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HomeMy WebLinkAbout12/14/05 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL DECEMBER 14, 2005 The Regular Session of The Colony Economic Development Corroration of the City of The Colony, Texas, was called to order at 7:00 p.m. on the 14t day of November 2005, at the City Hall Conference Room with the following roll call: Board Members: Bob Norris, President Al Garcia, Vice President Kevin Greene, Treasurer Rick Casterline, Member Paul Koenig, Member Perry Schrag, Council Liaison Present Present Present (arrived 7:05 p.m.) Present Present Absent (business) Staff Members Present: Tom Terrall, Director of Economic Development Cindi Lane, Economic Development Specialist I 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 November d. Summary of current activity regarding development e. Marketing update f. Report on DFW Marketing Team Steering Committee g. Treasurer Report h. Report on Stem mons Service Award i. Report on TEDC Board Retreat j. NTCAR Breakfast January 19,2006 I (a) Tom Terrall reported that the fiscal year has started out ahead of projection. (b) Mr. Terrall pointed out that for the whole calendar year there was only one month that the sales tax collected was less than the previous year. (c) The summary showed a 13% increase from November 2004 and a overall from the previous year. (d) Mr. Terrall reported that the Jackson- Shaw project is ahead of schedule. They have submitted their first payment request for the ride-of-way on Memorial Dr. and the internal roads. The Colony EDC has 60 days to make the payment to Jackson-Shaw (f) Mr. Terrall reported that the steering meeting was canceled so has nothing since last month to report. He said that he is dropping off as vice chairman but will remain on the marketing team. (h) Mr. Terrall explained that the Stemmons Service Award is a NTCAR annual event that The Colony EDC has sponsored for the past three years. Attending from The Colony were Mr. Terrall and his wife, Mayor Dillard and his wife, President Norris and his wife, and Vice President Garcia and his wife. There were a total of approximately 350 attendees and the purpose of the evening is to honor the best of the brokers. (i) Mr. Terrall explained that the main purpose of the TEDC board retreat is to put together plans for the next year's quarterly conferences. He was asked to remain on the executive committee and also asked to serve on the nominating committee. He will also chair the operations committee. The winter TEDC meeting will conflict with another EDC function so Mr. Terrall said he will attend the function and then travel to the TEDC meeting during its second day. (e) Cindi Lane reported the website statistics, gave a report on current magazine ads, and gave an update of the website status. (g) Kevin Greene gave the treasurer's report for the year ending September 30, 2005. Mr. Greene reminded the board that although the cash balance is currently $3,178,000, there are several long-term agreements that will become future payouts that the board musk keep in mind when negotiating future incentive agreements. During the current year, the EDC was budgeted to run at a deficit of $472,800 for the year. Actual results were a profit of $759,700 due to a result of revenue exceeding expectations by a total of $147,400. Additionally, expenditures were short of the budget by $1,075,000. The expenditures were a result of the lack of payout on any new agreements. The increase in revenue was accompanied by the lack of expenditures which ultimately left additional funds in the bank which the EDC received interest payments on. A review of the individual expense areas showed an across the board savings versus the budget. Item 2.2. Approval of the minutes of the regular board meeting November 9, 2005: President Norris asked if there were any corrections, changes or additions that anyone would like to make and there were none. Mr. Casterline 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 EDC Minutes December 142005, Page 2 I Item 4.1. Discussion of The Colony EDC purchasing property for commercial resale: Mr. Casterline asked that this item be placed on the agenda to explore what possibility The Colony EDC might have of purchasing land to resell to a developer as an incentive. Mr. Terrall said that this topic has come up in the past and explained several reasons why The Colony EDC was not able to purchase property thus far. Part of it has to do with the Economic Development Act. The Colony EDC cannot purchase property zoned for retail and resell it for a retail development. The other main obstacle is the property purchase price. Through the past several years, The Colony EDC has not had enough funds to be able to afford property because it is mostly investor-owned and not affordable. Item 4.4 EXECUTIVE SESSION as authorized by section 551.087 of the Local Government Code regarding Economic Development, to-wit: A. 4A shall convene into a closed executive session pursuant to section 51.087 of the TEXAS LOCAL GOVERNMENT CODE To deliberate an amendment to an incentive agreement for a business prospect: There was no executive session held. Item 4.5: Consideration of appropriate action to be taken as a result of executive session: I A. There was no action taken. President NQrris adjonrned the 4A board at 7:35 ~ ~~ ~[P~I Cindi Lane obert E. Norris . Economic Development Specialist President I EDC Minutes December 14 2005, Page 3