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HomeMy WebLinkAbout03/13/02 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL COUNCIL CHAMBERS MARCH 13, 2002 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 March 2002, at City Hall with the following roll call: Al Garcia, President Present Bob Norris Present Tia Hamlin Present Norman Lang Present Kevin Greene Present And with five voting members present, a quorum was established and the following items were addressed: Item 1.1. Pledge of Allegiance: Al Garcia led in the Pledge of Allegiance. 2.0. CONSENT AGENDA Item 2.1. Reports: a. Cash flow projection b. Tax Allocation Summary for February c. Monthly lA Cent Sales Tax graph d. Monthly report from February to City Manager Tom Terrall pointed out that the sales tax collected for February exceeded projections but with the trend of less spending in other areas surrounding The Colony, we should not automatically expect this upward trend to continue. He pointed out how well the monthly ~ cent sales tax graph illustrates The Colony is doing compared to the year 2000. Item 2.2. Approval of the minutes of the board meeting held February 13, 2002: Mr. Terrall pointed out that the minutes in the packets have the incorrect date on the footer but they have since been corrected. Bob Norris made a motion to accept the minutes from February 13, 2002 with the date correction as written. Kevin Greene seconded. The motion passed 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. Discussion and appropriate action regarding Leapfrog Technologies, LLC contract: Mr. Terrall explained to the board that he would like the board to authorize the contract and the revised confidentiality agreement is in compliance with public information requirements. President Garcia stated that he would like the board's approval before signing off on this or any other contract. Mr. Terrall asked for questions from the board. There were no questions. Mr. Norris made a motion to authorize President Al Garcia to sign the Leapfrog Technologies, LLC contract and confidentiality agreement. Mr. Greene seconded the motion and the motion carried with all members voting aye. Item 4.2. Discussion and appropriate action regarding requesting a marketing budget amendment from council: Mr. Terrall explained that during the February board meeting Shapiro & Company gave their presentation. They left the board with a list of what is currently being done and a list of additional recommendations for a successful marketing plan. Mr. Ten-all explained that the current marketing budget approved by the city council is $69,000 and that he would have to go to the council for approval to raise it. State law requires that no more than 10% of the total sales tax revenue per year may be spent for marketing expenditures. Mr. Terrall projects approximately $970,000 in sales tax revenue for the fiscal year which would allow adding $28,000 for a total amount not to exceed $97,000. His recommendations for the additional expenditures are as follows: 1) Blacks Guide advertising - $10,000 2) Trade booth panels - $3,500 3) Professional photography - $2,500 4) Special events - $10,000 President Garcia had no input being that he is a courkcil member. Mr. Norris agreed that The Colony EDC should move forward with a more aggressive advertising campaign because of a short time frame for development. Mr. Terrall gave a synopsis of what steps would need to be taken explaining that he would go to council with Shapiro to give the presentation and he would like the 4A board to be present as well. Mr. Greene made a motion to move forward with the steps necessary to increase the marketing budget by $20,000. Mr. Norris seconded the motion and the motion passed with all members vote in favor with the exception of President Garcia who abstained. Item 4.3. EXECUTIVE SESSION as authorized by section 550.086 of the Local Government Code Economic Development, to-wit: EDC Minutes March 13, 2002, Page 2 A. To deliberate the offer of a financial or other incentive to a business prospect. The board went into executive session at 7:20 p.m. Item 4.4. Consideration of appropriate action to be taken as a result of executive session: The board reconvened at 8:05 p.m. Norm Lane made a motion to provide economic assistance to the Christian Community Action in the form of $25,000 for partial reimbursement of remodeling cost of their new location at 5000 Main Street in The Colony, Texas and up to an additional $25,000 in the form of a refund of sales tax based on their growth in sales over the next five years using the year 2001 as the base year. The additional $25,000 will be paid contingent upon the increase in full time equivalent employees as illustrated in their five-year plan as well as their sales tax increase. Tia Hamlin seconded the motion and the motion carried with all members voting aye. President Garcia thanked the negotiation team and Mr. Terrall for their time spent working on this project. President Garcia adjourned the meeting at 8:07 p.m. Cindi Lane Administrative Assistant President EDC Minutes March 13, 2002, Page 3