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07-22-02 4B MinMinutes of the Westlake Development Corp. Board of Directors meeting TOWN OF WESTLAKE, TEXAS MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE WESTLAKE DEVELOPMENT CORPORATION July 223 2002 Present: Scott Bradley, Chairman Buddy Brown, Member Fred Held, Member David Brown, Member Dr. Joseph Bonola, Member Trent Petty, Town Manager Stan Lowry, Town Attorney Ginger Crosswy, Town Secretary Absent: Don Redding, Member Randal Reed, Member Item #1: Mayor Bradley called the meeting to order at 6:04 p.m. by announcing a quorum consisting of Mr. Held, Mr. Buddy Brown, Mr. David Brown, Dr. Bonola and himself. Ttem #2: Conduct a Public Hearing to consider approval of a loan to the Westlake Civic Center Corporation the amount of $1,477,168.80 for the purchase of property for the Westlake Civic Campus, in furtherance of the economic development projects of the Town as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. Sec. 5190.6. Mr. Petty explained this item to the Board. The public hearing was opened at 6:06 p.m. After several questions the public hearing was closed. There was a motion by Chairman Bradley, seconded by Mr. Buddy Brown, to declare the Westlake Civic Campus site a project in furtherance of the economic development of the Town as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. Sec. 5190.6. There was no discussion and the motion carried unanimously. After a lengthy question and answer session there was a motion by Dr. Bonola, seconded by Mr. David Brown, to authorize the loan of $1,477,168.80 for the purchase of property for the Westlake Civic Campus. There was no discussion and the motion carried unanimously. Item #3: Conduct a Public Hearing to consider approval of a loan to the Utility Fund in the amount of $118,887.00 for construction of the Keller/Westlake elevated storage tank and water mains, 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. Mr. Petty gave the background on this item. The Public Hearing was opened at 6:20 p.m. After several questions the Public Hearing was closed. There was a motion by Mr. Buddy Brown, seconded by Mr. Held, to declare the Keller/Westlake elevated storage tank and water mains a project in furtherance of the economic development of the Town as authorized in Section 4B of the Texas Revised Civil Statutes, Ann. See. 5190.6. There was no discussion and the motion carried unanimously. After a short question and answer session there was a motion by Dr. Bonola, seconded by Mr. David Brown, to approve this loan. There was no discussion and the motion carried unanimously. ,m #4: Motion by Mr. Buddy Brown, seconded by Mr. Held, to adjourn. The motion carried unanimously. The meeting was adjourned at 6:30p.m. http://www.westlake-tx.org/agendas/4bm072202.httn 01/30/2003 bir6tes of the Westlake Development Corp. Board of Directors meeting Page 2 of 2 Scott Bradley, Chairman ATTEST: Ginger Crosswy, Town Secretary V http://www.westlake-tx.org/agendas/4bm072202.htm 01/30/200")