HomeMy WebLinkAbout10/08/03 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL COUNCIL CHAMBERS
OCTOBER 8, 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 8th day of October 2003, at
City Hall with the following roll call:
Bob Norris, President Present
Kevin Greene, Treasurer Absent
A1 Garcia, Secretary Present
Bo Trosper, Member Present
Rick White, Member Present
.And with four 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
e. Tax Allocation Summary for September
d. Monthly report from September to City Manager
e. Marketing update
f. Summary of current activity regarding development
g. Summary of TEDC conference Sept 24.26
(a.) Tom Ten'all informed the board that the fiscal year ended with revenues
approximately $13,000 below forecast but that overall, the year turned out to be a
good one. The marketing budget fell within less than 10% of the total revenue. (b)
The sales tax for the month of August was 33.14% of the base year 2000 and sales
tax for the last nine months was more than last year with the exception of two
months. (c) The tax allocation summary is there for the board members to
compare our tax revenues with those of other cities. (d) Mr. Terrall spoke with the
vice president of Cencor who told him that they are beginning to see some action
and are aggressively working on filling the retail space. Mr. Terrall had a meeting
with a representative of Industrial Properties regarding the 102 acres on the
southwest side of The Colony and he has a client who is interested in a portion of
that property. Mr. Terrall pointed out that he is currently working with the
marketing company on more of a national and regional advertising approach and
that an ad has been developed for the retail market. Mr. Terrall thanked President
Norris, Al Garcia, and Rick White for their participation in the NTCAR
tradeshow last month. (e) Cindi Lane updated the board on current ads being
placed, the focus of the ads, and a website update. Mr. Ten'all added that he spoke
with the mayor about sending a letter to brokers and developers inviting them to
bring their clients to The Colony and he is in the process of drafting one. He also
mentioned a trifold marketing piece that is being designed for distribution at The
Tribute to customers who are CEO's of companies golfing from other areas. (f)
The vice president of Cencor and an associate of The Weitzman Group have just
finished preparing marketing packets for their property on S.H. 121. (g) Mr.
Terrall told the board about his recent TEDC conference. He mentioned that
although the H.B. 2912 has been written and passed into law, there are still
several groups working to amend the Development Corporation Act and that the
economic development professionals will still have to stay on top of this situation.
Item 2.2. Approval of the minutes of the board meeting held September 17, 2003
and the work session held September 29, 2003: President Norris asked if there
were any corrections, changes or additions that anyone would like to make and --
there were none. Mr. Garcia made a motion to approve the minutes as presented.
Bo Trosper seconded the motion and the motion carded 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 and appropriate action regarding forming a committee to
research alternative investments for 4A corporation revenues: This item was
tabled until the November board meeting.
Item 4.2. Discussion of NTCAR golf tournament being held October 27, 2003 at The
Tribute: Mr. Terrall explained that plans are moving ahead for the golf
tournament. There were twelve slots available for golf and all but four or five
have been filled. He plans to have a meeting with all golfers representing The
Colony before the tournament to explain the mission and goals of the tournament.
There was discussion and suggestions were made for who could fill the slots for
golf and dinner. There was discussion of ordering golf shirts. Ms. Lane took down
the sizes and said that she would order them.
EDC Minutes October 8 2003, Page 2
Item 4.3. Discussion of the ICSC 2003 Texas Idea Exchange November 4-6, 2003:
Mr. Terrall informed thc board that he is going to this tradeshow on November 6
just for the day because that is the only day of thc tradeshow portion and the
remainder of the conference does not pertain to networking. He will tN to set
some appointments in advance.
Item 4.4. Discussion and appropriate action regarding the ICSC Spring Convention
May 23-26, 2004: Mr. Terrall explained to the board that now is the time to plan
for the tradeshow next spring. Early registration will end on November 14 and the
hotel rooms must be booked as soon as possible. There was discussion of whether
or not to vote on Mr. Terrail attending thc tradeshow but President Norris said
that there was no need to vote because it was already approved in the budget and
this kind of marketing opportunity is expected every year. Mr. Ten-ail explained
that there was money in the budget for up to two board members to attend as well
and he would like them to think about it and let Ms. Lane know by November 7 if
anyone would like to attend. There were questions and discussion of what the
purpose of executive session was and Mr. Terrall explained that it is for the
opportunity to discuss and deliberate incentives for a specific business having
turned in an applicatiom He explained that normally a negotiation team is formed
once an application is turned in and the team meets with each other and the
applicant and then it is discussed and a recommendation is made during the
executive session.
Item 4.5 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 ineeutlve to a business
prospect. There was no executive session.
Item 4.6: Consideration of appropriate action to be taken as a result of executive
session: No action was taken because there was no executive session.
President Norris adjourned the 4A board at 7:55 p.m.
Cindi Lane
Robert E. Norris
Economic Development Specialist President
EDC Minutes October 8 2003, Page 3