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HomeMy WebLinkAbout02/08/01 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL COUNCIL CHAMBERS FEBRUARY 8, 2001 Present: President John Gordon Treasurer A1 Garcia Secretary Delaina Hammock Member Bob Norris Ex-officio Member Sue Walden Absent: Vice President Steven Sims (except via phone during Item 2.1) Guests: Mr. Scott Byrne, North Texas Commercial Association of Realtors Mr. John Wilson, Southwest Land Title Company Staff.' Tom Terrall Tony Johnston Cindi Lane Item 1.1. Call to Order: Being that a quorum was present, President Gordon called the meeting to order at 7:09 p.m. and led in the Pledge of Allegiance. 2.0 REGULAR AGENDA Item 4.1. Discussion and appropriate action concerning election of officers: (a) president, (b) vice president, (c) secretary, (d) treasurer: In order to have Steven Sims participate in the election, the board moved into the conference room and Cindi Lane telephoned Mr. Sims. Tom Terrall invited any guests that were present in the council chambers to come into the conference room in order to hear this election of officers. Mr. Sims's participation was conducted via telephone in the conference room. President Gordon objected to this procedure. Mr. Sims began participating with the other board members at 7:11 p.m. President Gordon asked for a nomination for the office of President. Steven Sims nominated Al Garcia. Bob Norris seconded the nomination. There was no discussion and the vote was unanimous. President Gordon then turned the meeting over to the newly elected President, A1 Garda. President Garcia asked for nominations for the office of Vice President. John Gordon nominated Steven Sims. Delaina Hammock nominated Bob Norris. Voting in favor of Steven Sims were A1 Garcia, John Gordon and Bob Norris. Voting in favor of Bob Norris was Delaina Hammock. Steven Sims became Vice President by a vote of 3-1. John Gordon nominated Bob Norris for Secretary. Steven Sims seconded, there was no discussion, and the vote was unanimous in favor. John Gordon nominated Delaina Hammock for Treasurer. Al Garcia seconded, there was no discussion and the vote was unanimous in favor. Steven Sims thanked the board for including him in the voting of officers via the telephone conference call. The conference call with Steven Sims ended at 7:16 p.m. and the Board returned to the Council Chambers for the duration of regular session. Al Garda announced the results of the election. Item 2.2. Discussion and appropriate action regarding sponsorship of Allies Day 2001 with North Texas Commercial Association of Realtors (NTCAR): The purpose of this discussion was to find out if the board was interested in combining our Allies Day golf tournament with sponsorship of the NTCAR annual golf tournament. Scott Byrne, Executive Vice President of NTCAR made a brief presentation to the board about NTCAR, its functions as an organization to serve its members and sponsors; and more specifically about the annual golf tournament that the 4A Board could sponsor. Mr. Byme introduced John Wilson, Southwest Land Title Company to discuss the benefits to The Colony EDC of a $4,000 sponsorship that consists of the following: 1. The Colony EDC would be included on all marketing, registration and media associated with the Broker Classic. 2. The Colony EDC would have "marquee" billing on all signage at the tournament. 3. The Colony EDC would be entitled to provide marketing materials on development opportunities at a display booth at the tournament. 4. The Colony EDC would receive mention at lunch and dinner and will have 5- 10 minutes to make a presentation at dinner. 5. The Colony EDC would receive (8) complementary playing spots in the tournament. 6. The remainder of the playing field would include but is not limited to 136 commercial real estate brokers, developers, title insurance professionals and affiliated members of NTCAR. 7. The Colony EDC would be the exclusive title and economic development sponsorship (no other economic development entities would be allowed to sponsor this event and no other sponsor would receive "marquee" billing). 8. The Colony EDC would have access to NTCAR's membership data listing. The board was interested in this proposition but had several questions and discussion with Mr. Byrne and Mr. Wilson. One concern was that the "Allies Day" would have a different focus for the 4A Board because the 4A Board would not have total control of the NTCAR events. The role would be different than it has been for the past two Allies Day golf tournaments. Misers Byrne and Wilson EDC Minutes February 8, 2001, Page 2 stated that the benefit would be that The Colony EDC would spend less money than normally spent on Allies Day but would have the golf course filled to capacity with the target group of brokers and other real estate professionals that have not seen The Colony. Another concern was that The Colony would not have enough spots to include The Colony landowners and developers. The board asked for more spots to play in the tournament and Mr. Byrne and Mr. Wilson agreed to a total of 12 spots. The board asked questions about previous years' sponsors. Ms. Hammock made a motion to approve $4,000 for sponsorship of the tournament. More discussion followed including the possibility of also sponsoring the buffet dinner after the tournament portion of the day's events. Mr. Wilson estimated that approximately 100 to 150 people would participate in the buffet dinner. The cost for sponsorship of the buffet dinner would be approximately $20 per person. There was discussion of NTCAR using a press release as a form of advertising and both representatives were in favor of that request. Ms. Hammock made a motion to support the tournament and dinner. Mr. Norris seconded. All members voted in favor and the motion carried. Item 2.3. Discussion and appropriate action regarding funding for Memorial Drive: Tony Johnston, Finance Director for The City of The Colony gave a