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HomeMy WebLinkAbout08/09/06 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM AUGUST 9, 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 9th day of August 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) Present Absent (Business) Absent I 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 July d. Summary of current activity regarding development e. Marketing update f. Treasurer report g. TEDC Summer Conference June 19-21 h. NAIOP golf tournament update I (a) Mr. Terrall reported that the July sales revenues were more than $93,000 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 website statistics and said that the give-a-ways for the golf tournament have been ordered. (0 Mr. Terrall said that Mr. Greene wrote the treasurer report and it was added to the packet but Mr. Greene unable to attend the meeting because he was out of town so if anyone had any questions about the report to please let Mr. Terrall know and he will forward them to Mr. Greene and they will be addressed at the September meeting. (g) Mr. Terrall reported that there were approximately 130 attendees at the summer TEDC meeting in Tyler. There is a legislative item that he will discuss at the agenda item 4.4 in this agenda. (h) Mr. Terrall reported that everything was moving along on schedule regarding the NAIOP golf tournament. Advertising has begun on email and there are still openings for three golfers. Ms. Lane said she would email the mayor and council members to see if any of them are available and would like to participate. She will also look for additional dinner attendees. I 2.2. Approval of the minutes of the regular board meeting July 12, 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. Al Garcia 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 I Item 4.1. Discussion and appropriate action regarding changing the date of the October regular meeting due to a conflict with an out of town tradeshow on the same day: Mr. Terrall explained that the ICSC Idea Exchange was being held in San Antonio the week of the October 4A board meeting and asked the board to reschedule the October meeting. Mr. Casterline made a motion to hold the October board meeting on October 4th. Mr. Garcia seconded the motion and the motion passed with all members voting in favor. Item 4.2. Discussion and appropriate action regarding NT CAR tradeshow September 14th: Mr. Terrall said that the EDC reserved a larger space at the tradeshow this year to display boards of the retail projects currently underway. President Norris mentioned that he will be out of town during the tradeshow this year. Item 4.3. Discussion and appropriate action regarding the approval of the 2006-2007 administrative budget: Mr. Terrall explained that the current budget shows that the marketing portion has been changed to reflect the board's decision to increase from the original amount to the 10% maximum allowed by the state and that next year's budget reflects this projected figure as well. Mr. Terrall asked the board if they had any questions. The board asked some questions about current incentive I EDC Minutes August 9 2006, Page 2 I I I commitments. Mr. Casterline made a motion to approve the 2006-2007 budget as presented. Mr. Garcia seconded the motion and all members voted in favor. Item 4.4. Discussion of TEDC Legislative Agenda 80th Texas Legislature (2007): Mr. Terrall informed the board that the TEDC is working with the Texas Legislature to position itself with the legislators in order to have the best interest of the economic professionals represented. The TEDC agenda supports local control and accountability and believes that 4A and 4B revenues should be used to create primary jobs. There was discussion of basic economic development. The board asked to be kept informed of any changes of the Act that come along during the legislative session. Item 4.5. Discuss and consider amending an economic incentive agreement with Steven L. Thomas Agency, Inc. a/k/a/ Star Insurance: Mr. Terrall said that this item was on the agenda to give the owner of this company an opportunity to address the board. Since the owner is not present, the meeting can continue in the executive session. Item 4.6 EXECUTIVE SESSION The Colony Economic Development Corporation board shall convene into closed executive session pursuant to Section 551.071 of Texas Government Code to seek legal counsel and advice from corporate counsel concerning an economic incentive agreement with Steven L. Thomas Agency inc.: The board went into executive session at 7:20 p.m. Item 4.7. Consideration of appropriate action to be taken as a result of executive session: The board reconvened at 8:26 p.m. There was no action taken. Item 4.8 EXECUTIVE SESSION as authorized by section 551.087 of the Local Government Code regarding Economic Development, to-wit: A. To deliberate the offer of a financial or other incentive to a business prospect. The board went into executive session at 8:27 p.m. Item 4.9: Consideration of appropriate action to be taken as a result of executive session: The board reconvened at 9:17 p.m. Mr. Garcia made a motion to authorize the economic development director to continue to pursue the project discussed in executive session based upon the facts presented. Mr. Casterline seconded the motion and all members voted in favor. President Norris adjourned the 4A board at 9: 19 p.m. ;1, '~ LU~ . Cindi Lane . Economic Development Specialist ~Af~~ Robert E. Norris President EDC Minutes August 9 2006, Page 3