HomeMy WebLinkAbout05/30/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
MAY 30, 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 30th 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
Lori Harlan, City Staff Liaison, Director of Economic Development
Boyd London, First Southwest Company
Board President Dean Kindy announced his resignation from the Economic Development
Corporation due to a recent move that placed his residence outside of the city limits of The
Colony. The EDC's Articles of Incorporation require that all board members reside within the
city limits. Vice President Jerry Sebastian asked that Executive Vice President John Dillard
conduct the meeting.
1. INTERVIEWS OF TOP CANDIDATE FIRMS TO CONDUCT A FEASIBILITY
STUDY FOR THE WYNNEWOOD PENINSULA GOLF COURSE
Economics Research Associates, represented by Greg Corey, presented first. Mr. Corey provided
an introduction to the firm and its orientation. ERA is a full-service real estate consulting firm
that is especially active in the recreation industry. The firm is familiar with all aspects of golf
course analysis and performs 50 - 75 golf related studies each year. Experience in the Metroplex
includes work at Bright Ranch just over one year ago. Based on that experience, Mr. Corey was
positive about the public golf market in The Colony area. After his introduction, Mr. Corey
answered questions from the board concerning the importance of the course designer, experience
in working with the Corps of Engineers, and the need for public surveys in the feasibility study
process. The board clarified that an economic impact analysis would be a part of the completed
feasibility study. Finally, Mr. Corey addressed the importance of considering a practice and
teaching facility at the course to involve younger or less experienced players in the sport of golf.
Mr. Malcolm Gable and Mr. Bill Rhoda presented information on Coopers & Lybrand. Coopers
& Lybrand is a "Big 6" accounting firm, and the division involved in this proposal focuses solely
on the sports, entertainment, and leisure industry. The firm has experience in the Metroplex area
golf market as well as experience performing studies for inclusion with offering documents as a
basis for obtaining funding. After a brief summary of the firm's qualifications, the representatives
fielded questions from the board concerning a clarification of quoted expenses, involvement of the
community in the feasibility study, and the determination of course size. The board also
questioned the inclusion of an economic benefit study in the feasibility study. Mr. Gable stated
that was not an element included in the original price quote and would cost an additional $5-
10,000.
2. SELECTION OF FIRM TO BE RECOMMENDED TO CITY COUNCIL
Board members discussed the pros and cons of each firm's proposals and presentations.
Comments on ERA included more specific and high-level golf experience, a more reasonable
price, and a combined real estate and economics background. For Coopers & Lybrand,
comments included their wealth of local experience, financial background, and the economic
impact study issue.
Mr. McClure made motion to select Economics Research Associates and recommend to the City
Council that ERA conduct the feasibility study for the Wynnewood Peninsula golf project. Mr.
Dillard seconded, and all voted aye. Discussion then centered on the manner in which the
information would be presented to Council. Mr. McClure was selected to make the presentation.
Mr. London also suggested that the board request that the city manager speak with ERA to
determine a firm price for the feasibility study prior to the presentation before the City Council.
Final discussion determined that Mr. Sebastian will serve as President of the board until the board
is restored to seven members. At that time, officer elections will occur.
Respectfully submitted,
Lori Harlan, Director o Economic Development