presentation to the board regarding the drainage issues facing the city around the JNC land on the north side of S.H. 121. Mr. Johnston explained to the board that the city is taking a pro-active approach to the infrastructure of Memorial Drive and the drainage issues relating to it. He discussed the status of development of land along proposed Memorial Drive and South Colony to the east of Paige Road. He explained the drainage status for Channels A, B and C. He explained that the developer has paid for the Channel A drainage but has no funds to support the drainage costs for channels B and C. Mr. Johnston explained some of the costs paid so far and is asking the 4A Board to pay a total of $90,000 for Channel C drainage costs. Mr. Terrall suggested that if 4A were to agree to pay this money, he would like to see an agreement from the developer to either pay back the money as a loan when the property is sold or to bring a project with specific criteria to the land that would benefit the city. Mr. Terrall also would like to do further research on the legality of 4A funds being spent on Memorial Drive and Channel C. Mr. Terrall showed concern that if 4A spends money on this up front that there will be a limited amount of cash in the bank if a big prospect comes along in the near future. Mr. Johnston pointed out that without the completion of the drainage of Channel C, Memorial Drive could not be completed and there would be a potential of flooding to that surrounding area including existing development. Mr. Johnston also spoke of Memorial Drive and would like for 4A participate in the completion of Memorial Drive with a total funding of $200,000. A payment schedule could be set up so that this fiscal year, 4A would just pay the $90,000 for the drainage of Channel C. Fiscal year 2001-2002, 4A would pay $100,000 for Memorial Drive and fiscal year 2002-2003, 4A would pay the other $100,000 for Memorial Drive. The payments could be paid quarterly, monthly, or EDC Minutes February 8, 2001, Page 3 whenever the board prefers. President Garcia stated that this is the time for the land to be developed but it is important to cheek out the legalities before the 4A Board can proceed. Mr. Johnston suggested that the 4A, 4B and City Council have a joint session to discuss these issues in more detail. Delaina Hammock made a motion to appoint Tom Terrall as the representative from the 4A Board to enter into negotiations with Tony Johnston to draw up a legal application for this project. Mr. Norris seconded the motion. President Garcia, Mr. Norris and Ms. Hammock voted in favor. Mr. Gordon voted no. The motion passed, 3-1. Item 2.4. Discussion and appropriate action regarding regular monthly meeting days: Ms. Hammock requested that the regular meeting day be changed from the second Wednesday to the third Wednesday of each month. The board was in agreement of that change. 3.0 EX-OFFICIO MEMBER, PUBLIC COMMENTS Item 3.1. Report of 4B meetings: Sue Walden reported that the 4B board had their election of 2001 officers. Vicki Briggs is President, Richard Boyer is Vice President, Sue Walden is Treasurer and Delmer Pinson is Secretary. The board along with Tony Johnston decided to go out for $7,000,000 in bonds instead of $6,000,000 due to low interest rates. Mr. Johnston is researching whether it would be better to go for $3.5 million and then $3.5 million more, or go for $7 million at one time. The board has changed the name of the multi-sports complex to "The Colony Five Star Complex." The Ridgepointe Park playground equipment is here and ready to install. The $500,000 grant for the old library was denied but Pam Nelson plans to reapply for the grant in June. Item 3.2. Public Input: There was no public input. 4.0 CONSENT AGENDA Item 4.1. Reports: Mr. Ten'all gave the check register reports, pointing out that the First State Bank of Texas checking account was closed in January and the balance was transferred to the TexPool account. There is a period of transition currently for the finance department to handle all accounting procedures. The cash flow projection will be more detailed next month and will reflect a more accurate figure for the future funding of Memorial Drive and drainage. According to the tax allocation summary there was a countywide drop of sales tax revenue although The Colony sales tax revenue went up slightly. The monthly sales tax graph has begun to include the third year of sales tax revenue and is compared using percentages with the first January that the 4A sales tax was collected. Also included in the reports was the January report to the City Manager and Mr. Terrall reminded the board EDC Minutes February 8, 2001, Page 4 that all members had signed up to attend the kick off dinner at The Tribute for Denton County Days. Item 4.2. Approval of the minutes of the board meeting held January 10,2001. Ms. Hammock made a motion to approve the minutes of the board meeting held January 10, 2001 with an amendment of page 2, Item 4.1. "the year 2000-200" to read "the year 2000-2001." Mr. Norris seconded the motion and all voted in favor. Item 2.5. EXECUTIVE SESSION AS AUTHORIZED BY SECTION 551.086 OF THE GOVERNMENT CODE: A. Discussion business prospects: President Garcia called the board into executive session at 9:30 p.m. Item 4.7. Action to be taken as a result of executive session: The board reconvened at 10:20 p.m. Mr. Norris made a motion to recommend to the City Council the following incentive package to be given to Golden Corral Restaurant: 1. A rebate of the 4A portion of The Colony Golden Corral's sales tax each year for a period of three years. 2. A grant in the amount of $10,000 to be paid within 30 days after grand opening of The Colony Golden Corral Restaurant. Mr. Norris, President Garcia and Mr. Gordon voted in favor. Ms. Hammock voted no. The motion carried in favor 3-1. President Garcia adjourned the meeting at 10:22 p.m. Cindi Lane Executive Secretary President EDC Minutes Februa~ 8, 2001, Page 5