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Home My WebLink About01/14/1997 MINUTES ECONOMIC DEVELOPMENT CORPORATION BOARD MEETING JANUARY 14, 1997 7:30 p.m. CITY HALL CONFERENCE ROOM Present: Board Gary McClure, President Mary Watts, Council Member Dave Kovatch, Council Member Craig Sloan Sue Walden Ronnie Fischer Rick Manser Staff Dennis Watson, Staff Liaison Others Jeff Carey, Denton County Economic Development Director 1. CALL TO ORDER Mr. McClure called the meeting to order at 6:45 p.m. 2. ROLL CALL 3. PRESENTATION ON STAGING A SALES TAX ELECTION FOR ECONOMIC DEVELOPMENT AND INFRASTRUCTURE IMPROVEMENTS The presentation by Bob Bearden with State Comptroller's Office was canceled due to inclimate weather. 4. PRESENTATION OF TRIPLE FREEPORT TAX EXEMPTION Jeff Carey, the Denton County Economic Development Director, was on hand to discuss the Triple Freeport Tax Exemption and to discuss what the Board could do to properly attract a prospect. Mr. Carey explained that the Freeport Exemption is an exemption of personal property consisting of goods, wares, merchandise or ores other than oil, natural gas and petroleum. Eligible property must be transported out of the state within 175 days of acquisition but may first be assembled, stored, manufactured, processed or fabricated locally. Mr. Carey explained that this exemption applies to all property within the city and is an automatic exemption. This exemption is also given by Denton County and Lewisville ISD. Discussion followed on why the City, the school district, and the county offer the Freeport Exemption. Ms. Watts provided Mr. Carey with some information he had requested regarding a prospect that the City has been in contact with. Mr. Carey reviewed the information with the Board and gave the Board suggestions on what the EDC could do to attract the prospects. Mr. Carey's suggestions included: - working with a professional state grant consultant to apply for certain grants for infrastructure improvements. He stated the City was eligible for $500,000. - sending out correspondences to target industries either via fax or telephone conversation (make the contact personal). - identify and correct problems your problems - do not gain a reputation for being anti-commercial development - have an attitude that says "eve really want you here and we will be a good neighbor for you" as opposed to "we are the greatest place on earth" - utilize the city's strengths (location, access, the lake, etc.) - network with brokers, developers, economic developers, etc. - when communicating with developers do not use buzz words like "family-oriented" or "managed growth" instead use words like "pro development" and "pro growth" Mr. Carey briefly explained the difference between Foreign Trade Zone and a Freeport Exemption. Discussion on this item followed. Mr. Carey also suggested contacts in county and state government for the Board to make. 5. ELECTION OF EDC OFFICERS The Board held elections for two vacant positions: Vice President and Secretary. Mr. Manser nominated Ms. Walden for Secretary. Mr. Fischer seconded the motion. The motion carried. Mr. Fischer nominated Mr. Sloan for Vice President. Ms. Watts seconded the nomination. The motion carried. 6. OTHER BUSINESS The Board discussed the idea of assembling a data base of contacts. There being no further business the meeting was adjourned at 10:05 p.m. The next meeting is scheduled for January 21, at 7:30 p.m. Resp tfully Submitted, Dennis Watson, Staff Liaison THE COLONY .CONOMIC DEVELOPMENT CORPORATION P.O. Box 560681, The Colony, Texas 75056 - (214) 625-491 January 22, 1997 Sam Chavez City Planner City of The Colony #2 Harris Plaza The Colony, Texas 75056 Dear Sam: As you probably know, recently the Economic Development Corporation's Economic Development Plan was approved by Council. Part of the plan calls for the EDC taking a more proactive approach to attracting targeted business and industries to The Colony. In order to have a better idea of the kind of companies that have inquired about locating in The Colony, I am requesting that you provide me with a list of companies that have contacted you during the past year. I am only interested in those companies that have made serious inquiry. If you could in the future provide this list either to myself or Dennis Watson it would be of great assistance to our cause to attract quality development to our city. Also could you please provide me with an update on the following items. Is the Braum's location still in the works? What is the situation with Auto Zone? Are they still planning on locating in The Colony? If there is anything that you feel that the EDC could do to assist in expediting either these or any other economic development projects please let myself or Mr. Watson know. You can reach me at (972) 484-0365 or channel any written correspondences through Mr. Watson. Your cooperation in this matter is greatly appreciated. Sincerely, Gary McClure, President