REGULAR MEETING OF THE CITY OF RED OAK

INDUSTRIAL DEVELOPMENT CORPORATION

MONDAY, FEBRUARY 27, 2006 – 6:30 PM

RED OAK CITY HALL

200 LAKEVIEW PARKWAY

RED OAK, TEXAS

MINUTES

1. Call To Order - Vice President Robnett called the meeting to order at 6:30 p.m.

2. NEW BUSINESS

A. Consideration of approving the minutes of the November 28, 2005 Regular Meeting of the Red Oak Industrial Development Corporation.

Member Smart made the motion, seconded by Member Patton to accept the minutes as read.  The motion was unanimous.
    
B. Consideration of approving a President of the Red Oak Industrial Development Corporation.

Member Smart made the motion, seconded by Secretary Wilson to approve the appointment of   Jim Robnett as President of the Red Oak Industrial Development Corporation.  The motion was unanimous.
        
C. Consideration of approving a Vice-President of the Red Oak Industrial Development Corporation.

Member Smart made the motion, seconded by Treasurer Byers to approve the appointment of Ron Wilson as Vice-President of the Red Oak Industrial Development Corporation.  The motion was unanimous.

D. Consideration of approving a Secretary of the Red Oak Industrial Development Corporation.

Secretary Wilson made the motion, seconded by Vice-President Robnett to approve the appointment of Brian Smart as Secretary of the Red Oak Industrial Development Corporation.  The motion was unanimous.

E. Consideration of approving a Treasurer of the Red Oak Industrial Development Corporation.

Secretary Wilson made the motion, seconded by Member Smart to approve the appointment of Clint Byers as Treasurer of the Red Oak Industrial Development Corporation.  The motion was unanimous.       

F. Discussion concerning the sale of commercial Ovilla Road frontage property in the Red Oak Industrial Park to Red Oak Depot Two, Ltd.

Discussion to set a Special Meeting of the Red Oak Industrial Corporation to further discuss the sale of commercial Ovilla Road frontage property in the Red Oak Industrial Park to Red Oak Depot Two, Ltd.  No action taken. 

G. Consideration of authorizing bank signatories for the Red Oak Development Corporation.

Secretary Wilson made the motion, seconded by Member Smart to authorize addition of Ken Pfeifer, City Manager, and Chandra Patton, Member of Red Oak Industrial Development Board, as bank signatories for the Red Oak Development Corporation.  The motion was unanimous.

H. Discussion concerning a vehicle trade-in & purchase for the Red Oak Industrial Development Corporation.

Discussion to perform a vehicle trade-in and purchase on the 2006 Budget; discussion on resale value; discussion to research whether a mini-van would be feasible.  No action taken.

I. Discussion concerning Ovilla Road frontage property in the Red Oak Industrial Park.

Discussion concerning curb cuts for Ovilla Road frontage property in the Red Oak Industrial Park.  No action taken.

J. Discussion and consideration of approving a broker selection committee and designating members to serve on the committee.

Member Patton made the motion, seconded by Vice President Robnett to approve a broker selection committee and designating Clint Byers and Jim Robnett to serve on the committee with Brian Smart serving as an alternate. Also approved inviting the Red Oak Economic Development Corporation and the Red Oak City Council to nominate one member each to the committee.  The motion was unanimous.

K. Consideration of approving the repayment of $20,000 for the construction of a sewer line on SH342, to Blackstone Developers per the contract executed May 15, 2004.

Member Smart made the motion, seconded by Treasurer Byers approving the repayment of the $20,000 for the construction of a sewer line on SH342, to Blackstone Developers per the contract executed May 15, 2004.  The motion was unanimous.

 III. STAFF COMMENTS AND REPORTS

A. Todd Fuller, Director of Economic Development – Update on Vision 2020.     
IV.    ADJOURNMENT

Member Smart made the motion, seconded by Vice President Robnett to adjourn the meeting at 8:33 p.m.  The motion was unanimous.

Submitted by: ________________________

Jim Robnett, President

Attested: _______________________________

Ron Wilson, Vice President