HomeMy WebLinkAbout04/17/00 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
SPECIAL BOARD MEETING
CITY HALL CONFERENCE ROOM
APRIL 17, 2000
Present: President John Gordon
Vice President Steven Sims
Treasurer A1 Garcia
Member Bob Norris
Secretary Delaina Hammock
Ex-officio Member Sue Walden
Staff: Lanny Lambert
Tony Johnston
Cindi Lane
Item 1.1. EXECUTIVE SESSION AS AUTHORIZED BY SECTION 551.086 OF
THE GOVERNMENT CODE: To deliberate the offer of a financial or other
incentive to a business prospect: The special session was called to order by
President John Gordon at 6:04 p.m. The board went into executive session.
Item 2.2. Consideration of any appropriate action to be taken as a result of the
executive session: The executive session ended at 6:45 p.m. President Gordon
opened the meeting for citizen input before action was taken in reference to First
Industrial Development Services. There was no citizen input.
Steven Sims made a motion to recommend to the City Council the proposed
incentive plan for First Industrial Development Services, Inc. that was
recommended to the 4A Board by the negotiation team with the following terms:
(1). The 4A Board will pay a sum up to $760,000 for inl?astructure costs not to
exceed an amount greater that $250,000 in any one fiscal year. (2). The payments
will be paid on a sliding scale based on the percentages of project completion with
an initial payment of $200,000. Upon 40% completion, the payment will be
$180,000. Upon 60% completion, the payment will be $150,000. Upon 80%
completion, the payment will be $130,000. Upon 100% completion, the payment
will be $100,000. Delaina Hammock seconded the motion and the motion carried
with all ayes.
President Gordon adjourned the meeting at 6:50p. ~"
Cindi Lane
Executive Secretary ~~---~