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HomeMy WebLinkAbout11/15/2011 City Council November 15, 201 1 MINUTES JOINT MEETING OF THE CITY OF THE COLONY CITY COUNCIL PLANNING AND ZONING COMMISSION ECONOMIC DEVELOPMENT CORPORATION (TYPE A) COMMUNITY DEVELOPMENT CORPORATION (TYPE B) THE COLONY LOCAL DEVELOPMENT CORPORATION REINVESTMENT ZONE NUMBER ONE, CITY OF THE COLONY The Joint/Regular Session of the City Council of the City of The Colony, Texas, was called to order at 6:01 p.m. on the 15th day of November 2011, at City Hall, 6800 Main Street, The Colony, Texas, with the following roll call: .Joe McCourry Mayor Present Allen Harris Councilmember Present Richard Boyer Mayor Pro-Tent Present Jeff Connelly Councilmember Present David Terre Councilmember Present Perry Schrag Councilmember Present Joel Marks Councilmember Present (arrived 6:17 pm) And with seven council members present a quorum was established and the following items were addressed: 1.0 ROUTINE ANNOUNCEMENTS, RECOGNITIONS AND PROCLAMATIONS: Call to Order Invocation - Scott Thompson Pledge of Allegiance to the United States Flag Salute to the Texas Flag Citizen Input- Kathy Cunningham and Steven Pool spoke in favor of the project. Bill Kula (representing Plano residents adjacent to property) expressed neighborhood concerns and spoke regarding several aspects of the proposed development and plans for the property, including the realignment of Headquarters Drive. Suzette Snyder (Plano) stated her concerns with the line of site and construction noise, and asked for more communication from The Colony. Mayor McCourry thanked Denton County Commissioners for unanimously approving the county participation agreement earlier in the day. 2.0 REGULAR CITY COUNCIL AGENDA ITEMS 2.1 Discuss and consider approval of minutes of City Council meetings held on November 1, 2011 ]McCourry absent] and November 8, 2011 (Schrag absent] (City Secretary) Motion to approve- Boyer; second by Schrag; motion passed with all ayes except for McCouriy who abstained. November 15, 2011 2.2 Discuss and consider the appointment of a Chairperson/President to the Local Development Corporation. Motion to appoint Joe McCourry as Chair/President of the Local Development Corporation- Connelly; second by Terre; motion passed with all ayes. 2.3 Discuss and consider the appointment of a Chairperson/President to the Reinvestment Zone Number One, City of The Colony. ,Motion to appoint Joe AfcCourry as Chair/President of the Reinvestment Zone Ntrnaber One, City of The Colony- Harris; second by Boyer; motion passed with all ayes. 2.4 Discuss and consider an ordinance establishing a Chapter 380 Incentive Program for Economic Incentives to develop and diversify the economic within the City of The Colony, Texas, and to develop and expand business and commercial activity within the City. (Ordinance No. 2011-1935). City Attorney Jeff Moore reviewed the aspects of the ordinances and types of incentives that would be available. Motion to approve- Scltrag; second by Connelly; motion passed with all ayes. 2.5 Discuss and consider an ordinance adopting the Comprehensive Economic Development Policy attached to the Ordinance as Exhibit A which repeals and replaces the City's existing "The Colony Economic Development Corporation/City of The Colony Comprehensive Policy Statement of Economic Development Incentives". (Ordinance No. 2011-1934). Jeff Moore stated there is a slight revision to the policy currently in place and changes to the policy require a 3/4 vote of council members due the tax abatements allowed. Alotion to approve- Sclrag; second by Harris; motion passed with all ayes. 2.6 Discuss and consider an ordinance authorizing and approving the establishment and administration of one or more economic development programs to develop and diversify the economy within the Tax Increment Reinvestment Zone Number One, City of The Colony, Texas, and to develop and expand business and commercial activity within such Zone. (Ordinance No. 2011-1933). Jeff Moore said the tax code allows for cities to create various economic development programs, and this ordinance establishes the authority to proceed. Motion to approve ordinance number 2011-1933- Terre; second by Scltrag; motion passed with all a},es. 2 November 15, 201 1 The Citv Council recessed at 6:25 p.m. 3.0 REGULAR LOCAL DEVELOPMENT CORPORATION AGENDA ITEMS 3.1 Call to Order 3.2 Discuss and consider the election of officers to the Local Development Corporation - Vice-Chairperson/Vice-President, Treasurer, and Secretary. 3.3 Discuss and consider approving bylaws for the Local Development Corporation. SEE EXHIBIT A FOR LOCAL DEVELOPMENT CORPORATION MEETING MINUTES. 4.0 JOINT PLANNING AND ZONING COMMISSION AND CITY COUNCIL AGENDA ITEMS 4.1 Call to Order Mayor McCourry roll called the council members and determined all present. This joint meeting of the Planning and Zoning Commission and the City Council was called to order at 6:37 p.m. 4.2 Joint public hearing regarding a proposed amendment to the 1N'Iaster Thoroughfare Plan by modifying the alignment, design standards, and design speed for the planned thoroughfare extending westward from the intersection of Spring Creel: Parkway and Headquarters Drive. The public hearing was opened at 6:39 p.m. Development Services Director- Mike Joyce reviewed the existing thoroughfare plan for Headquarters Drive (6 lanes) and the proposed realignment (4 lanes, lower speeds). He added that staff recommends approval. Suzette Snyder, Andrea Mills, Pam Banks, and Rick Urbanczyk (Plano residents) all spoke in opposition to the project, the road realignment, and the process. The public hearing was closed at 6:47 p.m. 4.3 Planning and Zoning Commission discuss and consider making a recommendation to the City Council regarding a proposed amendment to the Master Thoroughfare Plan by modifying the alignment, design standards, and design speed for the planned thoroughfare extending westevard from the intersection of Spring Creek Parkway and Headquarters Drive. Commissioner Flames confirmed the location of the railroad on the overhead with respect to the proposed roadway and the adjacent properties. Commissioner Hames moved to approve item 4.3; second by Bambury; motion passed with all ayes. (Commissioner Molina was absent.) 