HomeMy WebLinkAbout10/04/06 EDC
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MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
OCTOBER 4, 2006
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:04 p.m. on the 4th day of October 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
Present
Absent (Business)
Absent (Business)
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 September
d. Summary of current activity regarding development
e. Marketing update
f. Report of NTCAR tradeshow September 14th
g. Report of TEDC Annual Conference September 27-29
h. ICSC Texas Idea Exchange October 10-12
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(a) Mr. Terrall reported that the September sales revenues were more than
$110,000 ahead of projection for this fiscal year. The total revenue was
$1,307,000 and including the revenue from the certificate of obligations that has
not been paid to Jackson Shaw yet, the amount of carry forward dollars for the
next fiscal year is approximately $6,457,900. There is still up to $2,450,000 in
incentives to be paid to Jackson Shaw out of this total. (b) The sales tax graph
shows that a slight decrease of about 2% from the same month last year, but is
still over 14% greater than last year. (c) The summery has a new, more readable
look. It reflected the cash flow summary with the 2% decline from September last
year but 14% up for the calendar 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 discussed a couple of ads in two different magazines. (f) Mr.
Terrall reported that the Expo tradeshow had an excellent turnout. There were
about 1,500 attendees and at least 100 stopped by the booth. Approximately 80
follow up letters were sent to the attendees who left their business cards at the
booth thanking them for stopping by and reminding them to think about The
Colony for their projects and clients. Steve Ewing, who works at Staubach and
represents some retail property in The Colony was the winner of the foursome
golf give-a-way donated by The Tribute Golf Club. (g) Mr. Terrall reported that
The focus of the Texas Economic Development Conference annual meeting was
professional development and to network with colleagues. There were
approximately 350 attendees. (h) The booth has been shipped to San Antonio for
this tradeshow. Mr. Terrall and Ms. Lane will leave on Tuesday, October 11 th and
return on Friday, October 13th. In edition to the actual tradeshow on Thursday,
they will attend some of the conference sessions pertaining to retailers' planned
expansions into the Texas market.
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2.2. Approval of the minutes of the regular board meeting September 13, 2006:
President Norris asked if there were any corrections, changes or additions that
anyone would like to make and there were none. Al Garcia made a motion to
approve the minutes as written. Rick Casterline seconded and the motion carried
with all members voting in favor.
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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 closed meeting pursuant to Texas Government
Code Section 551.187 economic development negotiations regarding incentive
agreement with Jackson Shaw: The board went into executive session at 7:24
p.m. and concluded at 7:57 p.m. with no action taken.
(~~
Cindi Lane ------
Economic Development Specialist
President Norris adjourned the 4A board at 7:57 p.m.
~:fA)~
President
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EDC Minutes October 4 2006, Page 2