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HomeMy WebLinkAbout09/13/06 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM SEPTEMBER 13, 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 13th day of September 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 Absent (Business) Present Present (arrived at 7:07 p.m.) Present Present 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: Vice President Al Garcia led III the Pledge of Allegiance. 2.0. CONSENT AGENDA Item 2.1. Reports: a. Cash flow projection b. Monthly Y2 Cent Sales Tax graph c. Tax Allocation Summary for August d. Summary of current activity regarding development e. Marketing update f. NAIOP golf tournament September 12 g. Report of city council budget meeting and public hearing budget meeting I (a) Mr. Terrall reported that the August sales revenues were more than $98,000 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 6.21 % from this month last year and 16% 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 and passed around the give-a-ways that were distributed at the NAIOP golf tournament. (f) Mr. Terrall reported that there were 150 golfers at the NAIOP golf tournament and about the same amount for the dinner and awards ceremony. He said that The Colony EDC was on the 18th hole again this year and that it was a great networking opportunity. (g) Mr. Terrall reported that there the budget process has gone very smoothly so far. There have been no questions from the city councilor problems. There has been one public hearing and the budget is due to be approved on Monday, September 18, 2006. I 2.2. Approval of the minutes of the regular board meeting August 9, 2006: Vice President Garcia 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. Presentation on The Colony Chamber of Commerce up-coming golf tournament including discussion and appropriate action: Jeff Meyers, John Gordon, and Lavell Garner of The Colony Chamber of Commerce gave a presentation of The Chamber golf tournament sponsorship opportunities to the board. Mr. Gordon wanted the board to understand that he feels that becoming a sponsor would create relationships and allow for a return of the investment by the possibility of chamber members who have businesses located in other cities deciding to relocate their businesses to The Colony. The Chamber would like the 4A board to be the underwriting sponsor of the golf tournament which would cost $5,000 and entitle the EDC to eight playing spots, and a list of several other ways to advertise. Dinner would be included, the EDC booth could be exhibited, and the golfers would get the VIP treatment from the Chamber. The board asked several questions pertaining to exposure, timing of the event, benefits, and networking possibilities. Mr. Casterline said he would like to abstain from any vote due to the fact that he is also a Chamber member. Mr. Terrall pointed out that The Colony EDC historically is a hole sponsor each year and places an ad in the Chamber directory and The Colony map to support the Chamber. The time frame was discussed. The event will take place on September 29th. Each board member present had previous commitments for that day and it was mentioned that The Colony EDC had served as the title sponsor for another golf tournament earlier that week and it would be very difficult to get golfers on such short notice, especially since some had already donated their time to the other recent tournament. There was discussion of being more involved with next year's tournament and that if it could be tied in with Sail Fair there could be more I I EDC Minutes September 13 2006, Page 2 I exposure for everyone. The board felt like there was not enough notice and planning time to be the underwriting sponsor this year. Mr. Greene made a motion to be a Silver Sponsor for a total of$750.00. Mr. Koenig seconded the motion and the motion passed with Mr. Koenig, Mr. Green, and Vice President Garcia voting aye and Mr. Casterline abstaining. Item 4.2. EXECUTIVE SESSION: The Colony Economic Development Corporation board shall convene into closed executive session to meet with legal counsel to seek legal advise pursuant to ~ 551.071 (1) and (2) of the Texas Government Code concerning a settlement offer from the Steven L. Thomas Agency a/k/a STAR Insurance to resolve the recaption provision in an economic development grant agreement with said entity: The board went into executive session at 8:02 p.m. I Item 4.3. Discuss and consider a settlement offer from the Steven L. Thomas Agency a/k/a STAR Insurance to resolve the recapture provision in an economic development grant agreement with said entity; and, authorize the President and Executive Director to execute the appropriate documents concerning any settlement: The board reconvened at 8:26 p.m. Mr. Koenig made a motion to authorize the executive director and president to enter into a settlement and release of an economic development grant agreement in a form approved by legal counsel under the terms and conditions offered by the board as provided in a letter dated August 16, 2006 with Steven L. Thomas Agency a/k/a Star Insurance. Mr. Casterline seconded the motion and the motion passed with all members voting in favor with the exception of Mr. Greene who abstained. Vice President Garcia adjourned the 4A board at 8:28 p.m. ~~ tV)IdA. ( W( Cindi Lane Economic Development Specialist ~~ I Garcia ' Vice President I EDC Minutes September 13 2006, Page 3