HomeMy WebLinkAbout07/18/05 EDC
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MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
SPECIAL BOARD MEETING
CITY HALL
JULY 18, 2005
The Special Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 6:30 a.m. on the lSth day of July 2005, at the
City Hall Conference Room with the following roll call:
Present:
Bob Norris, President
Al Garcia, Vice President
Kevin Greene, Treasurer
Bo Trosper, Secretary
Perry Schrag, Council Liaison
Staff Members Present:
Tom Terrall, Director of Economic Development
Cindi Lane, Economic Development Specialist
Bob Hager, City Attorney
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And with four voting members present, a quorum was established and the following
items were addressed:
Item 4.1 Discussion of a possible election to change the 4A sales tax allocation: Tom
Terrall explained that the city council is entertaining the idea of voting to hold a
special election in November to allow the residents the option of taking l/Sth of
the 4A sales tax and l/Sth of the 4B sales tax and reallocating it to the city's
general fund. If passed, it would become effective in April, 2006. Mr. Terrall
referenced spreadsheets that were created to show the impact, short and long term,
this would have on the 4A fund balance. He also explained a spreadsheet that
demonstrated what impact an ad valorum increase to residents would have on the
city's revenue and how much it would effect each resident with a .015 percent
increase. There was discussion from the board. Mr. Terrall said he wanted the
board to be aware of this possibility.
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Item 4.2. Discussion and appropriate action regarding The Colony EDC
reimbursing the City of The Colony for consultant fee to do a master plan for
the S.H. 121 corridor in The Colony: Mr. Terrall explained because the
highway has changed the planned direction with it becoming a toll road, the City
has decided to hire a consultant to create a master plan for the S.H. 121 corridor
focusing on the best uses and possible zoning changes for this area. The City has
contracted with Lawrence C. Reichhart of Spring Brook Planning Group in the
amount of $S,500 to do the plan. Since this is directly related to economic
development and the City is pressed for funds, 4A is offering to pay the
consultant's fee. Kevin Greene made a motion to approve to pay the consultant
fee in the amount of $8,500.00 by The Colony EDC to pay for this service. The
board had a few questions which city attorney, Bob Hager answered for them. Mr.
Greene then restated his motion and the motion was seconded by Al Garcia. The
motion carried with all members voting in favor with the exception of Bo Trosper
who abstained.
Item 5.0. Executive Session: President Norris took the board into Executive Session at
6:47 p.m.
Item 5.1.
A. A. 4A shall convene into a closed executive session pursuant to Sections
551.071 and 551.072 of the TEXAS LOCAL GOVERNMENT CODE to
discuss with the city attorney potential litigation, real property deliberations
and acquisition of property along State Highway 121 located in the central
portion within the jurisdiction of The Colony.
B. 4A shall convene into a closed executive session pursuant to Section 551.087
of the TEXAS LOCAL GOVERNMENT CODE To deliberate an
amendment to an incentive agreement for a business prospect
President Norris reconvened the board into open session at 7:45 a.m.
Item 5.2:
A. Reconvene to Open Session any action as a result of executive session
regarding potential litigation, real property deliberations and acquisition
of property along State Highway 121 located in the central portion within
the jurisdiction of The Colony: Mr. Bo Trosper made a motion to authorize
an appraisal of land adjacent to S.H. 121 between east city limits and Paige
and PIano Parkway. The motion was seconded by Mr. Garcia. All members
voted in favor except Mr. Greene who voted no. The motion carried.
B. Any action as a result of Executive session regarding amending an
incentive agreement for a business prospect: Mr. Greene made a motion to
approve an amendment to the Economic Development Agreement between
The Colony Economic Development Corporation, the City of The Colony, and
Jackson-Shaw/Cascaded Limited Partnership to provide an extension to
August 1, 2005 as provided in Section 6.11(v) of said agreement and to
authorize the president of The Colony Economic Development Corporation to
sign the amendment. Mr. Garcia seconded the motion and all members voted
in favor.
President Norris adjourned the meeting at 7:50 a.m.
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Cindi Lane
Economic Development Specialist
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Robert E. Norris '
President
EDC Minutes July 18,2005, Page 2 of2