April Denton Business Chronicle 2011 by Denton Media Company

2 Denton Business Chronicle

Apr. 11

Monthly News Recap 3-1

United Way misses its 2010 fundraising goal United Way of Denton County leaders blamed a weak economy after their fundraising drive missed its target for the second straight year. The 2010 campaign ended Feb. 28 with more than $1.96 million raised, below the goal of $2.4 million. Still, donors and volunteers deserve praise for their work, campaign chairman David Martino said. Last year, the agency fell $67,000 short of its $2.45 million fundraising goal, forcing social service agencies that receive aid from United Way to cut budgets and programs. The agencies will

see another reduction this year, meaning there will be less aid for those in need, Martino said. Donations help fund the United Way and its 25 partner agencies, which offer various community services including food, clothing, child and senior care, health care, rent and utility assistance, and crisis counseling. 3-4

PUC orders northern route for power line The Public Utility Commission of Texas ordered Oncor on Thursday to take a northern route around Ray Roberts Lake as it builds a 345kilovolt power line from Krum to Anna.

The order came after more than 700 intervenors filed tens of thousands of pages of documents, provided four days of testimony to a panel of state judges, paid millions in legal fees for help with the ninemonth battle and packed several rooms on the seventh and eighth floors of the William B. Travis Building in Austin last week to make their final, direct pleas to commissioners.

Volunteers filled 569 bags with trash and recyclables Saturday during Keep Denton Beautiful’s 2011 Great American

Cleanup. More than 1,200 volunteers — including school groups, community organizations, business owners and individuals — tidied about 90 locations throughout the city. The Great American Cleanup is an annual community improvement program that takes place across the country between March 1 and May 31. Denton’s cleanup event is held each year on the first weekend in March. Last year, about 2,000 volunteers collected six tons of trash and items for recycling, Jannibah Coleman, volunteer and program coordinator with Keep Denton Beautiful said. This year, volunteers filled an estimated 169 small trash bags,

joined UNT in 2003 as the associate director for transportation services, and for the past seven months, has been UNT’s interim director of parking and transportation. Before joining UNT, the 30year veteran of the transportation industry worked for 18 years with the Capital Metropolitan Transportation Authority in Austin, specializing in university-related transportation and acting as liaison between the transportation authority and the University of Texas. I Argyle resident Brian Jarvis has been promoted to president and chief operating officer for Andrew Logistics Inc. The Irvingbased company provides thirdparty logistics services, including dedicated Jarvis contract carriage, contract warehousing and freight management. The company is relocating to new headquarters in Southlake, a move expected to be complete by June.

Most recently, Jarvis served as vice president of finance and administration for Andrew Logistics, responsible for overseeing the company’s corporate administration, in addition to managing the company’s finances, benefits, insurance and information technology programs, according to a news release. Jarvis graduated from Baylor University in 1996 with a degree in business administration. I Stephanie Stephens was recently named executive director of the Lakes Cities Chamber of Commerce. “I have truly enjoyed my time getting the chamber’s new office off the ground and working with our fabulous board of directors and members,” outgoing director Holly Deitrick said in a recent email. I Shady Shores resident Brad Andrus was recently promoted to vice president and branch manager of First State Bank’s upcoming third location in Denton. Andrus presently serves on the planning and zoning board for the town of Shady Shores

3-6

Great American Cleanup nets tremendous haul

165 large trash bags and 235 recycling bags, said Mendie Schmidt, event and outreach coordinator for the organization. 3-10

Downtown transit center sees movement Denton’s long-awaited downtown transit center was expected to host its first transit today. The Denton County Transportation Authority planned to move its central bus service to the new transit center at 604 E. Hickory St., starting with this morning’s routes. The former bus hub at Williams Square, a half-mile to the | CONTINUED ON PAGE 11

Career Advancement Bill Kendrick of First United Bank in Denton was recently recognized as one of the bank’s top mortgage producers, earning a position in the Winner’s Circle. Kendrick, who joined First United Kendrick last year, has been helping people become homeowners for the past 22 years, said a news release. “Bill is a valued professional who consistently provides the highest level of service, customer satisfaction, and goes well above and beyond the call of duty,” bank officials said in the release. Kendrick produced more than $13.2 million in loan volume last year, the release stated. Each year, the top mortgage loan consultants at First United Bank are recognized in three categories — the Chairman’s Club, with loan volume of at least $24 million; President’s Club, $18 million to $24 million; and Winner’s Circle, at least $12 million. First United Bank has branches in Krum, Sanger and Denton. I

Jeffrey N. Sowards, Argyle resident and regional director for Modern Woodmen of America, earned membership into the company’s 2010 Regional Director Round Table. Sowards Sowards earned this distinction for his leadership and high achievement in life insurance sales, according to a news release. Modern Woodmen of America is a fraternal society that offers financial services and member benefits to families and individuals. I University of North Texas officials recently named Joe Richmond as the university’s new director of transportation and parking. Richmond was selected March 1 from among three finalists to lead Richmond parking and transportation services in the newly created position. He

and is an active member of the community, ac cording to a news release. Andrus is also a Leader on Loan for the United Andrus Way of Denton County and a 2006 graduate of Leadership Denton. The new First State Bank branch on Teasley Lane, between CVS Pharmacy and Sam Houston Elementary School, is expected to open this fall.

April 2011 | Vol. 7, No. 2 Publisher: Bill Patterson The contents of this free publication are copyrighted by Denton Publishing Company, 2011, a subsidiary of A.H. Belo Corp. (www.ahbelo.com, NYSE symbol: AHC), with all rights reserved. Reproduction or use, without permission, of editorial or graphic content in any manner is prohibited. Denton Business Chronicle is published monthly by Denton Publishing Company, 314 E. Hickory St., Denton, TX 76201. E-mail: drc@dentonrc.com

Contents |

April 2011

Calendar of Events Altrusa International Inc. of Denton meets for its monthly dinner and program at Vigne Wine Shop & Deli, 222 West Hickory St. Cost is $10 per person. Call 940-387-5031 or visit www.altrusadenton.org. Tuesday, April 28, 6:30 p.m.

American Association of University Women, Denton Branch meets at Fremaux’s Metropolitan Catering, 932 W. University Dr. Visit www.aauwdenton.org.

Creek Town Hall, 1075 Ronald Reagan Ave. Wednesday, May 4, 7 p.m.

Home Builders Association of Greater Dallas, Greater Denton Division has its monthly meeting and luncheon at the Prairie House restaurant, 10001 U.S. Highway 380 in Cross Roads. Cost is $15 for associates and builders with reservations and $18 for walk-ins. Call 940-383-0853. Tuesday, April 26, 11:30 a.m.

Wednesday, May 4, 6 p.m.

Association of Business Contingency Planners, North Texas Chapter has its monthly luncheon at Boy Scouts of America, 1325 W. Walnut Hill Lane in Irving. Cost is $35 per person. Visit http://northtx.acpinternational.om/Meetings.htm. Tuesday, May 3, noon

Aubrey Chamber of Commerce meets at the Prairie House Restaurant at 10001 E. U.S. Highway 380 in Cross Roads. Cost is $12 per person. Reservations are required. Call 940-365-9781 or e-mail chamber@aubreycoc. org.

Features

Index

16 | ROOM TO SPARE?

