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HomeMy WebLinkAbout11/14/1995 MEDC MINUTES OF THE MUNICIPAL ECONOMIC DEVELOPMENT CORPORATION HELD ON NOVEMBER 14, 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 14th day of November, 1995, at The Mashed Potato Cafe. The following persons were in attendance: Gary McClure, President David Stanwick, Vice President Jerry Sebastian, Secretary Ronnie Fischer, 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 Hue]. Weaver, Peninsula Golf Partners Jerry Andrews, Peninsula Golf Partners Kevin Bleffer, Peninsula Golf Partners Tim House, Matthews Southwest Rob Farrell, Matthews Southwest Chris Janning, First Southwest David Heiman, City Councilman, City of The Colony Johnny Smith, City Manager, City of The Colony 1. DISCUSSION OF FUTURE DIRECTION OF GOLF COURSE PROJECT WITH PENINSULA GOLF PARTNERS President Gary McClure called the meeting to order and then turned the floor over to The Colony City Manager, Johnny Smith. Mr. Smith asked each one present to introduce himself and the party he represented. Mr. Smith then summarized the directions of the City Council to the Economic Development Corporation. He also addressed problems with past communication between Peninsula Golf and the EDC. Mr. Smith then explained the purpose of the EDC's request for a $250,000 "right to do business" fee. Mr. Andrews apologized for Peninsula Golf's mis-start on the golf course project and expressed the ability of Peninsula Golfs partners to benefit future business growth within The Colony in addition to the golf course. Mr. Smith stated that there was a loosened time frame for future negotiations. He asked the EDC to be prepared to make some report to the City Council at the December 18 meeting. President McClure apologized for any miscommunication by the EDC. He then addressed Peninsula Golfs failure to mention the $250,000 fee in its response to the EDC. Mr. Andrews said that Peninsula Golf wants to go forward quickly. Their original proposal offered $50,000 to spend on studies and Peninsula Golf has agreed to give those studies to the city if they do not do the project. He expressed concern that the project is an unknown as it currently stands. He stated that Peninsula Golf views that $50,000 as "good faith" money. Peninsula Golf would like to go ahead and start studies to avoid lengthening the project time frame and benefit all parties. Members of the EDC reminded Mr. Andrews that the $250,000 as proposed was refundable to Peninsula Golf if they pulled out of the project with cause. Mr. Andrews stated that he had never heard of such a fee in a golf project. He cited the agreement the City of Plano has for the development of its new golf course and encouraged the city to research that agreement. Mr. Smith summarized the studies necessary to proceed with the project. He stated that the EDC is looking for comfort to allow the private sector to proceed with the project. He then asked the parties how they could "get off dead center?" There was some discussion of the reimbursement of the EDC's cost to date including the feasibility study. There was also a brief discussion of the $100,000 "advance" offered by Peninsula Golf in their second proposal and the difference between that money and the "right to do business" fee. President McClure then questioned the EDC's 10/7 decision to proceed with revenue bonds as its first priority for financing the project. Mr. Janning stated it would not be wise to incur unnecessary expenses by working on the bonds while continuing negotiations with Peninsula Golf. Mr. Andrews asked how Peninsula Golf should proceed in negotiating with the EDC. Mr. Smith recommended a subgroup of Peninsula Golf and the EDC be involved in negotiations. President McClure, Mr. Thompson and Ms. Harlan will represent the EDC in negotiations. Ms. Harlan will serve as the contact for the EDC. Mr. Andrews and Mr. Bleiler will represent Peninsula Golf in negotiations, and Mr. Bleiler will serve as their contact. Mr. House will represent Matthews Southwest and participate in negotiations. This smaller group agreed to meet briefly after the meeting was adjourned to discuss how to move ahead without delaying the project. The next meeting of the EDC was scheduled for Tuesday, November 21, at the Chamber of Commerce. The meeting was adjourned at 8:00 p.m. ? on Harlan, Director of Economic Development