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HomeMy WebLinkAbout08/11/04 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM AUGUST 11,2004 The Regular Session of The Colony Economic Development Corporation of the City of The Colony, Texas, was called to order at 7:03 p.m. on the 11 th day of August 2004, at the City Hall conference room with the following roll call: Board Members: Bob Norris, President Present Al Garcia, Vice President Present Kevin Greene, Treasurer Present Rick White, Secretary Absent Bo Trosper, Member Present Perry Schrag, Council Liaison Absent Staff Members Present: I Tom Terrall, Director of Economic Development Cindi Lane, Economic Development Specialist And with four 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 Y2 Cent Sales Tax graph c. Tax Allocation Summary for July d. Summary of current activity regarding development e. Marketing update f. Weitzman/Cencor update g. Cofer, Haag & Thrasher update h. DFW Allies Marketing Team update i. Treasurer report I (a.) Tom Terrall reported that July sales tax is ahead of projection for the month and that sales tax revenue is approximately $48,000 ahead for the fiscal year. (b) The sales tax graph reflects the sales tax revenue. Mr. Terrall used it as part of a I presentation he made to Moody's and they seemed to be very impressed with the sales tax increases, especially when so many cities are down from the last couple of years. (c) The tax allocation summary is there for the board members to compare our tax revenues with those of other cities. (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 the July web site visits were above average just as June's visits were, but so far in August they don't seem quite as strong. She showed the board an advertisement that was in the August edition of Shopping Centers Today magazine and explained that the advertising company is working on a new, corporate ad that will run in the October 8th Dallas Business Journal Corporate Expansion and Relocation Guide as well as being more of a generic ad that can be used in national magazines. She has ordered more coolers for the September NAIOP golf tournament and is going to order the other items to stuff them with. (f) Mr. Terrall has been unable to speak with a Weitzman Group representative and he has not been made aware of any new developments with their site. He said that he is going to encourage them to break ground on a small strip they have planned hoping that will spur more retailers to sign with them. (g) Kelly Cofer seems to be struggling in coming up with retailers for our trade area. He has provided the EDC with a list of contacts and has sent a copy to Robin Barrow at The Weitzman Group. He will make his presentation to the board at the September board meeting. (h) Mr. Terrall reported that the DFW Allies Marketing Team has made a great deal of progress during the past month. They have prepared a draft of a tri-fold brochure for marketing cities to DFW and they have made a potential event summary. Mr. Terrall discussed the details of the reception to be held during the CoreNet event in San Antonio describing the invitations, the tent, the location, and the food. The purpose is to attract business leaders and introduce them to the Dallas market. Mr. Terrall feels that The Colony has a much better chance of being noticed with their participation in this event and that it is a great value for the money spent. (i) Kevin Greene gave the treasurer report stating that revenue is on pace with the budget, expenses are favorable, and the unencumbered fund balance is greater than 2.3 million dollars. Item 2.2. Approval of the minutes of the regular board meeting held July 14,2004: 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 EDC Minutes August 11 2004, Page 2 _._-~._-~-,_..,._~,"--"-,. .-.. .~- I Item 4.1. Discussion of NTCAR Trade Expo being held September 2, 2004 at the Adam's Mark Hotel in Dallas, Texas: Mr. Terrall explained that the annual NTCAR Expo would be held at the Adam's Mark Hotel this year. He explained the main purpose of The Colony's attendance and invited any available board members to attend so that they can "work the floor" introducing themselves to brokers and developers to help to market The Colony. He asked them to look at their schedules and let Ms. Lane know by the end of the day next Monday if they are able to attend. Item 4.2. Discussion of the NAIOP golf tournament being held on September 14, 2004 at The Tribute Golf Club: Mr. Terrall spoke with Doug Johnson recently and he said that approximately 140 golfers are anticipated to participate. The Colony will have eight golfer spots to fill. Mr. Terrall asked the board to let Ms. Lane know by the end of the day next Monday who can participate from the board. The remaining available spots will be offered to the mayor and council and staff will fill any remaining spots. There will be a dinner and award ceremony after the tournament and an opportunity for Mr. Terrall to address the group. Item 4.3. Discussion and appropriate action regarding the approval of the 2004-2005 I administrative budget: Mr. Terrall reported that the city manager and the city council have looked at next year's budget and it is basically the same as last year's. There is a contingency line item included that was added this year. President Norris asked if there were any questions or comments and there were none. Mr. Greene made a motion to accept the proposed budget as presented. Mr. Garcia seconded the motion and all members voted in favor. Item 4.4. Discussion concerning revised City of The Colony Comprehensive Policy Statement of Economic Development Incentives and The Colony Economic Development Application for Economic Development Incentives: Mr. Terrall explained that the purpose of revising these two documents is to make sure they cover changes made in the last legislative session and to make the documents cleaner, easier to understand, and easier to complete the application. He explained how he rearranged the documents, deletions and additions, and the attorney's changes. There was discussion and a few questions from the board. Mr. Terrall asked the board to review the changes made and be ready to discuss at the September meeting. Once the board is satisfied, Mr. Terrall will send the revisions back to the attorney for final review. Item 4.5. Discussion of NTCAR retail bus tour August 20: Mr. Terrall explained that Frisco, PIano, and The Colony are participating in an ICSC/NTCAR retail bus tour. ICSC is putting on the luncheon and a keynote speaker and NTCAR is I handling the bus tour. The planning department made an llinch by 17 inch aerial map highlighting retail properties in The Colony which will go in a bus tour binder along with the Retail Trade Guide and a wet-dry map of The Colony. Mr. EDC Minutes August 11 2004, Page 3 I Terrall along with Tony Johnston and Harry Persaud will each be on each of three busses to discuss the retail opportunities as the busses drive into The Colony. They will have a meeting the day before to prepare for the tour. The bus route has not been determined yet. Mr. Terrall said that this would be great exposure for The Colony at a minimal cost. Item 4.6 Item 4.3 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. There was no executive session. Item 4.7: Consideration of appropriate action to be taken as a result of executive session: No action was taken because there was no executive session. President Norris adjourned the 4A board at 7:55 p.m. ~(~ d~-fAJOVf--I Cindi Lane Robert E. Norris Economic Development Specialist President EDC Minutes August 11 2004, Page 4 "- ,---~,_..- ..... ..' <-.---.-