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HomeMy WebLinkAbout03/08/06 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMEN CORPORATION REGULAR BOARD MEETIN CITY HALL CONFERENCE RO M MARCH 8, 2006 The Regular Session of The Colony Economic Development C rporation of the City of The Colony, Texas, was called to order at 7:03 porno on the 8th d y of March 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 Pre ent Pre ent Abs nt Pre ent (arrived at 7:05 p.m.) Abs nt (business) Pre ent (arrived at 7:35 porn.) I Staff Members Present: Tom Terrall, Director of Economic Developmen Cindi Lane, Economic Development Specialist And with three voting members present, a quorum was establis d 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 February d. Summary of current activity regarding develo ment e. Marketing update f. NAIOP breakfast meeting February 23, 2006 g. Treasurer Report I (a) Tom Terrall said that sales tax collected has bee greater than what was forecasted every month. Reimbursement from the CoO s to cover the payment made to Jackson-Shaw has not been re-entered into the spreadsheet because the journal entry has not been made by the finance departm nt. That should be taken care of this month and be reflective on the report next m nth. (b) Mr. Terrall said that according to the graph January and February numb rs look great; almost 24% higher than base year 2000 in February and 30% in anuary. (c) The summery shows that The Colony has a 21.27% increase in sales ax revenue from the prior year. (d) Mr. Terrall said that Jackson-Shaw filed ad velopment plan for Phase One of Cascades which consists of six buildings. Matth ws Southwest filed a plot plan for 486 lots with 25 common areas on Wynn ood peninsula with the planning department. There is no activity with the 3 acres east of The Home Depot on S.H. 121 that he knows of. A temporary batch plant will go on the Jackson-Shaw property to help get the infrastructure b ilt. Then KB should start building the model homes and Jackson-Shaw should tart construction of their flex-industrial buildings. (e) Cindi Lane said she woul discuss the web site on a different item in the agenda. She said that OnMessage has created the three ads and The Colony EDC has started using them with some local and national publications. (f) Mr. Terrall thanked those 4A board embers who attended the NAIOP breakfast on February 23rd. This was the first 0 three breakfasts that The Colony EDC is sponsoring and is entitled to a table fo eight guests. He said that there were approximately 350 in attendance. (g) Kevin Greene gave the treasurer report for the last quarter of Year 2005. As of Decem be 31,2005, the EDC had a cash balance of approximately $4.870 million with approximately $12K in payables. He reminded everyone that the EDC has ente ed into several long-term agreements during the past two years and that in the fut re, the EDC must remain cognizant of the future payouts on these agreemen s during the negotiation process for any future agreements. During the current ear, the EDC is budgeted to run at a deficit of $981.4K for the year. Through the first quarter actual results are a profit of $225.5 K. He stated that the run rate fi r the income is currently coming in higher than the budget by 16% and expendit res are far below the run rate due to the lack of economic incentives that hav been paid to date. Both income and expenses are favorable to the budget at this point due to the timing of income received and the incentives paid. I I Item 2.2. Approval of the minutes of the regular board eeting held February 8, 2006: President Norris asked if there were any correcti ns, changes or additions that anyone would like to make and there were none. A Garcia made a motion to accept the minutes as written. The motion was second d by Rick Casterline and all members voted in favor. 3.0 PUBLIC COMMENTS 3.1. Public Input: Resident John Marshall introduced himself and said that he came to the meeting to find out what the 4A EDC is involved w tho He announced that he is a candidate for Place 2 and stated his goals for the cit . I EDC Minutes March 8, 2006, Page 2 I 4.0 REGULAR AGENDA I Item 4.1. Discussion and appropriate action regardin making a four-year commitment to NAIOP to serve as title sponsor ~ r golf tournament: Mr. Terrall explained that The Colony EDC has been the tit e sponsor for the past two years and NAIOP has been extremely pleased with T e Tribute. As Mr. Terrall was working on getting this year's NAIOP tourname t in The Colony, he was able to negotiate a deal with the person heading up the olf committee at NAIOP to make a four-year commitment to use The Tribute and to have The Colony EDC be their title sponsor. Mr. Terrall wrote a memorand of understanding to lock in the price of the sponsorship and the terms and as ed the board to consider allowing the President to execute the memorandum. he Tribute attorney will review the document and Mr. Terrall thinks that if an changes are made they would be minor. Mr. Greene made a motion to authori e President Norris to sign the memorandum of understanding and allow Mr. Terr 11 to make minor changes that may come from The Tribute if necessary. It would be up to President Norris and Mr. Terrall to decide if any change would require b ard re-approval. Ifboard approval is deemed necessary, it may be approved via e ail. Mr. Garcia seconded the motion and all members voted in favor. Item 4.2. Discussion and appropriate action regarding ch nges to incentive policy and application: Mr. Terrall asked the board members if they had any questions about the changes to the documents. He explained wh the changes were made and that since the tax abatement policy needed to be pdated that he wished to blend that document in with the 4A economic incent ve policy statement and application to make it one document. The tax abatemen portion (Exhibit A) was made more user friendly. The City Manager has rev ewed the document and approves of the revisions that were made. Mr. T rrall explained that the documents must go to City Council for approval and h may add the application to be Exhibit B of the single document. The board ad a few questions. Mr. Greene made a motion to approve the amended and rest ted incentive policy. Mr. Casterline seconded and all members voted in favor. I Item 4.3. Review of EDC website: Ms. Lane gave a presenta ion of the newly created website. She went through the pages and showed the di ferent ways that brokers, developers, and companies can access the demogra hics and maps. At the conclusion of the presentation the board complimented t e website and gave some ideas about better access to contacts to properties on he aerial map and ideas about how to get search engines to find the EDC w bsite better. There was discussion of additional domain names and possible Ii s to The Tribute website and the NAIOP website to get more hits from the brok rs and developers. There was also a suggestion made to put an economic develo ment button on the main page of the City website. EDC Minutes March 8, 2006, Page 3 I Item 4.4 EXECUTIVE SESSION as authorized by secti n 551.087 of the Local Government Code regarding Economic Developmen , to-wit: A. 4A shall convene into a closed executive session p rsuant to section 51.087 of the TEXAS LOCAL GOVERNMENT CODE 0 deliberate the offer of a financial or other incentive to a business rospect: 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 8:16 p.m. ~~Jwe Cindi Lane Economic Development Specialist EDC Minutes March 8, 2006, Page 4 ~ I I