4B Sales Tax Corporation Minutes - 06/15/1999Minutes
Wichita Falls Sales Tax Corporation
June 15, 1999
Present:
Rick Boone, President
Benay Ayers
Tommy McCulloch, Jr, Secretary- Treasurer
Ray Gonzales
Leon Mallonee
Ohcpnt-
Arnold Oliver
Ikard Smith, Vice - President
The Wichita Falls Sales Tax Corporation met on Tuesday, June 15, 1999 in a
joint meeting with the Wichita Falls City Council. The meeting was held at the
Multi- Purpose Exhibits Center (MPEC), Wichita Falls, Texas in Room 5.
President Rick Boone called the meeting to order at 3:55 p.m. Mayor Yeager
welcomed the members of the 4B Board and stated that the purpose of the joint
meeting was to have both bodies discuss the status of current and future
projects. She then asked Robert Powers, Assistant City Manager, to review the
current financial position of the 4B Fund and the status of current projects. A
copy of the financial position distributed by Mr. Powers is attached to these
minutes.
Mayor Yeager then asked the Board to discuss its attitude towards the question
of financing via cash versus debt. Mr. Boone asked Mr. McCulloch to respond.
Mr. McCulloch stated that the Board leaned toward primarily cash financing, but
was not adverse to debt financing for larger projects. Although seven year debt
was preferred, twenty year debt was not totally ruled out if conditions were
warranted.
Ms. Ayers reviewed the project and financing pro forma that staff had prepared
shortly after the board organized and stated that it was a mixture of cash and
short term debt. She stated that a couple of the projects identified early on had
not yet started, e.g., training center, drainage, streets, parks and perhaps it was
time to revise the Board's long range plan.
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Mayor Yeager overviewed for the Board the Council's current direction towards
addressing stormwater drainage and the creation of a stormwater district.
Ms. Ayers asked whether any 4B funds would be needed for drainage.
Councilor Beaty stated that the Council had discussed the need to move quickly
on drainage projects and that some councilors had expressed a concern that it
could be a year or more before adoption of a fee was in place and sufficient
funds available before a project could start. Mayor Yeager also discussed that
the Council and staff were developing a priority ranking system.
Councilor Shine asked the Board to address where they stood on the proposed
recreation center on the second floor of the library. Mr. Boone responded by
stating that he felt the Board was caught somewhat by surprise with that project
since it had not been identified as one of the Board's priorities early on. The
priorities were essentially those listed on the ballot which included flood control.
If Council is addressing flood control, then he thought the Board would have
flexibility to look at other things.
Mayor Yeager stated that the Park Board was working on a five -year plan After
discussion, it was the consensus of the Board that the Park Board should come
back to the 4B Board with a review and update of its current planning and
priorities.
Mr. Boone then asked for a report of the Coliseum project and whether 4B would
be asked to participate. Jim Berzina, City Manager, reported that the current
estimate was approximately $19 -20 million and that he had identified
approximately $9.7 million that the City could utilize. Other sources being looked
at were primarily the County and private sector. The third option which he hoped
would not be needed did include 4B. However, he stated that the Council had
discussed among themselves that before going to 4B it might be appropriate to
ask the voters to concur with using 4B funds because of the previous pledge
made by the Council before the sales tax election not to use 4B funds for the
coliseum.
Councilor Beaty stated that he was encouraged to hear that no one has dug in
their heels about not using 4B funds for drainage. He wanted everyone to keep
an open mind.
There being no other business before the board, Mr. McCulloch moved and
Ms. Ayers seconded that the meeting adjourn. Meeting adjourned at 4:45 p.m.
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�Rdb&t Powers, Recording Secretary Tommy McCulloch, Secretary-Try easurer