HomeMy WebLinkAbout11/15/2011 CDC
November 15, 2011 Joint Meeting
MINUTES
COMMUNITY DEVELOPMENT CORPORATION
JOINT SESSION HELD ON
NOVEMBER 15, 2011
The Joint Session of the Community Development Corporation of the City of The Colony,
Texas, was called to order at 7:23 p.m. on the 15th day of November 2011, at City Hall,
6800 Main Street, The Colony, Texas, with the following roll call:
TeRon Lawrence President Present
Stephen Sohn Vice President Present
Kathy Braby Treasurer Present
Lisa Leary Secretary Present
Dan Mahle Member Present
Don Beckel Member Present
Rolando Reyes Member Present
And with seven members present a quorum was established and the following items were
addressed:
6.0 REGULAR COMMUNITY DEVELOPMENT CORPORATION (TYPE B)
AGENDA ITEMS
6.1 Call to Order
President Lawrence called the meeting to order at 7:23 p.m. and roll called all members
present.
6.2 Conduct a public hearing, discuss and consider approving a Performance
Agreement with LMG Ventures, LLC, a Texas limited liability company, and
TXFM, Inc., a Texas corporation to provide an economic development incentive for
the development of a retail, commercial and entertainment development to be
generally located on approximately 433.81 acres of land, located south of State
Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas
The CDC President opened the public hearing at 7:23p. m.
Keri Samford, City of The Colony Economic Development Director, explained that this is a mixed use
development with the potential of entertainment, tourism, retail, hotel, warehouse, and regional
headquarters uses. There is anticipation of bonds that will be issued,- the CDC will pledge a portion of
their sales tax proceeds, from the property to fund these projects through a reimbursement agreement; this
is a performance based agreement. There was no public input. The public hearing was closed at
7.-2 7p. in.
The city attorney explained that the sales tax revenue will be deposited into a reimbursement account to
pay the debt service on the bonds.
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November 15, 2011 Joint Meeting
Motion to approve the Type B Corporation Performance Agreement with LMG Ventures, LLC a
Texas limited liability company, and TXFM, Inc., a Texas corporation to provide economic
development incentive for the development of a retail, commercial and entertainment
development to be generally located on approximately 433.81 acres of land, located south of
State Highway 121 and near Plano Parkway, City of The Colony, Denton County, Texas as
presented - Braby; second - Leary; motion passes with all ayes.
6.3 Discuss and consider authorizing and directing the City Manager or City Attorney
to take all necessary actions to initiate and file a declaratory judgment lawsuit to
validate proposed bond issuances, contracts and actions taken or planned in support
of economic development initiatives within Reinvestment Zone Number One, City of
The Colony, Texas
This item was moved to later in the meetingfollowing the Executive Session on this item.
At 9:29 p. m. the Board President reconvened the meeting.
Motion to authorize and direct the City Manager or City Attorney to take all necessary action to
initiate and file a declaratory judgment lawsuit to validate the proposed bond issuances,
contracts, and actions taken or planned in support of economic development initiatives within
Tax Increment Reinvestment Zone Number One, City of The Colony, Texas - Reyes; second -
Beckel; motion passes with all ayes.
6.4 Discuss and consider a resolution authorizing reimbursement of expenditures with proceeds
Of future debt
The city attorney explained that this is an intent to issue debt to pay for permissible projects and is a
Treasury regulation if tax proceeds are used.
Motion to approve a resolution declaring expectation to reimburse expenditures with proceeds of
future debt as presented - Leary; second - Beckel; motion passes with all ayes..
The Board President announced the Board would stand in recess at 7:34p. in.
The Community Development Corporation recessed at 7:34 p.m.
Executive Session was convened at 8:55 .m.
10.0 EXECUTIVE SESSION
10.1 The Economic Development Corporation, the Community Development
Corporation, the Local Development Corporation and the City Council shall convene into a
closed executive session pursuant to Section 551.071 of the TEXAS GOVERNMENT CODE to
seek legal advice from the city attorney regarding pending or contemplated litigation
regarding necessary actions to initiate and file a declaratory judgment lawsuit to validate
proposed bond issuances, contracts and actions taken or planned in support of economic
development initiatives within Reinvestment Zone Number One, City of The Colony,
Texas.
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November 15, 2011 Joint Meeting
No action as a result of executive session.
And with no further business to discuss the Community Development Corporation adjourned at
9:30 p.m.
APPROVED:
wrence
Community Development Corporation
City of The Colony
ATTEST:
r
Kathy Neal, ecording Secretary
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