4.4 City Council discuss and consider an ordinance amending the Master Thoroughfare Plan by modifying the alignment, design standards, and design speed for the 3 November 15, 201 1 planned thoroughfare extending westward from the intersection of Spring Creek Parkway and Headquarters Drive. (Ord. No. 2011-1928) Motion to approve the recommendation by P&Z- Harris; second by Terre; motion passed with all ayes. 4.5 Joint public hearing regarding a proposed amendment to the Comprehensive Zoning Ordinance and Map of the City of The Colony, Texas, as heretofore amended, by establishing a planned development district that encompasses that certain 433.81 acres of property generally located along the south side of State Highway 121 between W. Spring Creek Parkway and Plano Parkway and including a tract of land at the southwest corner of State Highway 121 and Plano Parkway. Mike Joyce presented a location map and advised that a portion of PD 22 in Austin Ranch will be included as part of the new PD 25. He reviewed the Comprehensive Land Use designations as adopted in 2007 and the permitted uses, the S.H. 121 Corridor Plan, the Future Land Use, and Gateway Overlay District zoning, which will all apply to 1'D 25. The public hearing was opened at 6:58 p.m. Plano resident Suzette Snyder asked a question about the distance between Headquarters Drive and the railroad. The city attorney spoke up and advised that staff nnay respond after the public hearing concludes. Vivian Partridge and Heather Morrow also spoke against. Implications were made that the meeting may not have been properly posted. The public hearing closed at 7:04 p.m. 4.6 Planning and Zoning Commission discuss and consider making a recommendation to the City Council regarding a proposed amendment to the Comprehensive Zoning Ordinance and Map of the City of The Colony, Texas, as heretofore amended, by establishing a planned development district that encompasses that certain 433.81 acres of property generally located along the south side of State Highway 121 between W. Spring Creek Parkway and Plano Parkway and including a tract of land at the southwest corner of State Highway 121 and Plano Parkway; granting a variance to the regulations for the sale of alcoholic beverages with respect to said property. Commissioner Wade moved to approve item 4.6; second by Commissioner Morrison; motion passed with all ayes. (Commissioner Molina was absent.) 4.7 City Council discuss and consider an ordinance amending the Comprehensive Zoning Ordinance and map of the City of The Colony, Texas, as heretofore amended, by establishing a planned development district that encompasses that certain 433.81 acres of property generally located along the south side of State Highway 121 between W. Spring Creels Parkway and Plano Parkway and including a tract of land at the southwest corner of State Highway 121 and Plano Parkway; granting a variance to the regulations for the sale of alcoholic bevel-ages with respect to said property. (Ordinance No. 2011-1927). 4 November 15, 201 1 CoUnClhllember Boyer stated that this item is only to change the [planned development] district, not the road. Also, he noted that the meeting was publicly posted. Councilmember Connelly asked the city attorney about the timing of the agenda being posted. It was confirmed that the agenda was posted prior to 5 p.m. on November 10`x' (96 hours prior to the meeting rather than the required 72 hours) and the full packet was available by Friday morning, November I Ith. 4.8 City Council discuss and consider a resolution approving bylaws for The Colony Local Development Corporation. (Resolution No. 2011-076) SEE EXHIBIT B FOR COMPLETE PLANNING AND ZONING COMMISSION MEETING MINUTES. 5.0 REGULAR ECONOMIC DEVELOPMENT CORPORATION (TYPE A) AGENDA ITEMS 5.1 Call to Order 5.2 Discuss and consider approving a Performance Agreement with LMG Ventures, LLC, a Texas limited liability company, and TXFiVI, Inc., a Texas corporation to provide economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. 5.3 Discuss and consider authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. 5,4 Discuss and consider a resolution authorizing reimbursement of expenditures with proceeds of future debt. SEE EXHIBIT C FOR ECONOMIC DEVELOPMENT CORPORATION MEETING MINUTES. 6.0 REGULAR COMMUNITY DEVELOPMENT CORPORATION (TYPE 13) AGENDA ITEMS 6.1 Call to Order 6.2 Conduct a public hearing, discuss and consider approving a Performance Agreement with LMG Ventures, LLC, a Texas limited liability company, and TXFNI, Inc., a Texas corporation to provide an economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. 5 November 15, 201 1 6.3 Discuss and consider authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. 6.4 Discuss and consider a resolution authorizing reimbursement of expenditures with proceeds of future debt. SEE EXHIBIT D FOR COMMUNITY DEVELOPMENT CORPORATION MEETING MINUTES. 7.0 REGULAR LOCAL DEVELOPII'tENT CORPORATION AGENDA ITEMS 7.1 Reconvene 7.2 Discuss and consider approving a Development Agreement by and between The City of The Colony, the Local Development Corporation, LMG Ventures, LLC, a Texas limited liability company, TXFM, Inc., a Texas corporation, and the Board of Directors of Tax Increment Financing Reinvestment Zone Number One, City of The Colony. 7.3 Discuss and consider authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives NNithin Reinvestment Zone Number One, City of The Colony, Texas. 7.4 Discuss and consider a resolution authorizing reimbursement of expenditures with proceeds of future debt. SEE EXHIBIT A FOR LOCAL DEVELOPMENT CORPORATION MEETING MINUTES. 8.0 REGULAR REINVESTMENT ZONE NUMBER ONE, CITY OF THE COLONY AGENDA ITEM 8.1 Call to Order 8.2 Discuss and consider the election of officers for the Reinvestment Zone Number One- Vice-Chairperson/Vice-President, Treasurer, and Secretary. 8.3 Discuss and consider approving the Reinvestment Zone Number One, City of The Colony, tax increment financing project plan and financing plan. 8.4 Discuss and consider approving a Development Agreement by and between The City of The Colony, The Colony Local Development Corporation, LMG Ventures, 6 November 15, 201 1 LLC, a Texas limited liability company, and TXFM, Inc., a Texas corporation, and the Reinvestment Zone Number One, City of The Colony. 8.5 Discuss and consider approving an agreement with Denton County regarding participation in the Reinvestment Zone Number One, City of The Colony, tax increment fund. SEE EXHIBIT E FOR REINVESTMENT ZONE NUMBER ONE CITY OF THE COLONY MEETING MINUTES. At 8:00 p.m. Mavor 1\IcCourrv called a 15 minutes recess. 9.0 REGULAR CITY COUNCIL AGENDA ITEMS 9.1 Reconvene City Council reconvened at 8:15 p.m. Mayor McCourry stated that item 9.6 would be addressed first. 