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HomeMy WebLinkAbout04/11/07 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM APRIL 11,2007 The Regular Session of The Colony Economic Development Corporation of the City of The Colony. Texas. was called to order at 7:01p.m. on the 11 III day of April 2007, at the City Hall conference room with the following roll call: Board Members: Bob Norris, President Rick Casterline, Vice President Kevin Greene, Treasurer Paul Koenig, Secretary Al Garcia, Member Present Present Present Present Absent, (Business) Staff Members Present: Tom Terrall, Director of Economic Development Cindi Lane, Economic Development Specialist Council Liaison Perry Schrag Absent (Business) And with four 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 'l'2 Cent Sales Tax graph c. Tax Allocation Summary for March d. Summary of current activity regarding development e. Marketing update f. Quarterly report to city manager g. Treasurer report h. Update of Cascades project to be given at April 16 council meeting I. NTCAR quarterly meeting April 24 J. Update of Austin Ranch infrastructure (a) The cash flow projection shows the revenue approximately $880 ahead of projection for the month of March. So far this fiscal year the revenue is more than $22.500 ahead of projection. (b) The graph reflects the revenue trend. (c) The tax allocation summary shows an increase of 4.7% from March of 2006 and an increase of 5.32% for this calendar year. (d) Mr. Terrall said that according to the director of planning there is to be a car wash built between KFC and Japango. Staples has filed a site plan for the former Albertson's location. (e) Ms. Lane told the board about a Dallas Business Journal ad, website statistics and that the booth has been narrowed down to the bubble type. Quotes for the booth have been given and a decision of which one to buy is forthcoming. (f) Mr. Terrall said there was nothing specific to highlight that was not already being covered somewhere else in the meeting. (g) Mr. Greene gave a report for the period for the quarter ending September 30, 2006 and for the quarter ending December 31, 2006. The packet contains specific information regarding the reports. The board had no questions. (h) Mr. Terrall said that Demian Salmon is going to give an presentation to the mayor and council members at the April 1611l meeting to update them on the progress of Cascades at The Colony. Mr. Terrall said that Mr. Salmon wanted to extend the invitation to the 4A board. An agenda would need to be posted in the event of a quorum. (i) Mr. Terrall told the board that the next NTCAR quarterly breakfast meeting will be April 2411l at the Westin Galleria Hotel and he would like to invite the board members to attend. Mr. Norris and Mr. Casterline said they planned to attend. CD Mr. Terrall said that he is continuing to meet with the city manager and assistant city manager regarding the infrastructure in Austin Ranch. The estimated dollars have changed to approximately 7.5 million dollars. They are still in the process of massaging the numbers and it is a high priority for the City. 2.2. Approval of the minutes ofthe regular board meeting March 14,2007: President Norris asked if there were any corrections, changes or additions that anyone would like to make. Mr. Casterline said that the first page named the titles incorrectly. The Vice President should read Rick Casterline and the Secretary should read Paul Koenig. Al Garcia should be changed to "Member." Mr. Casterline made a motion to approve the minutes as amended. Mr. Koenig seconded and the motion carried with all members voting in favor. 4.0 REGULAR AGENDA Item 4.1. Discussion of outstanding financial obligations for The Colony Economic Development Corporation projects: Mr. Greene gave the board members a spreadsheet of the projected cash flow analysis from the 2006 actual revenue and expenses, and projecting to the year 2012 expected revenue and expenditures including encumbrances and with a moderate increase in sales tax. The analysis shows the approximate annual debt service based on borrowing 7 12 million with repayment in 20 years. The spreadsheet shows the incentives owed, the net proceeds from debt. the total proceeds from debt, net cash movement, cash beginning balance. and cash ending balance. The 2012 expected cash ending balance is $3,074,499. Mr. Terrall stated that the spreadsheet does not include possible future impact fees from Austin Ranch nor Cascades retail sales tax. Mr. EDC Minutes April) ),2007. Page 2 Greene said he purposely made the spreadsheet very conservative. Mr. Terrall thanked Mr. Greene for providing the spreadsheet. Item 4.3. Update Discussion and appropriate action regarding changing July board meeting from July 11 to either .July 18 or 25: Mr. Terrall explained that he would like the board to discuss agenda Item 4.2 after Item 4.4 and Item 4.5. He then eXplained that the July 11 III meeting is conflicting with the Summer TEDC meeting and that he would like to take vacation time during this period anyway because of traveling to a family gathering in the Northwest. He asked the board if they would consider moving the meeting so he could attend the family function. The consensus of the board was to hold the July meeting on the 2511l. Item 4.4. The Economic Development Corporation pursuant to Section 551.074 of the TEXAS GOVERNMENT CODE shall meet in closed executive session to deliberate concerning matters involving real property located east of Standridge Road, south of Memorial Drive, and west of Main Street: The board went into Executive Session at 7:31 p.m. Item 4.5. Action to be taken as a result of Executive Session: The meeting reconvened at 7:50 p.m. There was no action taken as a result of Executive Session. Item 4.2. Discussion and appropriate action regarding Village Corners Two Road: Mr. Terrall eXplained that there were two estimates provided by Halff Associates, Inc. The first was the Memorial Drive turn lanes and Village Corners II driveway revised to extend from S.H. 121 to Memorial Dr. The estimate came to $291,000 and Mr. Terrall bumped it up to $310,000 by adding more contingency. The second estimate which does not extend all the way to S.H. 121 came to $214,000. Mr. Terrall said that it has been determined who the property owner is of the asphalt road but has not been approached. The board asked Mr. Terrall to gather more information and bring it back to the next meeting. President Norris adjourned the 4A board at 7:54 p.m. ~A \ ,j~ Cindi Lane Economic Development Specialist ~~- [A)~ Robert E. Norris ----- President EDC Minutes April I L 2007, Page 3