HomeMy WebLinkAbout05/16/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
MAY 16, 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 16th day of May, 1995, at the
Chamber of Commerce. The following persons were in attendance:
Dean Lindy, President
Jerry Sebastian, Vice-President
Gary McClure, Treasurer
Tommy Thompson, Executive Vice-President
Mary Watts, Executive Vice-President
John Dillard, Executive Vice-President
Lori Harlan, Staff Liaison, Economic Development Coordinator
Boyd London, First Southwest
Mary Watts was introduced as a City Council representative to the EDC Board. Ms. Watts is
replacing former Councilman Toby Pollard. She will assume the vacant Executive Vice-President
position.
1. PRELIMINARY REVIEW OF GOLF COURSE FEASIBILITY PROPOSALS
President Dean Kindy stated that the purpose of the meeting was to determine what firm will
conduct the feasibility study for the Wynnewood Peninsula golf project. After a joint EDC - City
Council work session held on April 6, the EDC was instructed to distribute an RFP for the
feasibility study to firms recommended by the city's financial adviser, Boyd London of First
Southwest, and the project underwriter, Mark Pressman Associates. Five RFPs were distributed,
and four firms responded: Coopers & Lybrand, Economics Research Associates, KPMG Peat
Marwick, and National Golf Foundation. Board members were provided with those proposals
prior to the meeting.
Initial discussion focused on the funding necessary to complete the feasibility study. Board
members felt that the city should fund the study to exhibit commitment for the project. Many of
the project partners, Matthews Southwest, Davis/Woodward, etc., have already contributed
significant time and services to the project without any certainty of reimbursement. Ms. Watts
suggested that it might be beneficial to show the City Council the amount of money spent by other
interested parties to demonstrate that the city is not being asked to contribute more than these
entities. Board members also confirmed that Matthews Southwest and Davis/Woodward have
provided $6,000 toward completion of the feasibility study to supplement any money provided by
the City Council.
There was a brief discussion of the merits of various proposals. Mr. McClure prepared a sheet
that compared the firms on various important elements. Mr. London reaffirmed that all the firms
submitting proposals in this round met the requirements of the bond market. Therefore, the four
firms could be compared as equals. It was decided that each board member should carefully
review the four proposals, compare them along similar lines, and bring that information to the
next meeting. The board agreed to meet on May 23 to discuss proposal strengths and weaknesses
and narrow the field to two firms. A meeting on May 30 will then be used to interview the top
two firms and make the decision which firms will be recommended to City Council.
Final discussion concerned the special provisions of the course necessary due to its partial
location on Corps of Engineers property. Ms. Watts was particularly concerned about any
limitations on profit generated by the project. Mr. Thompson agreed to work with Robert Stone
who is advising Matthews Southwest on Corps of Engineers issues to answer these any other
questions.
The meeting was adjourned at 8:45 p.m.
Respectfully submitted,
Lori Ha lan, ED ordinator