll Avenue, Southlake, Texas, on projects to be undertaken involving the purchase of land and making improvements thereto for neighborhood parks and making additional improvements to existing park land, including related road and street improvements that enhance such park facilities, and on paying maintenance and operating costs of such projects. Secretary, Board of D' ectors Southlake Parks Development Corporation n- . WPD I A City of Southlake, Texas SOUTHLAKE PARKS DEVELOPMENT CORPORATION: January 24, 2000 LOCATION: Senior Activity Center 307 Parkwood Dr., Southlake, Texas REGULAR SESSION 5:00 P.M.: 1. Call to order. 2. Executive Session: Pursuant to Open Meetings Act, Chapter 551 of the Texas Government Code, Section 551.072, land acquisition. 3. Reconvene: Action necessary on items discussed in executive session 4. PUBLIC FORUM CONSENT AGENDA: All items listed below are considered to be routine by the Southlake Parks Development Corporation Board and will be enacted with one motion. There will be no separate discussion of items unless a Board member or citizen so requests, in which event the item will be removed from the general order of business and considered in its normal sequence. 5. Consent: A. Approval of the minutes for the regular SPDC meetings on October 25, 1999 and December 6, 1999 and the special SPDC meeting on January 18, 2000. REGULAR AGENDA: 6. Consider: A. Public Hearing on impending Park related projects: • Construction of hike and bike trails on Continental Road • Construction of equestrian trailhead at Bob Jones Park • Capping of abandoned water wells at Bob Jones Park • Purchase and installation of bleachers for park system • Construction of lighting for Bicentennial Park ballfields • Special park projects to include minor improvements to park facilities, such as signage and landscaping • Improvement projects at City/CISD joint use facilities • Funding to hire consultant to conduct Teen Center survey B. Request from Southlake Girls softball association (SGSA) for matching grant funding. Public Hearing IC. Award of bid for batting cages at Bicentennial Park. Public Hearing City of Southlake, Texas Southlake Parks Development Corporation Meeting Agenda for January 24, 2000 Page 2 7. Discussion: A. Sales Tax Report. B. Project Status Report. 8. Adjournment CERTIFICATE I hereby certify that the above agenda was posted on the Official Bulletin Boards at City Hall, 667 North Carroll Avenue, and 1725 E. Southlake Boulevard, Southlake, Texas, on Friday, January 21, 2000 at 5:00 p.m. pursuan0�1tWras Government Code, Chapter 551. qo V T • P Sandra L. LeGrand %•°.••••••�•°,.fc; City Secretary If you plan to attend this meeting and have a disability that requires special needs, please advise the City Secretary 48 hours in advance at 481-5581, extension 704, and reasonable accommodations will be made to assist you. E SOUTHLAKE PARKS DEVELOPMENT CORPORATION MEETING January 24, 2000 MINUTES Board Members Present: President Ronnie Kendall; Members: Sherry Berman, Debra Edmondson, Norm Lyons, Rex Potter, Rick Stacy, and Cara White. Staff Present: Director of Community Services Kevin Hugman, Finance Director Sharen Elam, Administrative Assistant John Eaglen, Parks Planning and Construction Superintendent Ben Henry, and Secretary to the City Manager Kim Bush. Agenda Item No. 1, Call to order. The meeting was called to order by President Ronnie Kendall at 5:10 p.m. Agenda Item No. 2, Executive Session. President Kendall announced that the Board would be going into Executive Session pursuant to the Open Meetings Act, Chapter 551 of the Texas Government Code, Section 551.072, land acquisition. SPDC adjourned for Executive Session at 5:10 p.m. SPDC returned to open session at 6:10 p.m. Agenda Item No. 3. Reconvene. Motion was made to proceed with the purchase of the portal entry property and park land property as discussed in Executive Session. Motion: Stacy Second: Potter Ayes: Berman, Edmondson, Kendall, Lyons, Potter, Stacy, White Nays: none Approved: 7-0 Agenda Item No. 4. Public Forum. Tad Stevens, Southlake Girls Softball Association, requested that the Board consider replacement of the bases on the girls softball fields. Mr. Stevens stated that the reason for wanting to change the type of bases was because the new bases are designed to "pop off" when a player slides in to base thus helping to prevent injuries. He also stated that the new bases are easier to clean and require less maintenance. Director Hugman commented that the cost for the new bases would come out of operating funds for field maintenance and equipment and would not need SPDC authorization. Board member Potter suggested that staff look at making all the bases on all fields consistent. SPDC MEETING, JANUARY 24, 2000, PAGE I OF 4 r Agenda Item No. 