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HomeMy WebLinkAbout07/25/1995 MEDC MINUTES OF THE MUNICIPAL ECONOMIC DEVELOPMENT CORPORATION HELD ON JULY 25, 1995 A meeting of the Municipal Economic Development Corporation Board of Directors for the City of The Colony, Texas was called to order at 6:30 p.m. on the 25th day of July, 1995, at the Chamber of Commerce. The following persons were in attendance: Jerry Sebastian, Vice President Gary McClure, Treasurer Tommy Thompson, Executive Vice President John Dillard, Executive Vice President Ronald Fischer, new board member David Stanwick, new board member Lori Harlan, City Staff Liaison, Director of Economic Development Tim Paretti, the Colony Leader 1. REVIEW OF CITY PLANNING DOCUMENTS City Planner Sam Chavez provided an overview of the documents the City Council has adopted to guide development in The Colony. Included were the Master Thoroughfare Plan, Zoning Map, and Comprehensive Land Use Plan. Board members had the opportunity to ask questions about zoning and thoroughfare issues. Discussion also centered around the use of these documents in the EDC's planning process. 2. SURVEY RESEARCH FOR LOCAL GOVERNMENT Dr. Jim Glass, director of the University of North Texas Survey Research Lab, gave a presentation on the use of citizen surveys by local governments. The EDC has considered using some type of survey to encourage citizen participation in decisions surrounding the half-cent sales tax issue. 3. ACTION RESULTING FROM JULY 24 COUNCIL WORK SESSION At its meeting on July 24, The Colony City Council voted to approve the letter of agreement with the golf architects. There was some confusion from members of Council about the need for such an agreement as well as what additional requests the EDC might have of the Council as the project progresses. Mr. McClure suggested that the EDC work with the feasibility firm and the underwriters to develop a time line of steps that must be taken between now and the project financing. This time line could consist of bulleted steps and night even be presented in 90-day increments. Although some details (such as the environmental assessment) have not yet been fully clarified for the EDC, this time line would provide the Council with an idea of what to expect as the project progresses. Discussion also centered on the possibility of private financing of the Wynnewood Peninsula project. The board voiced concerns about the time necessary to issue RFPs for a private developer, select the party to proceed with the project, and construct the course. Ms. Harlan provided a brief history of the parties involved in the proposed project that dated back to 1983. Mr. Thompson suggested that if an RFP is issued, the EDC should attach penalty clauses that require financing and construction occur in a set time frame or the private developer will be charged a penalty. The board agreed that this document should be prepared prior to meeting with the Council about financing so it can be suggested if private financing is the preferred alternative. Board members discussed that after the feasibility study is complete, a work session should be scheduled with the City Council to discuss further action. It was suggested that Boyd London, the city's financial adviser, would be a good person to lead the discussion on public v. private financing. IV. REVIEW OF PRELIMINARY FEASIBILITY STUDY INFORMATION Board members were provided copies of Section III of the ERA feasibility study for their review prior to the meeting. Suggestions for improvement of the section (a comparison of competitor golf courses in the market area) included adding the 9-hole course proposed for Stewart's Peninsula in The Colony. Discussion also centered around the lack of information concerning other proposed courses in the area. Ms. Harlan will contact ERA to determine whether this information will be included in upcoming sections. The meeting was adjourned at 9:10 p.m. Respectfully submitted, ALL. Lori Harl n, Director o Economic Development