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HomeMy WebLinkAbout01/03/1995 MEDC MINUTES OF THE MUNICIPAL ECONOMIC DEVELOPMENT CORPORATION HELD ON JANUARY 3, 1995 A meeting of the Municipal Economic Development Corporation Board of Directors for the City of The Colony, Texas was called to order at 7:10 p.m. on the 3rd day of January, 1995, at the Chamber of Commerce. The following persons were in attendance: Toby Pollard, Councilman Dean Kindy, President Jerry Sebastian, Vice-President Gary McClure, Treasurer Tommy Thompson, Executive Vice-President Lori Harlan, Staff Liaison, Economic Development Coordinator 1. ESTABLISH THE STRUCTURE AND PURPOSE OF THE ECONOMIC DEVELOPMENT CORPORATION President Dean Kindy asked to once again review the difference between 4A and 4B Economic Development Corporations and the original purpose of the Council in establishing the 4B Corporation. Councilman Pollard explained that the 4A v. 4B distinction is most important when discussing the types of projects the two corporations can finance, especially concerning the half cent sales tax for economic development. The primary purpose of the 4B Corporation is not tied to the economic development sales tax. Instead, this group was established to oversee the development of the Wynnewood Peninsula Golf Course. Although there will be other economic development issues the corporation will be asked to address in the future, the first order of business for this organization is the proposed golf course. The group discussed the bond financing proposed for the golf course, classified as special revenue bonds. Councilman Pollard clarified that the bonds will not be tied to the assets of the city in any way. Therefore, the level of risk for the city in this project is minimal. Alternative financing for the project in case the bond funds are not available was also discussed. However, the group realized this would not be an issue unless Rauscher Pierce felt the bonds were not an appropriate risk. Clarification of the various entities participating in the project was requested by the board. Staff member Lori Harlan will provide a detailed listing of the participating organizations and their representatives for board members. Additional questions concerning bond fianding were raised and discussed. Also, questions were addressed concerning ultimate management of the course construction and operation. Champions Golf has worked with Matthews Southwest on the design of the course and will likely be the firm selected to construct and manage the facility. However, the group was concerned about the details of the lease agreement for course management. Councilman Pollard assured the group that the details of this lease would be negotiated between the EDC and the management group selected. Concerns about pricing and other operational issues must be addressed in that lease agreement. 2. IDENTIFY, ESTABLISH RESPONSIBILITIES FOR, AND PRIORITIZE UPCOMING PROJECTS Rauscher Pierce is expected to provide an opinion on whether the proposed bond financing will materialize by January 11, 1994. If the answer is positive, the next step for this organization should be to obtain a more complete understanding of the bonds. To facilitate such an understanding, Bond Counsel Leroy Grawunder will be asked to attend an EDC meeting on January 17, 1995. At this time he will present the financing and answer questions from group members. After financing questions are explained, negotiations should begin with Champions Golf and their architects concerning the details of the course, its construction and operation criteria. Champions provided for the group their initial plans for the course, broad cost projections and a description of the construction management plan used by the group. After receiving an answer on the financing and meeting with the Corps of Engineers, Champions will be able to provide a detailed plan for the course and line item cost projections. Champions would like to present that information to the board as soon as possible after the January 17 meeting. 3. ESTABLISH LONG AND SHORT TERM GOALS Due to time constraints, this issue was not addressed. 4. IDENTIFY TASKS AND ASSIGN RESOURCES This issue will not be addressed until after the bond financing is explained and more detail is available on the necessary arrangements for a management lease. 5. ESTABLISH AGENDAS FOR FUTURE ACTIVITIES A meeting was scheduled with Bond Counsel Leroy Grawunder for Tuesday, January 17, 1995. After that meeting, a time will be scheduled to meet with representatives from Champions Golf. Prior to the next meeting, city staff will provide copies of the lease between the city and the Corps of Engineers for Wynnewood Peninsula, the model lease agreement between the city and Lake Dallas Golf, the previous group which had the option to develop a golf course on the peninsula, and any agreement which exists between the city and Matthews Southwest. Respectfully submitted, t9-zt. Lori H lan, ED Coordinator