HomeMy WebLinkAbout07/13/94 EDC MINUTES OF THE ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
HELD ON
JULY 13, 1994
A meeting of the Economic Development Corporation Board of Directors for the City of
The Colony, Texas was called to order at 7:13pm on the 13th day of July, 1994 at City
Hall. The following persons were in attendance:
John Dillard, Councilman
Jeffrey Cunningham, Member
Clark Lund, Member
Martha Fujauski, Member
Toby Pollard, Councilman
Linda Tate, Councilwoman
Johnny Smith, City Manager
Larry Bryant, Pres., Chamber of Commerce
Cathy Wood, Staff Liaison, Executive V.P., Chamber of Commerce
Tom Palmer, Director of Economic Development, City of Frisco
1. PRESENTATION FROM TOM PALMER, DIRECTOR[IF ECONOMIC
DEVELOPMENT FOR THE CITY OF FRISCO
A presentation by Tom Palmer, Director of Economic Development, City of
Frisco, was made on the organizational structure of establishing an economic develop-
ment corporation in a city, ways to expand your commercial tax base, successful
economic development strategies, and planning for growth. He provided a history
of the economic development process for the City of Frisco. Tom Palmer stated
that it is necessary to access the strengths and weakness's of your community, analyze
opportunities for development, and identify threats to your community; he refers to
this process as SWOT. He feels that the first priority is to receive training, attend
seminars, learn what what constitutes a proposal, review examples, contact allies,
and join organiTations. Tom Palmer is a planner by trade and believes economic
development should not be reactive, but must be proactive. His recommendations
were 2
1. develop a mission statement
2. establish key support relationships with surrounding cities, such as Dallas
3. join professional member organi?ations and national/regional associations
to expand your cities network of communications, such as, The American
Economic Development Council
4. purchase economic development materials, books, and professional journals
5. obtain training materials and attend seminars, such as, TU Electric and the
basic industrial economic development seminar at Tx. A & M University
6. keep abreast of legislative issues due to the direct impact state government
legislation may have on your economic development board which can affect
your tax base, jobs, and business retention
7. look at industrial prospects
8. do cost/benefit analysis, credit analysis, and market analysis
9. identify tangible incentives
10. communicate future vision to the City Council and the City Manager, but
don't violate confidentiality of potential prospects
11. do a "swath", referring to an objective town assessment
12. "market otT' the coattails of Dallas and surrounding cities
13. put together a good professional economic development proposal package
involving current demographic data consisting of sites, location, commercial
vs. retail spaces, tax base enhancement, and potential job creation
information
14. do not send in lieu of a professional demographic proposal package a
quality of life Chamber of Commerce packet
15. passage of a 1/2 cents sales tax is critical to be a competitive player in
the economic development market economy
16. the city must have in place a thoroughfare plan and knowledge of density
and intensity standards
17. identify an industrial development section of your city and plan for growth
18. establish an "Allies Day" and network with surrounding cities
19. hire a professional economic development coordinator as it is a full time
job if you are successful
20. dofft analyze the population-analyze the market including Dallas and
surrounding cities
21. establish and annual general development plan in which anticipated key
projects are outlined
22. establish a line item budget
23. obtain a gross sales tax report assessment from John Sharp at the
Comptrollers office
24. establish a "prospect team" or core group to provide team writing proposals
when business prospects wish to meet with the community leadership; the
prospect team must know:
a. infrastructure
b. f'mancing
c. water supply capacity
d. soil conditions-are they appropriate for development?
e. zoning
f. know the company's contact person and leave professional brochures
g. must provide a public information liaison to coordinate information
The meeting was adjourned at 8:40 pm.
The next meeting is scheduled for July 26,1994 at City Hall at 7:00 pm.
Respectfully submitted, ~ _. /
Martha Fujauski. SecreVm'y
Economic Development Corporation
Board of Directors