HomeMy WebLinkAbout01/14/04 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
JANUARY 14, 2004
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 January 2004, 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 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 December
d. Monthly report from December to City Manager
e. Marketing update
f. Summary of current activity regarding development
g. Quarterly Treasurer Report
(a.) Tom Terrall relayed that for the first three months of this fiscal year our sales
tax is $18,000 more than projected. (b) The sales tax reflects the past two years of
sales tax collected. (c) The tax allocation stmunary is there for the board members
to compare our tax revenues with those of other cities. (d) Mr. Terrall informed
the board that the monthly report will now be written and submitted quarterly
following a discussion he had with the city manager. (e) Cindi Lane updated the
board on the marketing activity that took place in December. (f) Mr. Terrall stated
that there were some developments being planned, they have not gotten to the
stage where they can be discussed publicly. (g) Kevin Greene gave the treasurer
report covering the third quarter of last year. He stated that revenue fell short of
the budgeted amount but it was largely attributed to the economy during the fiscal
year; however, the latter half of the year showed strong sales and enabled the gap
between actual and budget to close up. All expenses were favorable to budget.
Item 2.2. Approval of the minutes of the special board meeting December 10, 2003:
President Non'is asked if there were any corrections, changes or additions that
anyone would like to make and there were none. President Norris stated that the
minutes were approved.
3.0 PUBLIC COMMENTS
3.1. Public Input: There was no public input.
4.0 REGULAR AGENDA
Item 4.1. Discussion and appropriate action concerning election of officers: (a)
president, (b) vice president, (c) secretary, (d) treasurer: Bob Norris opened
up the floor for nominations for president. Mr. Garcia nominated Mr. Norris for
president. Bo Trosper seconded the motion. Mr. Norris asked if there were any
other nominations and there were none. Mr. Norris accepted the nomination for
president. Mr. Norris opened the floor for vice president and then nominated Mr
Garcia. There were no other nominations. Mr. Garcia accepted the nomination for
vice president. Mr. Norris opened up the floor for nominations for secretary. Mr.
Trosper nominated Rick White. There were no other nominations. Mr. White
accepted the nomination for secretary. Mr. Nonis opened up the floor for
nominations for treasurer. Mr. White nominated Mr. Greene. There were no other
nominations. Mr. Greene accepted the nomination for secretary.
Item 4.2. Presentations of retail consulting services companies: Joe Fackel with
Buxton Company representing Community ID gave the first presentation. His
company focuses on bringing retail into a city by analyzing and defining the trade
area and matching the fight retailer with the city. Their service consists of two
phases: Phase One focuses on determining the retail trade area and Phase Two
creates an action marketing system in which the top 20 retailers are chosen for a
total of up to three sites. A package is produced and used to market the
community to the prospective retail tenant using the specific research results.
Several questions were asked by the board and addressed. The fee for this service
is $60,000 and takes approximately 75 business days to complete both phases.
Cofer, Haag & Thrasher, gave a second presentation. This company has worked
with many communities in Texas. Their work consists of a retail trade area
determination and they spend time in the community driving it and interviewing
retailers and city leaders. They provide a retail leakage analysis and provide
results in a digital format. They provide a list of targeted retailers, contact
information, and a packet targets for specific companies. They attend meetings
with retailers or brokers. Their fee is $45,000 and complete all work within 90 to
EDC Minutes January 14 2004, Page 2
120 days. There were many questions asked by the board and there was lengthy
discussion.
Item 4.3. Discussion and appropriate action regarding using a retail consulting
service to aid in the attraction of retail companies: The board discussed both
presentations and felt like the two companies, although providing some
duplication, would compliment each other and had their own separate services to
offer. There was discussion of buying just Phase One of Buxton plus the complete
services of Corer, Haag & Thrasher. Mr. Greene made a motion to hire The
Buxton Company and Cofer, Haag & Thrasher as retail consultants for The
Colony EDC. Mr. Garcia seconded the motion and the motion carded with all
members voted aye.
Item 4.4. Discussion and appropriate action to approve the contract between The
City of The Colony and The Colony Economic Development Corporation
regarding the financing of the south two lanes of Memorial Drive from
behind The Home Depot east to Worley Dr.: The board reviewed the contract
and pointed out that there was no mention of The Colony EDC having the option
of waiving the impact fees as discussed last month. Mr. Greene made a motion to
authorize President Norris to sign the agreement with the contingency that the
addition of a phrase be added that the EDC has the right to waive all impact fees
for the portion of Memorial Drive covered under this agreement. Mr. White
seconded the motion and the motion passed with all members voting aye.
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 did not go into executive session.
Item 4.6: Consideration of appropriate action to be taken as a result of executive
session: There was no action taken because there was no executive session.
President Nords adjourned the 4A board at 10:29 p.m.
Cindi Lane . s
Economic Development Specialist President
EDC Minutes January 14 2004, Page 3