HomeMy WebLinkAbout05/14/03 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL COUNCIL CHAMBERS
MAY 14, 2003
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:01 p.m. on the 14th day of May 2003, at City
Hall with the following roll call:
Bob Norris, President Present
Kevin Greene, Treasurer Present
Al Garcia, Secretary Present
And with three voting members present, a quorum was established and the following
items were addressed:
Item 1.1. Pledge of Allegiance: Bob Norris led in the Pledge of Allegiance.
2.0. CONSENT AGENDA
Item 2.1. Reports:
a. Cash flow projection
b. Monthly ½ Cent Sales Tax graph
c. Tax Allocation Summary for April
d. Monthly report from April to City Manager
e. Marketing update
fi Summary of current activity regarding development
g. TEDC Spring conference summary
h. Treasurer report
(a.) Tom Terrall went over the cash flow projection, con~menting that the April
sales tax did not meet projections. He also commented that he found out that the
State of Texas looks not just at the marketing line item of a financial statement,
but also the printing line, legal notices line and postage line to determine if the
corporation is spending less than 10% of it's revenue on marketing. (b) The sales
tax graph shows a 19% increase in April from the base year of 2000. (c) The tax
allocation summary is there for the board members to compare our tax revenues
with those of other cities. (d) Mr. Terrall made a reference to the third bullet on
the first page of his April monthly r~port saying that that project referenced
continues to move forward. (e) Cindi Lane reported that elevator cards have been
made, new aerials are just about printed, and the direct mail piece is close to being
completed and printed. (f) Mr. Terrall listed a new business and a small retail-
shopping strip that will begin construction soon as well as some SLIP's being
applied for by restaurants. There are two projects being discussed and the board
will learn more about them as things progress. (g) Mr. Terrall discussed some
house bills being presented in the Texas legislature and how they might affect The
Colony EDC in the future. (h) Mr. Greene gave a report on the first six months of
the current fiscal year. He stated that budgeted sales tax revenue exceeds actual
revenue by approximately $36,000 for the year due to weakening sales and lower
interest rates. There are a few line items that could be over or under budget but
the variance verses budget for the income and expense items resulted in a
favorable overall variance for the first six months of the fiscal year. Mr. Greene
complimented staff for adjusting expenditures to keep in line with the fluctuating
sales tax revenue. Mr. Terrall stated that mid-year adjustments have been made
and line items should all be within the budgeted figures for the rest of this fiscal
year. Mr. Gareia stated that he believes that Mr. Greene is doing an exceptional
job and thanked him for his review.
Item 2.2. Approval of the minutes of the board meeting held April 9, 2003: President
Nonqs asked if there were any corrections, changes or additions that anyone
would like to make and there were none. A1 Garcia made a motion to approve the
minutes as presented. Kevin Greene seconded the motion and the motion carried .. _
with all members voting aye.
3.0 PUBLIC COMMENTS
3.1. Public Input: There was no public input.
4.0 REGULAR AGENDA
Item 4.1. Discussion of ItB 2912 by Homer and Ratliff regarding changes to 4A
corporations: Mr. Terrall reported that HB 2912 is moving through legislation
and pointed out that major issues with this bill are the definition of "project" and
"primary jobs." The final bill will most likely define in greater detail what 4A and
4B corporations can and cannot do with incentive funds and will likely be more
restrictive than it currently is.
Item 4.2. Discussion of the International Council of Shopping Centers tradeshow
May 18-21: Mr. Terrall informed the board that the schedule is being finalized.
Appointments are being made and in one case, a local broker wants Mr. Terrall to
join them in their meeting with a client involved in a potential development in
The Colony. The new aerials, brochures, elevator cards and business cards will be
taken and there has been a training meeting with the two council members who
are accompanying Ms. Lane and Mr. Terrall to the show. The group will spend --
their time going to receptions, networking, and calling on brokers and retailers.
EDC Minutes May 14 2003, Page 2
Item 4.3. EXECUTIVE SESSION as authorized by section 551.086 of the Local
Government Code regarding Economic Development, to-wit:
A. To deliberate the offer of a financial or other incentive to a business
prospect. President Norris adjourned for the executive session at 7:20 p.m.
Item 4.4: Consideration of appropriate action to be taken as a result of executive
session: The board reconvened at 7:56 p.m. Mr. Garcia made a motion that the
Economic Development Corporation participate with the Community
Development Corporation and the City of The Colony in the incentive package as
discussed in tonight's executive session with the stipulation that the final
agreement meets with their approval. Mr. Greene seconded the motion and the
motion passed with all members voting in favor.
President Norris said that the agenda was concluded and that the 4A board meeting was
adjourned at 7:58 p.m.
Cindi Lane orris
Economic Development Specialist President
EDC Minutes May 14 2003, Page 3