9.6 Discuss and consider an ordinance approving the Reinvestment Zone Number One, City of The Colony, tax increment financing project plan and financing plan. (Ordinance No. 2011-1929) Jeff Moore stated the TIRZ board previously approved. He reviewed aspects of the plan and stated it meets the requirements of the tax code. He reviewed bond indebtedness and current value of the property. He asked council to include in the motion a few revisions to the document due to some typographical errors. Motion to tipprove ordinance number 2011-1929 including revisions: - Page 7 revise for the term to read as "Non project costs" - P( ,qe 10 1"emoile the section /lumber 6.1.13froin "I'Min c1pQl Bitilding"- Terre; second by Connelly; motion passed with till ayes. 9.2 Discuss and consider a resolution approving a performance agreement by and between the Community Development Corporation (Type B), LMG Ventures, LLC, a Texas limited liability company, and TXFM, Inc., a Texas corporation to provide an economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. (Resolution No. 2011-077) Jeff Moore stated the Type B board previously approved this agreement that authorizes Type B corporations to pay for certain project costs as provided by state statutes. This is a 75 year agreement. He noted that if Type B sales tax is generated from the site certain percentages apply that go back into the project. He noted it includes the provision that 850 full-time jobs (425 for city and/or county residents) will be created. This is a 7 November 15, 201 1 performance based agreement and applies only if sales tax revenue is generated from the project. Motion to approve resolution naamber 2011-077, approving a project and performance agreement by and between the Community Development Coaporation, LMG Ventures, LLC, and TXFM, Inc., to provide an economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approzinaately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colonyy, Denton County, Texas, as presented with the following revision: insert "except to the City," in Section I1(c) of the Agreement- Connelly; second by Harris; motion passed with all ayes. 9.3 Discuss and consider a resolution approving a performance agreement by and between the Economic Development Corporation (Type A), LMG Ventures, LLC, a Texas limited liability company, and TXFM, Inc., a Texas corporation to provide an economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Higliway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. (Resolution No. 2011-078) The conditions of this agreement for Type A are the same as previously approved for Type B, except Type A cannot make expenditures for entertainment and tourist uses. Alotion to approve resolution number 2011-078 as presented with revision to insert "except to the City," in Section 11(c) of the Agreement"- Marks; second Schra;; motion passed with all a1,es. 9.4 Discuss and consider a resolution approving a Chapter 380 Agreement with IAIG Ventures, LLC, a Texas limited liability company, and TXFM, Inc., a Texas corporation to provide an economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. (Resolution No. 2011- 079) Jeff Moore stated this agreement falls under Chapter 380 of the Local Government Code and authorizes the city to provide for economic development incentives for public purposes. It is a 75 year agreement from date of first sales tax generated (performance based). He reviewed the contents of the agreement. Motion to approve resolution number 2011-079 approving a Chapter 380 Economic Development Agreement with LNG Ventures, LLC and TSFM, Inc. as presented- Harris; second by Boyer; motion passed with all ayes. 9.5 Discuss and consider a resolution approving a hotel occupancy tax agreement with LNIG Ventures, LLC, a Texas limited liability company, and TXFM, Inc., a Texas 8 November 15, 201 1 corporation to provide an economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. (Resolution No. 2011- 080) Jeff Moore stated this agreement is in regard to hotel occupancy taxes collected from hotels located within the development. If no hotels are constructed by December 31, 2021 the agreement ends. This is a 70 year agreement with 90% back to the development and 10% to the city for the first 40 years. After that there is a 50150 split. The funds can be used only in accordance with permissible HOT revenue uses and is on a reimbursement basis. He reviewed the contents of the agreement. Motion to approve resolution number 2011-080 approving the Hotel Occiipaiicy Taz Agreement with LMG Dentures, LLC and TXFM, Inc. as presented- Connelly; second by Marks; motion passed with all ayes. 9.7 Discuss and consider an ordinance approving an agreement with Denton County regarding participation in the Reinvestment Zone Number One, City of The Colony, tax increment fund. (Ordinance No. 2011-1931) City Attorney Jeff Moore advised that Denton County today approved this agreement. He reviewed the contents of the agreement including the county call have two positions on the TIRZ board if they choose. County funds will not be contributed toward any municipal buildings. The county added Section 15 regarding rollback taxes to the agreement and asked council to include this revision to the agreement in their motion. Motion to approve ordinance number 2011-1931 as presented with re), sion to insert Section 15 to the Agreement which states "Denton County doe's not waive' its right to collect rollback ta_ves on all real property in the Reinvestment Zone- Terre; second by Connelly; motion passed with all ayes. 9.8 Discuss and consider an ordinance approving a Development Agreement by and between The City of The Colony, The Colony Local Development Corporation, LMG Ventures, LLC, a Texas limited liability company, TNFM, Inc., a Texas corporation, and the Board of Directors of Tax Increment Financing Reinvestment Zone Number One, City of "the Colony. (Or(linance No. 2011-1932) Jei-f Moore reviewed the various sections of the agreement. He noted some typographical corrections have been made as follows: Page 6 remove the word Management," from the term "Agreement"; Page 8, Section 3.2, last line, insert the word "Public"; Page 9, Section 3.4, eighth line remove the word "for"; and Page 10, Section 3.8, third line correct word "commercial" to "commercially." ,111otion to approve ordinance number 2011-1932, approving the Development and Tav Increment Payment Agreement b►' and between The City of The Colony; the Board of 9 November 15, 201 1 Directors of Tax Increment Financing Reinvestment Zone Number One, City of The Colony; the Local Development Corporation; LMG Ventures, LLC; and TXFM, Inc., as presented, with the revisions as stated by the city attorney- Harris; second by Marks; motion passed with all ayes. 9.9 Discuss and consider an ordinance authorizing the city manager to execute a license and use agreement with LMG Ventures, LLC, a Texas limited liability company, and TXFM, Inc., a Texas corporation concerning the placement, alteration, maintenance, and removal of signs over public right-of-way located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. (Ordinance No. 2011- 1930) Jeff Moore indicated this is a ten-year [2015-2025] agreement in relation to signage on the subject property. It is consistent with the city Code of Ordinances. Exhibit B to the agreement specifies permitted