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HomeMy WebLinkAbout01/09/08 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM JANUARY 9, 2008 The Regular Session of The Colony Economic Development Corporation of the City of The Colony. Texas. was called to order at 7:04 p.m. on the 9th day of January 2008, at the City Hall conference room with the following roll call: Board Members: Bob Norris. President Rick Casterline. Vice President Paul Koenig. Secretary Tom Tvardzik Present Present Present Present Staff Members Present: Tom Terrall. Director of Economic Development Cindi Lane. Economic Development Specialist Tony Johnston. Assistant City Manager Gordon Scruggs. City Engineer Council Liaison: Perrv Schraa . c Absent (Business) And with four voting members present, a quorum was established and the following items were addressed: Item 1.1. Pledge of Allegiance: President Bob Norris led in the Pledge of Allegiance. 2.0. CONSENT AGENDA Item 2.1. Reports: a. Cash flow projection b. Monthly 'li Cent Sales Tax graph c. Tax Allocation Summary for December d. Summary of current activity regarding development e. Marketing update f. Quarterly Report to City Manager g. 4A board member opening (a) Mr. Terrall reported that the final payment request has been made by Jackson Shaw Company and the payment has been mailed. The line of Cascades Cash Payments has been updated to reflect the final payment. Updated cash flow projection documents were given to the board members. (b) The graph shows a 32% increase in the December monthly sales tax compared with December 2004. The graph reflects the steady increase of sales tax in The Colony. (c) The allocation summary shows a 10% increase between December 2006 and December 2007 and the sales tax has averaged 5.11 % more for the 2007 calendar year than in 2006. (d) Mr. Terrall said that, according to the planning department. Mattress Etc. has requested a certificate of occupancy to move into the former Blockbuster space at the shopping strip next to Wal-Mart. (e) Ms. Lane reported thc website statistics and brought the ads from the Dallas Business Journal Book of Lists and Black's Guide for the board to see. The minor website updates have been made and plans are being made to go through the entire website with the ad agency to tweak it. Mr. Casterline suggested having some kind of a contest where willing participants could be entered in a drawing for a round of golf or some kind of prize if they identify themselves and do not object to being contacted by the EDC. Mr. Terrall said he would look into the legalities of that and also discuss it with the advertising company. (t) Mr. Terrall told the board that his report is for their review and he explained that he is purposely vague about specific projects to keep them confidential. Mr. Terrall explained how he was able to get flyers of retail properties from The Colony into a booklet distributed by NTCAR at a recent Retail Developer's Showcasc. (g) Mr. Terrall wanted to make sure that all board members were aware that Al Garcia resigned from the board creating another opening so he encouraged the board to search for qualified applicants and have them apply as soon as possible. 2.2. Approval of the minutes of the regular board meeting December 12, 2007: President Norris asked if thcre were any corrections. changes or additions that anyone would like to make. Mr. Koenig made a motion to approve the minutes as presented. Mr. Casterline seconded and the motion carried with all members voting in favor. 3.0 PUBLIC COMMENTS Item 3. t Public Input: There was no public input. 4.0 REGULAR AGENDA Item 4.1. Discussion and appropriate action concerning election of officers: (a) president, (b) vice president, (c) secretary, (d) treasurer: Mr. Norris opened up the floor for nominations. Mr. Casterline nominated Bob Norris for president. Mr. Koenig seconded the nomination. There were no other nominations. All board members voted in favor and Mr. Norris accepted. Mr. Koenig nominated Rick Casterline for Vice President. Mr. Norris seconded the nomination. There were no other nominations. All board members voted in favor and Mr. Casterline was named Vice President. Mr. Casterline nominated Paul Koenig for Secretary. There were no other nominations. Mr. Tvardzik seconded the motion. All members voted in favor and Mr. Koenig was named Secretary. Mr. Koenig nominated Tom Tvardzik for Treasurer. Mr. Casterline seconded the motion. There were no other nominations. Mr. Tvardzik was named Treasurer. EDC Minutes January 9. 2008. Page 2 EXECUTIVE SESSION 5.1. The Economic Development Corporation shall convene into closed executive session pursuant to Section 551.087 of the TEXAS GOVERNMENT CODE to deliberate a financial or other incentive to business prospect to locate in The City of The Colony: The board went into executive session at 7:25 p.m. 5.2. Any action to be taken as a result of executive session regarding financial or other incentive to business prospect: The board reconvened at 9:52 p.m. No action was taken. President Norris adjourned the 4A board at 9:53 p.m. ~-~-~ ( k Cindi Lane Economic Development Specialist K~ r~~ 'Robert E. Norris President EDC Minutes January 9. 2008, Page 3