HomeMy WebLinkAbout04/06/1995 City Council005645
MI~S OF THE CITY COUNCIL MEETING
HELD ON
APRIL 6, 1995
The Joint Work Session of the City Council and The Colony Municipal Economic
Development Corporation Board of Directors of the City of The Colony, Texas was called
to order at 7:05 p.m. on the 6th day of April, 1995 at City Hall with the following persons
in attendance:
John Dillard, Deputy Mayor Pro-Tem, EDC Executive Vice-President
Kay Hardin, City Council Place 3 Dean Kindy, EDC President
Gary McClure, EDC Treasurer Tommy Thompson, EDC Executive Vice
PresidentLeroy Grawunder, Vinson & Elkins Boyd London, First Southwest Company
Tim House, Matthews Southwest Robert Farrell, Matthews Southwest
Terry Wilkerson, Champions Golf Chuck Smith, Floyd Law Firm
Tripp Davis, Davis/Woodward Assoc. Jim Woodward, Davis/Woodward Assoc.
Richard Grossman, Mark Pressman Assoc.
Johnny Smith, City Manager Loft Haflan, EconomicDevelopment Coordinator
With only two council members present, a quorum was not established, however, as no
action was to be taken, a quorum of council was not required. Deputy Mayor Pro-Tem
Dillard stated the discussion would proceed as many of the participants had traveled a great
distance to be present.
1. PRESENTATION AND DISCUSSION OF WYNNEWOOD PENINSULA GOLF
AND HOUSING DEVELOPMENT PROJECT FUNDING AND
IMPLEMENTATION
City Manager Johnny Smith gave a brief history of the golf course development and
the EDC created to help with the project.
The discussion focused on the feasibility study that must be conducted in order to
proceed with the financing of the Wynnewood Peninsula golf project. Boyd London, the
city's financial adviser, provided information concerning options for financing the project.
The City Council had previously expressed that the city should not be liable for the debt
service on the bonds issued to construct the project. Mr. London discussed the city's liability
with the revenue bonds proposed for financing as well as other possibilities. It was decided
that the financing structure for the project will be one of the issues addressed in the
feasibility study.
Richard Grossman of Mark Pressman Associates, the bond underwriters for the
project, expressed dissatisfaction with the firm the EDC had previously selected to conduct
the feasibility study. He cited a lack of municipal experience and acceptance in the bond
market. In order to ensure that the bonds are acceptable in the market, Mr. Grossman,
along with Mr. London, recommended that a nationally recognized firm with municipal
experience conduct the feasibility study. Each organization represented at the work session
2
will be asked to contribute ideas to the RFP, and then it will be circulated among a selected
group of companies to include Coopers & Lybrand, Economics Research Associates, Peat
Marwick, Golf Resource Associates, and others identified by the city's financial advisers.
The RFP will be circulated by April 20, 1995, and a decision on the firm to conduct
the feasibility study should be complete by June 20, 1995. Allowing 60 days for the
completion of the study, the estimated earliest start date on construction, of the project is
November, 1995. This will place the project opening date in the late spring of 1997.
With no further discussion, Deputy Mayor Pro-Tern Dillard adjourned the meeting
at 8:55 p.m.
APPROVED:
C. Dillard, Deputy Mayor ~ro-Tem
ATrEs'r:
Sandie Chance, Deputy City Secretary