signs and regulations. Motion to approve ordinance number 2011-1930, authorizing the city manager to execute a lice'nse and use agreement with LMG Ventures, LLC, and TXFM, Lie., concerning the placement, alteration, maintenance, and removal of signs over public right-of-;vay located on approximately 433.81 acres of land, located south of State Hi; lnway 121 and near Plano Parkrvc~y, City of The Colony, Denton County, Texas, as presented- Connelly; second by Connelly; second by Alarks; motion passed with all ayes. 9.10 Discuss and consider approving a resolution declaring an expectation to reimburse expenditures with proceeds of future debt. (Resolution No. 2011-084) Motion to approve resolution number 2011-084 declaring expectation to reimburse expenditures with proceeds of future debt as presented- Boyer; second by Marks; motion passed with all ayes. 9.11 Discuss and consider approving an ordinance authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsUit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. (Ordinance No. 2011- 1936). Mayor McCourry stated that this item will be postponed until after the Executive Session. 10.0 EXECUTIVE SESSION 10.1 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation and the City Council shall convene into a closed executive session pursuant to Section 551.071 of the TEXAS GOVERNMEN'r CODE to seek legal advice from the city attorney regarding pending or contemplated litigation regarding necessary actions to initiate and file a declaratory 10 November 15, 201 1 judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. Mayor McCourry cleared the council chambers of all persons except for the Economic Development Corporation, the Community Development Corporation, the Local Development Corporation, City Council and pertinent staff in order to begin the Executive Session. Cxecutive Session was convened at 8:55 p.m. Reconvened Open Session 9:26 p.m. for action item. 10.2 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation, and the City Council to take any action as a result of the executive session regarding pending or contemplated litigation regarding a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions. No action as a 1'eSLrlt Ol exeCLrtiVC SCSSIOn. At this time items tabled from earlier in the evening were presented and voted on by the Economic Development Corporation (5.3), the Community Development Corporation (6.3), the Local Development Corporation (7.3), and the City Council (9.11). The boards adjourned following their votes. At 9:34 p.m. the Cite Council voted on item 9.1 1. Motion to approve ordinance number 2011-1936, authorizing the City Manager or City Attorney to take all necessary action to initiate and file a decla°atmy judgment lawsuit to validate the proposed bond issuances, contracts, and actions taken or planned in support of economic development initiatives within Tax Increment Reinvestment Zone Number One, City of' The Colony, Texas-Harris; second by Marks; motion passed with all ayes. And with 110 furthCI- business to discuss the meeting was adjourned at 9:35 p.m. APPROVED: ~e IVI 'Co ry, Mayor City of Tl e'Coloy ATTEST: (11ristle Nilson, TlZ-MC fY , City Secretary 11 November 15, 201 1 Joint Mecting EXHIBIT A MINUTES LOCAL DEVELOPMENT CORPORATION MEETING HELD ON NOVEMBER 15, 2011 The meeting of the Local Development Corporation of the City of The Colony, Texas, vas called to order at 6:28 p.m. on the 15th day of November 2011, at City Hall, 6800 Main Street, The Colony, Texas, with the following roll call: Joe McCourry Chair Present Troy Powell Member Present Kirk Mikulec Membcr Present Richard Boyer Member Present Jeff Connelly Member Present David Terre Member Present Perry Schrag Member Present Joel Marks Member Present Tod Maurina Member Present And with nine members present a quorum was established and the following items were addressed: 3.0 REGULAR LOCAL DEVELOPMENT CORPORATION AGENDA ITEMS 3.1 Call to Order Chair McCourry called the meeting to order at 6:28 p,m. and roll called all members present. 3.2 Discuss and consider- the election of officers to the Local Development Corporation - Vice-Chair-person/Vice-President, Treasurer, and Secretary. David Tel-i-e nominated Trot, Powell (is Vice Chair; second by Jeff Corrrrelly; all member"s voted aye by a show of hamis. Richard Boyer- rrorrzirrated Kirk Milculec as Tr°easurer; second by Perry Schrag; all members voted aye by a show of hands. Jeff Connelly nonrirrated Richard Boyer rrs Secretary; second by Schi-ag; all members voted aye by a show of hands. 3.3 Discuss and consider approving bylaws for the Local Development Corporation. City Attorney Jeff Moore advised that the Secretary of State approved the corporation the day before (11/14/2011). He reviewed the purpose of the by-laws and powers of the corporation. It states the initial members must be residents of the city and the chair is appointed by city council. Chair McCourry confirmed that all members are residents of 1 November 15, 201 1 Joint Meeting the city. Jeff Connelly confirmed with the attorney that after initial incorporation only a majority of the board members must be residents. Jeff Moore also stated that the board will have a budget in conjunction with the Tax Increment Reinvestment Zone board. Motion to approve the bylaws- Perry Schrag; second by Joel Marks; motion passed with all ayes. The Local Development Corporation recessed at 6:36 p.m. The Local Development Corporation reconvened at 7:35 p.m. 7.0 REGULAR LOCAL DEVELOPMENT CORPORATION AGENDA ITEMS 7.1 Reconvene - Chair McCourry confirmed all members present. 7.2 Discuss and consider approving a Development Agreement by and between The City of The Colony, the Local Development Corporation, LMG Ventures, LLC, a Texas limited liability company, TWIVI, Inc., a Texas corporation, and the Board of Directors of Tax Increment Financing Reinvestment Zone Number One, City of The Colony. City Attorney Jeff Moore briefly explained the components of the Development Agreement. The agreement provides for job creation, infrastructure, construction completion dates and minimum project expenditures for the various phases and fields to be deposited into the TIF account. 411otion to approve item 7.2- Boyer; second l»> Mikulec; motion passed with all ayes. 7.3 Discuss and consider authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. Jeff Moore requested they postpone until after the Executive Session at the end of the meeting. Motion to table the item until after eieerttive session- Terre; second by Marks; motion passed )vith all ayes. 7.4 Discuss and consider a resolution authorizing reimbursement of expenditures with proceeds of future debt. City Attorney Jeff Moore explained this resolution is similar to those passed by the 4A and 4B groups. It declares the intent to issue debt to pay for permissible projects. The amount listed is the amount for all groups involved and for the life of the project. 