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HomeMy WebLinkAbout04/10/02 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL COUNCIL CHAMBERS APRIL 10, 2002 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 l0th day of April 2002, at City Hall with the following roll call: A1 Garcia, President Absent (Business) Bob Norris Present Tia Hamlin Present Norman Lang Present Kevin Greene Absent (Illness) And with three voting members present, a quorum was established and the following items were addressed: Item 1.1. Pledge of Allegiance: Bob Norris 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 ½ Cent Sales Tax graph d. Monthly report from February to City Manager e. Website update f. NTCAR's Heavy Hitters update g. Shapiro marketing update h. Allies Day update i. 2002-2003 administrative budget process Tom Terrall pointed out that the sales tax continues to be better than projected. The tax summary graph shows how well The Colony is doing in sales tax revenue compared to the base year 2000. Website update: Leapt~og has jumped into the website redesign aggressively. They have sent sample pages for review. The design looks very nice. They are making the site easier to navigate. Heavy Hitters update: Mr. Terrall explained the purpose of this banquet. He was able to make some good contacts and he was impressed with film clips in the presentation mentioning The Colony several times. He said that he plans to follow up with sending congratulatory letters and a brochure to the group. Marketing update: The brochures are completed and were passed out for the board to review. The folders and post cards are in progress. Allies Day: a tentative date has been set for late September. The committee is looking at several ways to attract brokers and developers to participate in both golf and the bus tour. Budget update: Mr. Terrall made the board aware that the budget process will begin very soon. He would appreciate the board's thoughts and input. The 4A Board has been separated from 4B long enough to establish a budget history which will help when preparing for next year's budget. Item 2.2. Approval of the minutes of the board meeting held March 13, 2002: Tia Hamlin made a motion to accept the minutes from March 13, 2002 as written. Norm Lang 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 a marketing budget amendment: Mr. Terrall explained to the board that he made a presentation to the Council at their last meeting with Amy Burns of Shapiro & Company to make them aware of the need to designate more funds to the marketing budget. The Council voted in favor of making the marketing budget ceiling of up to 10% of 4A revenue. Mr. Terrall explained that it would ad approximately $28,000. Mr. Lang made a motion to approve extending the marketing budget up to 10% of the annual 4A sales tax revenue as authorized by the state of Texas. Ms. Hamlin seconded the motion and the motion carried with all ayes. Item 4.2. Discussion and appropriate action regarding review and approval of the Christian Community Action Economic Development Incentive Agreement and authorization of signature by the 4A Board president: Mr. Terrall explained that he has been notified by the client of three changes he would like to make and that there has not been enough time for the negotiation team to consider the proposed changes. Mr. Terrall said he would like for this item to be tabled until the negotiation team can meet and discuss the changes. Mr. Lang made a motion to table and Ms. Hamlin seconded the motion. All members voted in favor. Item 4.3. Discussion of International Council Shopping center tradeshow May 19- 22, 2002: Mr. Terrall informed the Board of the importance of this ICSC Spring Convention being held in Las Vegas. He pointed out the importance of this annual tradeshow and convention, the number of members of this organization, the number of annual attendees, and the fact that these attendees and exhibitors are EDC Minutes April 10, 2002, Page 2 target companies, brokers and retailers that The Colony is trying to attract. It is the largest gathering of this target in the world. The Colony Economic Development Corporation is on a waiting list to be an exhibitor and will hopefully be able to participate as such next year but he proposed that he and his administrative assistant, Cindi Lane, go to the convention this year as attendees for two purposes. It would serve as a great opportunity for exposure to the retail decision makers and it would give him and Ms. Lane a chance to see the layout, set ups and competition to better prepare them for exhibiting next year. There would be an opportunity to attend the sessions and hand out literature and marketing material. Mr. Terrall discussed the budget and felt like it would be a good investment. Questions were asked by board members. The board thought that this trip would be a good idea and encouraged Mr. Terrall and Ms. Lane to go. Item 4.4. EXECUTIVE SESSION as authorized by section 550.086 of the Local Government Code Economic Development, to-wit: A. To deliberate the offer of a financial or other incentive to a business prospect. Mr. Terrall told the board that there was no need for an executive session. He was pleased with the number of phone calls he had received during the past six weeks. Item 4.4. Consideration of appropriate action to be taken as a result of executive session: Since there was no executive session, no action was taken. Mr. Norris adjourned the meeting at 7:20 p.m. Cindi Lane ~Bob Norris Administrative Assistant Vice President EDC Minutes April 10, 2002, Page 3