HomeMy WebLinkAbout07/14/04 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
JULY 14, 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 14th day o£ July 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
Perry Schrag, Council Liaison Absent
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 ~ Cent Sales Tax graph
c. Tax Allocation Summary for June
d. Summary of current activity regarding development
e. Marketing update
f. Weitzman/Cencor update
g. ICSC Update
h. DFW Allies Marketing Team update
i. Quarterly report to City Manager
(a.) Tom Ten'all reported that June sales tax came back slightly below projection
for the month and that we arc still $44,000 ahead for the fiscal year. (b) The sales
tax graph reflects the sales tax revenue. (c) The tax allocation summary is there
for the board members to compare our tax revenues with those of other cities.
President Norris made a comment that several counties sales taxes are down from
last year. Mr. Terrall said that due to bad weather and nigher gas prices the U.S.
trend has been a little less than projected according to news articles he has read.
(d) Mr. Terrall said that the board has been made aware of everything that has
currently been filed with the planning department. (e) Cindi Lane reported that
website hits are up significantly for the month of June and so far for the month of
July. She mentioned an ad that will go in the Dallas 2005 Economic Development
Guide, a publication distributed by the Greater Dallas Chamber and distributed to
potential businesses and individuals moving to the Dallas metroplex. She
reminded the board that more emphasis is being placed on one-on-one interaction
with prospects through more exposure at events and sponsorships and less on
print advertising. (f) Mr. Ten'all spoke with Eddie Lieberman at The Weitzman
Group and was told of three possible retailers interested in their site. (g) Mr.
Terrall is continuing to work on leads, concentrating on the hottest leads. One
developer has toured The Colony and another one is scheduled. A tnird company
that develops quality shopping centers is coming later in the month. (h) Mr.
Terrall reported that the operating guidelines have been approved; they are
working on the budget, membership, and have elected officers. Mr. Terrall was
elected vice chairman. They are planning the Coronet trip held in San Antonio in __
September. Next year they plan on doing a FAM tour in Dallas. Mr. Terrall said
that in time, hopefully serving on this committee would pay off because The
Colony will be included. (i) Mr. Terrall suggested that the board read the report
and let him know if they have any questions.
Item 2.2. Approval of the minutes of the regular board meeting held June 9, 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 participation of 4A to
fund a survey to bc conducted to determine the possibility of success of a
Local Opt, ion Election: Mr. Terrall brought the board up to date as to what has
taken place so far with meetings and discussions that have taken place on whether
it would be in The Colony's best interest to participate in a local option election
explaining that depending on whether a city boundary, county boundary or Justice --
of the Peace boundary would be the most beneficial to The Colony. He explained
that although 4A funds could be used to fund a survey to determine the possibility
EDC Minutes July 14 2004, Page 2
of a favorable vote, actual funding of the petition drive and election must come
from private sources. Mr. Terrall has met with a Castle Hills representative and
has been made aware that The Billingsley Company would chip in with Castle
Hills to get a Justice of the Peace Place Two election. There was discussion of
funding a survey, including the approximate price, and what possible benefit it
would be to The Colony. Mr. Non'is said that he does not think a survey is
necessary. Bo Trosper made a motion to authorize Mr. Terrall blanket approval to
fund a survey capped at $8,000. There was no second, thus the motion failed. Mr.
Terrall said he would get back in touch with the developers and would bring his
findings back to the board next month. Mr. Trosper made a motion to give Mr.
Terrall blanket approval on behalf of The Colony Economic Development
Corporation to fund a survey to determine the probability of success of a local
option election in the City of The Colony contingent upon the participation of
Billingsley Company and Matthews Southwest and/or other investors to fund a
petition drive and election. Rick White seconded the motion. There was no further
discussion. All members voted in favor and the motion passed.
Item 4.2 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 went into executive session at 7:58 p.m.
Item 4.3: Consideration of appropriate action to be taken as a result of executive
session: The board came out of executive session at 8:35 p.m. Bo Trosper made a
motion to approval the Economic Development Incentive Agreement between the
City of the Colony, The Colony Economic Development Corporation & Edward
Don & Company, and that this board authorize their president to sign the
agreement on behalf of The Colony Economic Development Corporation. All
members voted aye and the motion passed.
President Norris adjourned the 4A board at 8:37 p.m.
Cindi Lane Robert E. Norris
Economic Development Specialist President
EDC Minutes July 14 2004, Page 3