Census figures paint skewed portrait of everchanging area housing market.

On the cover: Denton’s Meadows at Hickory Creek subdivision is one of the lucky few seeing new-home sales. Photo by David Minton

Wednesday, May 18, 11:30 a.m.

Coffee Club and Investment Perspective hosted by financial adviser Kathy R. Bauer of Edward Jones at 2925 Country Club Road, Suite 101A, in Denton. Call 940382-0280. Thursday, April 21, 9 a.m. Thursday, May 19, 9 a.m.

Denton Black Chamber of Commerce meets at the Denton Housing Authority, 1225 Wilson St.

Krum Chamber of Commerce holds its monthly meeting at Northstar Bank, 1101 E. McCart St. in Krum. Call 940-482-6093.

Dawn Cobb Managing Editor 940-566-6879 | dcobb@dentonrc.com Sandra Hammond Advertising Director 940-566-6820 | shammond@dentonrc.com Shawn Reneau Advertising Manager 940-566-6843 | sreneau@dentonrc.com

Friday, May 6, 7:45 a.m. Friday, May 13, 7:45 a.m.

North Texas Society for Human Resource Management meets at Holiday Inn Hotel and Suites, 1434 Centre Place Drive in Denton. Cost to attend is $18 for members and first-time guests, and $23 for returning non-members Visit www.north texasshrm.org. Thursday, April 28, 11:15 a.m.

at Daniel’s Air and Plumbing

Wednesday, April 20, 9 a.m.

at Chick-fil-A

Wednesday, April 27, 9 a.m.

Wednesday, May 4, 7:15 a.m.

Wednesday, May 4, 9 a.m.

at Lake Dallas City Hall

Wednesday, May 11, 9 a.m.

Wednesday, May 11, 7:15 a.m. at First Western Title Co.

Lake Cities Netweavers business networking group meets at the IHOP restaurant off Interstate 35E in Hickory Creek. Cost is $12 and includes breakfast. Email info@lcnetweavers.com. Thursday, April 14, 8 a.m.

Small Business Breakfast meeting sponsored by the North Central Texas College Small Business Development Center at the Denton Chamber of Commerce building. A light breakfast is provided. Call 940-380-1849. Tuesday, May 10, 7:15 a.m.

Thursday, April 21, 8 a.m. Thursday, April 28, 8 a.m.

Denton League of United Latin American Citizens No. 4366 meets at the Denton Senior Center, 509 N. Bell Ave.

Lake Dallas 4A Economic Development Corp. meets at Lake Dallas Municipal Complex, 212 Main St.

Women Business Owners of Denton County will hold its monthly luncheon at Oakmont Country Club, 1901 Oakmont Drive in Corinth. Tuesday, May 3, 11:30 a.m.

Monday, May 2, 7 p.m. Please tell us about your event or

Lake Dallas 4B Community Development Corp. meets at Lake Dallas Municipal Complex, 212 Main St. Monday, May 9, 7 p.m.

Wednesday, April 27, 6:30 p.m.

Hickory Creek Planning and Zoning Commission meets at Hickory

Friday, April 29, 7:45 a.m.

Wednesday, April 27, 7:15 a.m.

Wednesday, April 20, 7:15 a.m.

Thursday, May 5, 8 a.m.

Wednesday, May 11, 6:30 p.m.

Friday, April 22, 7:45 a.m.

SCORE, the Service Corps of Retired Executives, offers free management counseling for prospective new business owners or existing businesses in trouble. Confidential, one-hour counseling sessions are available by appointment every Wednesday at South Branch Library, 3228 Teasley Lane. Call 940-3498752.

Lake Cities Chamber of Commerce meets for coffee at Daniel’s Air and Plumbing, 209 S. Shady Shores Road; Chick-fil-A, 4481 FM2181; Lake Dallas City Hall, 212 Main St.; and First Western Title Co., 217 S. Stemmons Freeway in Lewisville.

Tuesday, May 10, 6 p.m.

Denton Planning and Zoning Commission meets in the council chambers at City Hall, 215 E. McKinney St.

NMC Networking Group meets at Le Peep, 1345 S. Loop 288. E-mail stucker@apostleradio. org. Breakfast is optional.

Thursday, May 5, 6:30 p.m.

Saturday, May 21, 9:00 a.m.

Who to contact

meeting by e-mailing Karina Ramírez at kramirez@dentonrc.com, by fax at 940-566-6888; or by mail to DBC Calendar, Denton Record-Chronicle, 314 E. Hickory St., Denton, TX 76201. She also can be reached at

NAACP, Denton County Chapter meets at the Denton Housing Authority, 1225 Wilson St. Thursday, May 12, 7 p.m.

940-566-6878.

Denton Business Chronicle

Apr. 11

4 Denton Business Chronicle

Apr. 11

Enterprising Voices

Real investors hope stocks fall “If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? ... Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.” — Warren Buffett

ast fall, I wrote three columns on how to value a business, because we believe buying businesses at discounts to what they are truly worth leads to investment success. The first column focused on the cash-generating power of a business and the present value of all future cash that might be

Jonathon FITE | available to its owners. The second article in the series explored the asset value of businesses and what a smart businessperson might be willing to pay for a company’s equipment and existing customer relationships. Finally, a discussion of “net-nets” concluded the series by looking at opportunities where companies trade below the liquidation value of their

cash and inventory. This discussion of valuation seemed important as both stock and bond prices had seen a tremendous rise from their crisis lows. The easy money was off the table. In fact, wellregarded funds like Fidelity’s Magellan Fund, which had a great run in 2009, underperformed the typical market benchmarks in 2010. This is why my business partner and I found it odd that market participants seemed rather cheery with renewed calls for “Dow 15000.” Our final article of 2010 cautioned greed had returned to the markets. Now, three months into 2011, we have witnessed extraordinary events. Revolutions, both peaceful and not so, have

Nothing seems to be fazing investors these days. Entering 2011, several risk factors permeated the market ... All these risks still exist and, with recent events, more have been added. Yet, few seem to care. spread across the Middle East. Natural disasters and the devastation that followed in its wake have ravaged Japan. Beyond the human tragedy and

the national struggle, ripples of chaos have spread across corporate supply chains worldwide. Food and oil costs keep climbing while our friends in Europe continue to struggle with their own sovereign debt issues. It has been interesting to witness the effect of these events on worldwide markets. Japan’s stock market, reflected by the Nikkei 225 Index, dropped 20 percent immediately after the earthquake and tsunami but recovered more than half that decline within a week. In the U.S., year-to-date highs began to pull back as Middle East tensions drove oil prices up. But this, combined with the shocking news of Japan’s twin disasters, only drove U.S. stocks, as measured by the Dow Jones Industrial

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Average, down 6.5 percent from their recent February peaks. As this is penned, almost all of those declines have been recovered. Nothing seems to be fazing investors these days. Entering 2011, several risk factors permeated the market — the soonto-be-completed Round 2 of the Federal Reserve Bank’s “quantitative easing,” which could drive up the cost of borrowing; the reality of rising input costs, which could compress corporate profits; and the unsustainable fiscal policies that limit our options to respond to future financial crises. All these risks still exist and, with recent events, more have been added. Yet, few seem to care. A recent Wall Street Journal article showed continued outflows from bond funds into stocks over the past several months. It finally seems the

