HomeMy WebLinkAbout11/12/03 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
NOVEMBER 12, 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 12th day of November 2003, at
City Hall with the following roll call:
Bob Norris, President Present
Kevin Greene, Treasurer Present (arrived at 7:06 p.m.)
A1 Garcia, Secretary Present
Bo Trosper, Member Present
Rick White, Member Present
And with five voting members present, a quorum was established and the following items
were addressed:
Item 1.1. Pledge of Allegiance: Bob Non-is led in the Pledge of Allegiance.
2.0. CONSENT AGENDA
Item 2.1. Reports:
a. Cash flow projection
b. Monthly ~ Cent Sales Tax graph
c. Tax Allocation Summary for October
d. Monthly report from October to City Manager
e. Marketing update
tr. Summary of current activity regarding development
(a.) Tom Terrall informed the board that the October sales taxes collected
exceeded projections. (b) The sales tax for the month of October was 36% greater
than 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
pointed out a couple of items on his monthly manager report. He said that at the
request of a council member, he phoned Taco Delight and discussed the
possibility of them opening a restaurant in The Colony. When Mr. Terrall was
invited as part of a panel at the October Society for Marketing Professional
Services he was able to meet a lead who came to The Colony to take a tour. (e)
Cindi Lane updated the board on current ads being placed and gave a website
update. (f) Mr. Terrall informed the board that a Bank One is locating to The
Colony at S.H. 121 and Blair Oaks. There are other businesses in the process of
locating in The Colony but the information is not public at this time.
Item 2.2. Approval of the minutes of the board meeting held October 8, 2003 and the
work session held October 22, 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 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 and appropriate action regarding forming a committee to
research alternative investments for 4A corporation revenues: Mr. Greene
told the board that he spoke with the director of finance and was told that the
interest currently being earned on the 4A sales tax dollars was between ½ of a
percent to one percent. Mr. Greene would like to form a committee to research
other investment options for the 4A tax dollars where the money would be
completely secure and available but with a higher return. Rick Smith said that he
had talked about this with Mr. Terrall and had some suggestions for other options.
The board decided to form a committee including Mr. Greene, Mr. White, and
Mr. Terrall to research other options and bring their suggestions to the board at a
later date.
Item 4.2. Discussion of NTCAR golf tournament being held October 27, 2003 at The
Tribute: Mr. Terrall gave the board a synopsis of the golf tournament. He was
disappointed with the turnout and mentioned it to the executive director of
NTCAR. Mr. Terrall was able to negotiate a deal with the executive director to
use half of the funds earmarked for the tournament for a gold sponsorship in the
Stemmons Service Awards program, a ¼ page ad in the Dallas Business Journal,
and participation in an upcoming retail bus tour. Mr. Terrall suggested sending
goodie bags to a group of golfers who had to leave before they played on Hole 1.
He felt that the tournament was successful because The Colony was first of mind
with the attendees. President Norris thanked the board members for coming to the
golf tournament and promoting The Colony.
Item 4.3. Discussion and appropriate action to decide which 4A board members will
accompany Mr. Terrall and Ms. Lane at 2004 ICSC Spring Convention: Mr.
Terrall explained that a decision needed to be made tonight as to which board
members would accompany Ms. Lane and him to the ICSC convention. There
was money budgeted for two members to go. The board decided to send Mr.
EDC Minutes November 12 2003, Page 2
White and Mr. Garcia. Mr. Terrall explained the itinerary and told them that there
would be a training meeting prior to the trip.
Item 4.4. Discussion and appropriate action regarding the purchasing of banners for
the City: Mr. Terrall explained that the City is buying banners and will display
them in the city, switching them out throughout the year. The board was given
information on the costs and business banner examples. After some discussion,
the board decided they did not wish to participate because they did not see a
benefit to The Colony EDC.
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 incentive to a business
prospect. The board was adjourned and went into executive session at 7:40 p.m.
Item 4.6: Consideration of appropriate action to be taken as a result of executive
session: The board reconvened the meeting at 9:09 p.m. Mr. White made a
motion to authorize the expenditure of up to $476,500 to develop the south two
lanes of Memorial Dr. from The Home Depot property east to Worley Dr. to
enhance the retail development of the property south of Memorial Dr. and to
waive drainage and roadway impact fees for the 30.8 acre Cencor development.
Mr. Trosper seconded the motion and the motion passed with all members voting
in favor with the exception of Mr. Greene who abstained.
Mr. Garcia made a motion that The Colony Economic Development Corporation
enter into an incentive agreement with Lazerset Printing, Inc. and direct Tom
Terrall, Director of Economic Development, to draw up the agreement based
upon the terms discussed in executive session to the board. Mr. Greene seconded
the motion and the motion passed with all members voting in favor.
President Norris adjourned the 4A board at 9:10 p.m.
Cindi Lane 'Robert E. Norris
Economic Development Specialist President
EDC Minutes November 12 2003, Page 3