HomeMy WebLinkAbout03/22/2004 City Council 0(17973
MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
AND CITY COUNCIL
WORK SESSION
CITY HALL COUNCIL CHAMBERS
MARCH 22, 2004
The Work Session of The Colony Economic Development Corporation and the City
Council of the City of The Colony, Texas, was called to order at 7:01 p.m. on the 22nd
day of March 2004, at City Hall with the following roll call:
Council members present: John Dillard
Joe McCourry
Joel Marks (arrived 7:25 p.m.)
Scott Ward
Lynda Bayliss
Pen'y Schrag
4A board members present: Bob Norris Bo Trosper
A1 Garcia (arrived 7:55 p.m)
Staffmembers present: Dale Cheatham
Tony Johnston
Tom Terrall
Cindi Lane
And with two voting members of The Colony Economic Development Corporation
present, and six City Council members present, a quorum was established and the
following item was addressed:
Item 1.1. Presentation of Phase One from The Buxton Company and preliminary
findings from Corer, Haag & Thrasher regarding strategies and analysis of retail
development: Tom Terrall introduced David Rambie, President of The Buxton Company
and Kelly Cofer, Principal of Corer, Haag & Thrasher. Mr. Rambie gave his presentation
first. He gave a background of his company and of CommunitylD. He explained that
CommunitylD has completed Phase I and the purpose is to analyze and determine the
trade area being served using a seven minute drive time. The goal is to determine the
number one top site for development from a choice of three sites. The best site according
to their research is the 30-acre site east of The Home Depot on the north side of S.H. 121.
Mr. Rambie explained the demographic nature of the trade area and showed maps of the
polygon shape of our trade area, which encompasses all of The Colony as well as a
portion of west Frisco, and northern Plano. He explained that it would be best to avoid
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retailers at Stonebriar and the Shops at Willow Bend. He will be looking at their
competitors. Phase II will identify retailers that are good for our trade area. He said that
developable land at the right price would be the key for successful retail development in
The Colony. His presentation was followed by questions and discussion.
Mr. Cofer introduced himself and his company, Cofer, Haag & Thrasher and gave a
background of his company. He said that he is approximately 30 days away from coming
back with retailers he has targeted for The Colony. He explained how he spent time in
The Colony and surrounding communities talking with retailers and interviewing several
board and council members as well as brokers and others. His determination of our trade
area was made based on speaking with several area retailers and has determined the
railroad track and the lake to be the eastern and western borders. The northern border
includes much of Lone Star Ranch but stops at FM 720. The southern border includes
Austin Ranch and part of northwest Plano and a portion of north Carrollton. Mr. Cofer
cautioned that Little Elm might be a future problem. He has determined The Colony trade
area to include about 50,000 in population. He stated that the per capita income is about
$31,000, which is 40% higher than state average and that information will help with the
retailers. According to his retail leakage analysis, there is approximately 690 million
dollars being spent outside of The Colony by this trade area and out of 52 retail sectors
studied, The Colony shows leakage in 49 sectors. Mr. Corer discussed the challenges of __
The Colony and said that the future is the S.H. 121 corridor. There was brief discussion
and the group asked a few questions.
Mr. Terrall thanked everyone for coming and said that he wanted them to see the progress
that has been made up to now.
With no other business, the work session was adjourned at 8:20 p.m.
Jo~ Dillard, Mayor, City of the Colony Robert E. Norris, President,
The Colony Economic Development
Corporation
ATTEST: ~
Cindi Lane, Recording Secretary
EDC Minutes March 22, 2004, Page 2