HomeMy WebLinkAbout04/09/08 EDC
MINUTES
THE COLONY ECONOMIC DEVELOPMENT CORPORATION
REGULAR BOARD MEETING
CITY HALL CONFERENCE ROOM
APRIL 9, 2008
The Regular Session of The Colony Economic Development Corporation of the City of
The Colony, Texas, was called to order at 7:00 p.m. on the 9th day of April 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
Absent
Staff Members Present:
Tom Terral], Director of Economic Development
Cindi Lane. Economic Development Specialist
Council Liaison:
Perrv Schrau
. b
Absent
And with three 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 Yz Cent Sales Tax graph
c. Tax Allocation Summary for March
d. Summary of current activity regarding development
e. Marketing update
f. Quarterly report to City Manager
(a) Mr. Terrall said that there were no surprises on the cash flow projection
sheet. There were two debt service payments made in March which caused the net
revenue to be a negative number for that month. The sales tax revenue collected
for the fiscal year is now about $34.000 ahead of projection. (b) The graph
reflects the increase in sales tax revenue from the previous few years. (c) The
allocation summary reports that The Colo,ny sales tax is approximately 13%
higher than March last year and about 8% higher for the calendar year. (d) Mr.
Terrall said that according to the Director of Development Services there were no
new developments for public announcement since the last meeting. (e) Ms. Lane
reported the website statistics, told the board what publications ads had been
printed in. and passed around a couple of articles that had been published in the
local paper and the Dallas Morning News regarding the ground breaking of Phase
II of Cascades at The Colony. Mr. Terrall said that the city manager would like
the 4A board to symbolically present the $1.67 million dollar Austin Ranch
infrastructure check to the City Council at the April 21 st meeting. (f) Mr. Terrall
said that he has covered the highlights of the city manager report already.
2.2. Approval of the minutes of the regular board meeting March 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 3.1 Public Input: There was no public input.
4.0 REGULAR AGENDA
Item 4.1. Discussion of current and anticipated economic incentives: Mr. T errall
wanted to make sure the board was aware of some incentives that are currently
under negotiations that may be committed in the near future. Combined with the
$1.67 million dollars recently approved by the board for Austin Ranch
infrastructure assistance, The Colony EDC is looking at approximately
$3.570,000 in current and future incentives.
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, stay, or
expand in The City of The Colony: The board went into executive session at 7:03 p.m.
The board did not have an executive session.
5.2. Any action to be taken as a result of executive session regarding financial or
other incentive to business prospect:
No action was taken.
EDC Minutes April 9. 2008. Page 2
President Norris adjourned the 4A board at 7: 13 p.m.
" . t2/ -
/ '. \
_ fLfyr;;LC~ ~/Ar,~CA~
Cindi Lane ... Robert E. Norris
Economic Development Specialist President
EDC Minutes April 9.2008. Page 3