HomeMy WebLinkAbout05/23/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
MAY 23, 1995
A meeting of the Municipal Economic Development Corporation Board of Directors for the City
of The Colony, Texas was called to order at 7:00 p.m. on the 23rd day of May, 1995, at the
Chamber of Commerce. The following persons were in attendance:
Dean Kindy, President
Jerry Sebastian, Vice-President
Gary McClure, Treasurer
Tommy Thompson, Executive Vice-President
Mary Watts, Executive Vice-President
John Dillard, Executive Vice-President
Johnny Smith, City Manager
Boyd London, First Southwest Company
1. EVALUATION OF GOLF COURSE FEASIBILITY STUDY PROPOSALS
The meeting began with a discussion as to the qualifications and market credibility of the four
firms represented in the feasibility study proposals. Mr. London commented on the clout of "big
6" account firms such as KPMG Peat Marwick and Coopers & Lybrand. The board felt that
Economics Research Associates (ERA) and Coopers & Lybrand were the top two proposals. Mr.
Thompson voiced concerns about ERA's opening statements approach. However, ERA has a
history of conducting qualified projects. Mr. Dillard interjected that many of the board's concerns
could be answered during the interviews scheduled for May 30. Mr. London provided an
overview of studies conducted in surrounding cities.
2. SELECTION OF TOP TWO PROPOSALS FOR INTERVIEW ON MAY 30, 1995
Mr. McClure made motion to invite Economics Research Associates and Coopers & Lybrand for
interviews on May 30, 1995, at 7:00 p.m. Mr. Sebastian seconded, and all voted aye.
Mr. London suggested asking if each was subject to further negotiation on the price of their
study. He also suggested inviting the project underwriter, Rich Grossman of Mark Pressman
Associates, to be present for the interviews.
Mr. McClure suggested an agenda for May 30 be considered. Mr. London suggested giving each
firm 20 minutes for presentation and then allowing time for questions from the EDC Board. Mr.
London will work with Mr. Grossman to develop a list of questions and then forward those to
Mr. Smith who will forward them to the EDC Board.
Finally, the board discussed their future calendar. After the May 34 meeting, the board will
present its recommendation to the City Council on June 5. That presentation will simply be an
informative update. The funding request will be made formally on June 19.
There was a brief discussion of the half-cent sales tax and the possibility of discussing the tax at
the June 5 City Council meeting.
Mr. Dillard thanked Mr. London for his help and attendance during the selection process. Mr.
Dillard moved the meeting be adjourned. Ms. Watts seconded, and all voted aye.
Respectfully submitted,
Lori Ian, ED C ordinator