By applying the various valuation techniques to businesses you understand, it is during times of panic you can put your cash to work. Chasing yesterday’s gains, or running with the crowd, makes it difficult to experience outsized returns. average investor has woken up to the fact that most long-term bonds are terrible values today. Given the fact that these investors earn nothing by holding cash and the specter of inflation will likely destroy its purchasing power over time, it’s no surprise these investors are now rushing into stock funds. Who can blame them? But, rather than blindly shifting from one asset class to another, shouldn’t these investors have been a bit more discerning and taken the time to tell the difference from what is hot and what is cheap? Nah. Everyone seems happy when they open their monthly or quarterly statement and see the

prices of their holdings are higher than the period before. Given the stock market’s incredible rise over the past two years, folks who missed out on these gains are finally piling back in with little concern for valuation. But as Mr. Buffett so plainly illustrated in the letter quoted at the top of this column, this is exactly the type of behavior true investors shouldn’t display. Real investors should be hoping for a major pullback in the stock prices of businesses they want to own. By applying the various valuation techniques to businesses you understand, it is during times of panic you can put your cash to work. Chasing yesterday’s gains, or running

with the crowd, makes it difficult to experience outsized returns. But, by differentiating when things are cheap and when they are expensive, such returns are much more likely. In my own investment partnership, the cash hoard built late last year has been reduced as certain new opportunities have appeared. The Japanese crisis and Middle East turmoil created opportunities to snap up incredibly cheap bargains in Japan. And, for a brief time, we were able to buy select U.S. companies with world-dominating franchises at prices that implied their future prospects would be perpetually dim. Buying these high-quality businesses at such bargain

Apr. 11

prices is a recipe for long-term success. But such bargains are much harder to find than they were over the past couple of years. While our fund’s cash hoard is lower than a few months ago, it is still very healthy compared to the last several quarters. We continue to hope for a good dose of fear so, as real investors, we can buy when things are cheap. In the meantime, we will keep looking for businesses we would love to own. JONATHON FITE is a managing partner of KMF Investments, a hedge fund based in Denton. Comments may be sent to Jonathon. Fite@KMFInvestments.com.

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6 Denton Business Chronicle

Apr. 11

Business Mixers Denton Black Chamber of Commerce The Denton Black Chamber of Commerce held its annual banquet, themed “Big Dreams and Doing Big Things,” on Saturday, March 5 at the University of North Texas Gateway Center. Keynote speaker was Jim Austin, who co-founded the National Multicultural Western Heritage Museum and Hall of Fame, formerly known as the Cowboys of Color Museum and Hall of Fame, in Fort Worth, with his wife, Gloria Reed Austin, the museum's executive director. Also at the event, chamber officials gave scholarships and recognized the banquet’s organizers for their hard work.

Reggie Hill, left, Gloria Reed Austin, Jim Austin, John Baines and Kerry Goree attend the Denton Black Chamber of Commerce banquet on March 5 at the University of North Texas Gateway Center.

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Denton Business Chronicle

Denton Chamber of Commerce

Apr. 11

The Denton Chamber of Commerce’s annual banquet was held Thursday, March 24 at the University of North Texas Gateway Center. Recognized were: former Denton Mayor Perry McNeill, Otis L. Fowler Award; Gina Atkinson of Courtyard by Marriott, ambassador of the year award; Captain America and the Avengers team, led by Laura Babcock of Welch Brand Insurance and Monty Naylor of MC Naylor, ambassador team of the year award; and Larry Parker of Denton Depot, volunteer of the year award.

CLOCKWISE FROM TOP LEFT: Mike Trimble, left, and former Denton Mayor Perry McNeill Hank Dickenson, left, Chuck Fremaux and Larry Parker Larry Parker, left, and Monty Naylor of MC Naylor Larry Parker, left, and Gina Atkinson

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Apr. 11

Enterprising Voices

City sees return on investment O

n occasion, I am asked about the incentives that the city provides to businesses. Some people question if we are really giving away more than we receive for these projects. I decided to look at the overall performance of each of the agreements so that I could address future questions of this nature. In 2010, I compiled the data through 2009, and this is what I found. The nine projects receiving incentives from 19992009 generated $8.75 million in new property taxes and $6.6 million in sales tax, and resulted in the creation of more than 2,400 jobs. The return on investment is 385 percent — or nearly four times our incentive

Linda RATLIFF | investment. Now that 2011 is here, I’ll begin compiling the data for a 2010 report. Here’s a little history on incentives in Denton: The city developed its original taxabatement policy in 1989 to attract new businesses to Denton and to encourage existing businesses to expand. The

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intent was to establish publicprivate partnerships that would, in the long term, result in a diversified and expanded tax base for the city. The process for negotiating and approving incentive agreements has changed very little over the years. Currently, developers and/or businesses contact the economic development department when seeking incentives. Department staff review each request and provide economic impact information to the Economic Development Partnership board. The board reviews requests and staff analyses before making recommendations to the City Council for consideration. In addition to tax abatements,

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the city also has provided Chapter 380 grants to various projects. The grants have been based on the project’s performance in generating either property tax or sales tax. Probably our most talked about incentive went to the Rayzor Ranch project — at least it’s the one people ask me about most. This agreement is a Chapter 380 grant that will provide the developer with a portion of the sales tax generated by the project. The developer has several thresholds that must be met before receiving any incentive, the first being a minimum of 400,000 square feet of commercial development on the north side of U.S. Highway 380. Currently, the development has

about 360,000 square feet of space. We expect the developer to reach the threshold this year or next, at which time the incentive payment can be doled out. Denton is very conservative when awarding incentives. We have all heard the horror stories where cities have written checks up front to lure businesses to their community, only to have the company close soon after, leaving the community with no return on investment. Our city leaders want to be sure that our incentives are based on true partnerships, where each party wins. LINDA RATLIFF is the director of economic development for the city of Denton. She can be reached at 940-3497774. Her e-mail address is linda.ratliff@cityofdenton. com.

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Enterprising Voices

utgoing board chairman Hank Dickenson presented a brief report of key achievements for the 2010-11 chamber year during the recent 102nd annual membership meeting. The new program year began April 1. “Chamber 101” was the foundation of Hank’s program theme. The bimonthly new member orientations were retitled “Chamber 101,” and with the assistance of Sheri deWet and the staff of the Small Business Development Center, training and support efforts were doubled by implementing the monthly Smart Business 101 lunch series. A new website and a new membership database managed by a company specializing in customized chamber needs were launched last April. An added benefit associated with the chamber’s website allows members to have their own miniwebsite, and a special promotions component called Hot Deals. Carolyn Corporon of Sally Beauty Systems Group, Kim Pollard of Bookkeeper Girl and Sharon Venable of Texas Woman’s University were instrumental in the Women in Commerce conference, with plans for a second, similar event on May 20. Following a series of presentations at area public hearings, Hank emphasized that the chamber was taking part in an aggressive course of action to persuade the Denton County Transportation Authority board to retain weekend service in its service plan. The DCTA’s A-train passenger rail line will now seamlessly connect downtown

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CARPENTER | CONTINUED ON PAGE 10

