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08-28-00 4B Agenda PacketNotice of Board of Aldermen meeting Page 1 of 1 TOWN OF WESTLAKE, TEXAS .. ,4 Ai NOTICE OF MEETING � 1 Notice is hereby given that the Board of Directors of the Westlake Development Corporation of the Town of Westlake, Texas, will meet at 5:45 p.m. on Monday, August 28, 2000, in Suite 207, 3 Village Circle, in the Town of Westlake, Texas. The Board will consider the following agenda: 1. Meeting called to order. 2. Conduct a Public Nearing to consider approving the increased expenditure of 4B sales tax funds in an amount not to exceed $9,000.00 to Perez/Freese & Nichols for the Town's Water and Wastewater Rate Study, in furtherance of the economic development projects of the Town of Westlake as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. sec. 5190.6. 3. Conduct a Public Hearing to consider approving the expenditure of 4B sales tax funds in an amount not to exceed $588,852.00 for the Town's share of water and sewer infrastructure as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. sec. 5190.6. 4. Adjournment. LJ of tj V 181 I certify that the above notice was posted on the front door of the Town Hall of the Town of Westlake, 3 Village Circle, Suite 207, Westlake, Texas, on Friday, August 25, 2000, at 5:00 p.m., under the Open Meetings Act, Chapter 551 of the Texas Government Code. Y ing Crosswy, Town S retary The Board of Aldermen may at any time convene into executive session as authorized by Chapter 551 of the Texas Government Code to discuss any item posted on the agenda. If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town Secretary 48 hours in advance at 817-430-0941 and reasonable accommodations will be made to assist you. http://www.westlake-tx.org/agendas/4ba082800.htm 08/25/2000 TO: Members of the Board of Directors of the Westlake Development Corp. FROM Trent Petty, Town Manager SUBJECT: Board Meeting dated August 28, 2000 DATE: August 25, 2000 Conduct a Public Hearing to consider approving the increased expenditure of 4B sales tax funds in an amount not to exceed $9,000.00 to Perez/Freese & Nichols for the Town's water and wastewater rate study, in furtherance of the economic development projects of the Town of Westlake as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. Sec. 5190.6. Staff recommends approval of this expenditure. This Board met at 6:00 p.m. on Monday, April 10, 2000 and approved this item expenditure in an amount not to exceed $21,150.00. In an effort to keep the water and sewer rates as low as possible, more hours were spent in determining the rates than was originally anticipated. Therefore, the Perez/Freese & Nichols bills exceeded the approved expenditure by $8,868.85. The Town has available funds in its 413 sales tax fund. In order to authorize the expenditure, a public hearing must be held. This expenditure is not expected to have any operational impact to the Town. To: Members of the Board of Directors of the Westlake Development Corp. From: Trent Petty, Town Manager Subject: Board of Aldermen Meeting, August 28, 2000 Date: August 25,2000 Conduct a Public Hearing to consider approving the expenditure of 4B sales tax funds in an amount not to exceed $588,852.00 for the Town's share of water and sewer infrastructure as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. Sec. 5190.6. Staff recommends approval. Pursuant to an Interlocal Agreement with the City of Southlake, the Town agreed to certain financial obligations which would enhance economic development projects such as Fidelity, G1enWyck Farms, and properties to be served by the proposed Kirkwood Branch sewer line. Specifically, the Town is required to participate with Southlake as follows: 1. $148,287 for the construction cost for the Town's share (45.8% of total) of all pro -rata and oversizing reimbursements for the N -I Sanitary Sewer line; 2. $344,661 for the construction of the sewer line from the Dove lift station; and 3. $142,251 for the Town's share (3%) of participation in the Denton Creek Regional Wastewater System/Denton Creek Pressure System. This amount totals $635,199; however, the developers of GlenWyck Farms have already contributed $46,347 for their development, thereby reducing the Town's total payment to $588,852. The Town has available funds in its 4B Sales Tax Fund. In order to authorize the expenditure, a public hearing must be held. This expenditure is not expected to have any operational impact to the Town.