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HomeMy WebLinkAbout02/07/07 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM FEBRUARY 7, 2007 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 ill day of February 2007, at the City Hall conference room with the following roll call: Board Members: Bob Norris. President AI Garcia. Vice President Kevin Greene. Treasurer Rick Casterline. Secretary Paul Koenig Perry Schrag, Council Liaison Present Absent (Illness) Absent Present Present Absent (Business) Staff Members Present: Tom Terrall, Director of Economic Development Cindi Lane. Economic Development Specialist Tony Johnston. Assistant City Manager 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 January d. Summary of current activity regarding development e. Marketing update f. Report of the DFW Marketing 2006 Team Survey g. Treasurer report (a) Mr. Ten-all reported that the sales revenue for January was ahead of projection by $8,000 and is approximately $24.000 ahead of projection for the first four months of the current fiscal year. (b) The sales tax graph shows a 33% increase from the same month in 2004. (c) The tax allocation summary shows the sales tax 12% ahead for the month and year. (d) Mr. Terrall had several updates to report regarding development. He said that the planning department has issued a demolition permit from Ross and Staples to remodel the interior of the former Albertson's. The planning department has issued two office building permits beside the Keller Williams building for 25,000 square feet each. A new restaurant is planning to open on S. Colony and Main St. Mr. Terrall spoke with a broker about the Pizza Inn office having 38,000 square feet for lease due to the down- sizing of Pizza Inn. (e) Ms. Lane gave the website statistics and said that the new pocket folders and tri-fold brochures are just about finished. She also showed the board a recent ad that was in the Dallas Business Journal. (t) Mr. Ten-all reported that the DFW Marketing Team took a survey asking the 2006 DFW Marketing Team members six questions including what they felt their community's target industries were, what the target audiences were, event ranking, and about the DFW Marketing Team. Most members ranked Business Services, Headquarters and Corporate Offices, and Retail as the most targeted industries. Most said that their target audiences consisted of DFW regional brokers and developers. site location consultants, and corporate real estate executives. For ranking events, many were mentioned but the ICSC events in Texas and Las Vegas together scored higher than any other single event. (g) Kevin Greene was not present so there was not a treasurer report given. 2.2. Approval of the minutes of the regular board meeting January 10, 2006: President Norris asked if there were any corrections, changes or additions that anyone would like to make and there were none. Rick Casterline made a motion to approve the minutes as written. Paul Koenig seconded and the motion carried with all members voting in favor. 3.0 PUBLIC COMMENTS 3.1. Public Input: There was no public input. 4.0 REGULAR AGENDA Item 4.3. Discussion and appropriate action regarding The Colony Economic Development Corporation paying a portion of the cost to construct a roadway from Memorial Drive to the Wal-Mart parking lot: Mr. Terrall asked that this item be addressed first so that Tony Johnston, Assistant City Manager, could present and discuss this item with the board. Mr. Johnston explained that for the past two years he and Council Member Allen Harris have been working with Wal-Mart and the attorney representing Wal-Mart to have Wal-Mart pay for a roadway between the Wal-Mart parking lot and Memorial Dr. to make it easier for residents to drive to Wal-Mart and the other retailers in that shopping center. Wal-Mart agreed to put in the road if The Colony paid for the traffic light at Memorial Dr. and Main St. Wal-Mart agreed to pay up to $130,000 for the road with the understanding that there can be no median cut or a left turn lane for west- bound Memorial Dr. traffic. Since that time the price has gone up approximately $6,000 for the materials and $23,000 in engineering fees. Including contingency the amount comes up to approximately $44,000 extra that the city would have to pay to construct the road. Mr. Johnston also explained that the land involved was donated to the City by Baruch Properties. There was discussion about the EDC Minutes February 7 2007. Page 2 donation of land. the reasons why Wal-Mart doesn't want the median cut and left turn lane, and other options for that road or possibly constructing a second road. Mr. Casterline moved to fund up to $45,000 above and beyond the $130,000 that Wal-Mart is paying for the road between the Wal-Mart west parking lot and Memorial Dr. within 45 days after the City accepts the road and the Wal-Mart payment is received. The City is to prepare the agreement for the 4A board's approval. The motion was seconded my Paul Koenig and all the motion passed with all members present voting in favor. Item 4.5. Discussion and appropriate action regarding the possibility of The Colony Economic Development Corporation paying for water and sewer south of S.H. 121: Mr. Johnston explained the need for water and sewer along PIano Parkway from Pizza Inn south to the city limits. He said that currently there is no sewer line and only a 12-inch water line that needs to be upgraded to a 20-inch line. He discussed arrangements the City has made with Austin Ranch regarding the water and sewer with future residential and commercial development. He asked the board if they are interested in taking on the responsibility of looking into providing funds to upgrade the water and add sewer for future commercial development. He said that this project would involve several entities, including the City. The Colony EDC, Billingsley Company, and Carrollton. The board expressed interest in obtaining information about cost and they want to learn more about the scope of the project. Mr. Johnston said he would obtain more information, gather some research from the engineers and come back to the board at a later date with specific dollar amounts. Item 4.2. Discussion and appropriate action regarding the approval of the Jackson- Shaw amended agreement and execution of the agreement by the 4A president: Mr. Terrall explained that nothing has changed with Jackson-Shaw agreement except tying in four items into one item and two other items into one item to help Jackson-Shaw with their invoicing procedures. Mr. Ten-all, Mr. Greene, and President Norris had a meeting with Demian Salmon. Jackson- Shaw's attorney re-wrote the agreement and Mr. Terrall and The Colony EDC attorney reviewed it. The new agreement wraps all the other amendments into one document. Mr. Casterline moved to accept the revised agreement as is and have the 4A president sign it. Mr. Koenig seconded the motion and all members voted in favor. Item 4.4. Discussion and appropriate action regarding the approval of a contract with C. Kelly Cofer of The Retail Coach to update demographics and assist with ICSC appointments and authorize execution of the contract by the 4A president: Mr. Terrall said that all the retail material and demographics that were done by Mr. Cofer three years ago need to be updated. Mr. Cofer will also help to make qualified ICSC appointments with a goal of setting 15 well qualified appointments. He will also send customized packages for the retailers ahead of the appointments. Mr. Terrall stressed the value of having an independent retail consultant call on behalf of the EDe. Mr. Terrall made a few revisions to the EDC Minutes February 7 2007. Page 3 agreement upon receiving it and pointed them out to the board. Mr. Casterline moved to accept the revised agreement with The Retail Coach and authorized the EDC board president to sign the agreement. Mr. Koenig seconded the motion and all members voted in favor. Item 4.1. Discussion and appropriate action concerning election of officers: (a) president, (b) vice president, (c) secretary, (d) treasurer: Mr. Norris opened up the floor for nominations. Mr. Casterline nominated Bob Norris for president. Mr. Koenig seconded the nomination. There were no other nominations. Bob Norris was named President by acclimation. Mr. Koenig nominated Rick Casterline for Vice President. There were no other nominations. Rick Casterline was named Vice President by acclimation. Mr. Casterline nominated Paul Koenig for Secretary. There were no other nominations. Paul Koenig was named Secretary by acclimation. Mr. Casterline nominated Kevin Greene for Treasurer. There were no other nominations. Kevin Green was named Treasurer by acclimation. Since Mr. Greene was not present to accept the office he has the option of declining if he so chooses. President Norris adjourned the 4A board at 9:05 p.m. , -~'~ Cindi Lane Economic Development Specialist ~/!~--~/ Robert E. NorriS President EDC Minutes February 7 2007, Page 4