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HomeMy WebLinkAboutHFDC 1994-11-29 Minutes NORTH RICHLAND HILLS HEALTH FACILITIES DEVELOPMENT CORPORATION TUESDAY, NOVEMBER 29, 1994 INITIAL MEETING MINUTES Corporation Members Present: Corporation Members Absent: Charles Brinkley Charles Owen Robert Harrison David Myers Clint Blackmon Bob Hamm Rick Work Others Present: Robert Bullock, The Covenant Group Ed Esquivel, Fulbright & Jaworski Chris Janning, First Southwest Co. Bryan McCaleb, The Covenant Group David Medanich, First Southwest Co. Gary Staats, The Covenant Group City Staff Present: Larry Cunningham, Assistant City Manager Marty Wieder, Director of Economic Development Scott Welmaker, Marketing & Research Coordinator 1. Acting Chairman Marty Wieder called the meeting to order at 9 a.m., asked everyone to introduce themselves, and explained the purpose of the meeting. 2. Acting Chairman Wieder asked Corporation members to consider the proposed Bylaws. Upon a motion by Charles Owen and second by Charles Brinkley, the Corporation unanimously approved the Bylaws. 3. Acting Chairman Wieder sought nominations for Corporation officers. Mr. Owen nominated Charles Brinkley for President, Robert Harrison seconded the motion, and it was accepted by acclamation. Mr. Brinkley nominated Charles Owen for Vice President, Mr. Harrison seconded the motion, and it passed unanimously. Mr. Brinkley nominated Robert Harrison for Treasurer, Mr. Owen seconded the motion, and it passed unanimously. Mr. Brinkley nominated David Myers for Secretary, Mr. Harrison seconded the motion, and it passed unanimously. Mr. Owen nominated Rick Work for Assistant Secretary, Mr. Brinkley seconded the motion, and it passed unanimously. 4. Corporation members discussed the proposed application process. Mr. Harrison asked whether it was necessary to have a formal application. Ed Esquivel noted that in this early period a formal application was not necessary, but it would be best to have a written application process and fee to protect the Corporation's time and appropriately screen potential applicants. Mr. Owen asked whether the Corporation could waive any of the process waiting periods, and Mr. Esquivel noted that they may. Upon a motion by Mr. Myers and second by Mr. Owen, members unanimously approved the application process. 5. Upon a motion by Mr. Owen and second by Mr. Myer, the Corporation approved the City's depository bank (presently NationsBank) as the depository bank of the Corporation. 6. Upon a motion by Mr. Owen and second by Mr. Myer, the Corporation unanimously authorized its President, Treasurer, and Secretary to serve as signatories. 7. Upon a motion by Mr. Harrison and second by Mr. Owen, the Corporation unanimously approved Fulbright & Jaworski as its legal counsel. 8. Upon a motion by Mr. Harrison and second by Mr. Owen, the Corporation unanimously approved First Southwest Company as its financial advisor. 9. By acclamation, Corporation members approved creation of a stamp similar to the one used by the North Richland Hills Industrial Development Corporation with the appropriate wording. 10. Gary Staats presented Corporation members an application for financial participation on behalf of Oklahoma Christian University of Science and Art and Tealridge Manor Corporation. OCUSA--through the Tealridge Manor Corporation and the Covenant Group, Inc.--proposes to construct, own, and operate Meadow Lakes Retirement Community in North Richland Hills. Mr. Staats noted how the Covenant Group became aware of the desire and need for such a development. Like Tealridge Manor in Oklahoma City, Oklahoma, Meadow Lakes Retirement Community would be developed by the Covenant Group with 120 units on four acres of land. Mr. Myers asked how the City would be involved in providing financial support. Mr. Staats noted there would be no specific City support, outside of serving as the conduit for bond funds. Larry Cunningham confirmed that the would be no financial obligation on the City's part. Mr. Myers asked whether the project would have to go through the City's Planning & Zoning process, which Mr. Cunningham also confirmed. Mr. Brinkley asked whether the Corporation needed to expedite their decision on the project so it may be funded in 1994. Ed Esquivel explained that if bonds were issued in 1995, it would put the City over the $10 million in qualified tax exemption obligations (QTEO). Mr. Cunningham noted the City does plan to issue around $8 million in 1995 and prefers the bonds all be funded with lower QTEO rates. Mr. Harrison asked whether the project can be done within the short timeframe. David Medanich said he expects a firm proposal within the next two days, and the Corporation will have to meet at least one more time to vote on the proposal. Mr. Esquivel explained the notices, hearings, and filings required to complete the bond process--and agreed that the City needed the terms within the following two days. Mr. Staats noted he had spoken with Boatmen's Bank officials and expected approval within that time. Mr. Harrison asked whether the deal would be off if the deadline passes. Mr. Staats noted that while there may be some other alternatives, he would hate to lose Boatmen's Bank. Upon approval by Mr. Esquivel that the Covenant Group's proposal may be treated as an application, Mr. Harrison made a motion to accept it with the understanding that the Corporation may need additional information--and that it must be closed in 1994. Mr. Owen seconded, and the motion passed unanimously. 11. Corporation members briefly discussed the possibility of an inducement resolution, agreeing that one was not necessary unless it was later needed to reimburse land costs. Having no further business, the Corporation adjourned.