Minutes 9/9/24

MINUTES OF THE JOINT REGULAR MEETING OF THE TYE ECONOMIC DEVELOPMENT CORPORATION AND THE TYE INDUSTRIAL DEVELOPMENT CORPORATION, TYE, TEXAS

MONDAY, SEPTEMBER 9th, 2024

6:00 PM

The Tye Economic Development Corporation and the Tye Industrial Development Corporation met for a Regular meeting on Monday, September 9th, 2024, at 6:00 PM, at 649 Scott Street, Tye, Texas 79563 in Suite 111.

  1. Call to Order: – Janie Ritter, Vice-President of the Board of the Tye Economic/Industrial Development Corporations called the meeting to order at 6:00 PM.

 

Members Present – Janie Ritter, Barbara Kotrlik, Linda Parsons, Dannelle Flippo, Amye Amerine, Ken Arnold (6:02 PM)

 

Members Absent – George Deffenbaugh

 

Others Present – CEO Cody Ellis, Mayor Greg Treadwell, Interim Public Works Director Ronald Stamper, Jason Moore

 

  1. Invocation:Given by Linda Parsons.

 

  1. Visitor/Citizen Comments: – At this time, any person with business not scheduled on the agenda may speak to the Board of Directors. No formal action can be taken on these items at this meeting. Speaking time may not exceed three (3) minutes without the consent of the Board of Directors.

 

Mayor Greg Treadwell thanked the Corporations for their sponsorship of the Labor Day Celebration at Rister Park, and he expressed interest in having more events like that in the future.

 

  1. Discuss and Consider: Approval of the joint minutes for both TEDCO and TIDCO from August 12th, 2024.

 

Motion made by Linda Parsons to approve the joint minutes for both TEDCO and TIDCO from August 12th, 2024. Amye Amerine seconded the motion. Motion carried.

 

  1. Discuss and Consider: Approval of the financials for both TEDCO and TIDCO for August 2024.

 

Staff explained to the Boards that our CD Accounts that are listed in the financial reports as TEDCO CD FFB # 1 & TIDCO CD FFB # 1 had matured that same day. Staff stated that Board President, George Deffenbaugh, was consulted the previous week, and Staff and the Board President had made the decision to close out those accounts. The balance of those CD’s will be auto deposited into our main checking accounts. The Boards had discussed this course of action in previous meetings. Staff reiterated that our ultimate goal is to close out our small CD accounts and diversify the Corporation’s funds and open up CD accounts at other financial institutions that have higher interest rates. Staff also mentioned that we will take a significant portion of the funds that are in our checking accounts for both TEDCO and TIDCO and invest them in CD’s in January when TIDCO’s other CD account matures and we are able to close it out.

 

Motion made by Amye Amerine to approve the financials for both TEDCO and TIDCO for August 2024. Barbara Kotrlik seconded the motion. Motion carried.

 

  1. Discuss and Consider: Adopting Resolution R-24-02 Budget for TEDCO and Resolution R-24-03 Budget for TIDCO for the 2024-2025 Fiscal Year.

 

Staff presented the Budgets to the Boards for both TEDCO and TIDCO for the 2024-2025 Fiscal Year. Staff explained to the Boards that since there is still not a quorum of City Council Members in place, the Corporations are legally required to begin the Fiscal Year with the exact same budget that was passed during the 2023-2024 Fiscal Year. Staff reiterated that the new Budgets are able to be amended when a quorum of City Council Members are in place. Staff also mentioned that Budget Amendments for the current 2023-2024 Fiscal Year would also be required in categories where we had overages in some line items this year. Staff stated that Budget Amendments and Resolutions for the 2023-2024 Fiscal Year will be ready for the Boards to review, approve, and adopt next month, and for the City Council to hopefully review, approve, and adopt in November. Staff also stated that Budget Amendments and Resolutions for the 2024-2025 Fiscal Year will be ready for the Boards to review, approve, and adopt at our November meeting, and for the City Council to hopefully review, approve and adopt in November.

 

Motion made by Amye Amerine to adopt Resolution R-24-02 Budget for TEDCO and Resolution R-24-03 Budget for TIDCO for the 2024-2025 Fiscal Year. Dannelle Flippo seconded the motion. Motion carried.

 

  1. Discuss and Consider: Adopting Resolution R-24-04 Investment Policy for TEDCO and Resolution R-24-05 Investment Policy for TIDCO for the 2024-2025 Fiscal Year.

 

Staff presented the Investment Policies to the Boards for both TEDCO and TIDCO for the 2024-2025 Fiscal Year. Staff explained that the grammatical error in Section 8 that was mentioned at the last meeting had been corrected. Linda Parsons pointed out 2 more grammatical errors in Section 11 in the second paragraph that needed to be corrected: change “arrangement” to “arrangements”, and change “Investment officer” to “Investment Officer”.

 

Motion made by Barbara Kotrlik to adopt Resolution R-24-04 Investment Policy for TEDCO and Resolution R-24-05 Investment Policy for TIDCO for the 2024-2025 Fiscal Year with the changes mentioned and direct Staff to make those changes in both policies. Linda Parsons seconded the motion. Motion carried.

 

  1. Discuss and Consider: Nominate and elect officers for both TEDCO and TIDCO for the 2024-2025 Fiscal Year.

 

Staff explained that TEDCO and TIDCO’s Corporation Bylaws state that a President, a Vice-President, and a Secretary/Treasurer, must be selected at the beginning of every Fiscal Year. Staff then briefly shared the differing roles and responsibilities of each Board Officer position. The Boards then held an open discussion where it was collectively agreed by all Board Members to keep the current Board Officers in their positions.

 

Motion made by Linda Parsons to nominate and elect George Deffenbaugh as President, Janie Ritter as Vice-President, and Barbara Kotrlik as Secretary/Treasurer, of both TEDCO and TIDCO for the 2024-2025 Fiscal Year. Ken Arnold seconded the motion. Motion carried.

 

  1. Discussion Only: Executive Director’s report regarding current projects.

 

Staff mentioned that the Labor Day Celebration at Rister Park was a big success with a great turnout and Staff thanked the Boards for sponsoring the event.

 

Staff also shared that the new City Council Members will be sworn in at a ceremony tentatively scheduled for November 12th with a tentative first City Council meeting date of November 18th. Staff mentioned that once Council meetings start back up that will allow us to move forward with projects again.

 

Staff noted that Turbo’s Liquor Store will be opening soon at our 315 North Street rental property and had posted an announcement on social media that was well received by the community.

 

  1. Adjournment: Motion made by Ken Arnold to adjourn at 6:48 PM. Dannelle Flippo seconded the motion. Motion carried.

 

__________________________                                                ______________________________

Janie Ritter/Vice-President                                                                  Cody Ellis/CEO

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