BACKGROUND
The Sachse Economic Development Corporation's (EDC) Treasurer prepares a report each month to update the Board concerning the current year's budget monitoring. This month's report consists of the summary EDC report presented to the City Council covering July 2023. Also included is a preliminary line-item report and balance sheet for August 2023.
RECOMMENDATION
Accept the monthly revenue and expenditure report for the period ending July 31, 2023.
BACKGROUND
The Finance Department provides a Quarterly Investment Report to provide an overview of investment activity details for Checking, Money Market, Investment Pool, and Certificate of Deposit accounts. The same Quarterly Investment Report was accepted by City Council on September 5, 2023.
POLICY CONSIDERATION
Texas Government Code 2256.023 of the Public Investment Act (PFIA) requires not less than quarterly, the investment officer prepare and submit a written report of investment transactions for all funds covered by the Investment Policy and that the report shall be presented not less than quarterly to each governing body within a reasonable time after the end of the period. The City's Investment Policy is to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of Sachse and conforming to the PFIA and all other State and local statutes governing the investment of public funds.
RECOMMENDATION
Accept the Quarterly Investment Report for the quarter ending June 30, 2023.
BACKGROUND
Announcements are made at this time for informational purposes only.
POLICY CONSIDERATION
There are no policy considerations affiliated with this item.
RECOMMENDATION
Receive any reports and presentations by the Sachse Economic Development Corporation President, Board Members, Executive Director, and staff regarding items of community interest; special events; announcements and activities; office, industrial, commercial, or retail business retention; and marketing projects.
BACKGROUND
As required by Texas Local Government Code, a Type B corporation shall hold at least one public hearing on a proposed project before spending money to undertake the project.
OVERVIEW
On July 20, 2023, the Sachse Economic Development Corporation authorized the City Manager as Executive Director of the EDC to negotiate and execute an economic development agreement on behalf of the EDC with Bunker Hill Retail, LLC.
On August 7, 2023, the Sachse City Council authorized the City Manager to negotiate and execute an economic development agreement on behalf of the City of Sachse with Bunker Hill Retail, LLC.
POLICY CONSIDERATION
The Economic Development Policy (Resolution 3387) states that "the City and the SEDC may, notwithstanding this policy, provide economic development incentives and/or establish economic development programs on a case-by-case basis that promote economic development, create employment opportunities, increase sales tax and property tax revenue."
RECOMMENDATION
Conduct a public hearing for Bunker Hill Retail, LLC for an infrastructure project generally located along Bunker Hill Road and Miles Road in Sachse, Texas.
BACKGROUND
As required by Texas Local Government Code, a Type B corporation shall hold at least one public hearing on a proposed project before spending funds to undertake the project.
OVERVIEW
On July 20, 2023, the Sachse Economic Development Corporation authorized the City Manager to negotiate and execute an incentive agreement for Project Fern on behalf of the Economic Development Corporation.
On August 7, 2023, the Sachse City Council authorized the City Manager to negotiate and execute an economic development agreement on behalf of the City of Sachse for Project Fern.
POLICY CONSIDERATION
The Economic Development Policy (Resolution 3387) states that "the City and the SEDC may, notwithstanding this policy, provide economic development incentives and/or establish economic development programs on a case-by-case basis that promote economic development, create employment opportunities, increase sales tax and property tax revenue."
RECOMMENDATION
Conduct a public hearing for Leela's Five, LLC "Project Fern" for an infrastructure project generally located at 5415 The Station Boulevard.