REGULAR MEETING OF THE CITY OF RED OAK

INDUSTRIAL DEVELOPMENT CORPORATION

MONDAY, JULY 24, 2006 – 6:30 PM

RED OAK CITY HALL

200 LAKEVIEW PARKWAY

RED OAK, TEXAS

MINUTES

1. Call To Order - President Robnett called the meeting to order at 6:31 p.m.

2. NEW BUSINESS
   
   1. Consideration of approving the minutes of the June 26, 2006 Regular Meeting of the Red Oak Industrial Development Corporation.  Member Patton made the motion, seconded by Vice President Wilson to accept the minutes as read. The motion was unanimous.
       
   2. Consideration of approving the absence of Vice President Wilson and Secretary Smart for the June 26, 2006 Regular Meeting of the Red Oak Industrial Development Corporation.  President Robnett made the motion, seconded by Member Patton to approve the absence of Vice President Wilson and Secretary Smart for the June 26, 2006 Regular Meeting of the Red Oak Industrial Development Corporation. The motion was unanimous.
       
   3. Consideration of approving a land sale of approximately 2.115 acres in the Red Oak Industrial Park to Stanley Restoration for the relocation of their headquarters, at a price of $40,000 per acre.  Vice President Wilson made the motion, seconded by Secretary Smart to approve a land sale contract for approximately 2.115 acres in the Red Oak Industrial Park with Stanley Restoration for the relocation of their headquarters, at a price of $40,000 per acre contingent upon City Attorney approval. The motion was unanimous.
       
   4. Consideration of approving a vehicle trade-in and purchase of a new vehicle by the Red Oak Industrial Corporation.  Secretary Smart made the motion, seconded by Vice President Wilson to approve a vehicle trade-in and purchase of a new vehicle by the Red Oak Industrial Development Corporation specifying that the purchase should be the best deal available at the time of purchase since rebates would fluctuate with the end of the month. The motion was unanimous.
       
   5. Consideration of approving an amendment to the Fiscal Year 2006 Budget of the Red Oak Industrial Development Corporation by transferring $16,000 from Incentive Development to Capital Expenditures Vehicles.  Secretary Smart made the motion, seconded by Member Patton to approve an amendment to the Fiscal Year 2006 Budget of the Red Oak Industrial Development Corporation by transferring $16,000 from Incentive Development to Capital Expenditures Vehicles.
       
   6. Discussion concerning the preliminary Fiscal Year 2007 Budget of the Red Oak Industrial Development Corporation.  Discussion concerning the preliminary Fiscal Year 2007 Budget of the Red Oak Industrial Development Corporation. The Board suggested a revision to the format of the budget. Discussion only, no action taken.
       
3. EXECUTIVE SESSION  Pursuant to Section §551.072 of the Texas Government Code (the “Act”), the Board reserves the right to convene in Executive Session(s), from time to time as deemed necessary during this meeting for any posted agenda item, to discuss the value of land as permitted by law.Pursuant to Section §551.087 of the Texas Government Code (the “Act”), the Board reserves the right to convene in Executive Session (s), from time to time as deemed necessary during this meeting for any posted agenda item, to discuss the offer of financial incentives to business prospects as permitted by law.In addition, the City Council will convene in Executive Session under Sections §551.072 and §551.087 of the Act for the following:
   
   1. Consideration of approving a land sale of approximately 2.115 acres in the Red Oak Industrial Park to Stanley Restoration for the relocation of their headquarters, at a price of $40,000 per acre. Board did not convene into Executive Session.
       
4. STAFF COMMENTS AND REPORTS
   
   1. Todd Fuller, Director of Economic Development – Update on Trans Texas Corridor, UDC revision, planning and projects.
5. ADJOURNMENT Vice President Wilson made the motion, seconded by Secretary Smart to adjourn the meeting at 8:12 p.m. The motion was unanimous.Vice 

Submitted by: ________________________

Jim Robnett, President

Attested: _______________________________

Brian Smart, Secretary