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Home My WebLink About02/16/99 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION BOARD MEETING CHAMBER OF COMMERCE BUILDING FEBRUARY `16, '1999 Present: President John Gordon Vice President Richard Seidler, D.D.S. Treasurer Al Garcia Member Lois LeBlanc Mayor Mary Blair Watts, Council Liaison Sue Walden, Ex-Officio Member Guests: Lucy and Henry Billingsley Staff: Gene Ramsey, Myrna Asiatico President Gordon called the meeting to order at 7:38 p.m and led in the Pledge of Allegiance. Gene Ramsey indicated that there was need to fund the relocation of a waterline in the right-of-way of Josey Lane extended. The estimated cost is $16,410.00 He indicated that the city would probably be asking the 4A Board to fund this. It was agreed to place this as an agenda item on the March 16, 1999 meeting and to research if there were any other utility relocation costs anticipated. The President had no comments. Issue #1 (Agenda item #1.1) Citizen Input There was no citizen input. Issue #2 (Agenda item #1.2) Comments and reports from Council Liaison There was no comment from the council liaison. Issue #3 (Agenda item #1.3) Comments and reports from ex-officio member. Sue Walden gave a report of the 4B board receiving RFP's from 6 firms. They will be selecting up to 3 to submit to the council. A question was posed to Mayor Watts in regards to an aquatic park. She responded by saying that the City Council must give approval of such. The Wynnewood Peninsula tour is scheduled for February 27th. Issue ~4 {Agenda item #2.1) Consideration of and appropriate action regarding approval of the minutes of January 26, 1999. President Gordon stated that agenda item #20 should be amended to read "It was agreed that future meetings would take place in the City Council chambers the third Tuesday of each month at 7:30 p.m." The motion to accept minutes as amended was made by Dr. Richard Seidler, seconded by Al Garcia. The motion was carried. Issue #$ {Agenda item #2.2) Presentation of Austin Ranch by Lucy and Henry Billingsley of Billingsley Co. Ms. Billingsley presented an overview of the proposed infrastructure, and a 548 unit multi-family complex, "The Parks of Austin Ranch." An estimation upwards of $1.5 billion income is possible to The Colony. Questions posed and responses given ware as follows: · Dr. Seidler asked about the starting and opening dates. · The first unit is to begin in April with a planned opening in June. · Mr. Garcia made comments in regards to the complex being pedestrian friendly. · President Gordon asked about whether or not the first phase will have retail. · Response: No, it cannot support it. · Dr. Seidler asked in regards to whether or not there are other plans for multi-family complexes. · Response: No, not at this time. · Lois LeBlanc asked in regards to the size and ratio of housing units. · Response: 61% - 1 bedroom, 35% - 2 Bedrooms, 4% - 3 Bedrooms. · Mayor Watts suggested that the board to may want to take a tour of Addison Circle as a reference, taking note especially to the parking. Issue #6 (Agenda item #2.3) Consideration of and appropriate action regarding financial reports, cash flow projections, state Comptroller's report of sales tax collections, check register, etc. Gene Ramsey gave reports. A motion to accept reports was made by Dr. Seidler, seconded by Mrs. LeBlanc. The motion was carried. Issue #7 (Agenda item #2.4) Consideration of and appropriate action on ordering business cards for board members. Names and titles were received from 4A board members for business cards. Issue #8 (Agenda item #2.,5) Consideration of and appropriate action on Bigelow Companies' Budget Suites contract. The Colony EDC minutes 2/16/99 Page 2 There is no report available at this time. A motion to table this item until next meeting was made by Dr. Seidler, seconded by Mr. Garcia. Motion was carried. Issue #9 {Agenda item #2.6) Consideration of and appropriate action on report from Negotiation Team relating to Lakeview Assisted Living Facility. There is no report available at this time, however research is being done. A motion to table this item until next meeting was made by Mr. Garcia, seconded by Dr. Seidler. Motion was carried. Issue #10 (Agenda item #2.7) Consideration of and appropriate action on appointment of a Negotiation Team to meet with officials of The Cove. Mr. Gordon appointed Mr. Ramsey as leader, with members Mr. Garcia and Dr. Seidler as team members to meet with officials of The Cove. Issue #11 (Agenda item #2.8) Consideration of and appropriate action on discussion of earmarking a percentage of 4A funds for infrastructure. Mr. Ramsey gave a report that in addition to use for projects, funds can be used for infrastructure if a specific business requests and needs such, but only if the City Council approves such use. The consensus of the board members is not to set aside a percentage of funds, but if funds are needed for such use, the necessity will be addressed at that time. Issue #12 (Agenda item #2.9) Consideration of and appropriate action on discussion of TEXPOOL investment. Mr. Ramsey gave an update on policy for funds for investments. Funds of 4A and 4B boards are available to be invested. Questions and comments from board members are as follows: · Dr. Seidler asked about the current interest rate. He noted his preference for liquidity and availability to funds. · President Gordon agreed with Dr. Seidler. He suggested that perhaps later we could invest in bonds. · Mr. Garcia asked about what penalties there would be for early withdrawal of funds and minimum set aside. A response would need to be received from TEXPOOL. ~ Mrs. LeBlanc responded to Dr. Seidler stating First State Bank is giving 3.15% interest with $10,000 minimum, TEXPOOL is giving 5% or more. The consensus of the board members is for Mr. Ramsey to bring a report to the March 16, 1999, meeting. Issue #13 (Agenda item #2.10) Consideration of and appropriate action on ranking order of proposals and scheduling presentations for marketing the city. The Colony EDC minutes 2/16/99 Page 3 Eight firms responded. Mr. Gordon made a suggestion for the board members to select four firms as finalists. The board agreed. The four firms selected were: · Economical Development Services · Angelou Economic Advisors & Makos Advertising & Design · The Pathfinders · Shapiro & Company Work sessions were tentatively set for Thursday, February 25, and Thursday, March 4, at 6:00 p.m. Each firm will be limited to a presentation of 45 minutes. Issue #14 (Agenda item #2.11) Consideration of and appropriate action on vacancy on 4A board. It was announced that the City Council would consider an appointment at their March 15, 1999 meeting. Issue #15 (Agenda item #3.1) Consideration of and appropriate action on items of concern to the board. Dr. Seidler asked about representation of The Colony in the upcoming trip to Austin. Those attending will include President John Gordon, Vice President Dr. Richard Seidler, Mayor Mary Blair Watts, City Manager Lanny Lambed and Economic/Community Development Director Gene Ramsey, along with other City Council members. Issue #16 (Agenda item #3.2) Consideration of and appropriate action on future agenda items. President Gordon made a suggestion for the 4A board members to meet for a % day session to establish their ideals, goals and objectives, then share these with the City Council. Mr. Ramsey will place this on the agenda for the March 16, 1999, meeting. There being no other business, the meeting was adjourned by President Gordon at 9:26 p.m. Myrna Asiatico, Executive Secretary Thc Colony EDC minutes 2/16/99 Page 4