HomeMy WebLinkAbout09/25/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
SEPTEMBER 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 5:10 p.m. on the 25th day of September, 1995, at the
Chamber of Commerce. The following persons were in attendance:
Gary McClure, President
David Stanwick, Vice President
Ronnie Fischer, Treasurer
Jerry Sebastian, Secretary
Tommy Thompson, Executive Vice President
John Dillard, Executive Vice President
Lori Harlan, City Staff Liaison, Director of Economic Development
1. DISCUSSION OF PROJECT FINANCING RECOMMENDATIONS
Board members met with representatives of Matthews Southwest and the golf architects working
on the Wynnewood Peninsula project. The discussion centered on the EDC's recommendation to
City Council concerning the financing future of the golf course project. Board members
expressed concern about lengthening the time frame necessary to complete the project by
considering private interest in financing the project once again. Ms. Harlan informed the board of
the interest of Mr. Charles Summerall and Mr. Edward Hoffinan in considering financing and
developing the project privately.
Matthews Southwest representatives gave the board certain guidelines they believed would assist
the board in qualifying any private interest. These included certain financial information that
should be presented as well as consideration of a requirement for "earnest money" to be presented
by any entity proposing to do the project. The board then discussed the viability of a 30-day
Request for Proposal process to identify developers interested in privately financing and
developing the project. Ultimately, the board determined they did not wish to recommend an RFP
process. The board considered public financing through revenue bonds more beneficial for three
reasons: project time fi°ame, the city's control over the project, and the long term benefit of the
course to the community.
2. PREPARATION FOR PRESENTATION OF GOLF COURSE FEASIBILITY STUDY
AT JOINT WORK SESSION
Board members met with Greg Cory, Economics Research Associates, to review the presentation
he was to give at the following work session with the City Council. Members made suggestions
of material to include in the presentation as well as graphics to be used in the presentation.
The meeting was adjourned at 7:45 p.m.
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Lori Harlan/,Director of Economic Development