HomeMy WebLinkAbout10/17/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
OCTOBER 17, 1995
A meeting of the Municipal Economic Development Corporation Board of Directors for the City
of The Colony, Texas was called to order at 6:40 p.m. on the 17th day of October, 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
Lori Harlan, City Staff Liaison, Director of Economic Development
Vice Presidents Mary Watts and John Dillard arrived shortly after the start of the meeting.
2. COMMUNITY RESOURCE GUIDE DISCUSSION
Ms. Harlan showed board members examples of products published by Megatrex, a group that
approached the EDC for support while compiling a The Colony business guide. The guides are
funded through business advertisements, but they are open to all businesses in the city. This is an
alternative to the Chamber of Commerce guide that provides information on only its member
businesses. This group will provide the EDC the opportunity to place information about the city
in the publication for no cost. The publication will then be distributed at businesses and city
offices throughout town. This item required no decision from the EDC. Ms. Harlan will work
with Megatrex to provide city information for the publication.
1. CONSIDERATION OF OFFICE LEASE AGREEMENT WITH CHAMBER OF
COMMERCE
Ms. Harlan provided a written and verbal history of the Chamber of Commerce's request for a
rent increase on space the EDC leases from the Chamber for its offices. Board members
discussed the advantages of remaining at the current location - visibility, similar purpose, support
of the city for the Chamber, etc. Members also discussed the benefit of moving to City Hall as a
temporary location. There was concern about the Chamber's referral to future negotiations for
rent increases. The cost of lease space at other locations in the city was discussed. Regardless of
the decision made, it was recognized that the EDC needs to plan for future growth of the EDC
and the Chamber and have a plan for long term office arrangements. A decision on this item was
delayed until the October 24 meeting.
3. REVIEW OF PRIVATE GOLF COURSE PROPOSALS
The following persons joined the meeting for this item:
Tim House, Matthews Southwest
Rob Farrell. Matthews Southwest
Tripp Davis, Davis/Woodward, Inc.
Representatives of Peninsula Golf were as follows:
Charles Summerall
Jerry Andrews
Kevin Bleiler
The above representatives of Peninsula Golf provided an overview of their interest in developing a
golf course and, eventually, supporting amenities, on Wynnewood Peninsula. Information was
provided on the partners involved in the project as well as the basics of the proposal submitted to
the EDC on October 13 (see file). The group was asked by the board to explain their ability to
finance the project, i.e. ability to overcome hurdle of the Corps land unavailable for use as
financing collateral. Mr. Andrews cited a letter found in the proposal alluding to the net worth of
the project partners. Mr. Summerall explained that the worth of the income stream the feasibility
study predicted would be generated by the project as well as the net worth of the project partners
would be considered as collateral by any financing institution with which they dealt.
Board members then questioned the partner's interest in using the design team that has worked
with the city to complete the project. Mr. Andrews stated that he typically works with Dick
Phelps, the architect that designed Indian Creek and Firewheel. While they have made no formal
decision, it did not seem they were interested in continuing with the course as they are currently
designed. Mr. Sebastian asked about fee structure for the courses, and Mr. Andrews gave a range
of $30/round for weekdays and $50/round for weekends. He indicated that both courses would
be similarly situated and offer identical greens fees to keep the customer service aspect of the
course simpler.
Mr. Thompson asked Mr. Andrews to provide a brief glimpse of the partners "vision" for the
development. Mr. Andrews gave a description of a course with a "country club" feel offering
personalized service and caring for the needs of its players. He also stated that the peninsula has
plenty of land to eventually offer a full scale resort as well as baseball diamonds and other
recreation amenities.
After the presentation, board members discussed the project with representatives of Matthews
Southwest and the present course architect. Both expressed a high opinion of the individuals
involved in the project. Concerns were expressed about the design team the groups will likely
choose as well as the experience of the individuals who will actually manage the construction and
operation of this course.
Board members then discussed their immediate reaction to the proposal. All were surprised at the
group's apparent ability to finance the project, the stumbling block for previous proposals. There
was discussion about the best way to qualify their interest and ability as well as the future time
frame for EDC meetings and the ultimate recommendation to Council. It was agreed that at least
one member of the board should contact Max Wells, Mayor Pro-Tem of Dallas and Chairman of
the bank that will apparently be involved in the project. Prior to that contact, the board
determined it would be necessary to meet and discuss questions that should be asked to verify the
group's ability to finance. Also needed is a detailed review of the proposal and the resulting list
of questions and concerns. The board scheduled a meeting for Tuesday, October 24, to review
the proposal. Written comments and questions will then be provided to the project partners and a
meeting scheduled for the following week to discuss those questions.
The meeting was adjourned at 9:35 p.m.
Lori Harl n, Director of Economic Development