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HomeMy WebLinkAbout01/10/07 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM JANUARY 10,2007 The Regular Session of The Colony Economic Development Corporation of the City of The Colony. Texas, was called to order at 7:04 p.m. on the 10lh day of January 2007. 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. Secretary Paul Koenig Perry Schrag. Council Liaison Absent (Business) Absent (Business) Present Present Present Absent (Business) Staff Members Present: Tom Terrall, Director of Economic Development Cindi Lane, Economic Development Specialist And with three voting members present, a quorum was established and the following items were addressed: Item 1.1. Pledge of Allegiance: Secretary Rick Casterline led 111 the Pledge of Allegiance. 2.0. CONSENT AGENDA Item 2.1. Reports: a. Cash flow projection b. Monthly 'li Cent Sales Tax graph c. Tax Allocation Summary for December d. Summary of current activity regarding development e. Marketing update f. Quarterly report to city manager g. ICSC 2007 Update h. Progress on Jackson-Shaw incentive agreement (a) Mr. Terrall reported that the sales revenue for December was ahead of projection and is approximately $15,000 ahead of projection for the first three months of the current fiscal year. (b) The sales tax graph shows that the only month during the past calendar year with lower sales tax revenue than in 2005 was September and it was only slightly less. (d) Mr. Terrall reported that he has a meeting with the Billingsley's tomorrow to discuss the focus of their Austin Ranch development. He also said that Donna Bateman told him that Hawaiian Falls has submitted plans to add an expansion to their water park and the planning department has also received applications for two hotels to build on the Jackson- Shaw development. (e) Ms. Lane gave the website statistics and discussed the development of a new pocket folder and tri-fold brochure with the advertising agency. There is a meeting scheduled tomorrow to go over the new designs. (f) Mr. Terrall said he will cover a couple of sections of this report specifically later in the meeting and encouraged the board to call him if they have any questions about the report. (g) Mr. Terrall said that he contacted some of the lead brokers for each of the three retail projects currently in process to find out if they would like a representative from the City or the EDC to accompany them on some of their retail appointments and they indicated that it would be helpful to have someone join them. He also mentioned that he and Ms. Lane are exploring the possibility of hiring a third party professional to make appointments on the EDC's behalf as another way to get appointments made. It appears that there will be a need of a total of four representatives to attend the Las Vegas tradeshow. Mr. Koenig said he would be available and would like to attend. Mr. Terrall said he would approach the council at an upcoming meeting to get an additional volunteer. (h) Mr. Terrall outlined the progress of obtaining an amended agreement to accommodate Jackson-Shaw in order for them to receive their incentives as discussed in the last 4A board meeting. Mr. Terrall has emailed Demian Salmon of Jackson-Shaw notifying him of the board's discussion. a list of items that need to be addressed in the amended agreement. and had the EDC attorney email Mr. Salmon a copy of the current amended and restated agreement for the Jackson-Shaw attorney to incorporate the necessary changes. There was discussion regarding the necessity of rewriting the entire agreement rather than adding an amendment and Mr. Terrall explained that the attorney told him that with as many amendments as have already been made. it would be in the EDC's best interest to have a new agreement written that includes all the changes that have been made. Mr. Terrall plans to bring the new document for approval by the board in February and will take it to council following that meeting. 2.2. Approval of the minutes of the regular board meeting December 13,2006: Kevin Greene made a motion to approve the minutes as written. The motion was seconded by Paul Koenig and all members voted in favor. 3.0 PUBLIC COMMENTS 3.1. Public Input: There was no public input. 4.0 REGULAR AGENDA Item 4.1. Discuss and approve resolution to adopt the City's Investment Policy: Mr. Terrall reminded the board that last month they made a motion to adopt the City of The Colony investment policy for The Colony EDC and they asked Mr. Terrall to bring the resolution to the January meeting for approval. Mr. Greene made a EDC Minutes January 102007. Page 2 motion to approve the resolution as written. Mr. Koenig seconded the motion and all members voted in favor. Secretary Casterline adjourned the 4A board at 7:37 p.m. -~~ Cindi Lane Economic Development Specialist ?ft~ lC aster 1I1e Secretary --- EDC Minutes January 102007. Page 3