2 November 15, 201 1 Joint Meeting Motion to approve a resolution declaring expectation to reimburse expenditures with proceeats of finture (lebt as presented- Connelly; second by Marks; motion passed with all ayes. The Local Development Cor-])oration recessed at 7:44 p.m. Executive Session was convened at 8:55 .m. 10.0 EXECUTIVE SESSION 10.1 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation and the City Council shall convene into a closed executive session pursuant to Section 551.071 of the TEXAS GOVERNMENT CODE to seek legal advice from the city attorney regarding pending or contemplated litigation regarding necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, 'T'exas. No action as a result of executive session. The Local Development Corporation reconvened open session at 9:31 p.m. Agenda Item 7.3: Motion to authorize and direct the City Manager or City Attorney to take all necessary action to initiate and file a declaratory jnadgnnennt lawsuit to validate the proposed bond issuances, contracts, and actions taken or planned in support of economic development initiatives within Tax Increment Reinvestment Zone Number One, City of The Colony, Texas- Connelly; second by Marks; motion passed with till ayes. And Mth no further business to discuss the Local Development Corporation adjourned at 9:33 P. m. APPROVED: Joe McCourry, Chair Local Development Corporation City of The Colony ATTEST: Richard Boyer, Secretary 3 EXHIBIT B MINUTES CITY OF THE COLONY CITY COUNCIL PLANNING AND ZONING COMMISSION ECONOMIC DEVELOPMENT CORPORATION (TYPE A) COMMUNITY DEVELOPMENT CORPORATION (TYPE B) THE COLONY LOCAL DEVELOPMENT CORPORATION REINVESTMENT ZONE NUMBER ONE, CITY OF THE COLONY NOVEMBER 15, 2011 After determining that a quorum was present, the City Council of the City of The Colony, Texas convened into regular session which was held on Tuesday, November 15, 2011 at 6:00Pm in the City Council Chambers located in City Hall, 6800 Main Street, The Colony, Texas, at which time the following items were addressed: Board Members Present: Brian Wade, Chairman; Eddie McCormick, Vice Chairman; Karen Hames; Richard Bambury; Debbie Morrison; Shannon Hebb and Cesar Molina, Jr. (arrived at 7:15 p.m.) Board Members Absent: None Staff' Present: Mike Joyce, AICP, Development Services Director; Brooks Wilson, AICP, Senior Planner; Felicia Koppang, Development Services Coordinator; Gordon Scruggs, Director of Engineering; Christie Wilson, City Secretary; Lisa Henderson, Deputy City Secretary; Diane Baxter, Director of Communications; Troy Powell, City Manager; Tod Maurina, Assistant City Manager; Tim Miller, Assistant City Manager; Cindi Lane, Economic Development Specialist; and Jeff Moore, City Attorney. 4.0 JOINT PLANNING AND ZONING COMMISSION AND CITY COUNCIL AGENDA ITEMS 4.1 Call to Order Chairman Wade called the meeting to order at 6:37 Pm. 4.2 Joint public hearing regarding a proposed amendment to the Master Thoroughfare Plan by modifying the alignment, design standards, and design speed for the planned thoroughfare extending westward from the intersection of Spring Creek Parkway and Headquarters Drive. Mayor McCourry opened the Joint Public Hearing at 6:39 p.m. Mr. Joyce presented the staff report. Ms. Suzette Snyder, resident of 7021 Brook Forest Circle in Plano, Texas asked if there was a slide that better depicted where the proposed roadway would be located in proximity to her neighborhood of Kings Ridge in Plano, Texas. Mr. Joyce responded no. Minutes of the Planning and Zoning Commission November 15, 2011 Page 2 of 6 Ms. Snyder followed up in stating that a map is crucial in regard to the Kings Ridge residents' feedback due to the proximity of the proposed roadway to the neighborhood. Mr. Joyce responded that the reason the roadway is proposed to be changed is to provide for a larger parcel of land in the center of the tract for the future development of the property. He continued in stating that the realignment of the proposed roadway is going to limit the development adjacent to Kings Ridge due to the limited area between the proposed roadway and the residential development. Ms. Andrea Mills, resident of 7025 Brook Forest in Plano, Texas stated that the neighborhood will be greatly impacted and feels that the residents of the neighborhood have not been given adequate information or been given an opportunity to give feedback to the City of The Colony. Ms. Pam Banks, resident of 7000 Whisperfield Drive in Plano, Texas stated that she doesn't believe anything cannot be changed. She continued by reinforcing her neighbors' responses in stating that the residents of Kings Ridge have not been given an opportunity for input and stated that she objects to the proposed realignment of the roadway due to its proximity to the neighborhood of Kings Ridge. Mr. Rick Urbanczyk, resident of 7020 Luxborough Drive in Plano, Texas asked for clarification on the appearance of the map as to where the Kings Ridge neighborhood was located, what the area to the north of Kings Ridge is, and what the blue line across the map indicated. Mr. Joyce provided answers to Mr. Urbanczyk's questions. Mr. Joyce added that the proposed roadway is being modified fi•om a 6-lane thoroughfare with higher speeds to a 4-lane thoroughfare with lower speeds. Mr. Urbanczyk followed up in stating that the City is doing the residents of Kings Ridge in Plano a disservice by not being forthright about the proposed development. Mayor McCourry and Chairman Wade closed the Joint Public Hearing at 6:50 p.m. Councilman Schrag noted that the new proposed roadway is going to be a 4-lane thoroughfare with approximately a 67 foot right-of-way, whereas Spring Creek Parkway is a 6-1ane thoroughfare which is at the front door of the Kings Ridge development. 4.3 Planning and Zoning Commission discuss and consider making a recommendation to the City Council regarding a proposed amendment to the Master Thoroughfare Plan by modifying the alignment, design standards, and design speed for the planned thoroughfare extending westward from the intersection of Spring Creek Parkway and Headquarters Drive. Commissioner Hames asked if the location of the railroad is adjacent to the Kings Ridge subdivision. Mr. Joyce responded affirmatively. Minutes of the Planning and Zoning Commission November 15, 2011 Page 3 of 6 Commissioner Haines asked if the railroad tracks provide as an extra buffer to the Kings Ridge neighborhood located to the east of the proposed development site within Plano city limits. Mr. Joyce responded by stating that with the railroad tracks being located where they are, the proposed thoroughfare will limit developability of the property by Nebraska Furniture Mart between the roadway and the railroad tracks due to the distance between them. Chairman Wade continued in stating that construction on the property would not be easy to the immediate west of the railroad tracks due to the slopes of the property. It was moved by Commissioner Haines to approve Item 4.3 as presented, seconded by Commissioner Bambury. Motion carried (6-0). 