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HomeMy WebLinkAbout11/08/06 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM NOVEMBER 8, 2006 The Regular Session of The Colony Economic Development Corporation of the City of The Colony, Texas, was called to order at 7:03 p.m. on the 8th day of November 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 Absent (Business) Present Absent (Business) Staff Members Present: Tom Terrall, Director of Economic Development Cindi Lane, Economic Development Specialist I 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 October d. Summary of current activity regarding development e. Marketing update f. Quarterly report to City Manager g. Report ofICSC Texas Idea Exchange October 10-12 h. Report ofTEDC Board Retreat November 16-17 i. Report of status of reimbursement from Star Insurance I (a) Mr. Terrall reported that the sales revenue was more than $111,000 ahead of projection for this fiscal year. The carry forward amount to the 2006-2007 fiscal year is greater than $6,484,000 and October's sales tax was $5,391.00 over projection. (b) The sales tax graph reflects the cash flow projection. (c) The summary shows that The Colony sales tax is up 9.47% comparable to October, 2005 and it is 13.73% ahead of last year. (d) Mr. Terrall said that Jackson Shaw has submitted plans for six buildings for review, Starbucks has obtained the permit to demolish the car wash at their site, and DBSI has submitted their preliminary plat. (e) Ms. Lane gave the website statistics, discussed the IEDC award, and said that a Dallas Business Journal ad was run this month. (f) Mr. Terrall pointed out a couple of items from the report. There have been four companies who have visited The Colony as a result of The Colony EDC's exposure at the International Council of Shopping Center tradeshow. DBSI has not submitted their incentive application at this time. (g) Approximately 3,300 attendees were present for the ICSC tradeshow. There were 176 exhibitors. 58 booth attendees who left business cards were mailed follow up letters. 19 letters were sent to retailers who were listed in a catalog and present at a retailer round- up who's criteria matched the criteria that The Colony is looking for. (h) Mr. Terrall said he will be attending the Texas Economic Development Council board retreat on November 16th and 1 ih and will regrettably miss the Volunteer Banquet at The Tribute. Ms. Lane will act as the liaison for The Colony EDC. (i) The Star Insurance transaction has been competed and fully executed. The check has been deposited. I 2.2. Approval of the minutes of the regular board meeting October 4, 2006: President Norris asked if there were any corrections, changes or additions that anyone would like to make and there were none. Kevin Greene made a motion to approve the minutes as written. Paul Koenig seconded and the motion carried with all members voting in favor. 3.0 PUBLIC COMMENTS I 3.1. Public Input: There was no public input. 4.0 REGULAR AGENDA Item 4.1. Discussion and appropriate action regarding sending EDC staff and possibly 4A and/or council members to the International Council of Shopping Centers annual tradeshow: Mr. Terrall reminded the board that this tradeshow is coming up in May 2007. He is in the process of coordinating with the brokers who have sites they are representing in The Colony to see what strategy they would prefer to use with making appointments with the retailers and other brokers and having representatives from The Colony EDC present. He explained that the focus has been narrowed down since he has begun attending the tradeshow several years ago and there are not as many companies to call on due to the process of elimination. Mr. Terrall also wanted the board to know that the tradeshow will be held from May 20-23 and would like any 4A board member who would be interested in attending to check his calendar. Item 4.2. Discussion regarding annual volunteer banquet: Mr. Terrall apologized for not being able to attend the volunteer banquet next week due to his Texas I EDC Minutes November 8 2006, Page 2 I Economic Development Corporation board retreat in Marble Falls. He suggested that board members contact Christie Wilson to RSVP. Item 4.3. Discussion and appropriate action regarding the approval of the First Amendment to the Amended and Restated Economic Development Incentive Agreement between The Colony Economic Development Corporation, the City of The Colony and Jackson-Shaw/Cascades Limited Partnership and execution of amendment by the president of The Colony EDC: Mr. Terrall mentioned that in last month's meeting this issue was coming up. In order to keep Jackson-Shaw in compliance with their agreement the number of days for the "Completion of Construction" deadline set forth in Sections 3.4, 3.5, 3.6, and 3.7 of the agreement needs to be extended. The extension has included some extra days as a buffer adding to a total of 120 extra days for the light poles to come in and be installed. Mr. Koenig made a motion to accept the amendment as written for approval and to authorize the president of The Colony EDC to sign the amendment. Mr. Greene seconded the motion. The motion passed with President Norris and Mr. Koenig voting in favor and Mr. Greene abstaining. Mr. Terrall said this item will be brought to council on December 4, 2006 for the mayor's signature. I President Norris adjourned the 4A board at 7:24 p.m. ~~'L~~ Robert E. Norris President o. ~ UJncLe Cindi Lane Economic Development Specialist I EDC Minutes November 8 2006, Page 3