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HomeMy WebLinkAbout02/13/08 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM FEBRUARY ]3,2008 The Regular Session of The Colony Economic Development Corporation of the City of The Colony. Texas, was called to order at 7:02 p.m. on the 13th day of February 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. Treasurer Present Present Present Present Staff Members Present: Tom TerralL Director of Economic Development Cindi Lane. Economic Development Specialist Dale Cheatham. City Manager Tony .Iohnston. Assistant City Manager Gordon Scruggs. City Engineer Council Members Present: .Ioe McCourry, Council Member Council Liaison: Perry Schrag 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. Then he announced that he would move the executive portion of the agenda up to be addressed first in order to accommodate the staff and council member present for this item. 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 7:03 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 8:30 p.m. Rick Casterline made a motion that The Colony Economic Development Corporation assist the City of The Colony for the purpose of business development with the water and wastewater infrastructure improvements of Austin Ranch by paying an amount of one million dollars to be paid in three phases of completion and to use the 4A cash reserves for the payment. Tom Tvardzik seconded the motion and the motion passed with all members voting in favor. 4.0 REGULAR AGENDA Item 4.1. Discussion and appropriate action regarding construction of a median break and left turn lane on Memorial Dr. into the Wal-Mart road for westbound traffic: Mr. Terrall asked Mr. .Iohnston to give the board an update on correspondence with Wal-Mart regarding the proposed median break and left turn lane. Mr. .Iohnston said that he contacted the corporate office of Wal-Mart and asked if they would be willing to take back the $130,000 they paid the City to install the road and right turn lane so the City could move ahead with plans to cut a median break and a left turn lane from the west-bound side of Memorial into the parking lot. He is waiting for Wal-Mart to respond with their answer. Mr. .Iohnston stated that he also discussed the median cut with the city attorney, Bob Hager to see if there were any issues that could come about in doing this. Mr. .Iohnston reported that Mr. Hager said there could possibly be certain issues associated with this since it would involve breaking the agreement the City has with Wal-Mart. There was discussion among the board members and history on this subject to bring Mr. Tvardzik up to speed on what was discussed before he began serving on the board. Mr. Terrall advised the board to not take any action until they hear back from Wal-Mart. Mr. Terrall will bring this item back to the board. Item 4.2. Discussion and appropriate action regarding the possibility of a future roadway connecting Memorial Dr. to the Village Corners two/Golden Corral location: Mr. Terrall said that this item was placed on the agenda contingent upon Item 4.1 and that it can be tabled until a later date. The board agreed. 2.0. CONSENT AGENDA Item 2.1. Reports: a. Cash flow projection b. Monthly Y2 Cent Sales Tax graph c. Tax Allocation Summary for January d. Summary of current activity regarding development e. Marketing update f. Report of the Weitzman Shopping Center Survey and Forecast breakfast January 15th g. Report of the NAIOP breakfast January 31st (a) Nothing was said regarding the cash flow projection since it was referred to earlier in the executive session portion of the meeting. (b) No comments were EDC Minutes February 13.2008. Page 2 made on the sales tax graph other than the year 2004 was dropped to add the year 2008. (c) The allocation summary looks good. Cd) Mr. Terrall said that, according to the planning department, there is nothing new at this time. (e) Ms. Lane reported the website statistics and what ads were being placed in print advertising. She also said that she and Mr. Terrall had a meeting with the representatives of OnMessage. the advertising company. last week to discuss the website and future print advertising. (f) Mr. Terrall gave a report of the Weitzman breakfast retail forecast given by Herb Weitzman. (g) Mr. Terrall said that the NAIOP breakfast was a great networking opportunity and he wanted to tell everyone that was able to come that he appreciated it. 2.2. Approval of the minutes of the regular board meeting January 9, 2008: President Norris asked if there 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 t~lVOr. 3.0 PUBLIC COMMENTS Item 3.1 Public Input: There was no public input. President Norris adjourned the 4A board at 9: 14 p.m. __.6Pod1(~ Cindi Lane Economic Development Specialist A- 2.~~ Robert E. Norris I President EDC Minutes February 13, 2008. Page 3