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HomeMy WebLinkAbout11/22/99 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION WORK SESSION CITY HALL COUNCIL CONFERENCE ROOM NOVEMBER 22, 1999 Present: President John Gordon Treasurer Al Garcia Secretary Delaina Hammock Member Bob Norris Ex-officio Member Sue Walden Absent: Vice President Steven Sims Staff: Gene Ramsey Cindi Lane Guests: Don Blackwood Tom Cravens Rick Moran Item 1.0. Call to Order: President Gordon called the meeting to order at 7:00 p.m. and called on Mr. Don Blackwood, President of Equine Investment Properties, Inc. Mr. Blackwood shared his vision of the development of the 329-acre "Shula Netzer" tract which he and his partners are in the process of buying. He also told of the opportunity to connect with Headquarters Drive in Piano, by building a railroad overpass. He indicated that they plan to build a 6-lane divided connecting road with the same quality and landscaping as Headquarters Drive in Plano. He said his vision was to create a true business park, with sites set aside for larger businesses to locate. He said that Texas Department of Transportation would require 37 acres for SH 121 frontage. He said that the key to success was having a master plan and the extension of Headquarters Drive. He said that the site has 1.6 miles of SH 121 frontage, with 121 acres planned for retail development. He referred to Charles Hodges, his architect and planner for the entire project. While two-thirds of the 329-acreage is "wet" and on which he plans to locate restaurants and grocery stores, by deed restriction he will not have any liquor stores. In order to finance this undertaking, as well as that of the Wynnewood Peninsula, of which he is also a partner, Mr. Blackwood intends to create a County Development District (CDD.) He said that on Tuesday, November 23, he will request the Denton County Commissioners' Court to create CDD # 5 for the Wyrmewood Peninsula. In May, 2000 he said he plans to petition the commissioners' court for the creation of __ CDD # 6 for the "Shula Netzer" tract. He explained that a CDD can he created by a Texas county with less than 400,000 citizens in the 1990 census. He said that is would he another layer oftax to be added to the properties. Bonding capacity could be used to finance the projects in the district. An election of the citizens in the affected area would be called by the Commissioners' Court to de-annex from the City of The Colony for a period of time in order to create the new district. After the election, the city could once again annex the properties. Mr. Blackwood said that his plans are to have the election for the Wynnewood Peninsula district in January and the "Shula Netzer" tract in May. If the districts were created, a five-person board would be appointed. He said that the improvements would cost the city nothing. Mr. Blackwood said that Tom Leonard has been retained as the county's consultant for the creation of the districts. It was noted that during the period of time that the lands are de-annexed, the city would not receive ad valorem taxes. He said that the parklands the city is buying could be in included in the CDD to finance the improvements. Mr. Blackwood spoke of a problem that the city should address, the Office Creek corridor drainage plan. He said that the city should conduct an independent hydrology and hydrologic study of the area because a great deal of the land is in the 100-year flood plain. He said that channelization, and larger drain pipes are needed. He indicated that the city should petition the Corps of Engineers for the removal of the trees in the drainage area. He also spoke to the virtual reality video that Hodges and Associates has created for Frisco and encouraged the board to consider doing the same for The Colony. Mr. Blackwood said that he plans to close on the "Shula Netzer' tract in January. There being no other business, President Gordon adjourned the m ' ~" Cindi Lane Executive Secretary EDC Minutes, November 22, ! 999, Page 2 of 2