HomeMy WebLinkAbout06/14/06 EDC
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MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
JUNE 14, 2006
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:00 p.m. on the 14th day of June 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
Absent (business)
Present
Present
Absent (business)
Absent
Staff Members Present:
Tom Terrall, Director of Economic Development
Cindi Lane, Economic Development Specialist
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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 May
d. Summary of current activity regarding development
e. Marketing update
f. ICSC Tradeshow May 21-24
g. Treasurer Report
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(a) Tom Terrall reported that sales for May dipped slightly below projection but
that they are still $83,124 ahead of projection for the fiscal year. (b) The sales tax
graph looks good. (c) The summery shows that The Colony has a consistent
increase from last year to this year even though construction of S.H. 121 has been
a factor. (d) Mr. Terrall said that Austin Ranch had some businesses going into
the new, retail area on Windhaven Parkway. Zen Restaurant, Daily Grind, and
Market on The Square are some of the new retailers. (e) Cindi Lane said two ads
were run in the Dallas Business Journal and one ad ran in Shopping Centers
Today. Staff is now looking at NAlOP golf tournament give-a-ways. She went
through the website statistics and said there were minor updates made in May. (1)
Mr. Terrall reported that 43,000 people attended lCSC and there were more than
800 exhibitors with a waiting list and plans to expand the number of exhibitors
next year. Five people represented The Colony. Joel Marks concentrated on the
cold calls and the other two groups went to appointments and made cold calls. All
together there were 111 calls with many exhibitors being more receptive and
taking the time to sit down and find out what's going on in The Colony than in
past years. Mr. Terrall said that now he and Ms. Lane are in the process of
following up with the leads. The leads have been prioritized based on the notes
from the tradeshow. He is sending emails and hard copy letters, phone calls and
he and Ms. Lane have responded to all the first priority leads and many of the
second priority leads. He has met with one individual and taken him on a tour of
The Colony. (g) Kevin Greene reported that as of March 31, 2006, the EDC had a
cash balance of approximately $5.85 million dollars with approximately $9,000 in
payables. The EDC has entered into several long-term agreements during the past
two years and must remain aware of future payouts during the negotiation process
for any future agreements. During the current year, the EDC is budgeted to run at
a deficit of $981.4 thousand dollars for the year due to payment of incentives.
Because of the receipt of the certificates of obligation, through the second quarter
actual results are a profit of $2.145 million. Currently, the run rate for the income
is coming in higher than the budget by 3%, excluding the impact of the debt
issuance, additionally; expenditures are in line with the run rate due to the timing
of the payments of economic incentives. Income is favorable to budget and
expenses are unfavorable to budget at this point due to the timing of the incentives
paid.
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2.2. Approval of the minutes of the regular board meeting May 10, 2006: President
Norris asked if there were any corrections, changes or additions that anyone
would like to make and there were none. President Norris approved the minutes
by acclimation.
3.0 PUBLIC COMMENTS
3.1. Public Input: There was no public input.
4.0 REGULAR AGENDA
Item 4.1. Discussion and appropriate action regarding enhancing the website with
an interactive aerial map in the amount of $2,250.00: Mr. Terrall informed the
board that the budget for this fiscal year was running extremely tight and with the
board's permission, he would like to wait until October 151 to make this update to
the website. Mr. Greene said that he would rather go to council if necessary to
approve using more money for marketing and go ahead and get this update done
now. The other board members agreed. Mr. Terrall said that 10% revenue allowed
by state law has funds left over from the previous two years and those funds could
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EDC Minutes June 14,2006, Page 2
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be used for additional marketing expenditures for this fiscal year if needed, but
that he does not want to use more than the 4A board and the city council approved
from the marketing budget if possible. Mr. Terrall explained that the board has
approved funds from previous years that were not used and they comprise a
portion of the money carried forward. Theoretically those funds have been
approved and the EDC could use them first before using the other funds. The
board members seemed to be in agreement. The board felt that if the funds are
available than they should be used. Mr. Greene made a motion for the board to
approve the expenditure and authorize the director to sign the agreement and that
the EDC utilize previously budgeted, unspent marketed funds or allow the use of
the 10% marketing allowance based on total revenues carry-over from previous
years. The motion was seconded by Rick Casterline and the motion passed with
all members voted in favor. The board requested that when preparing the budget
for the 2006-2007 fiscal year, to be able to spend the full 10% of the projected
revenue for marketing purposes as allowed by Texas state law and asked that the
director prepare the marketing budget based on the 10% of total projected revenue
minus the postage, advertising and legal notices, and printing expenses.
Item 4.3EXECUTIVE SESSION as authorized by section 551.087 of the Local
Government Code regarding Economic Development, to-wit:
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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 7:36 p.m.
~L'~
Cindi Lane
Economic Development Specialist
~~<~~
Robert E. Norris .
President
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EDC Minutes June 14,2006, Page 3