HomeMy WebLinkAbout03/10/04 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
MARCH 10, 2004
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 l0th day of March 2004, at the
City Hall conference room with the following roll call:
Board Members:
Bob Norris, President Present
A1 Garcia, Vice President Absent
Kevin Greene, Treasurer Absent
Rick White, Secretary Present
Bo Trosper, Member Present
Staff Members Present:
Tom Terrall, Director of Economic Development
Cindi Lane, Economic Development Specialist
And with three 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 February
d. Summary of current activity regarding development
e. Marketing update
f. Buxton / Corer Itaag & Thrasher update
g. Weitzman/Cencor update
(a.) Tom Terrall reported that February was a very good month and revenue was
over budget by $10,000. Every month this fiscal year the revenue has met or
exceeded the forecast. (b) The sales tax graph shows February 2004 as the highest
revenue month. (c) The tax allocation summary is there for the board members to
compare our tax revenues with those of other cities. (d) Mr. Ten'all reported that
construction on the infrastructure of Memorial between Standridge and Wal-Mart
has begun. Utility easement work is underway. (e) Cindi Lane updated the board
on print advertising and NTCAR sponsorship. (f) Cofer, Haag & Thrasher is
working on the leakage analysis. Mr. Cofer has spent a considerable amount of
time in our area and surrounding areas. The Buxton Company has completed
Phase I and is beginning Phase 1I of the site located at S.H. 121 east of The Home
Depot. Cofer, Haag & Thrasher is focusing on bringing retail to Main Street. Both
companies are ready to give their presentations on Monday, March 22nd. (g) Mr.
Terrall is making sure that The Buxton Company is not focusing on the same
retailers as The Weitzman Group has already signed.
Item 2.2. Approval of the minutes of the regular board meeting held February 11,
2004: President Norris asked if there were any corrections, changes or additions
that anyone would like to make and there were none. President Norris proclaimed
the minutes to be 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 regarding the administrative agreement
between The Colony Economic development Corporation and The City of
The Colony: Mr. Ten'all explained that as long as he has been with The Colony
EDC, the administrative contract had never been reviewed by an attorney so he
send the existing agreement to Pete Smith. It was restructured so that it would not
need to be approved each year. Mr. Terrall plans to bring the agreement, if
approved, to the March 15 council meeting. There was brief discussion. Rick
White made a motion to approve the administrative agreement and authorize the
president of the EDC to sign it. Bo Trosper seconded the motion and all members
voted in favor.
Item 4.2. Discussion and appropriate action regarding the approval of the Xceligent,
Inc. agreement: Dennis Kemaghan, Regional Director for Xceligent, Inc was
present to answer any questions. Mr. Kemaghan summarized all the services that
the EDC would receive as the contract read and explained services that the board
decided not to buy. The board discussed the advantages of also including tenant
prospex services for $20.00 more per month and were in favor of trying it out. Mr.
Trosper made a motion to accept the agreement from Xceligent and amend the
agreement to add tenant prospex enhanced services for $20.00 per month and to
authorize the Director of Economic Development, Tom Terrall, to execute the
contract. Mr. White seconded the motion and the motion carried with all voting in
favor.
EDC Minutes March 10 2004, Page 2
Item 4.3. Discussion of DFW Allies Regional Marketing Initiative: Mr. Ten'all
explained that he had participated in a subcommittee with some economic
development professionals in the metroplex and that they had previously sent out
55 questionnaires to all the economic development professionals in the metroplex.
Results of the survey had been tabulated and the subcommittee made
recommendations to finalize the scope of work, structure a group, and make a
budget by year's end. The cost to join this group would be $1,000 and Mr. Terrall
said that he would like to join to see if there would be any benefit. Mr. Trosper
asked that Mr. Ten'all give quarterly reports to the board. Mr. Ten'all said he did
not know how frequently there would be information to relate, but that as things
progress with the committee he will pass the information along to the board.
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 f'mancial or other incentive to a business
prospect. The board went into executive session at 8:10 p.m.
Item 4.4: Consideration of appropriate action to be taken as a result of executive
session: The board came out of executive session at 8:21 p.m. There was no
action taken.
President Norris adjoumed the 4A board at 8:21 p.m.
Cindi Lane ,
Economic Development Specialist President
EDC Minutes March 10 2004, Page 3