4.4 City Council discuss and consider an ordinance amending the Master Thoroughfare Plan by modifying the alignment, design standards, and design speed for the planned thoroughfare extending westward from the intersection of Spring Creek Parkway and Headquarters Drive. (Ord. No. 2011-1928) It was moved by Councilman Harris to approve Item 4.4 as presented, seconded by Councilman Terre. Motion carried (7-0). 4.5 Joint public hearing regarding a proposed amendment to the Comprehensive Zoning Ordinance and Map of the City of The Colony, Texas, as heretofore amended, by establishing a planned development district that encompasses that certain 433.81 acres of property generally located along the south side of State Highway 121 between W. Spring Creek Parkway and Plano Parkway and including a tract of land at the southwest corner of State Highway 121 and Plano Parkway. Mr. Joyce presented the staff report. Chairman Wade and Mayor McCourry opened the Joint Public Hearing at 7:00 p.m. Ms. Snyder asked what the distance is between her neighborhood and the proposed roadway. Mr. Joyce responded that he does not have the information requested, but would be willing to measure by scaling for an approximate distance. Mr. Moore followed up in stating that questions during the Public Hearing should be noted and if necessary, staff can respond after the Public Hearing. Ms. Vivian Partridge, resident of 7044 Twin Knoll in Plano, Texas commented on the inefficiency of the map provided by staff, holding City Council responsible and asked what PD-25 means. Minutes of the Planning and Zoning Commission November 15, 2011 Page 4 of 6 Ms. Heather Morrow, resident of 6701 Vista Trail in Plano, Texas stated that she has been given incorrect information by staff and believes that the City Council is misleading the public. Chairman Wade and Mayor McCourry closed the Joint Public Hearing at 7:05 p.m. 4.6 Planning and Zoning Commission discuss and consider making a recommendation to the City Council regarding a proposed amendment to the Comprehensive Zoning Ordinance and Map of the City of The Colony, Texas, as heretofore amended, by establishing a planned development district that encompasses that certain 433.81 acres of property generally located along the south side of State Highway 121 between W. Spring Creek Parkway and Plano Parkway and including a tract of land at the southwest corner of State Highway 121 and Plano Parkway; granting a variance to the regulations for the sale of alcoholic beverages with respect to said property. It was moved by Chairman Wade to approve Item 4.6 as stated, seconded by Commissioner Morrison. Motion carried (6-0). Motion was withdrawn due to Chairman Wade mistakenly reading the wrong Item prior to his motion. It was moved by Chairman Wade to approve Item 4.6 as stated, seconded by Commissioner Morrison. Motion carried (6-0). 4.7 City Council discuss and consider an ordinance amending the Comprehensive Zoning Ordinance and Map of the City of The Colony, Texas, as heretofore amended, by establishing a planned development district that encompasses that certain 433.81 acres of property generally located along the south side of State Highway 121 between W. Spring Creek Parkway and Plano Parkway and including a tract of land at the southwest corner of State Highway 121 and Plano Parkway; granting a variance to the regulations for the sale of alcoholic beverages with respect to said property. (Ordinance No. 2011-1927). Councilman Boyer stated Item 4.7 was not a vote on the roadway but for approval of the establishment of a planned development district. He continued in stating that the meeting's agenda was posted publicly since last Thursday at City Hall and on the city's website. Councilman Connelly asked City Attorney, Jeff Moore, when the meeting packet was available. Mr. Moore responded that the meeting packet was available for public view on Friday morning. Councilman Connelly asked if there was a reason the meeting packet is made available prior to the meeting being conducted. Minutes of the Planning and Zoning Commission November 15, 2011 Page 5 of 6 Mr. Moore responded that Texas Open Meetings Act requires for the meeting packet to be available a minimum of 72 hours prior to the meeting taken place. Councilman Connelly asked if the purpose for the requirement of making the meeting packet available was to give the public an opportunity to review the documents and send in and get questions answered. Mr. Moore responded affirmatively. Councilman Connelly asked if the city violated any publication or notification laws. Mr. Moore responded no. He continued in stating that the packet was made available 96 hours prior to the meeting. Chairman Wade noted that the Planning and Zoning Commission meeting agenda was available on Thursday. It was moved by Councilman Connelly to approve Item 4.7 as stated, seconded by Councilman Harris. Motion carried (7-0). 4.8 City Council discuss and consider a resolution approving bylaws for The Colony Local Development Corporation. (Resolution No. 2011-076) It was moved by Councilman Harris to approve Item 4.8 as stated, seconded by Councilman Connelly. Motion carried (7-0). The Planning and Zoning Commission recessed at 7:12 p.m. 10.0 EXECUTIVE SESSION 10.1 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation and the City Council shall convene into a closed executive session pursuant to Section 551.071 of the TEXAS GOVERNMENT CODE to seek legal advice from the city attorney regarding pending or contemplated litigation regarding necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. Reconvene to Open Session 10.2 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation, and the City Council to take any action as a result of the executive session regarding pending or contemplated litigation regarding a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions. Minutes of the Planning and Zoning Commission November 15, 2011 Page 6of6 "Pursuant to the Texas Open Meetings Act, Government Code Chapter 551 one or more of the above items may be considered in executive session closed to the public, including but not limited to consultation with attorney pursuant to Texas Government Code Section 51.071 arising out of the attorney's ethical duty to advise the city concerning legal issues arising from an agenda item. Any decision held on such matter will be taken or conducted in open session following the conclusion of the