Minutes TC 12/13/2007 - Special SessionMINUTES OF PUBLIC HEARING/SPECIAL SESSION FOR THE
TOWN OF TROPHY CLUB
LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS
PUBLIC SERVICES CONFERENCE ROOM
Thursday, December 13, 2007
7:00 P.M.
STATE OF TEXAS
COUNTY OF DENTON
The Town Council of the Town of Trophy Club, Texas, met in a Regular Session on Thursday, December 13,
2007. The meeting was held within the boundaries of the Town and was open to the public.
TOWN COUNCIL MEMBERS PRESENT:
Nick Sanders
Mayor
Susan Edstrom
Mayor Pro Tem
Pam Cates
Council Member
Jim Moss
Council Member
Kathleen Wilson
Council Member
TOWN COUNCIL MEMBERS ABSENT:
Philip Sterling Council Member
STAFF AND GUEST(S) PRESENT:
Brandon Emmons Town Manager
Stephen Seidel Assistant Town Manager
A.1 Mayor Sanders called the Regular Session to order at 7:00: p.m. noting a quorum was present.
A.2 Mayor Sanders gave the Invocation
A.3 Pledges.
Pledges did not occur as the flags are not in the Public Services Conference Room.
All matters listed as Consent Agenda are considered to be routine by the Town Council and will be enacted by
one motion. There will not be a separate discussion of these items. If discussion is desired, that item will be
removed from the consent agenda and will be considered separately.
Motion made by Cates; seconded by Wilson approving Consent Item B.1.
Motion passed unanimously without any discussion.
B.1 Consent Agenda: Discuss and take appropriate action regarding the ratification of approval of the
Subdivider's Agreement for an 18.368 acre tract of land known as The Highlands at Trophy Club
Neighborhood 9.
TOWN COUNCIL TO CONVENE INTO PUBLIC HEARING
PUBLIC HEARING
CA Public Hearing: Consider an Ordinance of the Town Council of the Town of Trophy Club
amending and approving a Service and Assessment Plan and Assessment Roll for the Town of
Trophy Club Public Improvement District NO. 1 Initially adopted and pursuant to Ordinance No.
2007-29.
Public Hearing Opened at 7:15 p.m.
No one addressed council.
Public Hearing Closed at 7:16 p.m.
TOWN COUNCIL TO RECONVENE INTO REGULAR SESSION
*REGULAR SESSION
DA Discuss and take appropriate action regarding an Ordinance of the Town Council of the Town of
Trophy Club amending and approving a Service and Assessment Plan and Assessment Roll for
the Town of Trophy Club Public Improvement District NO. 1 Initially adopted and pursuant to
Ordinance No. 2007-29.
Motion made by Edstrom; seconded by Cates to approve.
Town Manager Emmons discussed the interest change in the Service and Assessment Plan (SAP.) The interest
rate was previously capped at 7.25%. However, due to market conditions that rate will be unachievable. The
new rate is anticipated to be 7.75% thus the need to modify the SAP. The listed projects contained in the SAP
will not be affected by the increased interest rate. Mayor Sanders reiterated to Council the sale of bonds to Bank
of America and then Bank of America will resale the bonds to another firm in mid-January. Dan Almon from
Southwest Securities stated they went back to the buyer and asked if there were options for early redemption
dates if it was favorable to the Town. However, once the buyer realized there was no buyer competition, they
were reluctant to do so. Almon does not anticipate any redemption savings until the tenth year due to the higher
interest rate. Town Manager Emmons explained the developer is willing to back down on his up front money to
ensure all the SAP projects are funded. Ben Brooks from Vinson and Elkins reminded Council they had
previously approved a SAP in October and wanted to bring it back for two reasons: due to the Parks projects and
the requested language by the AG who wanted specific project phrasing and to change the interest rate to allow
for a maximum of 8% interest rates.
Kirk Wilson from Centurion Development provided a spreadsheet detailing the schedule, which is below the target
rates of City of Fort Worth.
Dan Almon feels this is competitive rate, even with the higher interest rate. Due to the deteriorating credit market,
the bond market is weaker than it was and everyone should be pleased with the current interest rate for these
bonds.
Trip Davenport with Bank of America Securities stated there is a tremendous amount of interest in the bonds.
Bank of America is going to purchase the bonds and then sell them to another firm in mid-January.
Motion passed unanimously without further discussion.
D.2 Discuss and take appropriate action regarding an Ordinance approving and authorizing the
issuance and sale of the Town of Trophy Club Public Improvement District No. 1 Special
Assessment Revenue Bonds, Series 2007 (The Highlands at Trophy Club Project; approving and
authorizing an Indenture of Trust, a Bond Purchase Contract; a limited offering memorandum, a
continuing disclosure agreement and other agreements and documents in connection therewith;
making findings with respect to the issuance of such Bonds; and providing an effective date.
Motion made by Edstrom; seconded by Moss to approve.
Ben Brooks briefly reviewed the proposed ordinance to Town Council and the changes that were made. Brooks
announced the bond sale date is Thursday, December 20, 2007.
Motion passed unanimously without further discussion
D.3 Discuss, provide input and/or take action as appropriate regarding the following documents and
matters related to the Trophy Club Public Improvement District No. 1 (The Highlands at Trophy
Club) for infrastructure and related improvements:
A. Discuss and take appropriate action on a Construction and Funding Agreement between the
Town and 831 Trophy, L.P. concerning the construction of certain public improvements within
the Town of Trophy Club Public Improvement District No. 1 (The Highlands of Trophy Club
Project).
Motion made by Edstrom; seconded by Wilson to approve.
Town Manager Emmons stated this document detailing how money will be appropriated to various projects has
been before Council several times.
Motion passed unanimously without further discussion.
B. Discuss and take appropriate action on Amendments to the Landowner Agreement for the
Town of Trophy Club Public Improvement District No. 1 (The Highlands of Trophy Club
Project).
Motion made by Wilson; seconded by Cates to approve.
Town Manager Emmons declined to make and further comments on this document.
Motion passed unanimously without further discussion.
E.1 Adjourn.
Mayor Sanders requested that staff three -hole punch and tab all the documents for Town Council files. Dan
Almon from Southwest Securities provided a check to Town.
Motion made by Edstrom; seconded by Cates to adjourn.
Meeting adjourned at 7:50 P.M.
i
Lisa Ramsey, Town Secy6tary
Town of Trophy Club, Texas
7 '
j Susan Edstrom, Mayor Pro Tem
Town of Trophy Club, Texas