4B Sales Tax Corporation Minutes - 06/01/2023 MINUTES OF THE
WICHITA FALLS 4B SALES TAX CORPORATION (4BSTC)
June 1,2023
Present:
Tony Fidelie, President § Members
Glenn Barham,Vice President §
Rick Hatcher, Secretary-Treasurer §
Dave Clark §
Darron Leiker §
Nick Schreiber §
Michael Mills §
Stephen Santellana, Mayor § Mayor& City Councilors
Bobby Whiteley, Mayor ProTem §
R. Kinley Hegglund, Jr., City Attorney § City Staff
Paul Menzies,Assistant City Manager §
Blake Jurecek, 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 §
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 still ahead for the year
compared to the end of last year. Even though there has been a downward trend, sales tax is up
over three percent compared to the previous year. If the current rate continues until the end of the
fiscal year, the sales tax revenue for the 4B Corporation will be approximately $5.35 million
compared to last year's revenue of about $5.2 million. Mr. Menzies then directed the Board's
attention to the increase in interest earnings,which will be almost the equivalent of a 13th sales tax
payment. He told the Board that about $6 million is available for new projects. He explained that
some of the open projects on the report had been paid in full and would be moved to the closed
projects category. Mr. Menzies noted that the Pickers' Universe project had been paid in full
($133,000) and will be opening soon. The Kell House and Backdoor Theatre projects have been
completed and paid in full. He also told the Board that the real estate purchase of the land along
the river located next to the Hotel By the Falls had closed.
Mr. Fidelie asked if the money in the bank was invested through the finance department.
Mr. Leiker explained that the City has certain pools, laddered investments, and various tiered
' investments. Most of the funds are in these types of investments. Mr. Fidelie said he was curious
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as to much interest the money was earning. Mr. Calvert said the interest rate was approximately
five percent.
No further questions were asked or comments made about the financial report.
3. Consent Agenda
a) Approval of Minutes of March 2, 2023.
Mr. Hatcher moved to approve the consent agenda. Seconded by Mr. Clark and
following no public comment, the motion carried 7-0.
b) Approval of Downtown Matching Grant Applications
i. 807 8th Street
ii. 816 Indiana
iii. 804 Lamar
Mr. Leiker moved to approve the Downtown Matching Grant applications. Seconded
by Mr. Barham and following no public comment, the motion carried 7-0.
4. Executive Session.
Mr. Fidelie adjourned the meeting into executive session at 3:05 p.m. pursuant to Texas
Government Code sections 551.087 and 551.072. He announced the meeting back into regular
session at 4:29 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.
5. Adjourn.
No further discussions took place, nor actions taken. Mr. Fidelie adjourned the meeting at
3:32 p.m.
Guy A. "To " Fidelie, Jr., President
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