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Denton Business Chronicle

Apr. 11 The Quebe Sisters

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Denton to the Dallas Area Rapid Transit’s line in June. In February, the chamber teamed with individuals from the Denton City Council, the Denton school board and representatives from both universities to make personal, prearranged visits with more than 30 key state legislators while in Austin for Denton County Days. Joint position statements addressed not only funding for Denton-based public entities, but also encouraged authorization for managed lanes on Interstate 35E, as well as legislative redistricting. Hank noted that managed lanes “appear to be the least painful and most realistic way to expand the volume of I-35[E] in a timely manner.” Through the late fall, the chamber helped coordinate a series of meetings with all three Denton County state representatives, and state senators from the North Texas region, as well as the chief of staff for U.S. Rep. Michael Burgess. “Our collective message,” Hank explained, “was to retain and maintain Denton as the primary base for one or more state legislative and U.S. congressional districts. We were adamant that the Legislature not take the

SATURDAY, APRIL 30

9:00 pm

Chuck CARPENTER |

E-mail photos (200 DPI or higher) to drc@dentonrc.com

1 01

Chamber plans events, lauds past year’s work O

Mix with us

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These roving musicians will begin their performances on the Roving River Stage and will perform at 2 other locations in the north park. Friday 5:30 pm JR Byrd Band Saturday 10:00 am Yancy Stevens Trio 11:00 am Don McRay 12:00 pm Island Boogie 1:00 pm Richmond Punch 2:00 pm Rhythm Tribe 3:00 pm Razzmajazz 4:00 pm Eric Bailey 5:00 pm Joe Tucker 6:30 pm Chris Watson Band Sunday 11:00 am Chisholm Trail Cowboys 12:00 pm Jazzcats 1:00 pm Lico Reyes 2:00 pm Bard’s Crossing 3:00 pm Charley Lee 4:00 pm Linda Atwell 5:30 pm Joe Pat Hennen

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10 Enterprising Voices

Denton Business Chronicle

Apr. 11

CARPENTER | CONTINUED FROM PAGE 9

expanding, contiguous population of Denton County to pad some state senate district that stretches out somewhere near Abilene.” Chuck Fremaux and Priscilla Sanders coordinated an exceptionally successful Celebrity Chefs event last October, which featured nearly 30 chamber member restaurants and food service professionals. Net proceeds from this event helped fund some major upgrades to office computers. Hank commended a multiyear effort by the chamber’s Convention and Visitors Bureau, focusing on many different Super Bowl XLV initiatives. He noted that the visitors bureau fulfilled its obligation to help staff the media center in downtown Dallas despite exceptionally harsh weather conditions. Other highlights of the past 12 months included announcements by the chamber’s

Check out the Denton Business Chronicle online at dentonrc.com/businesschronicle

Economic Development Partnership that Target Corp. had selected Denton as the location for its 450,000-squarefoot, state-of-the-art distribution facility for its perishable and frozen foods, eventually creating up to 150 new jobs. Schlumberger Ltd. officials announced they will locate their central maintenance facility at Granite Point. The company plans to employee about 100 people. The 25th class of Leadership Denton graduated last April; the current class will graduate during the next membership luncheon, set for Friday, April 29 at Fremaux’s Metropolitan Catering. Applications for the next class will be available soon. CHUCK CARPENTER is the president of the Denton Chamber of Commerce. He can be reached at 940-362-9693 or dcoc@denton-chamber.org.

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west, will play host to the main stage of the four-day 35 Conferette starting today. But the relocation of Denton Connect bus service is permanent, even though part of the transit center is still under construction. 3-13

Denton Black Chamber hosts annual banquet

The Denton Black Chamber of Commerce held its annual luncheon March 5. Mary Segova and Robin Myles, banquet committee co-chairwomen, were recognized for their contributions to the event, which was themed “Big Dreams and Doing Big Things.” Keynote speaker was Jim Austin, who co-founded the National Multicultural Western Heritage Museum and Hall of Fame, formerly known as the Cowboys of Color Museum and Hall of Fame, in Fort Worth with Gloria Reed Austin, his wife and the museum’s executive director. Also at the event, chamber officials gave two $500 scholarships to the Fred Moore Day Nursery School and to the NAACP scholarship fund.

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12 Cover Story

Denton Business Chronicle

Apr. 11

Deconstructing the market

Part of a housing development lies beyond a temporary barrier at the end of an unfinished street at The Preserve at Pecan Creek subdivision on April 2 in Denton.

By By Rachel Mehlhaff and Karina Ramírez | Photography by David Minton

“A home like this — you can find a buyer,” Bob McMurtrey, a local real estate agent, says confidently at an open house April 3. At only three days on the market, the house has seen a substantial amount of interest, he says. The owners of the 2,047square-foot house on Tealwood Lane in Corinth have made all the necessary preparations to sell the house. Gone are the personal items.

New carpet’s been laid. Chrome fixtures gleam, reflecting light cast by the modern ceiling fans mounted in nearly every room. The 11-year-old house is listed for $169,900, which McMurtrey, an agent with McKissack Realty Group, says is a reasonable price considering the changes that

have been made. McMurtrey’s wife, Carla, listing manager for McKissack, says people want a house that is ready to move into. Not as many buyers are purchasing new homes, she says, instead buying houses already lived in, but that don’t need fixing up. “Buyers are and can be picky

right now,” Bob says. Carla says she’s seeing two types of potential buyers right now: Those who want to downsize and decrease their house payments, or upsize to get more square footage for a lower price — a popular option in a buyer’s market. And while the housing inventory is available, sales are down. According to data from the Real Estate Center at Texas A&M University, only 292 Denton County homes were sold in February, a drop from 300

homes sold in January and a 19 percent fall from the number sold a year ago. Statewide, nearly 12,000 existing single-family homes were sold in February, a 10 percent drop from a year ago, the center reported. EXISTING INVENTORY Rita Rogers, owner of Dentex Realty in Argyle, has been spending most of her time selling existing homes — many whose owners know the state of the housing market, but still don’t want to give in to a lowball

offer, she said. “Homeowners are not giving their houses away,” Rogers said. Sellers want the best price for their home, she said, and are more patient and willing to wait for that perfect offer. Brad McKissack, operating partner for McKissack Realty Group, said sellers better price their houses right in this market. The Real Estate Center reported that Denton County’s median home price — which stands at $160,900 — increased 4 percent from February 2010 to this February. In Texas, the median home price — now at $145,800 — also saw a slight bump, up by 3 percent since February 2010. More inventory and low interest rates continue to make it a buyer’s market, McKissack said. “If you are a buyer, this is the time to buy,” he said. “We are seeing interest rates begin to go back up.” He is seeing a lot more people buying homes priced between $100,000 and $150,000. McKissack said buyers are “getting a lot more home for their money.” New homes are still selling, he said, but potential buyers interested in newly constructed homes will see fewer of them available when they’re ready to buy.

SLOWED DEVELOPMENT Because there is more existing inventory, home building has slowed. Over the past few years, the Denton housing market has changed drastically, Mark Cunningham, Denton’s director of planning and development, said in an e-mail. Single-family home construction in Denton has declined every year since 2005, Cunningham said — with the exception being 2010, when construction increased 5 percent over the previous year. In 2005, Denton issued more than 1,200 permits for single-family homes. In 2010, only 340 were issued. Cunningham said there are no new developments being constructed, but subdivisions with vacant lots have remained under construction, and are seeing slow sales. Near Unicorn Lake, the four-

13 Denton Business Chronicle

Apr. 11

Two families tour an open house in Corinth on April 3.

