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HomeMy WebLinkAbout04/08/09 EDC CITY OF THE COLONY DENTON COUNTY, TEXAS APRIL 8, 2009 The Regular Session of The Colony Economic Development Corporation of The Colony, Texas, was called to order at 7:00 p.m. on the 8th day of April 2009, at City Hall, 6800 Main Street, The Colony, Texas, with the following roll call: Tom Tvardzik President Present Kevin Braby Vice President Present David Peerson Treasurer Present David Smith Secretary Present Femi Omonije Member at Large Present Perry Schrag Council Liaison Present Tom Terrall Staff Present Cindi Lane Staff Present Gordon Scruggs Staff Present Pete Smith 4A Attorney Present Phil Morley Architect, BGO Architects Present 1.0 ROUTINE ANNOUNCEMENTS; RECOGNITIONS: Call To Order: - President Tom Tvardzik called the meeting to order at 7:00 p.m. Pledge of Allegiance to the United States Flag: - President Tvardzik led in the Pledge of Allegiance. Announcement of upcoming events and activities' Update of CoreNet Global Summit April 26-28: Mr. Terrall announced that he and Cindi and are both registered and will be there with the booth and will have a 10 x 20 space to exhibit in. A more reasonable price for the space was also negotiated. Update of International Council of Shopping Center Recon Tradeshow May 17-20: Mr. Terrall announced that Councilman Marks and Harris will join Ms. Lane and him to attend the tradeshow. Appointments are currently being scheduled. Citizen Input: There was no citizen input. 2.0 CONSENT AGENDA 2.1 Acceptance of cash flow projection report (Terrall) Femi Omonije pulled to inquire about revenue projections. He wanted to know why projections were less than actual. 1 These items are strictly public service announcements. No action will be taken and no direction will be given regarding these items. Mr. Terrall explained that the budget is always based on conservative revenue projections. 2.2 Acceptance of monthly % cent sales tax graph (Terrall) 2.3 Acceptance of tax allocation summary for March (Terrall) 2.4 Marketing update, website statistics, and print advertising (Lane) 2.5 Approval of the minutes of the regular board meeting March 11, 2009 (Terrall) 2.6 Acceptance of the Investment Report for the Quarter ended December 31, 2008 (Terrall) 2.7 Quarterly report to City Manager (Terrall) David Peerson made a motion to accept the consent agenda as presented. David Smith seconded the motion and aH members voted in favor. 3.0 REGULAR AGENDA 3.1 Presentation from Beeler Guest Owens Architects, discussion and appropriate action regarding the development of a vision document for S.H. 121 properties in The Colony (Smith): Phil Morley introduced himself and his architecture firm explaining what kind of projects they have done. He gave a brief review of the meeting that he had with two of the board members a couple of weeks ago. He gave a power point presentation demonstrating how the board could display their vision of what kind of ideas for development could be presented to developers at tradeshows and meetings. He defined the available, specific sites that would be best suited for development. He compared the available acreage of The Colony sites with some other very successful metroplex developments. He defined the problem as the developer choosing a The Colony site over other cities. Mr. Morley suggested offering a lifestyle, not just a power or strip center with a big box. A lifestyle can offer entertainment, office, shopping, theater, library, living and gathering spaces. That kind of development would attract more people. He suggested considering mixed use to get away from retail alone. He showed renderings of other similar projects his firm has done. He said that his company could design a presentation booklet and/or a slide show to take to trade shows and other events to show to developers so they could see what our city would like to have. The board asked several questions and discussed several ideas. Mr. Terrall said he would look at the last city survey that was done to see if there is any indication of what the community said they would like to see developed. The board discussed the possibility of having a work session to further discuss this item. The board decided that they would like to take some more time to think about this item and would like to discuss it further at the May board meeting. EDC Minutes April 8, 2009, Page 2 3.2 Treasurer Report for period ending December 31, 2008 (Peerson): Mr. Peerson prepared a report for the quarter ending September 30, 2008 and one from the quarter ending December 31, 2008. For the three months ending September 30, 2008 the revenues were higher than the budgeted amount due to a conservative forecast of sales tax. The expenditures were also higher than the budgeted amount. Mr. Terrall explained that the budgeted amount for incentives is an arbitrary number but when an actual project is voted on the actual amount can change significantly. Transfers to the general fund were $206,000 due to debt service on Memorial Dr and Jackson Shaw. The Wal- Mart driveway was completed and paid during this period and all were supported with agreements from previous boards. For the quarterly period ending December 31, 2008 the revenue was as forecasted but the interest was a little under forecast. Expenditures were budgeted at $2.6 million but nothing has been spent yet. The Austin Ranch infrastructure incentive was paid and taken from the "transfers to general fund" part of the budget which caused the expenses to exceed the revenue for that quarter. 4.0 EXECUTIVE SESSION 4.1 Executive Session Pursuant to Texas Government Code Section 551.071 consultation with general counsel regarding economic development incentive reimbursements to the City and Texas Government Code Section 551.087 discussion and deliberation regarding economic development incentive reimbursements to the City (Board) The board went into executive session at 8:31 p.m. 4.2 Action resulting from executive session: Approval of Economic Development Agreement with The City of The Colony for the reimbursement of City economic development incentives and for reimbursement of certain City infrastructure costs for new and expanded business enterprises (Board) The board reconvened at 8:51 p.m. Mr. Peerson made a motion to approve the Economic Development Agreement with The City of The Colony for the reimbursement of City economic development incentives and for reimbursement of certain City infrastructure costs for new and expanded business enterprises and authorized President Tom Tvardzik to execute the agreement. Mr. Braby seconded the motion and the motion passed with all members voting in favor. ADJOURNMENT: President Tvardzik adjourned the meeting at 8:52 p.m. Cindi Lane Tom vardzik Recording Secretary President EDC Minutes April 8, 2009, Page 3