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MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
JULY 12,2006
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7: 14 p.m. on the 12th day of July 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
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.
Item 1.2. Announcement of Cindi Lane receiving Basic Economic Development
Course certified from the Texas Engineering Extension Service and TEDC:
Tom Terrall announced that Ms. Lane attended the Basic Economic Development
Course in Frisco and received a certification of completion.
2.0. CONSENT AGENDA
Item 2.1. Reports:
a. Cash flow projection
b. Monthly ~ Cent Sales Tax graph
c. Tax Allocation Summary for June
d. Summary of current activity regarding development
e. Marketing update
f. Quarterly report to city manager
g. Update of revised 2005-2006 marketing budget
h. NAIOP golf tournament September 12, 2006
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(a) Mr. Terrall reported that the June sales revenues were more than $4,500
dollars ahead of projection for the month and they are over $88,000 ahead of
projection for this fiscal year. (b) The sales tax graph shows that the sales tax
revenue has increased for the past three years. (c) The summery shows that sales
revenue is up 19% from last year. (d) Mr. Terrall had nothing to report on
development that the board was not already aware of. (e) Ms. Lane gave the
web site statistics, said that there was one ad placed in the Dallas Business Journal,
and gave an update on the enhancement ofthe website with the property map. The
new brochure for Cascades at The Colony was passed around for the board to
look at. (f) Mr. Terrall mentioned the luncheon he and Ms. Lane recently attended
hosted by the Dallas Chamber of Commerce where they met the British consul
who serves this part of Texas. Sharon Venable from the Greater Dallas Chamber
of Commerce said she would showcase The Colony in November this year when
she takes a trip to Europe to meet with business owners and site selectors. Mr.
Terrall also mentioned giving a presentation to the 4B board during their recent
retreat. (g) Mr. Terrall reported that he had a meeting with the finance director
and the city manager to review the 4A board request of re-visiting the marketing
budget for fiscal year 2005-2006 to add enough funds to bring the budget up to
the legal limit of 10% of the total yearly revenue. The city manager suggested
taking the $20,000 amount budgeted in the contingency line item and transferring
it to the marketing line item. All adjustments from the departments are approved
at the same time by the council and this adjustment should be approved by council
at that time. (h) Mr. Terrall reported that everything was moving along on
schedule regarding the NAIOP golf tournament. Promotional products that the 4A
will distribute at the 18th hole are in the process of being selected. NAIOP has
provided spots for a total of four golfers and 12 people for the dinner as part of
the title sponsorship The Colony EDC has paid for.
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2.2. Approval of the minutes of the regular board meeting June 14, 2006: President
Norris asked if there were any corrections, changes or additions that anyone
would like to make and there were none. Rick Casterline made a motion to
approve the minutes as written. Kevin Greene seconded and the motion carried
with all members voting in favor.
3.0 PUBLIC COMMENTS
3.1. Public Input: There was no public input.
4.0 REGULAR AGENDA
Item 4.1. Discussion of open meetings and open record training during regular
council meeting July 17: Mr. Terrall explained that next Monday at the regular
council meeting there will be a training session on open meeting laws and public
records. It is required for all members of boards such as The Colony EDC as well
as The Colony CDC, City Council, Planning & Zoning, and possibly other boards
to receive this training. If anyone cannot come to the meeting, they may check out
a training CD.
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EDC Minutes July 12, 2006, Page 2
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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 7:40 p.m.
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Cindi Lane
Economic Development Specialist
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President
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EDC Minutes July 12, 2006, Page 3