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HomeMy WebLinkAbout04/12/06 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM APRIL 12, 2006 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 lth day of April 2006, 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 Paul Koenig Perry Schrag, Council Liaison Present Present Absent (personal) Absent (business) Present Present (arrived at 7:12 p.m.) Staff Members Present: Tom Terrall, Director of Economic Development Cindi Lane, Economic Development Specialist I Guests Present: Pam Nelson, Park & Recreation Director Debby Short, 4B Board Member Don Beckel, 4B Board Member Demian Salmon, Jackson-Shaw Company (arrived 7:20 p.m.) 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 March d. Summary of current activity regarding development e. Marketing update I (a) Tom Terrall said that a couple of new lines have been added in the revenue section to separate the certificates of obligation and the interest from the certificates of obligation. A report will be generated monthly to show the incentives paid to Jackson-Shaw Company and the remaining dollars in that separate account. The sales tax is ahead of projection by more than $64,000 for the current fiscal year. (b) The percentage of the tax revenue increase is reflective in the sales tax graph. (c) The summery shows that The Colony has a 19.77% increase in sales tax revenue from the prior year. (d) Mr. Terrall had a few new projects corning on line to report. Texas Roadhouse Restaurant and Starbucks have each submitted a pre-design application to the planning department. The 45- acre tract that belonged to Dr. Kim has been sold and plans are underway to develop the 30 acres on S.H. 121 into a retail and office design. This project is represented by a local commercial real estate company and will be marketed by them at the International Council of Shopping Centers tradeshow in May. Mr. Terrall said that this project can be presented by the representatives from the 4A board and city council at the tradeshow. (e) Cindi Lane discussed the new domain names for the website, website statistics, and showed an ad that was in Black's Guide. Demian Salmon joined the meeting during the marketing report so President Norris decided to wait until after Mr. Salmon's presentation to finish the remainder of the consent agenda. I Item 4.1. Presentation and discussion by Jackson-Shaw Company of Cascades at The Colony: Mr. Salmon said he wanted to share what has transpired with the development since last August when he made his last presentation to the board. He brought two boards with conceptual plans showing the complete project. He discussed where the flex buildings, office buildings, a possible hotel, and the retail buildings would be and discussed what type of tenants his company is looking for to occupy space at the site. He discussed the 2-acre park in the center of the development. He said that the next marketing push for the retail sector will be done at the International Council of Shopping Center tradeshow in Las Vegas in May. Mr. Salmon said that he is aware of the various completion dates according to the terms in the EDC agreement and they are on schedule to comply with those deadlines. He said that he plans on having vertical construction taking place by September. There was discussion with the group and there were some questions regarding the development and the trails that will run through it. Mr. Salmon said he hired a leasing team to help market the site. I Item 2.1. Reports: continued... f. Quarterly Report to City Manager g. Review of EDI course completed April 2-7, 2006 (f) Mr. Terrall referred to pages 10 and 11 of the packet and informed the board of the arrangement he made with NAIOP for being the title sponsor for the next four years of their annual golf tournament. (g) Mr. Terrall explained the history of the Economic Development Institute program for becoming CEcD certified and that he just finished the third of three sessions and graduated on Thursday. Item 2.2. Approval of the minutes of the regular board meeting held March 8, 2006: President Norris asked if there were any corrections, changes or additions that I EDC Minutes April 12, 2006, Page 2 I anyone would like to make and there were none. Paul Koenig made a motion to accept the minutes as written. The motion was seconded by Al Garcia and all members voted in favor. 3.0 PUBLIC COMMENTS 3.1. Public Input: The public that was at the meeting for the Cascades at The Colony presentation in Item 4.1 were no longer there and there was no public input. 4.0 REGULAR AGENDA I Item 4.2. Discussion and appropriate action regarding updates to The Colony Economic Development Corporation bylaws and articles of incorporation: Mr. Terrall explained that this is an ongoing process. The bylaws were amended in 1998 and in 2001. It was time for an update so Mr. Terrall made some revisions and had the city attorney review the changes. Mr. Terrall plans to take the approved bylaws to the May 151 council meeting. The last revisions of the Articles of Incorporation were made in 1994. Mr. Terrall made some revisions and updated the names of the board members and had the attorney review the document. The board-approved document will also go to council on May 151 for their approval. Mr. Garcia made a motion to accept the amended bylaws of The Colony Economic Development Corporation and the restated Articles of Incorporation of The Colony Economic Corporation. Mr. Koenig seconded the motion passed unanimously. Mr. Terrall said that President Norris could sign the documents after they were approved by the council. Item 4.3EXECUTIVE 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 the offer of a financial or other incentive to a business prospect: There was no executive session held. Item 4.4: Consideration of appropriate action to be taken as a result of executive session: A. There was no action taken. President Norris adjourned the 4A board at 8:21 p.m. I r- evvdJ._ ~ Cindi Lane 'L- Economic Development Specialist ~~[/V~ Robert E. Norris President EDC Minutes April 12, 2006, Page 3