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HomeMy WebLinkAbout06/26/1995 MEDC MINUTES OF THE MUNICIPAL ECONOMIC DEVELOPMENT CORPORATION HELD ON JUNE 26, 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 26th day of June, 1995, in the Council Chamber at The Colony City Hall. Jerry Sebastian, acting President of the EDC, asked that each person present introduce himself, the company he represents, and their role in the Wynnewood Peninsula project. 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 Greg Cory, Economics Research Associates Jan Peterson, Economics Research Associates Rich Grossman, Mark Pressman Associates Scott Hardin, clubhouse architect Tripp Davis, Davis Woodward, Inc. Jim Woodward, Davis Woodward, Inc. Robert Stone, Miller Commercial Real Estate Tim House, Matthews Southwest Terry Wilkerson, Champions Gold Boyd London, First Southwest Company 1. GOLF COURSE PROJECT PARTNERS TO PROVIDE FEASIBILITY STUDY INFORMATION Mr. Cory provided a brief introduction of his firm, Economics Research Associates, for those who were not involved in the selection process. He also discussed the time frame necessary for the feasibility study process. The first month will be dedicated to research and analysis, and preliminary findings will be presented in approximately four weeks. This group should be prepared to provide feedback and direction based on the preliminary findings document. The estimated completion time for the final version of the study is six to seven weeks. Mr. Cory provided the grpup vyith a list of pprtinpxit questions concerning the project to serve as a guideline for the meeting. Initial discussion focused on access to the location and any planned thoroughfare improvements that might affect project accessibility. Mr. House provided contacts for ERA to gain further information on planned expansions to S.H. 121 and the Dallas North Tollway. Availability of utilities to Wynnewood Peninsula was questioned. The city is not currently able to provide sewer or water to that area. Mx. House said that for Phase I of the development on-site sewer infrastructure will likely be provided. obviously, this could serve the golf course project. The water source for the residential portion of the development will initially be on-site wells. However, it will be possible to use lake water to irrigate the golf course. The permit for that process can be filed through the local lake project manager and therefore does not have to go to the City of Dallas. Mr. Davis discussed specific plans for the courses to be constructed on the peninsula. The project currently consists of two 18-hole courses. However, involved parties are interested in ERA's assessment of the viability of constructing the courses simultaneously. As planned, the west course will be a more open, typical municipal course. The east course will be residentially oriented and will be the more difficult of the two to play. At this point there was a discussion of the likely fee structure for the courses. Mr. Sebastian expressed the EDC's desire that the fee structure not be prohibitive for local users. Mr. Davis pointed out that because of the differences in the two courses the fee structure might be stratified. This was acceptable to the EDC as long as one course remains on the moderate end of course fees. However, there was also discussion that the fees should not be set so low that funds will not be available to maintain the integrity of the course. There was a brief discussion of preferential fees or tee times for residents of The Colony. Mr. London urged EDC board members to discuss that idea with other cities that have such programs in place to gauge their satisfaction with that type of fee structure. The group briefly discussed any limitations on fees and exemptions the Corps of Engineers might place on the course. Mr. Stone commented that he believed the Corps would follow the city's recommendations within reason. Mr. Corey asked if the city planned to include additional facilities in the Wynnewood Peninsula development. He suggested that improvements such as restroom facilities or boat ramps might be appealing to the Corps of Engineers. There was discussion on a variety of facilities that could be accommodated at the site. However, Ms. Harlan stated that the city has many of the facilities discussed at locations easily accessible to the Wynnewood Peninsula site. Mr. Grossman cautioned making the development a destination point for entire families saying that many golfers desire time away when at the golf course instead of the ability to take the entire family along for the day. The group then discussed both the location of and requirements for the facility clubhouse. The current plan has the clubhouse looking east for a better view of the lake. Mr. Woodward suggested that a two-story clubhouse would provide both an east and west lake view as well as additional space for meeting/banquet facilities. Ms. Watts stated that the city has a lack of such facilities and might therefore consider such an option. Mr. Grossman warned against starting out with too elaborate a scheme for the clubhouse and suggested that many courses begin with a temporary facility and then build the actual clubhouse from course revenue. Mr. House brought up the issue of the North Texas PGA and their consideration of Wynnewood Peninsula as a future home for their operations. Benefits of such a location were discussed by group members. There was also the realization that office space and meeting space would be a necessity of such a group and therefore those issues must be discussed at some point in the future. Mr. House will be meeting with a representative of the North Texas PGA on Monday, June 28, and he will provide additional details after that time. Additional variances between the west and east courses were discussed. The west course will be the smaller of the two by ten to fifteen acres. Cost for the east course is approximated at $3.2 million and the west course at $2.8 million. The east course will utilize 70 - 75 acres of private Matthews Southwest property while the west course will be completely on Corps of Engineers land. The market area to draw players to the course was set at a 40 minute drive time for the purpose of the feasibility study. Mr. Stone clarified the current lease arrangement with the Corps of Engineers and indicated that there was a realization that the Wynnewood Peninsula and Stewart's Creek Park leases will have to be separated for financing purposes. Mr. Grossman then provided an overview of financing options ranging from the revenue bonds the EDC is currently considering to variable rate bonds and certificates of obligation. He cited tremendous savings on interest rates as an argument for the latter two funding mechanisms. Mr. Corey said he would speak with individual members of the group to clarify any additional questions. He then turned the meeting over to Mr. Davis. 2. PRESENTATION OF PROJECT MASTER PLANNING NEEDS Mr. Davis made a brief presentation requesting that the city enter into a letter of agreement with the partnership of Davis Woodward, Inc. and Finger Dye Spann to further issues that will impact the construction schedule and construction budget for the project. The primary need at this point is to update project routing for presentation to the Corps of Engineers. Mr. Davis provided a letter to that effect, and Mr. Sebastian agreed that the EDC Board will consider this matter at their next meeting. That meeting was scheduled for Tuesday, July 11. The meeting was adjourned at 9:50 p.m. Respectfully submitted, Lori Har an, Director of Economic Development