HomeMy WebLinkAbout12/10/03 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
DECEMBER 10, 2003
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:03 p.m. on the 10t~ day of December 2003, at
the City Hall conference room 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 five voting members present, a quorum was established and the following items
were addressed:
Item 1.1. Pledge of Allegiance: President 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 November
d. Monthly report from November to City Manager
e. Marketing update
f. Summary of current activity regarding development
g. The appointment of Councilman Perry Schrag as 4A liaison
(a.) Tom Terrall informed the board that the October and November sales taxes
collected exceeded projections and revenue has exceeded projections by over
$14,000 for the year so far. (b) The sales tax for the month of November was
22.73% greater than the base year 2000. Kevin Greene recommended that the
graph be changed to show just the current and past years figures only. (c) The tax
allocation summary is there for the board members to compare our tax revenues
with those of other cities. (d) Mr. Terrall informed the board that he had a meeting
with Cencor to let them know that 4A voted to pay for the southern two lanes of
Memorial Dr. to Worley Dr. and that the Horizon Water Park was coming to The
Colony close to their property. They were very excited about the information
because they feel it will improve the marketability of their property for retail. Mr.
Terrall also had a meeting with Calvin Hull of Billingsley Company to discuss the
seriousness that the 4A board places on offering incentives to the right project on
Austin Ranch. Mr. Terrall discussed the Stemmons Service Awards evening and
let the board know of the great exposure The Colony had due to their sponsorship
at that event and by the presence of our mayor and other city attendees. (e) Cindi
Lane updated the board on current ads being placed and gave a website update.
She passed out new brochures for the board to see. These brochures will be
distributed at The Tribute and through the EDC office. (f) Mr. Terrall informed
the board of businesses locating in The Colony including CVS Pharmacy,
Lazerset relocation in the Eastvale area, and Phase Four of Austin Ranch. (g) Mr.
Terrall informed the board that Council member Perry Schrag has been appointed
to serve as the liaison for the 4A board. Mr. Schrag is very interested in the focus
of the 4A board and is very supportive.
Item 2.2. Approval of the minutes of the special board meeting November 5, 2003
and the regular board meeting held November 12, 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. 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 The Texas Economic Development Sales Tax document from
the Texas Economic Development Council: Mr. Terrall explained that this
document came from TEDSTA through the TEDC and is a quick reference of
changes made in this past legislative session. He pointed out that on the last page
on the left column the retail infrastructure and training was left out. He also
pointed out that Julian Grant is the new assistant attorney general.
Item 4.2. Discussion of Sales Tax Story document from Chris Shields of TEDC: Mr.
Terrall told the board that he included this letter from Chris Shields because it
summarizes what can and cannot be done with 4A sales tax. He pointed out that
there are still lawmakers who want the funds spent on manufacturing and
industrial projects only, performance review is required, and the focus is on jobs
created.
Item 4.3. Discussion and appropriate action regarding the payment options for the
4A funding of Memorial Drive: Mr. Terrall asked the director of finance to
provide him with an amortization schedule from First Southwest Company that
EDC Minutes December 10 2003, Page 2
shows a debt service schedule at four, five, and six percent interest with payment
options at the beginning or at the end of each year. He passed this document out
for the board to review. He explained that there are two options for payment of
Memorial Drive; either pay the $476,500 in one lump sum or finance the debt for
a 20-year period. The board discussed each option weighing the advantages and
disadvantages of each. Mr. Greene made a motion to approve a 20-year bond. Mr.
Garcia seconded the motion. All members voted aye and the motion carried.
Item 4.4 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 8:59 p.m. Rick White made a
motion to approve the development of an incentive contract with Family Fun
Center L.P. & G.P. Inc. related to the economic incentives as discussed in
executive session. Mr. Garcia seconded the motion and all members voted aye.
The motion carried.
President Norris adjourned the 4A board at 9:03 p.m.
Cindi Lane Robert E. Norris
Economic Development Specialist President
EDC Minutes December 10 2003, Page 3