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HomeMy WebLinkAbout12/13/06 EDC I MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM DECEMBER 13, 2006 The Regular Session of The Colony Economic Development Corporation of the City of The Colony, Texas, was called to order at 7:01 p.m. on the 13th day of December 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 Absent (Business) Present Present 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 Y2 Cent Sales Tax graph c. Tax Allocation Summary for November d. Summary of current activity regarding development e. Marketing update f. Report of TEDC Board Retreat November 16-17 g. NTCAR Economic Development Committee member report and NTCAR board meeting 12-8-06 I (a) Mr. Terrall reported that the sales revenue was starting out the fiscal year ahead of projection. November sales tax was $7,000 ahead of November last year and so far this fiscal year the sales tax is $12,000 ahead of projection. (b) The sales tax graph reflects the cash flow projection. November sales tax is higher than any previous month on the chart. (c) The summary shows that The Colony sales tax is up 8.72% comparable to November 2005 and it is 13.11 % ahead of last year. (d) Mr. Terrall said that nothing new has come into the planning department since last month's report. The City has been given notice that Albertson's will close on December 31 st. Mr. Terrall contacted the North Central Texas Workforce Commission to find out what they can do to help the employees who will not be able to transfer to another Albertson's. The Workforce Commission is visiting the store on Friday, December 15th to meet with the employees. (e) Ms. Lane gave the website statistics, told the board about a couple of ads in the Dallas Business Journal, and some miscellaneous other ads that were run last month. Mr. Terrall said that he and Ms. Lane had met with the advertising agency and are working on creating some new marketing pieces to replace outdated material and low stock. (f) Mr. Terrall explained that he will most likely spend a great deal of time while at TEDC watching for sales tax issues that may come before the state legislature. There is discussion about the TEDC writing a white paper regarding the uses for sales tax. Mr. Terrall said he was asked to remain on the executive committee for a third year and he accepted. He said that this is a good way for him to keep on top of the issues and any proposed sales tax- related amendments. (g) Mr. Terrall explained that the executive director of NTCAR asked him to serve on a committee of the board of directors for NTCAR to represent the economic development segment of their board. He accepted and went to their board retreat and a board meeting. He will meet with the other economic development committee board members the first part of January. I 2.2. Approval of the minutes of the regular board meeting November 8, 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. Paul Koenig seconded and the motion carried with all members voting in favor. The board requested that the resolution be brought before them. I 3.0 PUBLIC COMMENTS 3.1. Public Input: There was no public input. 4.0 REGULAR AGENDA Item 4.1. Discussion and appropriate action regarding adopting the investment policy for The Colony Economic Development Corporation: Mr. Terrall said that The Colony EDC has been unofficially using the City's investment program since day one and it has never been officially adopted. He is recommending the adoption of this policy and will have a resolution written if approved. If another opportunity for a better investment should come along in the future The Colony EDC could vote to switch from this one to another. Mr. Garcia made a motion to adopt the City's investment policy as The Colony EDC policy and to allow The Colony EDC president to sign the resolution. Mr. Koenig seconded the motion and all members voted in favor. I EDC Minutes December 13 2006, Page 2 I Item 4.2. Discussion and appropriate action regarding changing the date of the February monthly meeting: Mr. Terrall explained that there was a conflict with the date of the February meeting and the Winter Texas Economic Development Council conference and asked the board if they would consider changing the February meeting from February 14th to February 7th. The board agreed to have the February meeting on the ih. Item 4.3. Discussion and appropriate action regarding changing the regular June meeting from June 13' 2007 to June 6, 2007:Ms. Lane said that she had a personal conflict on June 13th due to hosting a family reunion and having family in town during the week of June 11 th and asked the board to consider having the June meeting on June 6th instead. The board agreed to have the June meeting on the 6th. Item 4.4. The Board shall convene into executive session as authorized by ~ 551.087 of the Texas Government Code to discuss and deliberate the offer of a financial or other incentive to a business prospect that seeks to locate, stay or expand within the City of The Colony. The board convened to executive session at 7:35 p.m. Item 4.5. Consideration of appropriate action to be taken as a result of executive session: I A. Any action as a result of executive session regarding amending an incentive agreement for a business prospect: The board came out of executive session at 8:39 p.m. Mr. Koenig made a motion to approve the two items stated in the memo dated December 11,2006 from Demian Salmon of Jackson Shaw, Inc. and amend accordingly the incentive agreement between The Colony Economic Development Corporation, The City of The Colony, and Jackson-Shaw Cascades L.P. by the Jackson Shaw attorney and reviewed by The Colony EDC attorney. Incentive payment by The Colony EDC for the roadway improvements as stated in the memorandum is to be made only after completion of construction as defined in the agreement. Incentive payment for the dry utility improvements and relocation will be made only upon completion of construction as defined in the agreement. Mr. Garcia seconded the motion and all members voted in favor. - f>>vvi.-< ' ~ Cindi Lane Economic Development Specialist President Norris adjourned the 4A board at 8:41 p.m. ~~?:~~( President I EDC Minutes December 13 2006, Page 3