The frame of a new house goes up amidst empty, overgrown lots at Tuscan Hills near Unicorn Lake. year-old Tuscan Hills gated community can be seen in various stages of development, with 22 completed houses, four houses under construction and up for sale, and 106 empty lots. “As we opened up out there, the market was good — toward the middle of 2007,” said Kent Key, owner of Kent Key Custom

Homes, developers of Tuscan Hills. “Then in 2008, that’s when the housing market started crashing. Then came the standstill in 2009.” Like others, he says the market’s been slow lately. “I don’t look for 2011 to be a great year, but it will definitely be a better year than 2009 and

2010,” Key said. He said Mercedes Homes, the company building Tuscan Hills’ four under-construction homes, went in with an above-average price point in mind and high hopes of capturing a “niche” market. The houses are priced between $300,000 and

$750,000. Stewart Parker, regional president for Mercedes Homes, said the reason new homes aren’t being built is simple: Home prices are falling. People are able to buy an existing home for less than a new one, he said, so if they don’t like something about the older home, they can afford renovations or upgrades. “This is a bad situation for home builders,” he said. “I would say that’s probably one of the threats to new home construction.” Builders’ costs are already high, he said. Then developers slash the asking price of newly constructed homes in an effort to compete with the existinghome market. All this combines to make the new-home market unsustainable for developers. “Frankly, the market is such that we don’t glean as much profit,” Parker said. But, he said, people are still buying new homes — that is, as long as the home is “unique.” Many of Tuscan Hills’ potential buyers are retirees or will | CONTINUED ON PAGE 14

14 Cover Story

Denton Business Chronicle

Apr. 11

| CONTINUED FROM PAGE 13

retire soon, Parker said, and seniors “are not looking for the same features and benefits and room count as people in their 30s.” It’s a different buyer, he said — they want larger rooms but less space. Another group drawn to Tuscan Hills seems to be parents whose children have left for college, Parker said — people who

don’t need 5,000 square feet but are unwilling to lose the amenities available in high-end communities. Across town, the Westglen development in northwest Denton appears to thrive by comparison. The two-and-a-half-year-old development has 50 constructed homes and three under construction. But it has only eight empty lots, which Key attributes to Westglen’s lower prices —

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said Jessica Hansen, director of investor relations with the builder, and offers homes between $129,000 and $179,000. Nearly 300 homes dot the development, with eight currently for sale. Key said Denton is attracting more new construction than other North Texas areas because space is hard to come by in the Dallas-Fort Worth region. “Denton is poised to gain a lot of growth over the next 10 years just because we have the space available,” Key said. But even as lots grow over with weeds and new homes languish unoccupied, even with plenty of people dreaming of buying their own home, a potential problem looms.

An occupied home sits between several houses under construction at The Preserve at Pecan Creek subdivision in Denton on April 2. buying process more difficult. “We could complete a transaction in less than 30 days with no problem [before]; now, it is more like 45 days,” Rogers said. Britt Watson, a mortgage lender with Point Bank, agreed that the process is taking longer. “Although rates are low, it is harder for loans to get approved,” Watson said. “Regulations are stricter; it is harder to get deals done.”

BEFORE THE HOME, THE LOAN Rogers, the Dentex Realty owner, said tighter lending restrictions are making the home

Brian Wilson, branch manager at Fairway Independent Mortgage Corp. in Denton, said the perception that bankers hinder the loan process is a “myth.” “We are 10 percent off last year’s number, that is true,” he said. “But that is in direct relation to not having a first-time homebuyer program.” Last year’s federal tax credits — $8,000 for first-time homebuyers and $6,500 for longtime

homeowners looking to move up — created a rush of activity in the housing market through summer, when the credits expired. This year, although buyer activity is up compared with the lows of 2009, some potential buyers don’t have what they need to get a loan, Wilson said. “If the credit profile is down, it is tougher to be able to qualify,” Wilson said. “There are lots of families that would like to buy, but don’t have the credit.” He said he sees many potential buyers who just don’t have the credit scores needed to qualify for a home loan. Their debtto-income ratio is high; they make late payments; they can’t afford a downpayment. But all is not lost, because with effort and perseverance, and by working with their real estate agent, Wilson said, potential buyers can make strides toward qualifying for a home loan. “If Realtors would do their jobs up front to get their clients to prequalify, that would help

borrowers get into better position,” he said. “It gives lenders more confidence that the Realtor has done their job. It also ensures sellers that the job will be performed effectively.” OPEN HOUSE SUCCESS Bob and Carla McMurtrey aren’t worried about lender restrictions during their open house; they just want to make new contacts and show people what’s available. “That’s what makes an open house exciting,” Bob McMurtrey says after a potential buyer — one of the serious ones, as he calls them — leaves. They don’t know if they found a buyer today, but the open house was a success in any case, the McMurtreys say, because the potential buyers they met here may buy a different house from them sometime soon. RACHEL MEHLHAFF can be reached at 940-566-6889. KARINA RAMÍREZ can be reached at 940-566-6878.

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16 Cover Story

Denton Business Chronicle

Apr. 11

Area vacancy figures unreliable By Michael E. Young and Ryan McNeill

The Census Bureau’s colorkeyed map of housing vacancies sweeps across much of North Texas in a rolling, restful green — signs of neighborhoods where there might be a house or two for sale, or a few empty apartments, but otherwise demonstrating a sturdy stability. And then there are those few isolated pockets of crimson, a crisis sign almost any way you look at it. According to the 2010 census, they are places where at least half of the housing stock sits empty. Some are expected places — neighborhoods in transition and areas where tough times hit hardest. But they also pop up in the booming ’burbs, in places like McKinney and Frisco,

where the populations doubled and tripled between 2000 and 2010. It almost defies logic, until you remember that for all its historic durability, the decennial U.S. census captures what is essentially a moment in time, a national snapshot. And as soon as it’s taken, things change. For instance, a home or apartment could be vacant at the time of the count (April 1, 2010) and filled just weeks later. That can include seasonal and vacation properties. “That’s the unfortunate thing about the census,” said Carmen Moran, director of Development Services in Addison, where timing found one area in mid-transformation — old apartment buildings coming down, new

“The census caught us right after we tore all those old units down. We’re growing, but to the census we’re down.”

ones going up, and very few residents in any of them. The result was a net population loss of 1,110 people for the town — and a bright red blotch on the vacancies map. “The census caught us right after we tore all those old units down,” Moran said. “We’re growing, but to the census we’re down.”

— Carmen Moran, director of Development Services in Addison

Vickery Meadow

New Park Lane site’s opening skews data Even in a region marked by dramatic shifts in racial and ethnic diversity, Dallas’ Vickery Meadow neighborhood stands out. Home to a large Central American population, it also houses refugees from many

other parts of the world, including a considerable number from sub-Saharan Africa. One of the most densely packed places in the city, the vibrancy of life here takes place in an aging, crumbling shell. Built originally to house young singles and couples during one of Dallas’ periodic

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growth spurts, it eventually became a place where modest rents attracted families, many of them recent arrivals to the United States. Five or six people sometimes filled spaces designed for one or two — 53,000 people living in about 15,000 apartments. But given its location, near a DART rail station at Park Lane and NorthPark Center, redevelopment began nibbling at the edges. Over the past five or six years, some of the old apartment buildings came down as developers saw the area’s potential, said Angelina Avalos, executive director of the Vickery Meadow Improvement District. “We did lose some,” Avalos said. “Timber Creek Crossing, that was over 900 units. And the city purchased Acacia, so we

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United Way of Denton County, Inc.

