HomeMy WebLinkAbout12/11/02 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL COUNCIL CHAMBERS
DECEMBER 11, 2002
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:02 p.m. on the 11t~ day of December 2002, at
City Hall with the following roll call:
A1 Garcia, President Present
Bob Norris Present
Tia Hamlin Present
Norman Lang Absent (Business)
Kevin Greene Absent (Business)
And with three voting members present, a quorum was established and the following
items were addressed:
Item 1.1. Pledge of Allegiance: A1 Garcia led in the Pledge of Allegiance.
2.0. CONSENT AGENDA
Item 2.1. Reports:
a. Cash flow projection
b. Tax Allocation Summary for November
c. Monthly ½ Cent Sales Tax graph
d. Monthly report from November to City Manager
e. Shapiro marketing update
f. Summary of current activity regarding development
g. 2000-2001 Development Corporations Sales Tax Receipts from state
Comptroller
h. Financial statement as of September 30, 2002
Tom Terrall pointed out that on the cash flow projection a column was added to
show a comparison between the projected tax revenue and the actual tax revenue
and how much it is up or down from month to month and for the fiscal year. For
November the revenue was about .48 of a percent less than last year but is still
17.24% ahead of the base year 2000. Highlights of the monthly report to the city
manager were that there is interest from realtors and developers with some of the
Main Street properties. Mr. Terrall said he is working with Loretta Hill at The
Colony Chamber of Commerce on a questionnaire to fmd out if home businesses
or other businesses in The Colony are interested in moving to a commercial or
retail site or expanding to a site. This information could prove to be helpful when
discussing potential sites with developers to use as proof that there is a market for
a specific type of development. The Fall Event is concluded and Mr. Terrall and
Mrs. Lane are discussing with Shapiro & Company marketing and advertising
opportunities for next year. There is possibly a contract pending on the Wendy's
and Billy's locations along with the property adjacent to the south of the Billy's
site. Mr. Terrall said that he included the 2000-2001 development corporation's
sales tax receipts to compare The Colony with some of its neighboring cities.
Kevin Greene has audited the financial statement as of September 30, 2002 and
has written a report that he planned to discuss with the board tonight.
Unfortunately he was unable to be present at the meeting so Mr. Terrall reviewed
the report. Mr. Greene stated that his review of the financials and quarterly reports
substantiated the numbers that were provided to him from the finance department.
Item 2.2. Approval of the m,.'nutes of the board meeting held November 13,
2002: President Garcia asked if there were any corrections, changes or additions
that anyone would like to make and there were none so the minutes were accepted
as presented.
3.0 PUBLIC COMMENTS
3.1. Public Input: There was no public input.
4.0 REGULAR AGENDA
Item 4.1. Discussion of Fall Event being held November 14, 2002 to promote The
Colony to DFW brokers and developers: Mr. Terra11 thanked the board
members for participating in the Fall Event. He explained that the turnout was
small but the individuals that attended were the target group. Mr. Terrall
discussed the questionnaires that were given to the group, prior to and after the bus
tour. He received three phone calls thanking the board for the event. The
questionnaires indicated that our advertising has been targeted to the right group.
President Garcia pointed out that there was a lot of the behind the scenes work
done and he thanked Mr. Terrall and Ms~ Lmne along with Amy Bums at Shapiro.
He also thanked the sponsors of the event. He was impressed with the Austin
Ranch presentation. Ms. Hamlin stated that this event should serve as a
springboard for upcoming events.
Item 4.2. Discussion of incentives mentioned in the Comprehensive Policy
Statement: Mr. Terrall explained that this item was placed on the agenda because
of citizen input made at a previous board meeting. The citizen asked if the board
would revisit the guidelines for incentives. Mr. Terrall advised that an option
could be to schedule a work session. Mr. Norris liked the idea of having a work
session and suggested the idea that the policy could be updated to reflect the
EDC Minnte~ December 12, 2002, Page 2
current times. President Garcia suggested having Mr. Terrall discuss this with
developers to see what incentives would be the most viable and lucrative to them.
He would like to have the work session next quarter. Mr. Terrall said he would
like to get the board's thoughts and he would like for them to review the attorney
general's manual prior to the work session.
Item 4.3. EXECUTIVE SESSION as authorized by section 551.086 of the Local
Government Code regarding Economic Development, to-wit:
A. To deliberate the offer of a financial or other incentive to a
business prospect:
President Garcia adjourned the meeting at 7:35 p.m. for executive session.
Item 4.4. Consideration of appropriate action to be taken as a result of executive
session: Ms. Harnlin made a motion to amend The Colony Gymnastics and Dance
Academy incentive agreement as discussed in executive session. Mr. Norris
seconded the motion and the motion carried with all board members voting aye.
Mr. Norris made a motion to amend the incentive agreement between Christian
Community Action and The Colony Economic Development Corporation. Ms.
Hamlin seconded and the motion carried with all members voting aye.
President Garcia adjourned the meeting at 8:18 p.m.
Cindi Lane
Economic Development Specialist President
EDC Minutes December 12, 2002, Page 3