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HomeMy WebLinkAbout10/13/04 EDC .- ,-- I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM OCTOBER 13, 2004 The Regular Session of The Colony Economic Development Corporation of the City of The Colony, Texas, was called to order at 7:00 p.m. on the 13th day of October 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 Absent Rick White, Secretary Present Bo Trosper, Member Present Perry Schrag, Council Liaison Present 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 % Cent Sales Tax graph c. Tax Allocation Summary for August d. Summary of current activity regarding development e. Marketing update f. Quarterly report g. Weitzman/Cencor update h. DFW Allies Marketing Team update i. Report of NAlOP golf tournament j. Report of TEDC annual conference I (a) Tom Terrall reported that the 2003-2004 fiscal year ended with sales tax revenue $60,847 ahead of projection, not including September interest. Total dollars being carried forward to the next fiscal year will be approximately $2,971,978. (b) The sales tax graph reflects the sales tax revenue. (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 there is nothing new to report at this time. (e) Cindi Lane reported that the September website visits were down from August, which were down from June and July. She informed the board that Amy McCall has left Shapiro & Company and that the liaison's name is Tatiana. She showed the board the new ad, which was placed in the Dallas Business Journal Corporate Expansion & Relocation Guide on October 8th, and explained an editorial and a half page ad which will be placed in the upcoming Office and Commercial Real Estate Magazine. (f) Mr. Terrall reported that there are four developers currently interested in the Global Development Fund property but they are at a stalemate due to the GDF's apparent hesitancy to move forward with master planning and developing the site. Mr. Terrall reported that he and Ms. Lane gave a presentation to a developer and his colleagues as a result of originally meeting him at the NTCAR Expo and a follow-up meeting with him at the City. The company has since shown interest in a couple of sites. (g) The Weitzman Group has not informed Mr. Terrall of any news with their site. (h) Mr. Terrall reported that the DFW Allies Marketing team is continuing with their meetings, focusing primarily on the CoreNet event taking place in San Antonio in November and their scope of work. They will vote on the election of steering committee members on Friday and the committee has made a great deal of progress. (i) The NAIOP golf tournament was extremely successful. It was well organized, attended by 144 golfers, 190 people for lunch, and 150 attending the dinner and awards ceremony. President Norris made a comment that he noticed that even though the NAIOP is a smaller organization compared with some; they seem to be a much tighter group. Mr. Terrall has begun talking to them about next year's tournament. Item 2.2. Approval of the minutes of the regular board meeting held September 8, 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 Item 4.1. Discussion and appropriate action regarding Shapiro & Company: Mr. Terrall informed the board that he is considering taking a look at other advertising/marketing companies through an RFP process and wanted to receive feedback from the board to see what they thought about it. He said that Shapiro & EDC Minutes October 13 2004, Page 2 I Company has been doing a great job, however, they have served as the EDC's marketing company for three years and he thought it would be a good idea for the EDC to look at other marketing companies with EDC marketing experience. Bo Trosper suggested putting GroupBaronet on the list since they are already familiar with the city with the other work they are doing for the Convention and Visitors Bureau committee. Mr. Terrall commented that he felt it would be better to take an unbiased approach to the search. Mr. Terrall suggested that as a courtesy to the taxpayers the RFP process should be started and the consensus of the board was to move ahead with the RFP. Item 4.2. Discussion regarding the carryover of marketing funds from one fiscal year to the next: Mr. Terrall did some research and found out that the board can carry forward unused marketing funds from one fiscal year to the next. He found out from Bob Bearden at the State Comptroller's office that the funds do not have to literally be held in a separate account, they can be listed as a separate line item in the budget. He had a meeting with the finance department and they said that they could add a line item in the EDC financials showing the funds total carried forward from the previous year. President Norris asked if there were any questions and there were none. I Item 4.3 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. The board went into executive session at 7:39 p.m. Item 4.4: Consideration of appropriate action to be taken as a result of executive session: The board came out of executive session at 7:41 p.m. No action was taken. President Norris adjourned the 4A board at 7:41 p.m. . d~-r;AJ~ ' ~~ Cindi Lane Economic Development Specialist President I EDC Minutes October 13 2004, Page 3