Members of the 2011

Denton Business Chronicle

Apr. 11

United Way of Denton County is honored to recognize the members of the Pillars of Education. Pillars of Education provides a collective vehicle for educators to make a direct impact in the lives of thousands of people in Denton County beyond the classroom. These community leaders have shown their dedication to creating lasting change in our community.

Thomas Babb

Dr. Ray Braswell

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David McCullar

Roger Rutherford

Julie Simpson

James Springston

Dennis Stephens

Ernie Stripling

ATC

Central Services

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Melanie Cooper-Lewis, Central Services Mary Helen Martin, Central Services Debbie Monschke, Central Services Val Morgan, Central Services Courtney Swindle, Denton High Andrew Boyer, Ginnings Elem. Heather Hattori, Guyer High Cynthia Ueland, Hawk Elem. Karen Crozier, Harpool Middle Kristen Hicks. Harpool Middle Holli Rice, Harpool Middle Rachel Thomas, Harpool Middle Kathy Nations, Lee Elem. Samm McAlister, McMath Middle Maria Luna, Pecan Creek Elem.

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18 Denton Business Chronicle

Apr. 11

Cover Story | CONTINUED FROM PAGE 16

lost some there.” Still, she couldn’t imagine how the area could have a vacancy rate of more than 50 percent. A mixed-use development off Park Lane opened just as the economy dipped, Avalos said, “and at the time of the census, that probably had a low occupancy rate.” And other factors can make collecting accurate information difficult, she added. Some residents are illegal immigrants and unwilling to talk with someone from the government. Many work two jobs and are rarely at home. “And some of the people are living in apartments that aren’t furnished,” she said. “So even if someone peeked through the windows, it would look empty.” Frisco

Apartments debut just 4 months before count Along the ever-expanding edges of Frisco, the national mortgage crisis and the corresponding plunge in real estate sales was mostly a story about somewhere else and, if anything, a chance for the area to catch its breath. “When you look at vacancies, we don’t see anything alarming,” said John Lettelleir, director of Frisco’s Development Services. “And when we look to see if there’s a concentration of foreclosures, we see we’re in better shape than other cities are, even across the country.” So what about that red splotch along Lebanon Road near Teel Parkway? Turns out it’s a largely undeveloped area with a very nice single-family development in the center, Lakeside at Lone Star Ranch. Along its northeastern edge, there’s a new 344-unit apartment complex called Lebanon Ridge. But Lebanon Ridge, which isn’t a part of Lone Star Ranch, opened only a couple of months before census takers counted empty and occupied housing units.

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“We only opened the leasing office in December of ’09,” said Teri Hawkins, who works leasing at Lebanon Ridge. Today, Lebanon Ridge is 92 percent occupied.

The census showed signs of robust growth in almost every corner of North Texas over the past decade — almost everywhere but Addison. The city of 14,000-plus in 2000 lost more than 1,100 by 2010, and Carmen Moran knows why. The first phase of the new Savoye apartments on Vitruvian Way had just started leasing a year ago. That left a lot of vacant apartments. To prepare for the project, developers had torn down 1,300 older units to make room. “Long-term, they’ll put in twice as many units as we had,” said Moran, Addison’s development director, “but with the timing, it dropped our population in the area by something like 2,500.” What a difference a year makes: The units are now 94 percent filled.

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McKinney

Times Square project’s rough patch hits hard North Texas largely escaped the worst of the mortgage market meltdown and real estate collapse, but not completely. In McKinney’s Craig Ranch development just north of State Highway 121 between Custer Road and Alma Drive, a mixeduse project called Times Square, with 313 apartments and 88,000 square feet of retail space, went into foreclosure in November 2009. The project, which cost about $52 million, was eventually sold to Mid-America Apartment Communities of Memphis, Tenn., last August for $31.25 million. By then, census numbers were in. | CONTINUED ON PAGE 19 DM

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And in an area largely covered by the TPC Craig Ranch golf course, having 313 housing units mostly unoccupied sent the vacancy rate soaring, city officials said. With the new ownership in place, Times Square is gradually building up occupancy, according to the city. “Our planning people called to ask about occupancy,” said Anna Clark of McKinney’s communications department, “and they said it’s about 20 percent now. But that’s all been very recent.” Arlington

Bridge closure adds to area’s difficult times In the sprawling apartment complexes just west of North Collins Street in Arlington, years of highway construction on nearby Interstate 30 sure took a toll. “Part of Collins and that

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bridge over I-30 were shut down for almost two years,” said Jill Willis, property manager for the Stone Canyon and Hidden Valley apartment complexes. “I think that had a lot to do with the occupancy rates here.” The tough real estate market didn’t help either, Willis said, with some complexes, most dating to the 1980s, “going from hand to hand to hand to hand” in sales and foreclosures. Add in news reports about crime in the area, and occupancy rates at some complexes dropped to 40 percent and lower. “With the road closing down, that kind of stuff, and the bad rap they had over here, that hurt,” she said. “But I hope all that is changing. And if all of these complexes are well-occupied, that’s going to help.” MICHAEL E. YOUNG and RYAN McNEILL are staff writers for The Dallas Morning News.

LIENS

Apr. 11

The following liens were posted in March at the Denton County Clerk’s office.

STATE TAX LIENS NAME/ADDRESS TYPE Blythe N. Walker, 816 Jennifer Court, Sanger Limited Sales, Excise and Use Tax Brandon N. Reed, 1800 Jason Drive, Apt. 222, Denton Limited Sales, Excise and Use Tax Clarence T. Lane and Lanco Enterprises, 4005 Windmill Drive, Sanger Unemployment Taxes, Interest Taxes and other charges Glenn M. Odell, 1509 Cardinal Way, Aubrey Limited Sales, Excise and Use Tax HJB Enterprises Inc., P.O. Box 98, Krum Unemployment Taxes, Interest Taxes and other charges Intergalactic Sports Entertainment LLC, 256 N. Highway 377, Pilot Point Limited Sales, Excise and Use Tax Jack S. Speer, 644 Lloyds Road, Little Elm Mixed Beverage Gross Receipts Tax Sonia M. Marr, 2650 FM407E, Suite 145, Bartonville Limited Sales, Excise and Use Tax

AMOUNT $1,206.76 $1,207.81 $2,347.80 $3,893.54 $2,084.37 $3,217.59 $8,055.77 $1,207.81

REC. DATE 03/16/2011 03/16/2011 03/21/2011 03/16/2011 03/07/2011 03/17/2011 03/21/2011 03/16/2011

$512.49 $715.98 $1,214.10 $1,757.84 $2,870.15 $1,263.79 $839.41

03/17/2011 03/16/2011 03/23/2011 03/17/2011 03/17/2011 03/23/2011 03/23/2011

$182,913.32 $70,391.85 $31,296.63 $356.00 $19,276.66 $37,774.10 $5,333.85 $3,181.16 $6,926.07 $7,349.78 $32,028.14