5A. Approval of the minutes for the regular SPDC meetings on October 25, 1999 and December 6, 1999 and the special SPDC meeting on January 18, 2000. Motion was made to approve the minutes for the regular SPDC meetings on October 25, 1999 and December 6, 1999 and the special SPDC meeting on January 18, 2000. Motion: White Second: Potter Ayes October 25: Kendall, Lyons, Potter, Stacy, White Nays: none Abstained October 25: Berman, Edmondson Approved October 25: 5-0-2 Ayes December 6: Nays: Abstained December 6: Approved December 6: Ayes January 18: Nays: Approved January 18 Berman, Edmondson, Kendall, Potter, Stacy, White none Lyons 6-0-1 Berman, Edmondson, Kendall, Lyons, Potter, Stacy, White none 7=0 Agenda Item No. 6B. Request from Southlake Girls Softball Association (SGSA) for Matching Grant Funding. +' Director Hugman informed the Board that SPDC previously authorized matching grant funding in the amount of $5,000 to the Southlake Girls Softball Association to construct two batting cages at Bicentennial Park. He stated that the actual bid received for the cages is $16,733, and SGSA is requesting an additional matching amount of $3,366.50 for a total matching request of $8,366.50. Mayor Stacy asked about giving SGSA $16,733 to cover the entire cost of the cages since the Southlake Boys Baseball Association has received $30,000 in matching funds from SPDC. The Board discussed that there is a greater number of participants and fields to maintain for boys baseball and that the purpose of the matching funds program is to provide an incentive to organizations to raise money for non -budgeted items. Motion was made to authorize an additional $3,366.50 for a total of $8,366.50 in matching funds. Motion: White Second: Potter Ayes: Berman, Edmondson, Kendall, Lyons, Potter, Stacy, White Nays: none Approved: 7-0 Agenda Item No. 6C. Award of bid for batting cages at Bicentennial Park. E �w Director Hugman commented that staff was seeking authorization to accept the low bid from American Tennis Court Contractors in the amount of $63,733 to construct batting cages at Bicentennial Park. SPDC MEETING, JANUARY 24, 2000, PAGE 2 OF 4 t Public Hearing: There were no comments from the audience during the Public Hearing. v Motion was made to approve the award of bid to American Tennis Court contractors to construct batting cages in Bicentennial Park. Motion: Potter Second: Edmondson Ayes: Berman, Edmondson, Kendall, Lyons, Potter, Stacy, White Nays: none Approved: 7-0 Agenda Item No. 6A. Public Hearing on impending Park related nroiects including construction of hike and bike trails on Continental Road, construction of equestrian trailhead at Bob Jones Park, capping of abandoned water wells at Bob Jones Park, purchase and installation of bleachers for park system, construction of lighting for Bicentennial park ballfields, special park projects to include minor improvements to park facilities, such as signage and landscaping, improvement nroiects at Citv/CISD ioint use facilities. and funding to hire consultant to conduct Teen Center survey. Director Hugman explained that a public hearing is required for SPDC funded projects. He commented that staff is taking the approach to specifically note "Public Hearing" on future SPDC agenda wording, even though there are no requirements to publish the public hearing in local newspapers. He stated that the projects listed are those that staff anticipates will begin soon, and have been previously approved by SPDC at their December 6, 1999 meeting and by City Council at its December 7, 1999 meeting. Public Hearing: There were no comments from the audience during the public hearing. Mayor Stacy asked staff if there were any activities coming up this Spring that would need to be addressed by the Board in the next 60 - 90 days. Mr. Hugman commented that there are a number of things to get done for the spring season and staff is working on those items and making as many improvements as possible. He stated that the additional lighting for the fields would probably not be ready before the season starts. He also commented that staff is working closely with the associations to ensure a smooth start to the spring season. Agenda Item No. 7A. Sales Tax Report and Item No. 7B. Project Status Report. Director Sharen Elam commented that there would be financial reports for SPDC as soon as the computer conversion is complete and running properly. There was no discussion on the Project Status Report. t Agenda Item No. 8. Adjournment. luw SPDC MEETING, JANUARY 24, 2000, PAGE 3 OF 4 j There being no further business to discuss, motion was made and carried to adjourn the meeting at 6:35 p.m. E President Ronnie Kendall ATTEST: /'-1 2�� 6 Kim ush Secretary to the City Manager lie E SPDC MEETING, JANUARY 24, 2000, PAGE 4 OF 4