4B Board (Street Improvement Economic Development Corporation)

STATE OF TEXAS § COUNTY OF TARRANT § CITY OF BEDFORD § The Board of Directors of the City of Bedford Street Improvement Economic Development Corporation, Bedford, Texas, met at 6:00 p.m. at Bedford City Hall, 2000 Forest Ridge Drive, Bedford, on the 19th day of July, 2016 with the following members present: Roy W. Turner President Rusty Sartor Steve Farco Roger Fisher Tina Penney Marty Hathaway Constituting a quorum. Also present were: Clifford Blackwell Director of Administrative Services/Treasurer Roger Gibson City Manager/Executive Director Kelli Agan Assistant City Manager Kenny Overstreet Public Works Director Amanda Jacobs Assistant City Secretary/Assistant Secretary CALL TO ORDER President Turner called the meeting to order at 6:00 p.m. APPROVAL OF MINUTES 1. Approval of the January 19, 2016 meeting minutes. Motioned by Director Farco, seconded by Director Fisher, to approve the minutes of the January 19, 2016 meeting. Motion passed 6-0-0. President Turner declared the motion carried. NEW BUSINESS 2. 4B Street Improvement Economic Development Corporation (EDC), Financial Status Report Treasurer Cliff Blackwell presented information on this item. Mr. Blackwell stated that there will be an interest payment of $66,925 for Debt Service made on August 1, 2016; that sales tax receipts through July are currently running 9.61% above last year; that the 4B has three more annual debt service payments remaining until it is completely free of its 2005 GO debt; that the next two payments average to $1.4 million each, with the third payment being $40,000; that in 2019, $1.3 million will be freed up; that staff anticipates bringing in $3,424,423 into the 4B fund by year end, which puts the fund at 1.46% above budget; that total revenue is anticipated to be $3,434,073; that Public Works Staff estimates their expenditures to be $3,258,276 at year end, leaving a $175,797 surplus, which will go in to the fund balance; and that the projected fund balance moving in to FY 16-17 will be $3,889,166. There were no questions from the Board. No action was necessary on this item. 3. Staff report on the status of Fiscal Year 2015-16 projects. Kenny Overstreet Director of Public Works presented information on this item. Listed below are the projects and their status for Fiscal Year 2015-16: • Bedford Court East reconstruction - Design is complete. Project will bid in August 2016. • Bedford Road asphalt mill and overlay: Woodson Drive to Highway 121 and Highway 121 to Industrial Boulevard – Complete. • Bedford Road reconstruction: Somerset Terrace to Brown Trail – Design will be completed in September 2016. • Brookhaven, Cumberland, and Monterrey asphalt mill and overlay – Construction will begin in August 2016. • Cheek-Sparger Road repair: Partnership with the City of Colleyville – Complete. • Concrete panel replacement at various locations – Estimated project completion date in September 2016. • Crack routing and sealing: various locations – Estimated project completion date in September 2016. • Rankin Drive reconstruction – Project delayed to Fiscal Year 2016/2017. • Retaining wall replacement on Central Drive – Complete. • Shady Lake reconstruction: Shady Brook to Lakeview – Project delayed to fiscal year 2018/2019. • Striping and traffic markings: various locations – Estimated project completion date in August 2016. • Wade Drive concrete panel replacement - Estimated project completion date in August 2016. 4. Consider approving an amendment to the Fiscal Year 2015/16 Street Improvement Economic Development Corporation budget in the amount of $23,750. The concrete railing located along the eastbound lane in the 2900 block of Harwood Road was damaged as a result of a vehicle accident on January 8, 2016. The railing was reconstructed using current Texas Department of Transportation specifications and was completed in April 2016. The bridge railing is needed to form a barrier so motorists do not accidentally swerve off of the road and into the creek channel. Staff contacted the driver’s insurance company to file a claim for the damage, and was informed that the policy had lapsed. Texas Municipal League (TML) was also contacted to see if this repair was covered under the City’s umbrella policy, but that was also denied. At the time of the incident, staff discussed which fund should pay for the repair since the railings are there to protect vehicle traffic. It was determined that since the replacement did not have SIEDC Board approval, it would be paid out of the Stormwater Fund until the Board met in July to review and potentially approve 4B funding. If a budget amendment is approved, a journal entry will be completed adjusting funding of the project. TML advised staff that this item would not be covered as the driver was uninsured and pursuing legal action would cost more than the actual repair. Motioned by Director Farco, seconded by Director Sartor, to approve an amendment to the Fiscal Year 2015/16 SIEDC Budget in the amount of $23,750. Motion passed 6-0-0. President Turner declared the motion carried. 5. Consider approval of the proposed Fiscal Year 2016/17 SIEDC Budget. Staff proposes the following improvements for Fiscal Year (FY) 2016-17: • Bedford Court East reconstruction. • Rankin Drive reconstruction - Forest Ridge Drive to Brook Hollow Park. • Bedford Road reconstruction - Somerset Terrace to Brown Trail. • Harwood Road design - West City Limit to East City Limit. • Briarhaven Drive asphalt mill and overlay - Forest Ridge Drive to McClain Road. • Brown Trail asphalt mill and overlay – Harwood Road to North City Limit. • Shady Lane asphalt mill and overlay - Shady Brook Drive to Shady Grove Drive. • Spargercrest Drive asphalt mill and overlay – Forest Ridge Drive to McClain Road. • Bob White Drive, Blue Jay Court, Eagle Drive, Hawk Lane, Warbler Drive and Wren Court asphalt mill and overlay. • Tibbets Drive asphalt mill and overlay – Hospital Parkway to Westpark Way. • Loma Alta Addition asphalt mill and overlay. • Concrete panel repair/replacement: various locations. • Crack routing and sealing: various locations. • Sidewalk and handicap ramp repairs – various locations. • Street light rehabilitation and installation – various locations. • Striping and traffic markings – various locations. • Pedestrian crossing warning system installation – 2800 block of Cummings Drive. Motioned by Director Fisher, seconded by Director Sartor, to approve the proposed Fiscal Year 2016/17 SIDEC Budget, with the exception of the street sweeper and that staff will come back to the Board with a plan to modify the pedestrian crossing warning system. Motion passed 6-0-0. President Turner declared the motion carried. ADJOURNMENT President Turner adjourned the meeting at 7:28 p.m. ____________________________ Roy Turner, President ATTEST: ________________________________ Amanda Jacobs Assistant City Secretary