02/11/2011 02/23/2011 02/23/2011 02/11/2011 02/11/2011 02/10/2011 02/10/2011 02/10/2011 02/11/2011 02/11/2011 02/23/2011

RELEASE OF STATE TAX LIENS Bobby Dowdle, 135 Ringneck Drive, Sanger Carl K. McClure, 26626 US Highway 380E, Aubrey Chris Wiman, 3401 Marymount Drive, Denton Elizabeth D. Shuman, 111 E. University Drive, Suite 112, Denton Jireh Ventures Inc., P.O. Box 52061, Denton Ned B. Lemond Jr., 1520 Canvasback, Aubrey Robert K. McCauley, 1107 Shady Oaks Drive, Denton

Limited Sales, Excise and Use Tax Limited Sales, Excise and Use Tax Limited Sales, Excise and Use Tax Filed in error Filed in error Filed in error Limited Sales, Excise and Use Tax

FEDERAL TAX LIENS Al Mar Housekeepers of Texas Inc., 410 Canyon Oaks Drive, Argyle Alex A. Mejia, P.O. Box 943, Little Elm Arthur D. Phillips, 3306 Bob O Link Lane, Denton Bigger Than Life LLC and Church Staff Resources, 2712 Loon Lake Road, Denton Bill D. Lutz, 6404 Stonecrest Road, Argyle Cody L. Sherman, 508 Lois St., Aubrey Curtis D. Sparlin, 609 S. 3rd St., Sanger Curtis Dale Sparlin and Sparlin Construction Co., 609 S. 3rd St., Sanger Curtis Dale Sparlin and Sparlin Construction Co., 609 S. 3rd St., Sanger David V. and Tessy W. Baugher, 2617 Pinto Drive, Denton Dewey Richardson, 150 Hidden Oaks Trail, Bartonville

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DENTON COUNTY Lease: Adams-Day Heirs (SA) Operator: Devon Energy Production Co. LP Location: 926.633-acre unit, J. Cheshier Survey, A-225; 3.6 miles SW of Justin Field: East Newark (Barnett Shale) Total Depth: 7565'

Total Depth: 9000'

3721 S I-35E Denton, TX 76208

940.566.5290 State School Rd

Apr. 11

OIL AND GAS LISTINGS The following oil and gas reports for the month of March were posted by oilandgasreports.com LLC, P.O. Box 1540, Corpus Christi, TX 78403. For more information, visit www.oilandgasreports.com.

dentonrc.com/businesschronicle

Teasley Ln

Denton Business Chronicle

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290 DM

Vital Statistics

Please recyle this paper.

Denton Business Chronicle

OIL AND GAS LISTINGS

| CONTINUED FROM PAGE 20

Total Depth: 8489'

Lease: DCCO 2-Shoop E (SA) Operator: Devon Energy Production Co. LP Location: 3794.21-acre unit, MEP&P RR Co. Survey, No. 111, A-914; 3 miles W of Ponder Field: East Newark (Barnett Shale) Total Depth: 7833'

Lease: Mayday-Lattimore Gas Unit Operator: Eagleridge Operating LLC Location: 132.64-acre unit, O.S. Brewster Survey, A-56; within Denton Field: East Newark (Barnett Shale) Total Depth: 7700'

Lease: DCCO 2-Shoop E (SA) Operator: Devon Energy Production Co. LP Location: 3794.2087-acre unit, MEP&P RR Co. Survey, No. 111, A-914; 7.25 miles SW of Ponder Field: East Newark (Barnett Shale) Total Depth: 7818'

Lease: Pruett Operator: Pioneer Natural Res. USA Inc. Location: 90.28-acre unit, BBB&C RR Co. Survey, A-165; 17 miles NW of Denton Field: East Newark (Barnett Shale) Total Depth: 8899'

Lease: Dr. Bob Smith “A” North Operator: Williams Prod. Gulf Coast LP Location: 277.8563-acre unit, MEP&P RR Co. Survey, No. 59, A-935; 3.8 miles W of Flower Mound Field: East Newark (Barnett Shale) Total Depth: 8309'

Lease: Velten-Sanders-DCCO 3 (SA) Operator: Devon Energy Production Co. LP Location: 3999.26673-acre unit, J. Myers Survey, A-825; 3 miles N of Justin Field: East Newark (Barnett Shale) Total Depth: 8090'

Lease: Weldon Young Unit Operator: Burlington Resources O&G Co. LP Location: 264.07-acre unit, S. Winfrey, A-1319; 3.1 miles from Decatur Field: East Newark (Barnett Shale) Total Depth: 8592'

Lease: Hunter Ranch Operator: Hillwood O&G Operating Co. LP Location: 3399.4-acre unit, G.W. Pettingale Survey, A1041; 3.2 miles NW of Argyle Field: East Newark (Barnett Shale) Total Depth: 8485'

Lease: Weldon Young Unit Operator: Burlington Resources O&G Co. LP Location: 264.07-acre unit, S. Winfrey Survey, A-1319; 3.1 miles NW of Decatur Field: East Newark (Barnett Shale) Total Depth: 7/21/2010

Lease: Hunter Ranch Operator: Hillwood O&G Operating Co. LP Location: 3399.39-acre unit, G.W. Pettingale Survey, A1041; 3.2 miles NW of Argyle Field: East Newark (Barnett Shale)

Lease: Weldon Young Unit Operator: Burlington Resources O&G Co. LP Location: 264.07-acre unit, S. Winfrey Survey, A-1319;

| CONTINUED ON PAGE 22

Apr. 11

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22 Vital Statistics

Denton Business Chronicle

Willow Bend Assisted Living and Memory Care Community 2125 Brinker Rd. Denton, TX 76208 940-381-3000

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Apr. 11

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| CONTINUED FROM PAGE 19

FEDERAL TAX LIENS NAME/ADDRESS Douglas C. and Loa F. Malcuit, 320 W. Jeter Road, Bartonville ECC Granite Inc., P.O. Box 693, Pilot Point Eduardo G. and Yolanda C. Ramirez, 122 Hollyhill Lane, Denton Eldorado Meat Market Inc., 1000 E. Eldorado Parkway, Suite 190, Little Elm Ely W. Ganzer and Mandy L. Wheeler, 103 David Drive, Sanger Geek on Wheels Inc., 1905 La Vista Court, Denton Greg D. and Jennifer Hoenig, 209 Osage Drive, Sanger Grege A. Smith, 5301 E. McKinney St., Trailer 448, Denton Jeffrey P. and Tamara J. Wilson, 3 Chukar Lane, Sanger Jim D. and Lee A. Nutt, 2712 Loon Lake Road, Denton Jim D. Nutt, 2712 Loon Lake Road, Denton Joe B. and Gail Clark, 17786 FM1173, Krum Joe M. Norris, 400 S. 5th St., Sanger John D. and Alicia E. Manzenberger, 704C Leatherwood Lane, Denton Juan A. Gonzalez, 4973 Stuart Road, No. 137, Denton Kelly Patton, 2711 Pottery Trail, Corinth Larry and Darlene Welborn, 1103 Elm St., Sanger Lorelee Douglas, 1016 Reed St., Denton Mark A. Thompson, 133 W. Britton St., Krum Michael A. Zanchi, 10013 Grandview Drive, Denton Michael W. Morris, 2005 Duck Creek Road, Sanger Nicholas R. Larsen, 193 Cunningham Road, Denton Phillip G. Smith, 1008 Karen St., Aubrey Pick-A-Pizza Buffet Inc., 26735 US Highway 380E, Suite 130, Aubrey Randall A. Russell, 1703 Wildwood St., Denton Richard C. and Dena G. Moore, 1704 Timber Ridge Circle, Corinth Robert G. Brosin, 1825 W. Jeter Road, Argyle Robert M. and Shanda M. Clay, 14916 Lone Spring Drive, Little Elm Stephen R. Palmer, 2077 Riverside Drive, Denton Steven L. and Laura Brown, 4942 Michael John Road, Denton Steven L. Brown, 4942 Michael John Road, Denton Trent A. Alexander, 4311 Wood Stone Circle, Corinth Ty M. and Joalain Farley, 2201 High Pointe Drive, Corinth Wallace Martin, 121 Jane Long St., Sanger

