HomeMy WebLinkAboutItem 09 - MinutesSTATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE
The City Council and the Grapevine 4B Economic Development Corporation Board of
Directors of the City of Grapevine, Texas met in Executive Session on this the 12th day of
December, 2013 at 8:00 a.m. in the City Council Conference Room, Second Floor, 200
South Main Street, with the following members present to -wit:
C. Shane Wilbanks
Sharron Spencer
Roy Stewart
Darlene Freed
Mike Lease
Chris Coy
Martin Honeycutt
Matt Carnes
Cory Halliburton
Mayor Pro Tem /413 Vice President
Council Member /413 Member
Council Member
Council Member /413 Member
Council Member
Council Member /413 Member
4B Member
4B Member
4B Member
constituting a quorum, with Mayor /413 President William D. Tate absent, with the following
members of the City Staff:
Bruno Rumbelow
City Manager
Jennifer Hibbs
Assistant City Manager
John F. Boyle, Jr.
City Attorney
Matthew Boyle
Assistant City Attorney
Jodi C. Brown
City Secretary
Mayor Pro Tern Wilbanks called the meeting to order at 8:03 a.m.
ITEM 1. EXECUTIVE SESSION
Mayor Pro Tern Wilbanks announced the City Council and the Grapevine 4B Economic
Development Board of Directors would conduct a closed session regarding:
(A) Real property relative to deliberation or the exchange, lease or value of real property
relative to economic development pursuant to Section 551.072, Texas Government Code.
Upon reconvening in open session in the Council Chambers, Mayor Pro Tern Wilbanks
asked if there was any action necessary relative to the closed session. City Manager
Bruno Rumbelow stated the City Council and the 4B Economic Development Corporation
Board of Directors met in Executive Session discussing the potential purchase by the City
from the Gardens of Grapevine of 185 acres, currently in bankruptcy, bounded by FM2499
on the west, State Highway 121 North on the east and Grapevine Mills Boulevard to the
south. The purchase price for the subject tract is $29.5 million. In November 2013, the
12/12/13
City had an appraisal performed by Ben Dyess and Associates which estimated the value
of the property at $43 million. The City's purpose in this purchase is to remove the
property from bankruptcy; perform a master plan; and to market the property for sale to
recoup the investment.
As a result of the closed session, Assistant City Attorney Matthew Boyle presented to the
4B Board a resolution authorizing the expenditure of up to $29.5 million in 4B Economic
Development Corporation funds for the purchase of real estate, including the use of up to
$10 million of 4B fund balance; contingent upon the reimbursement of 4B funds in the
event of the sale of all or a part of the real estate being acquired; and authorizing the
publication of the notice relative to the issuance of debit for the remaining $19.5 million
consistent with and pursuant to Chapter 505 of the Local Government Code. Assistant City
Attorney Boyle stated during this public meeting, the 4B Board would conduct a public
hearing to receive public comment and then consider the presented resolution.
Grapevine 4B Vice President Wilbanks declared the public hearing open. Vice President
Wilbanks asked if anyone wished to speak and it was noted that no one present wished to
speak.
Following comments by 413 Board Member Freed relative to involvement with speculative
real estate investing and the scheduling of an additional public hearing, Assistant City
Attorney Boyle stated that Section 2 of the proposed resolution affirms the publication of an
additional notice of a public hearing to be held prior to the issuance of the debit and that
the City Council would conduct a public hearing on Tuesday, December 17, 2013.
4B Board Member Honeycutt, seconded by 4B Board Member Halliburton, offered a
motion to approve the resolution as presented. The motion prevailed by the following vote:
Ayes: Wilbanks, Spencer, Honeycutt & Halliburton
Nays: Freed & Carnes
Absent: Tate
RESOLUTION NO. 4B 2013 -02
•.
YAM --rMakyj I N g
NOTE: There being no further 413 Board business to consider, the 4B Board meeting was
adjourned.
Mayor Pro Tern Wilbanks stated the public would have an opportunity to offer comments
during a public hearing on Tuesday, December 17, 2013 and Assistant City Attorney Boyle
stated the public would also have an additional opportunity to comment during a future
public hearing prior to the issuance of the debt.
r]
12/12/13
City Manager Rumbelow requested the City Council authorize the expenditure of up to
$29.5 million of 413 Economic Development Corporation funds for the purchase of the 185
acres of real estate, including the use of up to $10 million of the 4B fund balance.
Council Member Stewart, seconded by Council Member Lease, offered a motion to
approve as recommended. The motion prevailed by the following vote:
Ayes: Wilbanks, Spencer, Stewart & Lease
Nays: Freed & Coy
Absent: Tate
.9 • •
Council Member Freed, seconded by Council Member Lease, offered a motion to adjourn
the meeting at 9:29 a.m. The motion prevailed by the following vote:
Ayes: Wilbanks, Spencer, Stewart, Freed, Lease & Coy
Nays: None
Absent: Tate
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE,
TEXAS on this the 7th day of January, 2014.
Jodi C. Brown
City Secretary
3
WiNaWATIwel
William D. Tate
Mayor