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HomeMy WebLinkAbout05/14/08 EDC MINUTES THE COLONY ECONOMIC DEVELOPMENT CORPORATION REGULAR BOARD MEETING CITY HALL CONFERENCE ROOM MAY 14,2008 The Regular Session of The Colony Economic Development Corporation of the City of The Colonv, Texas. was called to order at 7:07 p.m. on the 14th day of May 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 Kevin Braby. Member at Large Present Present Present Present (arrived at 7:10 p.m.) Present StatT Members Present: Tom Terrall. Director of Economic Development Cindi Lane. Economic Development Specialist Council Liaison: Perry Schrag Absent With four voting members present at 7:07 p.m.. 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 April d. Summary of current activity regarding development e. Marketing update f. TEDC Spring Conference Update g. Board agendas and minutes on website (a) Mr. Terrall said that the sales tax revenue collected for the fiscal year is now about $40,000 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 Colony sales tax is approximately 5% higher than April last year and about 8% higher for the calendar year. (d) Mr. T errall 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 and told the board what publications ads had been printed in. Mr. Terrall discussed the difficulty of getting a press release published in the local newspaper as well as the Dallas Business Journal and Dallas Morning News. He used the Stacy Furniture press release as an example of how difficult it can be. After being released to the local newspaper, the Dallas Morning News, and the Dallas Business Journal. the DBJ included a portion of it in their daily blast email but didn't put it in the Friday print newspaper. The local paper ran a portion of it in the second section of the paper between the sports and the classified section. The Austin Ranch press release about infrastructure did not come out anywhere except in the local paper with a black and white photo of the EDC check presentation. He said that he made a good effort to get some good press. Stacy may do a groundbreaking so that could result in some good press. (t) Mr. Terrall reported that he attends the TEDC quarterly conferences and has been very active. The best source of legislative information comes from the TEDC meetings. He is on the legislative sales tax committee and the forward planning committee. His focus is currently on the legislative sales tax committee which deals with 4A and 48 sales tax laws. He gave a summary of upcoming elections. As new legislative members come on board the TEDC educates them on the economic development process. He said that there is a strong possibility that the legislature will get into the Development Corporation Act next term and it is important for him to stay involved. The next TEDC meeting is in July. (g) The city manager has asked all boards and commissions to post minutes and agendas on the City website. Ms. Lane will populate the appropriate location on the City's website with The Colony EDC agendas and approved minutes. This will make the minutes and agendas accessible from either the City website or the EDC website. The items should be posted after Ms. Lane returns from lCSC and will begin the postings with the current calendar year. 2.2. Approval of the minutes of the regular board meeting April 9, 2008: President Norris asked if there were any corrections. changes or additions that anyone would like to make. Rick Casterline made a motion to approve the minutes as presented. Paul Koenig 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 orientation of new board and city council members: Mr. Terrall said that what he has done in the past is to get together with members of the EDC board as well as council with a dinner and presentation at The Tribute. He and Ms. Lane will start planning this one when they get back from ICSC. EDC Minutes May 14.2008. Page 2 President Norris said he would prefer to have a Saturday breakfast instead of trying to get everyone together on a week night. Mr. Terrall asked for the other board members to make suggestions or ideas. Mr. Terrall plans to explain the Development Corporation Act as well as economic challenges and opportunities in The Colony. He asked the board members to look at their calendars and email Ms. Lane three dates and move forward from there. The meeting will probably be held at The Tribute since they serve food and can accommodate a group. Item 4.2. Discussion of office demand prediction as it relates to Austin Ranch infrastructure schedule: Mr. Terrall explained that an article came out recently in the Dallas Business Journal regarding the temporary slowdown of new office building construction. The article mentioned that construction should pick up in about 18 months or so and that will coincide nicely with the completion of the Austin Ranch infrastructure project. He mentioned that several people discussed the article at the recent NAIOP breakfast meeting and Mr. Terrall thought the board would be interested in hearing about the comments. Item 4.3. Discussion of median cut on Memorial Drive west of Main Street: Mr. Tcrrall said that he talked with Tony Johnston to find out if there was an update of his correspondence with Wal-Mart. Mr. Johnston has asked Wal-Mart if they had any issues with a median cut being added. Mr. Johnston told Mr. Terrall that there had been some new people he had to deal with and he has not gotten a response from them. Mr. Terrall gave a background of the status of the median cut for the newer board members who weren't on the board when this discussion began. Mr. Terrall said that when he and the city manager went on a business visitation to Wal-Mart they spoke with the new store manager about this issue. The store manager seemed to be open to the idea of a median cut because it would make it more convenient for The Colony shoppers and with the competition opening in the near future this could really help Wal-Mart in his opinion. Mr. Casterline asked if any engineering work had been done. Mr. Terrall said that it had not. He said that some time ago there had been some drawings of the median cut made and some costs were estimated but he would need to go back and re-visit that work. The board said they would like to see this project move forward if possible. and for Mr. Terrall to talk with engineering. 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: Thc 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: EDC Minutes May 14. 2008. Page 3 No action was taken. preSide=.d:;::::4A board at 7:42 p~ f- ~ C^<--' Cindi Lane obert E. Norris ' Economic Development Specialist President EDC Minutes May 14.2008. Page 4