HomeMy WebLinkAbout02/21/01 EDC MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
SPECIAL BOARD MEETING
CITY HALL COUNCIL CHAMBERS
FEBRUARY 21, 2001
Present: President A1 Garcia
Vice President Steven Sims
Secretary Bob Norris
Treasurer Delaina Hammock
Ex-officio Member Sue Walden
Staff.' Tom Terrall
Tony Johnston
Cindi Lane
Item 1.1. Discussion and appropriate action regarding funding related to drainage
channels and Memorial Drive: President Al Garcia called the special session to
order at 7:00 p.m. and led the board in the Pledge of Allegiance. President Garcia
recalled that this agenda item was tabled on February 8, 2001 in order for Tom
Ten'all and Tony Johnston to research the legality issue of 4A funds spent on this
type of infrastructure. Mr. Ten'all informed the board that according to the city
attorney, the attorney general's office, and the state comptroller's office, the
general consensus was that the 4A Board is allowed to fund this project because it
will help develop vacant land located south of the proposed road and benefit
existing businesses on Paige Road, Blair Oaks, and west of and including Main
Street. Mr. Johnston stated that after having discussions with engineering,
planning and the city attorney, the drainage issue regarding Channel C funds
would be recouped with impact fees and City Hall will take responsibility for
collecting those fees. The request from the City is for the 4A Board to fund an
amount of $200,000 for this Memorial Drive project. The project includes a four-
lane street, two culvert crossings, 24-inch water main, retaining wall and street
signal. The funds to cover this project would come from a breakdown of 25%
from 4A, 25% from 4B, and 50% from a City bond issue. The payment schedule
of the $200,000 requested from 4A would commence in the 2001-2002 fiscal year
with a payment of $100,000 and the final $100,000 could be paid in the 2002-
2003 fiscal year. Payments could be made quarterly, or according to arrangements
that the 4A Board would be comfortable with. President Garcia pointed out that
the City taking a pro-active approach to the improvement of Memorial Drive
would help the bond rating for this city in the future. The 4A Board major concern
is that this ½ cent tax is being spent legally. Ms. Hammock was concerned of the
impact that the spending of these funds would have on future prospects applying
for economic assistance on property that borders this section of Memorial Drive.
Mr. Sims stated that he was opposed to spending 4A dollars on a road next to land
that will develop anyway because of the excellent location. Mr. Terrall replied by
stating that there is a possibility of getting some of thc money back through a
future developer's agreement, as the result of assessment action on the parth of
the city. Mr. Sims made a motion that the 4A Board allocate $100,000 to be spent
in fiscal year 2001-2002 and $100,000 be spent in fiscal year 2002-2003 for the
Memorial Drive construction. Mr. Norris seconded the motion and the motion
carried with all members voting aye.
President Garcia adjourned the meeting at 7:30 p.m.
Cindi Lane
Executive Secretary Pres de
EDC Minutes February 21, 2001, Page 2 of 2