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HomeMy WebLinkAbout03/12/08 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM MARCH 12, 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 lih day of March 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 .lohnston. Assistant City Manager Council Liaison: Perry Schrag Present 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. t. 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, stay, or expand 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: 15 p.m. Rick Casterline made a motion to resend the decision of the 4A board meeting made on February 13. 2008 as described in Item 5.2 of the minutes of said meeting. Tom Tvardzik seconded the motion and all members voted in favor. Mr. Casterline then made a second 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 six hundred seventy thousand dollars to be paid in a single cash payment to the City upon receipt of written proof delivered to The Colony Economic Development Corporation of the developer's escrow deposit. This approval is contingent upon the amendment of Article II, Section 2.2, paragraph D in order to be in compliance with the motion. Tom Tvardzik seconded the motion and the motion passed with all members voting in favor. 2.0. CONSENT AGENDA Item 2.1. Reports: a. Cash flow projection b. Monthly 'li Cent Sales Tax graph c. Tax Allocation Summary for February d. The Colony sales tax graphs created by Lewis McLain, Jr. e. Summary of current activity regarding development f. Marketing update g. Legislative Update (a) Mr. Terrall pointed out that towards the bottom of the cash flow projection spreadsheet February's actual sales tax was not posted, but if it was it would show that for the year the actual revenue is more than $24.000 ahead of projection. (b) The graph illustrates that February's sales tax was 23.55% higher than the base year of 2005. (c) The allocation summary reports that The Colony sales tax is 7.8% higher than February last year and about the same for the calendar year so far. (d) Mr. Terrall said this report created by Lewis McClain shows the relative strength of The Colony compared with other cities in the state. (e) Mr. Terrall said there was nothing to report this month. (t) Ms. Lane reported the website statistics and gave the board a copy of the website statistics report. She passed around a few recent ads from the Dallas Business Journal. Business Facilities, and Marcoa.. (g) Mr. Terrall said that he is reminded that there will most likely be changes in the use of sales tax proposed by Texas senate next session according to a memo written by the TEDC legislative consultant. 2.2. Approval of the minutes of the regular board meeting February 12, 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 favor. 3.0 PUBLIC COMMENTS Item 3. t Public Input: There was no public input. EDC Minutes March 12. 2008. Page 2 4.0 REGULAR AGENDA Item 4.1. Discussion and appropriate action regarding the International Council of Shopping centers tradeshow May 18-21 including the 4A board's ideas for business recruitment and how many representatives to attend: Mr. Terrall explained the history of The Colony EDC's attendance at this tradeshow. He stated that this is the ih or 8th year to attend and the importance of building relationships at this tradeshow with the appointments and the cold calls. He said there are usually about 120 companies contacted each year at the tradeshow. Since there has not been much retail activity or land acquisition this past year there is not much new information to talk about with the exhibitors and other attendees. there is a narrower field in which to work. Mr. Terrall feels that at this point. there is not a need to bring a large of a team to the tradeshow as have come in the past. He said that having a council member present at meetings is very helpful because it gets the attention of the contact and he is open to thoughts for recruitments from the board. He would like the board to think about it and get back with him. If someone from the board would like to attend he would like them to contact Ms. Lane before the end of the day on Monday, March 1 ih, since he is going to ask the council members at their March 1 ih meeting if any are available to attend. President Norris adjourned the 4A board at 8:55 p.m. t~( JWve Cindi Lane Economic Development Specialist :)~. <;" / ,/''\/~ ~ ./ucr--uL-;' Robert E. Norris President EDC Minutes March 12. 2008. Page 3