executive session". ADJOURN ALL BOARDS The Planning and Zoning Commission reconvened with no additional items. Chairman Wade adjourned the meeting at 9:35 p.m. Brian Wade, Chairman Felicia Koppang, Recording Secretary EXHIBIT C JOINT MEETING AGENDA OF THE CITY OF THE COLONY CITY COUNCIL PLANNING AND ZONING COMMISSION ECONOMIC DEVELOPMENT CORPORATION (TYPE A) COMMUNITY DEVELOPMENT CORPORATION (TYPE B) THE COLONY LOCAL DEVELOPMENT CORPORATION REINVESTMENT ZONE NUMBER ONE, CITY OF THE COLONY NOVEMBER 15, 2011 The Special Session of The Colony Economic Development Corporation of The Colony, Texas, was called to order at 7:13 p.m. on the 15th day of November 2011, at City Hall, 6800 Main Street, The Colony, Texas, with the following roll call: Tom Tvardzik President Present Kevin Braby Member at Large Present David Peerson Vice President Absent David Smith Treasurer Present Femi Omonije Secretary Present Keri Samford Staff Present Cindi Lane Staff Present Jeff Moore City Attorney Present 5.0 REGULAR ECONOMIC DEVELOPMENT CORPORATION (TYPE A) AGENDA ITEMS 5.1 Call to Order: The meeting was called to order at 7:13 by President Tvardzik. A roll call was taken and all board members were present except for David Peerson. 5.2 Discuss and consider approving a Performance Agreement with LMG Ventures, LLC, a Texas limited liability company, and TXFM, Inc., a Texas corporation to provide economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas. Mr. Moore explained what types of projects a Type A corporation can legally incentivize. He explained that this project qualifies for performance-based incentives from The Colony EDC. He outlined the scope of the project, possible capital expenditures, and the number of jobs that will be created. He explained how the incentive would help to satisfy the debt service, the terms of the agreement, plus when and how The Colony EDC will receive a return on their investment. Mr. Braby made a motion to approve the Type A Corporation Performance Agreement with LMG Ventures, LLC, a Texas limited liability company, and TXFM, Inc., a Texas corporation to provide economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas as presented. The motion was seconded by Mr. Smith and the motion passed with all members voting in favor. 5.3 Discuss and consider authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. President Tvardzil< said this item will be deferred until after the executive session. 5.4 Discuss and consider a resolution authorizing reimbursement of expenditures with proceeds of future debt. Mr. Moore explained the resolution as it is related to the debt issuance. It provides that project expenditures will be reimbursed with proceeds from future debt. Mr. Moore said the maximum debt possible for the project could reach $1.1 billion dollars. Mr. Smith made a motion to approve a resolution declaring expectation to reimburse expenditures with proceeds of future debt as presented. Mr. Braby seconded the motion and the motion passed with all members voting in favor. President Tvardzil< recessed the board at 7:22 p.m. 10.0 EXECUTIVE AGENDA 10.1 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation and the City Council shall convene into a closed executive session pursuant to Section 551.071 of the TEXAS GOVERNMENT CODE to seek legal advice from the city attorney regarding pending or contemplated litigation regarding necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. EDC Minutes November 15, 2011, Page 2 The EDC went into executive session at 8:55 p.m. Reconvene to Open Session 10.2 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation, and the City Council to take any action as a result of the executive session regarding pending or contemplated litigation regarding a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions. The EDC board reconvened to open session at 9:26 p.m. There was no action taken. 5.3 Discuss and consider authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. President Tvardzik made a motion to authorize and direct the City Manager or City Attorney to take all necessary action to initiate and file a declaratory judgment lawsuit to validate the proposed bond issuances, contracts, and actions taken or planned in support of economic development initiatives within Tax Increment Reinvestment Zone Number One, City of The Colony, Texas. Mr. Braby seconded the motion and the motion passed with all members voting in favor. ADJOURNMENT President Tvardzik adjourned The Colony Economic Development board from the meeting at 9:27 p.m. Cindi Lane Tom Tvardzik Recording Secretary President EDC Minutes November 15, 2011, Page 3 November 15, 201 1 Joint Meeting EXHIBIT D MINUTES COMMUNITY DEVELOPMENT CORPORATION JOINT SESSION HELD ON NOVEMBER 15, 2011 'f lie Joint Session of the Community Development Corporation of the City of The Colony, Texas, was called to order at 7:23 p.m. on the 15th day of November 2011, at City Hall, 6800 I\lain Street, The Colony, Texas, with the following roll call: TeRon Lawrence President Present Stephen Sohn Vice President Present Kathy Braby Treasurer- Present Lisa Leary Secretary Present Dan Mahle Member Present Don Beckel Member Present Rolando Reyes Member Present And with seven members present a quorum was established and the following items were addressed: 6.0 REGULAR COMMUNITY DEVELOPMENT CORPORATION (TYPE B) AGENDA ITEMS 6.1 Call to Order President Lawrence called the meeting to order at 7:23 p.m. and roll called all members present. 6.2 Conduct a public hearing, discuss and consider approving a Performance Agreement with LMG Ventures, LLC, a Texas limited liability company, and TXF NI, Inc., a Texas corporation to provide an economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas The CDC President opened the public hearing at 7:23p. m. Keri Sanford, Ci{v of The Colony Economic Development Director, explained drat this is a mixed arse development with the potential of eattertcainntertt, 101u°ism, retail, hotel, warehouse, and regional headgitarters uses. There is anticipation of bonds that rv-ill be issued; the CDC ivill pledge a portion of their sales tax proceeds fi•ona the property to fiuad these projects through a reimbursement agreement: this is a peafbrinance based agreement. There was no public iaaptat. The public hearing was closed at 7: 2 7p. m. The city attorney explained that the sales tax revenue will be deposited into a reimbursement account to pay the debt service on the bonds. 