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Home My WebLink About2005.06.09_OEDA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY TYPE OF MEETING: DATE: TIME: PLACE: Regular June 9, 2005 10:00 a.m. Owasso City Hall Main Conference Room 111 North Main OEDA FILE Notice and agenda filed in the office of the City Clerk and posted on the City Hall at 5:00 p.m. on Monday, June 6, 2005. jJ 1 2. k L� M. Stevens, Deputy ity Clerk AGENDA Call to Order & Roll Call Mr. Enzbrenner, Chairman Acceptance of resignation of Trustee Scott Yandell. Mr. Enzbrenner, Chairman Request Approval of Minutes of the May 12, 2005 Regular Meeting. Mr. Enzbrenner, Chairman Attachment #3 Request Approval of Claims. Mr. Enzbrenner, Chairman Attachment #4 OEDA June 9, 2005 Page 2 of 2 5. Presentation of Financial Report. Mr. Ray Attachment #5 6. Presentation of the FY 2005-2006 Budget Mr. Ray Attachment #6 7. Report from Economic Development Director. Mr. Hayes Attachment #7 8. Report from Community Development Director Mr. Wiles 9. Report from the Public Works Director Ms. Stagg 10. Report from OEDA Manager. Mr. Ray 11. New Business. 12. Adjournment. OWASSO ECONOMIC DEVELOPMENT AUTHORITY MINUTES OF REGULAR MEETING Thursday, May 12, 2005 The Owasso Economic Development Authority met in regular session on Thursday, May 12, 2005 in the Main Conference Room at Owasso City Hall per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 5:00 p.m. on Monday, May 9, 2005. ITEM 1: CALL TO ORDER & ROLL CALL Chairman Scott Yandell called the meeting to order at 10:04AM. PRESENT OTHERS Scott Yandell, Chair Randy Cowling Frank Enzbrenner, Vice -Chair Gary Akin, Trustee Brenda Lawrence, Trustee Tom Kimball, Trustee A quorum was declared present. ABSENT Dee Sokolosky, Secretary Steve Cataduella, Trustee STAFF Ana Stagg, Public Works Director Sherry Bishop, Finance Director Rodney Ray, City Manager Rickey Hayes, Economic Development Director Eric Wiles, Community Development ITEM 2: REQUEST APPROVAL OF MINUTES OF THE APRIL 14 2005 REGULAR MEETING. Mr. Enzbrenner moved, seconded by Mr. Akin, to approve the minutes of the April 14, 2005 Regular meeting, by reference made a part hereto. AYE: Enzbrenner, Akin, Yandell, Lawrence, Kimball NAY: None ABSTAIN: Motion carried 5-0. Owasso Economic Development Authority ITEM 3: REQUEST APPROVAL OF CLAIMS. No Claims AYE: None NAY: None ABSTAIN: None ITEM 4: PRESENTATION OF FINANCIAL REPORT. May 12, 2005 After a review of the attached report, no questions were asked of Ms. Bishop. ITEM 5: UPDATE FROM ECONOMIC DEVELOPMENT DIRECTOR Mr. Hayes updated on the status of various developments within the area. Also discussed were the improvements to the OEDA webpage. ITEM 6: REPORT FROM COMMUNITY DEVELOPMENT DIRECTOR Mr. Wiles provided an update on the April building permit report, commented on the residential building within the City, and provided information regarding upcoming items before the Annexation Committee and Planning Commission. ITEM 7: REPORT FROM PUBLIC WORKS DIRECTOR Ms. Stagg gave a brief report on various street development projects, and other Public Works related items. Ms. Stagg announced a public hearing to discuss the construction of E. 96th Street and N. Garnett Rd has been scheduled for May 16, 2005 at 7.00pm at the Faith Lutheran Church. ITEM 8: REPORT FROM OEDA MANAGER No Report. -2- Owasso Economic Development Authority May 12, 2005 ITEM 9: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE APPROVAL OF A LOAN AGREEMENT AND PROMISSORY NOTE BETWEEN THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY AND VANGUARD CAR RENTAL, USA, INC., AND AUTHORIZATION OF THE CHAIRMAN TO EXECUTE ALL NECESSRY DOCUMENTS RELATED THERETO. Discussions were held relating to the contents of the Loan Agreement and Revenue Promissory Note. A motion was made by Mr. Enzbrenner to approve the Loan Agreement and Promissory Note, contingent upon receipt and review of the Letter of Credit, motion seconded by Ms. Lawrence. Mr. Kimball announced his intent to abstain from the vote "I will abstain from the vote because I did not receive the material until after 5:00pm and did not have sufficient time to review". AYE: Enzbrenner, Lawrence, Akin, Yandell, NAY: None ABSTAIN: Kimball Motion carried 4-0. ITEM 10: NEW BUSINESS None ITEM 11: ADJOURNMENT Motion made by Mr. Kimball, seconded by Ms. Lawrence to adjourn. At 11:30am, the meeting was adjourned. AYE: Kimball, Lawrence, Enzbrenner, Akin, Yandell NAY: None ABSTAIN: None Motion carried 5-0. Date Approved -3- Frank Enzbrenner, Vice Chair MEMORANDUM TO: THE HONORABLE CHAIR & TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: RICKEY HAYES, ECONOMIC DEVELOPMENT DIRECTOR SUBJECT: OEDA CLAIMS FOR MAY 2005 DATE: 06/02/05 There were no claims for May 2005. Owasso Economic Development Authority Statement of Revenues, Expenses and Changes in Fund Net Assets For the Month Ending May 31, 2005 Operating Revenues: Contributions Reimbursements Interest Total Operating Revenues Operating Expenses: