4B Sales Tax Corporation Minutes - 03/02/2023 MINUTES OF THE
WICHITA FALLS 4B SALES TAX CORPORATION (4BSTC)
March 2, 2023
Present:
Tony Fidelie,President § Members
Glenn Barham,Vice President §
Rick Hatcher, Secretary-Treasurer §
Dave Clark §
Darron Leiker §
Nick Schreiber §
Michael Mills §
R. Kinley Hegglund, Jr., City Attorney § City Staff
Paul Menzies,Assistant City Manager §
Terry Floyd, Dir of Development Svcs §
Stephen Calvert, Senior Budget Analyst §
Karen Montgomery-Gagne, Planning §
Administrator §
Monica Aguon,Assistant City Attorney §
Chris Horgen, Public Information Officer §
Paige Lessor, Executive Legal Assistant §
Lynn Walker, Writer § Times Record News
1. Call to Order.
Mr. Fidelie called the meeting to order at 3:00 p.m.
2. Report of financial condition (current, past & planned budget & expenditures); and
other administrative actions
Mr. Menzies addressed the Board and stated that sales tax is doing well in the first quarter.
Sales tax is up about 4%overall. He directed the Board to the financials in the meeting packet. He
discussed giving the Board a better snapshot of the available cash. He explained that the funds for
the open projects list have always been encumbered, meaning those funds are set aside for those
projects. In the past, the bottom line number had included those encumbered funds. The bottom
line number is intended to be the free and clear number. We have now taken the encumbered
amount out of the bottom line to more accurately reflect the amount of cash available for new
projects. He reminded the Board that they are only a quarter of the way through the fiscal year,
which means there are still nine months' worth of sales tax revenue and interest revenue to be
gained. He told the Board that 4 to 4.1 million is projected in new revenue over the next nine
months. So it is accurate to say that the year-end projected fund balance is about 8—8.5 million if
no additional funds were spent or committed.
No questions or comments were made about the financial report.
3. Consent Agenda
a) Approval of Minutes of December 1, 2023.
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The Board reviewed the Minutes. No additions or corrections were proposed.
Mr. Hatcher moved to adopt the Minutes as presented. Seconded by Mr. Clark, and
no public comment was made, motion carried 7-0.
b) Approval of Downtown Matching Grant Applications
i. 823 Ohio—Half Pint Outdoor Patio
ii. 900 Indiana—Perkins Timberlake Building
iii. 728 Indiana—City Center
iv. 719 Scott—Big Blue
v. 909 8th—Chelsea Plaza
vi. 912/914 Scott—Great Scott Building
vii. 919-925 Indiana—WF Performing Arts Center
Mr. Clark moved to approve the grant applications collectively. Seconded by Mr.
Leiker, and no public comment was made, the motion carried 7-0.
4. Public hearing regarding a funding request from the City of Wichita Falls related to
the potential purchase of property at 1500 Scotland Drive.
Mr. Fidelie opened the public hearing at 3:05 p.m.
Mr. Fidelie asked if any member of the public would like to address this item with the
Board prior to the Executive Session.No questions were asked or comments made.
Mr. Fidelie closed the public hearing at 3:05 p.m.
5. Executive Session.
Mr. Fidelie adjourned the meeting into executive session at 3:06 p.m. pursuant to Texas
Government Code sections 551.087 and 551.072. He announced the meeting back into regular
session at 3:29 p.m. The subjects posted in the Notice of Meeting were deliberated, and no votes
or further action were taken on these items in executive session.
6. Public hearing regarding a funding request from the City of Wichita Falls related to
the potential purchase of property at 1500 Scotland Drive.
Mr. Fidelie reopened the public hearing at 3:30 p.m.
Mr.Menzies explained that the owner of a 14.7-acre tract of land known as 1500 Scotland
Drive. The lot sits between the City's existing RV park to the northwest and the vacant Hotel by
the Falls property to the east and southeast. The owner has offered the property to the City for
$62,443. The City is requesting that this Board fund the purchase of the property for the stated
amount. Right now,the plan for the property would be to keep it as a park and open space. There
is no plan to "flip it." The long-term goal is to retain the property for parks and open space. Mr.
Fidelie clarified that the City would purchase the property, and the WF4BSTC would provide the
funding. Mr. Fidelie also specified that the $62,443 included the closing costs and any additional
costs associated with the purchase. Mr. Menzies confirmed the amount was the entire funding
amount.
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Mr. Fidelie asked if any member of the public wished to address the Board. No public
comments were made.
Mr. Barham moved to approve funding in an amount no greater than $62,443 for the City
of Wichita Falls to purchase the property at 1500 Scotland Drive. Seconded by Mr. Clark, the
motion carried 7-0.
7. Adjourn.
Mr. Fidelie adjourned the meeting at 3:32 p.m.
Guy A. "To ' Fidelie, Jr., President
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