TYPE 1040 941 1040 941 1040 941 1040 1040 1040 1040 6672 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040 941 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040

AMOUNT $18,331.81 $4,148.90 $10,079.57 $830.06 $7,596.70 $5,911.65 $46,631.76 $729.29 $8,117.66 $41,187.79 $30,835.91 $3,558.95 $64,921.16 $10,271.31 $11,678.30 $7,637.89 $3,564.84 $6,409.39 $12,327.20 $63,505.25 $25,488.43 $13,442.79 $43,093.51 $7,488.06 $46,977.96 $11,784.84 $10,253.43 $73,032.82 $9,899.70 $5,387.24 $229.35 $1,219.26 $15,158.48 $227,678.27

REC. DATE 02/10/2011 02/10/2011 02/23/2011 02/11/2011 02/23/2011 02/11/2011 02/11/2011 02/14/2011 02/14/2011 02/11/2011 02/11/2011 02/11/2011 02/23/2011 02/10/2011 02/11/2011 02/11/2011 02/10/2011 02/11/2011 02/16/2011 02/23/2011 02/11/2011 02/23/2011 02/14/2011 02/16/2011 02/11/2011 02/16/2011 02/11/2011 02/23/2011 02/23/2011 02/11/2011 02/11/2011 02/10/2011 02/10/2011 02/23/2011

Den-Tex Air Conditioning Corp., 102 Maple St., Denton Dustin C. Grove, 1413 Misty Way, Little Elm ECC Granite Inc., P.O. Box 693, Pilot Point Eric Y. and Holli C. Fry, 115 S. Woodrow Lane, Denton Glenn M. and Michele L. Williams, 3906 Stuart Road, Denton John R. Downing, 1517 Valley Creek Road, Denton Joy R. Conner, 9230 Masse Court, Aubrey Kristen A. Keckler, 1910 Houston Place, Denton Patrick Werner, 1001 N. Industrial Blvd., Pilot Point Robert L. Hale, 2628 Baytree Drive, Little Elm Sue C. McKinnie, 800 Lakeshore Drive, Little Elm

Certificate of Discharge of Property from Federal Tax Lien--IRS 941 1040 941 1040 1040 1040 1040 1040 1040 1040 1040

OIL AND GAS LISTINGS | CONTINUED FROM PAGE 21 3.1 miles NW of Ponder Field: East Newark (Barnett Shale) Total Depth: 8538' Lease: Wright "A" Operator: Williams Prod. Gulf Coast LP

Location: 138.6001-acre unit, N. George Survey, A-477; 1.6 miles SE of Argyle Field: East Newark (Barnett Shale) Total Depth: 8460' COOKE COUNTY Lease: Campbell Operator: Reed Production Inc.

$26,982.11

03/07/2011

$6,458.32 $12,722.39 $29,183.39 $11,040.26 $7,475.55 $7,305.87 $24,609.78 $16,133.38 $114.67 $6,729.45 $25,779.29

02/23/2011 03/01/2011 02/24/2011 02/23/2011 02/23/2011 02/23/2011 02/23/2011 02/28/2011 02/28/2011 02/23/2011 02/28/2011

940-243-4919 2602 Lillian Miller Parkway, Denton,TX DM

WRITER RESOURCE, INC.

972-822-3099 • Business Writing Services • Resumes • Typing Services • Proofreading and Editing • and more

Lease: Carolyn Unit Operator: EOG Resources Inc. Location: 216.35-acre unit, Hrs J. Deck Survey, A-298; 3.5 miles NW of Rosston Field: East Newark (Barnett Shale) Total Depth: 9000'

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940.435.0505 Massage available by appointment by Larry Cleveland, RD, LMT - 972-824-5011

Why wait to save mone y? Call me any time day or nig ht for a free quote or to purchase car insur ance.

Location: 25-acre lease, J. Lawson Survey, A-588; 2 miles SE of Gainesville Field: Cooke County Regular Total Depth: 1999'

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RELEASE OF FEDERAL TAX LIENS Argyle Cast Stone Inc., 391 Old Justin Road, Argyle

The Wildwood Inn

STONEHILL

Monthly News Update | CONTINUED FROM PAGE 11

health department director, said the county has had a similar contract with Caremark/NaCo for several years, but that contract has expired. He said the Coast 2 Coast program should offer larger discounts than the previous program. Residents can obtain a free discount card online or from any participating pharmacy. More than 100 pharmacies in Denton County are participating. 3-19

Demolition underway for Sterling Fry Street

Demolition is under way for the Fry Street redevelopment project. Construction workers this week gutted some of the buildings that sit along Welch Street at Hickory Street on the 4.3-acre block, which is also bordered by Fry and Oak streets. The mixed-use development, Sterling Fry Street, will include an apartment complex, parking garage and retail space. Construction will begin within the next 60 to 90 days, said Josh Vasbinder, a partner with The Dinerstein Cos., the company in charge of the new development. 3-24

Transportation officials testify in Austin The proposal to expand

T OF “BESNTON” DE 2008 2007

Interstate 35E is making progress, according to Denton County officials who testified before the state Senate’s transportation committee Wednesday. County Judge Mary Horn, an avid supporter of expansion, said the bill was laid out, testified on and passed on a committee vote, leaving officials waiting for further legislative action from Senate committees and the Texas House. The new project would include eight regular lanes, four tolled HOV lanes and four to six frontage lanes, depending on the need, said county transportation consultant John Polster, who was present but didn’t testify. The estimated cost of the project is $4.4 billion. 3-31

Rail corridor toured Area city representatives got a

a r o f s t ea nes r G usi h B unc L n

closer look at rail construction work Wednesday during an afternoon tour of the A-train corridor conducted by Denton County Transportation Authority officials. The event began with lunch at the Denton Civic Center, where attendees including Denton Mayor Mark Burroughs, Mayor Pro Tem Pete Kamp and Denton and Highland Village city council members received a progress report and some facts about the passenger rail project. A number of the construction projects, including tracks, bridges and other structures, are at least 80 percent complete. The MedPark Station is 60 percent complete, said Dee Leggett, DCTA’s vice president of communications and planning. The transportation authority could begin operating “pre-revenue service” in late May, and regular service beginning June 20. — Compiled from staff reports

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Apr. 11

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For Leasing Information Call Scott Brown Commercial at (940) 320-1200 or (940) 243-4000

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