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MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
JUNE 7 2005
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:02 p.m. on the 7th day of June 2005, at the
City Hall conference room with the following roll call:
Board Members:
Bob Norris, President
Al Garcia, Vice President
Kevin Greene, Treasurer
Bo Trosper, Secretary
Perry Schrag, Council Liaison
Present
Present
Present
Present
Absent (business)
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Staff Members Present:
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 April and May
d. Summary of current activity regarding development
e. Marketing update
f. Report on TEDC Spring Conference
g. Report on TEDC Board Sub-Committee Action
h. Report on DFW Marketing Team Steering Committee
i. Report of ICSC Las Vegas tradeshow
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(a) Tom Terrall reported that sales tax was basically even with last year and that
for the fiscal year the sales tax is up more than $47,000. (b) The graph reflects the
percent of increase from 2003 to 2005. Sales tax shows that it is still ahead of the
other two years every month except February. (c) The allocation summary is there
for the board members to compare our tax revenues with those of other cities. (d)
Mr. Terrall reported that ground has broken on a 20,000 square foot development
on the northwest comer of S.H. 121 and Blair Oaks and they are looking for
tenants. Phase II of the Estancia apartments has been approved to begin
construction. (e) Cindi Lane reported the website statistics, showed the board a
portion of an article printed in a Business Facilities Magazine that included
information about The Colony, and explained about a one page ad that will be in
2005 Flex Building and Proposed Land map in July. (t) & (g) Mr. Terrall said he
would like to discuss these two items together. He gave a final report of
subcommittee action and reported that the final Kolkhurst bill carried the
compromised language that the committee recommended and passed the
legislature and senate. Also, the TEDC is developing a training DVD and video of
the economic development tools available to all TEDC members for their cities,
even those without 4A or 4B corporations, to be able to offer incentives to
businesses. (h) Mr. Terrall said his focus is to chair a committee to hold an event
in Las Vegas in October during the CoreNet conference. While in Las Vegas,
some committee members got together and visited the place where they wanted to
have the function and felt that they had a very productive meeting. They have
since found out that according to the CoreNet rules, any functions must not begin
until after 8:00 p.m. Now everything has been placed on hold and the committee
is thinking about going in with a CoreNet event if allowed. (i) Mr. Terrall
reported that three teams, five representatives from staff and council, called on
companies. There were more than 40,000 attendees, which was a record, and
more than 600 companies exhibited. As a result of Mr. Terrall's appointments,
two companies are interested in The Colony. One from Indiana develops lifestyle
centers and came to The Colony earlier today and took a tour. The other company
is from Arlington and has developed small centers across from malls and finds
retailers that are not already located within the mall. Ms. Lane reported that there
are two strong retailer leads, retailers that they have an ongoing relationship with.
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Item 2.2. Approval of the minutes of the regular board meeting held April 13, 2005
and the special board meeting April 27, 2005: President Norris asked if there
were any corrections, changes or additions that anyone would like to make and
there were none. President Norris approved the minutes by acclimation.
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 OnMessage contact: Mr.
Terrall outlined the main points of the contract, 50% of the fees are due up front
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EDC Minutes June 9, 2005, Page 2
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and there is a one-year agreement. Mr. Greene made a motion to approve the
contract with OnMessage and Mr. Garcia seconded the motion. All members
voted in favor and gave Mr. Terrall authorization to sign the contract.
Item 4.2. Discussion of EDC financial committee: Mr. Terrall explained that this item
was on the agenda and discussed earlier this year but not resolved. Mr. White, a
former 4A board member, was going to research alternative investment sources
but was unable to complete the research because he resigned from the board. Mr.
Terrall informed the board that since that time, the finance department had
researched alternative investment sources and has placed funds from all revenue
sources across the board into a different fund but he had no details of the type of
fund or the expected rate of return. The board had several questions and requested
the director of finance to come to the July meeting so they could address their
questions to her and also have the investment process explained to them. Mr.
Terrall said he would arrange it.
Item 4.3 EXECUTIVE SESSION as authorized by section 551.086 of the Local
Government Code regarding Economic Development, to-wit:
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A. To deliberate the offer of a financial or other incentive to a business
prospect. There was no executive session.
Item 4.4: Consideration of appropriate action to be taken as a result of executive
session: No action was taken.
PreSie:::S:J;;d the 4A board at 7:44 P'&~ {~,
Cmdl Lane ' Robert E. Norris .
Economic Development Specialist President
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EDC Minutes June 9, 2005, Page 3