HomeMy WebLinkAbout05/10/06 EDC
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MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
MAY 10, 2006
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:03 p.m. on the 10th day of May 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 (arrived at 7:35 p.m.)
Absent
Present
Present
Absent (business)
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Staff Members Present:
Tom Terrall, Director of Economic Development
Cindi Lane, Economic Development Specialist
Bob Hager, City Attorney
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 April
d. Summary of current activity regarding development
e. Marketing update
f. ICSC Tradeshow May 21-24
g. Council vote on Bylaws and Articles of Incorporation
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(a) Tom Terrall reported that sales for April were ahead of projection by more
than $18,000 for the month and more than $83,000 for the fiscal year. (b) The
percentage of the tax revenue increase is reflective in the sales tax graph and
shows that for April, the sales tax is almost 37% more than the base year 2003. (c)
The summery shows that The Colony has a healthy increase in sales tax revenue
from the prior year. (d) Mr. Terrall had nothing new from planning that was
public information to share with the board. (e) Cindi Lane said that there were
updates made to the website. She reviewed some website statistics. There was
discussion of creating an interactive aerial map to make it easier for web site
visitors to look at available properties to obtain information about them as well as
contact information. (1) Mr. Terrall said that 12 appointments have been made for
ICSC so far. He said that he and Ms. Lane met with Shelley Taylor who works for
Falcon Realty, the company that is marketing the property on S.H. 121 located
between Blair Oaks and Paige Rd. He and Ms. Lane will team up with her at the
tradeshow to promote the property. Falcon Realty has several resources of
contacts for retailers. (g) Mr. Terrall reported that the bylaws and articles of
incorporation were approved unanimously by the city council at the May 1 sl
council meeting.
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3.0 PUBLIC COMMENTS
3.1. Public Input: There was no public input.
4.0 REGULAR AGENDA
Item 4.1. EXECUTIVE SESSION as authorized by section 551.071 of the Local
Government Code to consult with the Board's attorney concerning the status
of an economic incentive agreement with an economic development client:
A. To deliberate the offer of a financial or other incentive to a business prospect:
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Item 4.2. Consideration of appropriate action to be taken as a result of executive
session:
A. Any action as a result of executive session regarding consultation with the
Board's attorney concerning the status of an economic incentive agreement
with an economic development client.
There was no action taken.
President Norris adjourned the 4A board at 8:20 p.m.
~' daL
Cindi Lane
Economic Development Specialist
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Robert E. Norris
President
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EDC Minutes May 10, 2006, Page 2