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HomeMy WebLinkAbout02/09/05 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM FEBRUARY 9, 2005 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 9th day of February 2005, at the City Hall conference room with the following roll call: Board Members: Bob Norris, President Present Al Garcia, Vice President Absent (business) Kevin Greene, Treasurer Present Rick White, Secretary Absent (illness) 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 three 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 January d. Summary of current activity regarding development e. Marketing update f. Weitzman/Cencor update g. Treasurer report (a) Tom Terrall reported that January sales tax revenue was approximately $3,800 greater than forecasted and that so far for this fiscal year they are approximately $17,000 ahead of proj ections. He said that there were a couple of large I tournaments at Five Star that may have contributed to the increase. (b) The graph reflects the percent of increase. (c) The tax allocation summary is there for the board members to compare our tax revenues with those of other cities. President Norris made a comment about the City of Roanoke in Denton County and that he was surprised at the sales tax generated due to their recent retail growth. (d) Mr. Terrall said there was nothing new to report this month except that all projects reported in the recent months were still ongoing. (e) Cindi Lane reported the website statistics and discussed recent ad that were placed in several local and nation-wide magazines. Mr. Terrall said that a new aerial map is currently being designed and will show new developments such as Edward Don and Marine Quest. There was discussion of The Tribute doing national advertising and landing national charity golf tournaments. Mr. Terrall informed the board that he has been selected to serve as Co-Chair in the DFW Marketing committee to head up the next CoreNet event taking place this October in Las Vegas. (f) Mr. Terrall said The Weitzman Group is continuing to look for an anchor for their center in The Colony. (g) Kevin Greene gave a report on the last quarter of fiscal year 2004-2005 and a report on the first quarter of this fiscal year. For the year-end September 30, 2004, Mr. Green said that the revenue exceeded the budgeted amount and that expenses were favorable to the budget by $1,088,483.94. This was due mainly to not using all of the budgeted incentives. As of September 30, 2004 cash balance was $2,996,630.38 and receivables were $196,594.03. This was offset by payables of $20,606.87 leaving an unencumbered fund balance of $2,976,023.51. This balance is predominantly unencumbered with the exception of the amount to be paid for the Memorial Drive extension, which is payable over a period of years. For the quarter ending December 31, 2004, revenue is on pace with the budgeted amount for the period and sales volume has remained strong. Expenses were favorable to budget. Fund balance was $3,274,883.87. Item 2.2. Approval of the minutes of the regular board meeting held January 12, 2005: President Norris asked if there were any corrections, changes or additions that anyone would like to make and there were none. Bo Trosper made a motion to approve the minutes as written. Mr. Greene seconded the motion and all members voted in favor. 3.0 PUBLIC COMMENTS 3.1. Public Input: There was no public input. 4.0 REGULAR AGENDA Item 4.1. Discussion and appropriate action concerning election of officers: (a) president, (b) vice president, (c) secretary, (d) treasurer: President Norris informed the board that since Vice President Al Garcia was working and Secretary Rick White was ill it would be best to table this item and place it on the March agenda. President Norris said he would like all members to be present for the election. EDC Minutes February 9,2005, Page 2 --. I Item 4.2. Discussion and appropriate action regarding appointing up to two 4A board members to attend the ICSC tradeshow May 22-24, 2005: President Norris said he would like to table this item until the March meeting since two board members were absent. Item 4.3. Discussion and appropriate action regarding marketing company RFP's: Mr. Terrall explained the process used for collecting and narrowing down the marketing proposals. He said that he and the purchasing agent, Bob Sparkman, rated each company and narrowed them down to the top three companies that they would like to give a presentation. Since the RFP responses are confidential until the bid is let. It would not be appropriate for the board to entertain the presentation in an open meeting. The City attorney opined that these presentations could not be conducted in executive session. The City attorney advised Mr. Terrall to have the 4A board form a committee of two board members to view the presentations privately and make a recommendation to the board. Mr. Trosper volunteered to serve on the committee. Mr. Terrall said it would be beneficial if the committee viewed the presentations and could give a recommendation to the rest of the board at the March meeting. Mr. Trosper nominated Mr. White to also serve on the committee. President Norris said he would call Mr. White to see if he I was available and report back to Mr. Terral!. Mr. Terrall said that the presentations would probably take 30 minutes to see and fifteen minutes for questions. Mr. Terrall said he would like all the board members to review the proposals of the top three companies that were chosen by Mr. Sparkman and him and review a list of questions that each company would be asked by the committee members. He asked each board member to come to his office, individually, after the meeting adjourned, to sign a confidentiality agreement and pick up a packet. He asked the board to review the materials in order to develop a standard questionnaire and email Ms. Lane any additional questions they think of that would help with the interview process. Item 4.4 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 4.5: Consideration of appropriate action to be taken as a result of executive session: No action was taken. President Norris adjourned the 4A board at 7:50 p.m. ,,/} I ~( Jcu;,~ /~~T~~ Cindi Lane Robert E. Norris Economic Development Specialist President EDC Minutes February 9, 2005, Page 3 -