HomeMy WebLinkAbout04/27/05 EDC
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MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
SPECIAL BOARD MEETING
CITY HALL
APRIL 27, 2005
The Special Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 6:35 p.m. on the 2ih day of April 2005, at the
City Hall Conference Room with the following roll call:
Present:
President Bob Norris
Vice President Al Garcia
Secretary Bo Trosper
Staff Members Present:
Tom Terrall, Director of Economic Development
Cindi Lane, Economic Development Specialist
Absent:
Treasurer Kevin Greene
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And with three voting members present, a quorum was established and the following
items were addressed:
Item 1.1 Discussion and appropriate action regarding the payment of incentives to
Steven L. Thomas Agency: The board discussed the option of paying Steven L.
Thomas Agency their incentive dollars based upon a pre construction Appraisal
Report provided by Ron Cole & Associates rather than wait for the end of this
year for Denton County Tax Appraisal to appraise the completed building at the
company's request. Mr. Terrall explained that the company has met almost all the
other criteria outlined in the agreement and that according to The Colony EDC
attorney their request could be accomplished by writing an amendment to the
agreement.
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There was discussion of the other criteria, especially the payroll requirements,
which is the only criteria that was not quite met, but within 85% of the figures in
the agreement. Al Garcia made a motion that Section 3.1 of the Steven L. Thomas
Incentive Agreement is to be amended as follows: The Colony Economic
Development Corporation will pay the Company the $100,000 grant prior to
receiving proof from the Denton County Tax Assessor/Collector of the Taxable
Value of the Improvements, however such payment will be repaid by the
Company to The Colony Economic Development Corporation with interest in
accordance with Section 5.2 of the Agreement if the Improvements do not have a
Taxable Value of at least $1,450,000 on the Tax Statement as of January 1 of the
calendar year immediately following the date of issuance of the final Certificate
of Occupancy. All other terms of Section 3.1 remain in tact. Bo Trosper seconded
the motion and there was no discussion. A vote was taken and all members voted
in favor. Mr. Trosper made a motion that Bob Norris be authorized to sign the
amendment. Mr. Garcia seconded the motion and all members voted in favor.
President Norris adjourned the meeting at 6:55 p.m.
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UJ'Y'Cti <. tVrr?
Cindi Lane
Economic Development Specialist
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Robe E. Norris '
President
EDC Minutes March 29,2003, Page 2 of2