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HomeMy WebLinkAbout08/14/03 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL COUNCIL CHAMBERS AUGUST 14, 2003 The Regular Session of The Colony Economic Development Corporation of the City of The Colony, Texas, was called to order at 7:00 p.m. on the 14th day of August 2003, at City Hall with the following roll call: Bob Norris, President Present Kevin Greene, Treasurer Present A1 Garcia, Secretary Present Bo Trosper, Member Present Rick White, Member Present And with all five 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. He welcomed the two newest members to the board and offered his phone number for them to call if they had any questions. 2.0. CONSENT AGENDA Item 2.1. Reports: a. Cash flow projection b. Monthly V~ Cent Sales Tax graph c. Tax Allocation Summary for July d. Monthly report from July to City Manager e. Marketing update f. Summary of current activity regarding development g. Treasurer report (a.) Tom Terrall explained the cash flow projection document to the new board members and pointed out that this year there have been five months when sales tax slightly exceeded projections and five months when sales tax did not meet projections. For the 10 months in this fiscal year, the sales tax is approximately $13,000 below projection. (b) Mr. Terrall explained that this graft shows a comparison of monthly sales tax each year since the base year of 2000 and that the percentages of increase or decrease are based on the year 2000. For the month of July there was a 35.60% increase over the base year 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 explained that this report is written each month and given to the City Manager, Dale Cheatham with copies to President Norris and Records Manager Ruthann Devlin. He pointed out that he is going back to contacts made after the 2002 ICSC conference and writing follow up letters to see if situations have changed and providing updated information. (e) Cindi Lane updated the board on the progress of the direct mail campaign, miscellaneous magazine ads, and a website update. She briefed them on the status of the NTCAR golf tournament. The board asked her to gather some more specific information regarding the website hits. Members Bo Trosper and Rick Smith offered to make follow-up phone calls for the direct mail promotion. (f) Mr. Terrall reported that The Weitzman Group purchased 30 acres east of The Home Depot and they are currently trying to line up major retailers. Other developers are showing serious interest and he will remain in contact with them. (g) Kevin Greene gave a report on the financial statement. He stated that the Sales Tax Revenue is doing well but he is disappointed in the Other Revenue because so little interest is being made due to the low interest rates. Mr. Greene proposed to form a committee to review the current investment strategies and to investigate and propose any alternative strategies that would result in increased earnings. This committee would then bring their proposal back to the board for review as to whether to take the proposal to the City Council for their approval. Mr. Terrall __ said that he would place that item on next month's agenda so action can be taken. Item 2.2. Approval of the minutes of the board meeting held July 9 2003: President Norris 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 carded with all members voting aye. 3.0 PUBLIC COMMENTS 3.1. Public Input: Andrew O'Neil from Boy Scout Troup 226 was present to learn about city meetings as part of his goal to earn a merit badge to be an Eagle Scout. 4.0 REGULAR AGENDA Item 4.1. Discussion of NTCAR Trade Expo being held September 4, 2003 at Hotel Inter-Continental in Addison, Texas: Mr. Terrall explained the nature of the tradeshow and its purpose of attracting brokers and developers to The Colony. He invited the board members to attend if they could get away from their jobs. The Expo hours are from 4:00 p.m. to 8:00 p.m. and he would like them to come to the Expo and visit other booths to talk with people about opportunities that are available in The Colony. The board would like to have a brief meeting prior to the -- tradeshow to review strategy. EDC Minutes August 14 2003, Page 2 Item 4.3. Discussion of orientation for new board members: Mr. Terrall asked if he could discuss this item before Item 4.2 since the new board members have been appointed and are present at this meeting. He would like to have an orientation either on September 6 or 13 to go through information they need to know in order to catch up on what the board has been doing and to make sure they are aware of thc laws regarding thc distribution of 4A funds. Ms. Lane will poll the board members to determine when the orientation will be held. Thc board would like to receive thc orientation books prior to the meeting so they have ample time to review and have any questions ready in advance. Mr. Garcia suggested gathering information about our marketing company, Shapiro & Company, for the orientation packets. Item 4.2. Discussion of orientation for new council members: Mr. Ten'all informed the board that he would like to hold an orientation for the new council members and he would like for as many board members as possible to attend as well so they could meet each other since they will be working together on projects in the future. The purpose of this orientation will be to make the council aware of what the 4A board does and to also make them aware of the challenges that The Colony faces with clients, marketing, etc. The meeting will most likely be on a Monday evening that the council does not have a council meeting. Item 4.5. Discussion of forum for major landowners/brokers in The Colony: Mr. Terrall explained that the purpose of this forum is to explain The Colony's EDC marketing program and get feedback from the group as to their experiences and challenges in trying to bring clients to The Colony. He would like to hear their suggestions so that The Colony EDC can better market the available properties this next fiscal year. Mr. Terrall invited the board members to attend. This meeting will likely take place during a weekday at lunchtime. Item 4.6. 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. The board adjourned for executive session at 7:48 p.m. Item 4.4: Consideration of appropriate action to be taken as a result of executive session: No action was taken. President Norris adjourned the 4A board at 8:05 p.m. Cindi Lane Robert E. Norris Economic Development Specialist President EDC Minutes August 14 2003, Page 3