HomeMy WebLinkAbout03/14/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
MARCH 14, 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 14th day of March, 1995, at the
Chamber of Commerce. 'The following persons were in attendance:
Jerry Sebastian, Vice-President
Gary McClure, Treasurer
Tommy Thompson, Executive Vice-President
Toby Pollard, Executive Vice-President
John Dillard, Executive Vice-President
Lori Harlan, Staff Liaison, Economic Development Coordinator
1. STAFF REPORT ON VISIT TO AZLE GOLF FACILITY
On Monday, March 6, Tony Johnston, The Colony Finance Director, and Ms. Harlan visited the
City of Azle, Texas. Azle recently completed a golf course financed in the same manner as is
proposed for Wynnewood Peninsula. Mark Pressman Associates served as the underwriter for
their project, and their feasibility study was conducted by Golf Resources Associates. Discussions
with the city manager, public works director and finance director provided some insight on the
activity necessary to complete this type of project.
Staff provided the board with a copy of the bond financing package from Azle as a reference for
future work on the Wynnewood Peninsula project. There was discussion on the commitment of
the City of Azle to back their course - even if the investment of city tax dollars was necessary to
supplement course revenue. However, the bonds are not legally tied to the city's tax base. This is
an issue that should be brought to The Colony City Council's attention for discussion at some
point in the future.
2. DISCUSSION OF PROJECT TIME LINE
Staff reported that they expected to have some idea of the time line for the project based on
information gathered from Azle city staff. However, that information was not available.
Therefore, discussion of this item was postponed until the initial work of the feasibility study is
completed and the timing on the bond issue is more clear.
3. DECISION( ON PROJECT FEASIBILITY STUDY
Four proposals were presented by staff to the board for their consideration. The board discussed
the information they felt should be provided by the feasibility study. The primary purpose for the
study is to provide the information necessary for the bond underwriter. However, board members
also felt it was important to obtain a comfort level for their participation and the City Council
through this feasibility study process.
Board members felt that the lower cost proposals represented a "cookie cutter" approach to the
study and might not concentrate heavily on the actual characteristics of this area not found in
national databases. Based on the proposals submitted, L. L. Franks & Associates appeared to
have the most extensive experience in the North Texas region. Board members were impressed
with the quality of the courses Franks had participated in developing and marketing and were
pleased with the scope of services this firm proposed. L. L. Franks has additional expertise in
course marketing and proposed initial work in that aspect of the course as well.
Executive Vice-President Tommy Thompson moved that the board recommend L. L. Franks &
Associates to conduct the feasibility study for Wynnewood Peninsula and that the board also
request from City Council the balance of the funds (above the amount Matthews Southwest has
contributed) necessary to conduct the study. The cost of the study is $13,500. That motion was
seconded by Treasurer Crary McClure.
Matthews Southwest has contributed $5,000 for any expenses the board incurs in this initial
project phase. Also, Tripp Davis, the golf architect working with Matthews Southwest and
Champions Golf, may want to contribute toward our expenses. The board discussed requesting
additional funding from Matthews Southwest. However, there was concern that this action might
cause some to perceive that the feasibility study was biased because it was primarily funded by the
developer who has a great interest in seeing the facility built. The board determined that the city
should contribute the remaining funds necessary for the study to retain control of the study and
exhibit the city's commitment to the project.
Any funds committed by the city during this preparation phase are fully reimbursable once the
bonds for this project are issued. The Municipal EDC will be requesting an administrative
reimbursement from the bond issue in addition to any funds committed by the city. However, if
the project is never funded, the city will not recover this initial investment.
The EDC Board will recommend this action to City Council at its March 20 meeting. After the
financing is arranged and a time frame for the study is discussed with L. L. Franks, the next
meeting of the EDC will be scheduled.
The meeting was adjourned at 7:50 p.m.
Respectfully submitted, 1 cea_,~~
c9`u
Lori ar n, ED Co rdinator