HomeMy WebLinkAboutAM 4-A Foundation Start up LoanTown of Westlake
To: Members of the Board of the Westlake 4A Corporation
From: Trent Petty, Town Manager
Subject: Meeting of May 12, 2003
Date: May 1, 2003
Consider approval of a project entitled Westlake Academy Foundation Startup Loan.
Staff recommends approval.
In February of 2003, the Board of Aldermen established the Westlake Academy
Foundation for the purpose of furthering the education and economic benefits to be
derived from the Westlake Academy. The Board appointed Mrs. Michelle Corson to be
the Chair of the Westlake Academy Foundation and directed Mrs. Corson and the staff to
immediately begin planning and structuring opportunities to enhance the Foundation.
Mrs. Corson has very effectively and aggressively begun identifying individuals,
corporations and professionals that are willing to assist the Foundation with its startup
planning as well as its first major fund raiser to be held in September of 2003.
The Foundation is intended to be a self-sufficient entity that adds significant value over
costs to the community. Mrs. Corson is a non -paid volunteer as are all the appointees to
the Foundation Board.
There is an immediate need to put the Foundation's best foot forward with printed
materials as soon as possible as well as retaining professional fund raising advice and
assistance from those experienced in fund raising for education interests. The $25,000 is
intended to provide startup printing costs as well as some level of retainer for the firm
that will help with fund raising.
The Academy Foundation will pay the 4A Corporation back for these dollars from
proceeds from its first fundraiser. In no event will the Foundation require more than three
years to repay the loan. Interest on the loan will be calculated at o% APR.
The request meets the criteria for 4A use since it is an identified project that promotes
economic development in the Town by enhancing the attractiveness to residents and
businesses that desire to become a part of the Westlake Academy.
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Present: Bill Greenwood, Chairman
Elton Haynes, Vice Chairman
Scott Bradley, Member
Fred Held, Member
Trent Petty, Town Manager
Stan Lowry, Town Attorney
Ginger Crosswy, Town Secretary
Absent: David Loeser, Member
DRAFT
Item #1: Chairman Greenwood called the meeting to order at 6:43 p.m. by announcing a quorum consisting of Mr.
Haynes, Mr. Bradley, Mr. Held and himself.
Item #2: Review and approve minutes of the meeting held on February 12, 2001. There was a motion by Mr.
Bradley, seconded by Mr. Held, to approve the minutes as presented. There was no discussion and the motion carried
unanimously.
Item #3: Conduct a Public Dearing to consider approving capital projects using 4A funds in the FY 2002/03 budget,
in furtherance on the economic development projects of the Town as authorized in Section 4A of the Texas Revised
Civil Statutes, Ann. Sec. 5190.6. Mr. Petty presented this item to the Board. After a short question and answer
session the Public Hearing was opened at 6:53 p.m. No one wished to address the Board and there was a motion by
Mr. Bradley, seconded by Mr. Held, to close the Public Hearing. There was no discussion and the motion carried
unanimously. The Public Hearing was closed at 6:54 p.m. There was a motion by Mr. Bradley, seconded by Mr.
Held, to approve the budget as presented by the Town Manager. There was no discussion and the motion carried
unanimously.
Item #4: Motion by Mr. Bradley, seconded by Mr. Held, to adjourn. The motion carried unanimously.
The meeting was adjourned at 6:55 p.m.
Approved on , 2003.
William E. Greenwood, Chairman
ATTEST:
Ginger Crosswy, Town Secretary