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HomeMy WebLinkAbout12/12/07 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM DECEMBER 12,2007 The Regular Session of The Colony Economic Development Corporation of the City of The Colony. Texas. was called to order at 7:03 p.m. on the I ih day of December 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 Absent. (Business) Absent. (Business) Present Present Staff Members Present: Tom Terrall. Director of Economic Development Cindi Lane. Economic Development Specialist Council Liaison: Perry Schrag Absent (Business) And with three voting members present. a quorum was established and the following items were addressed: Item L L Pledge of Allegiance: President Bob Norris led in the Pledge of Allegiance. 2.0. CONSENT AGENDA Item 2. L Reports: a. Cash flow proJection h. Monthly ~ Cent Sales Tax graph c. Tax Allocation Summary for October and November d. Summary of current activity regarding development e. Marketing update f. Report of TEDC legislative update g. Report of the TEDC board retreat h. Comments regarding board member appreciation banquet November 29th (a) Mr. Terral] reported that this year the finance department will be more involved with the cash t10w projection spreadsheet and will make sure it balances to their records after all changes have been made. There was a slight drop in actual revenue from projected revenue in November. (b) The graph reflects the slight dip in the revenue compared with last year's total for November. (c) The allocation summary shows an almost 6% increase over October 2006 and a slight decrease in November. (d) Mr. Terrall said that. according to the planning department. the Armor Safe project is going to the P & Z board on January ih. This is an expansion of a local business. Lake Lanes bowling alley is planning to open in the former Beall's building adjacent to Best Buffet. Austin Ranch said they are going to bring plans in to begin Phase 5 of their multifamily development with apartments and townhomes. ( e) Ms. Lane reported the website statistics. ads in the Dallas Business Journal Book of Lists and in the Business Facilities Site Seekers Guide. There are some minor website updates being sent to the advertising agency and after the first of the year Ms. Lane and Mr. Terrall will review the website with the new marketing representatives from OnMessage to see if there is any tweaking that should be done to the website. (f) Mr. Terrall said that Sabrina Brown. the TEDC legislative consultant. said that in the 80th legislative session the House is probably going to seriously look at different aspects of the Texas Economic Development Act. (g) Mr. Terrall reported that the main focus of the annual retreat is to focus on the goals for the committees for the upcoming year. They combined a few committees. Mr. Terrall said he will serve on t\VO committees. the sales tax and the planning committee. (h) The board member appreciation banquet was good. Council member Perry Schrag recognized the 4A board since he serves as liaison for the board. He spoke extremely well of the board and the year's accomplishments. 2.2. Approval of the minutes of the regular board meeting October 17, 2007: President Norris asked if there were any corrections. changes or additions that anyone would like to make. Mr. Garcia made a motion to approve the minutes as presented. Mr. Koenig seconded and the motion carried with all members voting in favor. 3.0 PUBLIC COMMENTS Item 3.1 Public Input: There was no public input. 4.0 REGULAR AGENDA Item 4. L Discussion and appropriate action regarding adopting the City's investment policy for The Colony Economic Development Corporation: Mr. Terrall explained that this is the same basic policy statement that the board approved last year but there were a few changes made in order to be in compliance with the Public Investment Act. Among the changes was a reduction of investment firms that the city may invest with. Mr. Terrall said that all changes that were made were for the better. Mr. Garcia made a motion to approve the revised investment policy statement. Mr. Koenig seconded the motion and all members voted in favor. EDC Minutes December 12.2007. Page 2 Item 4.2. Discussion and appropriate action regarding adopting a revision to The Colony Economic Development Corporation/City of The Colony Application for Economic Development Incentives to comply with H.B. 1196: Mr. Terrall said that to be in compliance with H.B. 1196 a paragraph has been added to the last page of the incentive application. The purpose of the paragraph is to hold accountable any company who hires illegal immigrants. lt is not up to The Colony EDC to police this policy but if this law is violated, the company will have to return any incentive that was granted to it by The Colony EDC or the City of The Colony. The 4A attorney has reviewed the addition. Mr. Koenig made a motion to accept the changes made in the incentive application. Mr. Garcia seconded the motion and all members voted in favor. EXECUTIVE SESSION S. L The Economic Development Corporation pursuant to Section S51.071 (2) of the TEXAS GOVERNMENT CODE to deliberate a financial or other incentive to business prospect. There was no executive session. S.2. Any action to be taken as a result of executive session regarding financial or other incentive to business prospect: No action was taken. President Norris adjourned the 4A board at 7:34 p.m. . ~'AA_'A -- - Cindi Lane Economic Development Specialist ~~iS<i/lJ~ President EDC Minutes December 12.2007. Page 3