1 November 15, 201 1 Joint Meeting Alotiorr to approve the Type B Corporation Perforniance Agreement with LNIG Ventures, LLC a Texas limited liability company, and TXFM, Inc., a Texas corporation to provide economic development incentive for the development of a retail, commercial and entertainment development to be generally located on approximately 433.81 acres of land, located south of State Highivay 121 and near Plano Parkway, City of The Colony, Denton County, Texas as presented - Braby; second - Leary; motion passes with all ayes. 6.3 Discuss and consider authorizing and directing the City Manager or City Attorney to take all necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas This item was moved to later in the meeting following the Executive Session on this item. At 9:29 p.m. the Board President reconvened the meeting. Motion to authorize and direct the City Allanager or City Attorney to take all necessary action to initiate and file a declaratory judgment lawsuit to validate the proposed bond issuances, contracts, and actions taken or planned in support of econonzic development initiatives within Tax Increment Reinvestnzcnt Zone Number One, City of The Colony, Texas Reyes; second - Beckel; motion passes with all ayes. 6.4 Discuss and consider a resolution authorizing reimbursement of expenditures with proceeds Of' future debt The city attorney explained that this is arz intent to issue debt to pay for permissible projects and is a Treasury regulation if tax proceeds are rtsed. Motion to approve a resohttiorz declaring expectation to reimburse expenditures uvith proceeds of' future debt as presented - Leary; second Beckel; motion passes with all ayes.. The Board President announced the Board wozdd stand in recess at 7:34p.m. The Community Development Corporation recessed at 7:34 p.m. Executive Session was convened at 8:55 p.m. 10.0 EXECUTIVE SESSION 10.1 The Economic Development Corporation, the Community Development Corporation, the Local Development Corporation and the City Council shall convene into a closed executive session pursuant to Section 551.071 of the TEXAS GOVERNMENT CODE to seek legal advice from the city attorney regarding pending or contemplated litigation regarding necessary actions to initiate and file a declaratory judgment lawsuit to validate proposed bond issuances, contracts and actions taken or planned in support of economic development initiatives within Reinvestment Zone Number One, City of The Colony, Texas. 2 !~ovember 15, 201 1 Joint Meeting No action as a result of executive session. And with no further business to discuss the Community Development Corporation adjourned at 9:30 p.m. APPROVED: Tenon Lawrence Community Development Corporation City of The Colony .ATTEST: Kathy Neal, Recording Secretary 3 November 15, 201 1 Joint Meeting EXHIBIT E MINUTES OF THE TAX INCREMENT REINVESTIENT ZONE NUMBER ONE, THE COLONY, TEXAS MEETING HELD ON NOVEMBER 15, 2011 The meeting of the Tax Increment Reinvestment Zone Number One, City of The Colony Board of Directors was called to order at 7:45 p.m. on the 15th clay of November 2011, at City Hall, 6800 fQain Street, The Colony, Texas, with the following roll call: Joe McCourry Chair Present Troy Powell Member Present Richard Boyer Member Present Tim Miller Member Present Allen Harris Member Present Perry Schrag Member Present Joel Marks Member Present Denton County Member (not yet appointed) Denton County Member (not yet appointed) And with seven members present a quorum was established and the following items were addressed: 8.0 REGULAR REINVESTMENT ZONE NUMBER ONE, CITY OF THE COLONY AGENDA ITEMS 8.1 Call to Order Chair McCourry called the meeting to order at 7:45 p.m. and roll called members present. He noted that two board members will be appointed in the future by Denton County Commissioners. 8.2 Discuss and consider the election of officers to the Local Development Corporation - Vice-Chairperson/Vice-President, Treasurer, and Secretary. Allen Harris nominated Richard Boyer as Vice Chair; second by Joel Marks; all members voted aye by a sho)v of hands. Troy Polvell nominated Allen Harris as Treasurer; second by Richard Boyer; all members voted aye by a shorn of hands. Joel Marks nominated Perry Schrag as Secretary; second by Tim Miller; all members voted ale by a sho)v of hands. 8.3 Discuss and consider approving the Reinvestment Zone Number One, City of The Colony, tax increment financing project plan and financing plan. 1 .November 15, 20 11 Joint Meeting City Attorney Jeff Moore stated the tax code requires the preparation of the project plan and finance plan. He gave an overview of the plan and required components. This plan is consistent with the requirements of the tax code. Notion to recommend to the council the approval of the Reinvestment Zone Number One, City of The Colony, tax increment financing project plat and financing plan - Perry Schrag; second by Allen Harris; all members voted aye with a shore of hallds. SA Discuss and consider approving a Development Agreement by and between The City of The Colony, The Colony Local Development Corporation, LMG Ventures, LLC, a Texas limited liability company, and TXFIVI, Inc., a Texas corporation, and the Reinvestment Zone Number One, City of-The Colony. City Attorney Jeff Moore covered the same points as with the Local Development Board. The agreement provides for job creation, infrastructure, construction completion dates and 111inin1L1111 project expenditures for the various phases and funds to be deposited into the TIF account. ;Llotion to approve the development agreement h1, and between The City of The Colony; the Board of Directors of'Tax Increment Financing Reinvestment Zone Number One, City of'The Colony; the Local Development Corporation; LMG Ventures, LLC; and TXFNI, lac., as presented- Perg Schrag; second by Joel Marks; all Inelnhers voted aye with a shore of hands. 8.5 Discuss and consider approving an agreement with Denton County regarding participation in the Reinvestment Zone Number One, City of The Colony, tax increment fund. City Attorney Jeff Moore stated the agreement provides the amount of the tax increment deposited in to the tax increment fund by the city and county and the type of projects that can utilize the funds. The agreement allows for the county to have two members on the board. Motion to approve the Agreement to Participate in Tax Increment Reinvestment Zone Nunnher Olie, City of The Colony with Denton County concerning Reinvestment Zone Number One, City of The Colony, as present with the following revision: - Insertion of a Section 15 to the Agreement which states "Denton County does not waive its right to collect rollback ta-ves on all real propel•ty ill the Reinvestment Zonne." - Allen Harris; second by Perry Schrag; all members voted aye with a show of hands. The Reinvestment Zone Number One, City of The Colony recessed at 8:00 p.m. And with no further business to discuss the Reinvestment Zone Number One, City of The Colony adjourned at 9:35 p.m. 2 November 15, 201 1 Joint Meeting APPROVED: Joe McCourry, Chair Reinvestment Zone Number One, City of The Colony ATTEST: Perry Schrag, Secretary 3