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HomeMy WebLinkAbout08/08/1995 MEDC MINUTES OF THE MUNICIPAL ECONOMIC DEVELOPMENT CORPORATION HELD ON AUGUST 8, 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 8th day of August, 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 Mary Watts, Executive Vice President Ronald Fischer, new board member David Stanwick, new board member Lori Harlan, City Staff Liaison, Director of Economic Development 1. ELECTION OF BOARD OFFICERS Mr. Sebastian suggested that all positions be re-elected and stated that he would prefer to serve in a capacity other than president. Board members discussed their interest in each position. The following officers were elected: Gary McClure, President David Stanwick, Vice President Jerry Sebastian, Secretary Ron Fischer, Treasurer Tommy Thompson, Executive Vice President John Dillard, Executive Vice President Mary Watts, Executive Vice President 2. JULY 31 ECONOMIC DEVELOPMENT WORK SESSION OUTCOMES Discussed and reviewed session results. Discussed positions of City Council members on various development issues affecting the community. The board decided there is a need to pursue education of the Council regarding the EDC's mission and its involvement in the golf course. This includes information on golf course development, revenue bonds, the city's liability if the project fails, and private development angles. The board decided to make a presentation to the Council at their September 11 meeting. The purpose of the presentation will be to provide a thorough background of the EDC, a history of the golf course project, the work done so far on the project, and the EDC's basic recommendations. The finalized feasibility study will be presented to the Council at the close of that presentation, and a work session will be scheduled as soon as possible to review the feasibility study and request a decision from Council concerning project financing. Discussion then centered on the necessary components of both presentations. Mr. McClure provided a basic outline for the meeting on September 1 Ith and asked that each board member add to that outline. A meeting was scheduled for August 22 to review the outline and make further preparations for that presentation. 3. HALF-CENT SALES TAX DISCUSSION Board members discussed several alternatives to addressing the sales tax issue. The time frame for a potential election will have an effect on how much work needs to be done at this point. Mr. Dillard suggested that making a decision on the proposed use of a sales tax as well as the time frame for an election was the job of the Council. Therefore, it was his recommendation that the EDC prepare a list of alternatives for sales tax use as well as an educational presentation concerning election time frames and present that the City Council. Mr. Sebastian expressed concern that the sales tax issue and golf course project not be confused by Council or citizens. Therefore, it was decided that the sales tax presentation will be postponed until after a decision is made on golf course financing. The EDC agreed to meet on Tuesday, August 15 to further review this issue and begin preparing their recommendation. 4. DISCUSSION OF GOLF COURSE PROTECT TIME LINE It was agreed that this issue will be of more importance after the EDC receives direction from Council concerning the role it will play in the financing of the project. 5. REVIEW OF GOLF COURSE FEASIBILITY STUDY Mr. Thompson shared his concern that the feasibility study be addressed to The Colony EDC instead of the City of The Colony. He also questioned a statement concerning sales tax collected at the proposed facility. Due to the late hour, Ms. Harlan suggested that each board member contact her to discuss their recommendations for changes or additions on Wednesday, August 9. She will then forward those recommendations to ERA. The meeting was adjourned at 9:30 p.m. Respectfully submitted, Sebastian, Secretary