HomeMy WebLinkAbout06/06/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
JUNE 6, 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 6th day of June, 1995, at the
Chamber of Commerce. The following persons were in attendance:
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
1. WRAP-UP OF GOLF COURSE FEASIBILITY STUDY PROPOSAL
Board members briefly discussed their presentation before the City Council on June 5 and any
questions that might arise during the June 19th meeting. Plans were made to include the
preliminary routing map of the golf course in the Council packet as well as information
concerning the finalized study price.
Questions concerning the exclusivity of Matthews Southwest's involvement in the Wynnewood
Peninsula project were discussed. The Council's letter of agreement with the company has
actually expired, and Ms. Harlan will check on whether it should be brought back to the City
Council for renewal. Board members also had questions concerning the 75 acres Matthews
Southwest will include in this project. Will the land be deeded, leased, etc? This is a question
that needs to be clarified in future meetings with Matthews Southwest.
Ms. Harlan informed the board that City Manager Johnny Smith had approached Matthews
Southwest with a request that the firm provide half of the funding necessary to conduct the
market analysis portion of the feasibility study. The total price of the study is $27,800.
However, only $20,800 is needed for the market analysis. The final $7,000 is for revisions and
attorney review prior to the bond offering. The initial $20,400 is where the risk is involved. Once
the final $7,000 is needed, the project will be a reality. Mr. Smith requested that Matthews
Southwest provide an additional $4,400 to add to the $6,000 already committed. This will raise
their contribution to $10,400, and the EDC will only have to request $10,400 for the market
analysis plus $7,000 to bring the project to the bond market from the City Council. Matthews
NOtrthwest has not yet provided an answer to Mr. Smith's request.
Ms.JArlan also provided the board with Copies of a letter received from Coopers & Lybrand
offering.lo include the Economic TMp4ct Analysis as a part of their feasibility study at the price
originally quoted. The board topk no action on this item.
Final discussion concerned the issue of Corps of Engineers ownership of the majority of property
necessary for the golf project. Ms. Watts expressed concerns about the use of revenue from the
project and any constraints the Corps of Engineers might place on the revenue.
Ms. Harlan provided the board with copies of the city's Goals and Objectives document and a
summary document on the use of the half-cent sales tax. The board agreed to meet on June 13 to
discuss sales tax issues.
Respectfully submitted,
Lori Ha an, Director of Economic Development