Materials & supplies Services & other charges Capital outlay Total Operating Expenses Operating Income (Loss) Capital contributions Transfer from General Fund Total Non -Operating Revenues (Expenses) Change in Net Assets Total net assets - beginning Total net assets - ending Month -to -date Year-to-date $0.00 0.00 4.39 $0.00 0.00 48.86 4.39 48.86 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.39 48.86 0.00 0.00 0.00 0.00 4.39 48.86 **Note: For the purposes of this report, "Retained Earnings" includes only current assets and current liabilities 10,730.55 $10,779.41 MEMORANDUM TO: HONORABLE CHAIR AND TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: SHERRY BISHOP FINANCE DIRECTOR SUBJECT: FISCAL YEAR 2005-2006 BUDGET DATE: June 3, 2005 BACKGROUND: As a Title 60 Public Trust, the OEDA is required to file an annual budget with its beneficiary, the City of Owasso. The budget or appropriation for a public trust is not a legal restriction on the expenditure of funds as it is for a municipality. The proposed budget for OEDA is attached for your review at this time. Approval of the FY 2006 budget will be on the agenda for the July meeting. The proposed budget is based on the assumption that all transactions associated with the Vanguard loan will take place in June before the end of this fiscal year. That includes the transfer of $71,250 from the City for the total interest and letter of credit expenses. Quarterly principal payments from Vanguard are included as revenue and quarterly principal and interest payments on the OEDA's Revenue Anticipation Note to the City of Owasso are included as expenses in the proposed budget. ATTACHMENTS: OEDA Proposed Budget Owasso Economic Development Authority Proposed Budget FY 2005-2006 BEGINNING FUND BALANCE (7-1-20 ROPOSED REVENUE 95-000-46100 Interest 70 95-000-46500 Promissory Note Revenue 400,000 TOTAL REVENUE 400,070 ROPOSED EXPENSES Personal Services - Materials & Supplies - Other Services 5,000 Capital Outlay - Debt Service 421,250 TOTAL EXPENSES 426,250 PROPOSED NET $ 67,000 (26,180) PROJECTED ENDING FUND BALANCE (6-30-2006) $ 40,820 Owasso Economic Development Authority Fiscal Year 2005-2006 Annual Budget $450,000 - $400,000 - $350,000 $300,000 $250,000 - $200,000 $150,000 $100,000 $50,000 - $0 - OEDA 5-year Expense Trend (OEDA 95-710) FY 02 FY 03 FY 04 FY 05 FY 06 Expense Category Actual 2001-2002 Actual 2002-2003 Actual 2003-2004 Projected Actual 2004-2005 Proposed 2005-2006 Personal Services - - - Materials & Supplies 19 - - - Other Services & Charges 4,915 18,750 7,750 - 5,000 Capital Outlay - - - - - Debt Service - - - 15,000 421,250 Total 4,934 18,750 7,750 15,000 426, 550 OEDA Owasso Economic Development Authority Fiscal Year 2005-2006 Annual Budget OEDA Projected Actual Actual Actual Proposed Line Item Description 2002-2003 2003-2004 2004-2005 2005-2006 Personal Services *Total Personal Services* - - - - Materials & Supplies 95-710 52001 Office Supplies *Total Materials & Supplies* Other Services & Charges 95-710 53001 Prof. & Tech. Services 18,750 6,250 - 5,000 53650 Travel & Training 1,500 - *Total Other Services & Charges* 18,750 7,750 - 5,000 Capital Outlay 95-710 54400 Machinery *Total Capital Outlay* Debt Service 95-800 55200 RAN Debt Service-- - - - Principal 400,000 Interest 9,250 55600 Other Costs (Letter of Credit; - - 15,000 12,000 *Total Debt Service* - - 15,000 421,250 Total OEDA 18,750 7,750 15,000 426,250 MEMORANDUM TO: THE HONORABLE CHAIR AND TRUSTEES OWASSO ECONOMIC DEVELOPMENT AUTHORITY FROM: RICKEY HAYES DIRECTOR OF ECONOMIC DEVELOPMENT SUBJECT: DIRECTOR'S REPORT DATE: June 3, 2005 Progress continues on the commercial sites in the 961h Street retail corridor. Smith Farms continues construction at a fast pace. Construction is under way on a 52,000 square ft. retail strip in phase one of Tyann Development's plans for the area on the east side of US 169 around the Home Depot. Tyann is also completing the service road from 861h to 961h Street on the east side of the highway. This site will eventually be home to about 300,000 feet of retail and restaurants, with some mixed use units as well. Both the St. John's Medical Complex and Bailey Medical Center are doing site work for their developments. The ICSC convention was May 23-25, and I attended again this year. I had the opportunity to discuss commercial property with several different groups and hopefully will reap benefits from those meetings in the future. I am in the process of updating and revamping the Economic Development website. The site will officially begin June 1, 2005. The site will have a completely new look and will be more user friendly. All the new marketing material will be included, as well as the other material that is relevant. A GIS component to our IT system and network will greatly enhance our ability to provide information to customers and investors. As always, if I can serve you in any way, please call. Your input and direction are always important to the success of our efforts.