HomeMy WebLinkAbout12/05/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
DECEMBER _5, 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 5th day of December, 1995, at The
Colony Chamber of Commerce. 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
Lori Harlan, City Staff Liaison, Director of Economic Development
1. CONSIDERATION OF A PROPOSAL FROM WORTH BLAKE & ASSOCIATES FOR
THE ECONOMIC DEVELOPMENT PORTION OF THE COMPREHENSIVE LAND
USE PLAN
President McClure provided an overview of the comprehensive land use planning process the city
is currently conducting, including the usefulness of an economic development portion of that plan.
Ms. Harlan provided copies of a proposal from Worth Blake & Associates to lead in the
formation of the economic development plan.
Board members discussed whether a consultant is the best way to produce the plan or if the board
could work with other community entities to formulate the plan. Ms. Watts stressed the
importance of the economic development plan to the overall Comprehensive Land Use Plan. The
cost of such a study was briefly discussed, and Ms. Harlan stated that it was her understanding the
money would come from money already set aside for the overall plan and not the EDC's
operating budget.
Board members decided to use the weeks prior to the next meeting to review Mr. Blake's
proposal and return with any questions on December 19.
2. DISCUSSION CONCERNING ONGOING NEGOTIATIONS WITH PENINSULA
GOLF PARTNERS
President McClure provided an overview of the December 1 negotiating session that was attended
by Peninsula Golf, Matthews Southwest, President McClure, Mr. Thompson and Ms. Harlan. Mr.
Thompson stated he felt it was necessary to fully clarify each issue considered highly important
and provide that information to Peninsula Golf in writing to allow them to respond as specifically
to the EDC's request as possible. There was discussion concerning course greens fees,
walkability, percent of course revenue, out-of-pocket expenses, land sublease and concession
payments, and "back end loading" upon the sale of the course. Board members clarified issues
such as the minimum amount Peninsula Golf must pay the city on an annual basis to cover the
lease of the land upon which the project will be built. It was decided to ask Peninsula Golf for
exact specifications on course greens fees, percent of course revenue, and the back-end loading of
the sale of the property.
A decision was made to term the $100,000 guaranteed yearly income from the course a land
sublease fee. Therefore, that amount begins on the date the concession agreement is signed. The
EDC will require the first lease payment upon the signing of the concession agreement, prorated
to the end of the city's accounting period, September 30. Subsequent lease payments of $100,000
annually will be due on the first day of the annual accounting period, October 1. Within 120 days
after the close of each lease year, Peninsula Golf shall deliver to the EDC a CPA certified
complete statement showing gross greens fees, golf cart rentals, driving range fees, merchandise
sales, food & beverage sales, etc. during the preceding lease year and make an additional
payment, if any, due for the year based on percentages stated in the concession agreement.
The board also discussed a desire to have an EDC member of the board of directors of the course
in a non-voting, informational capacity. There would be no need for that board member to vote on
matters because any changes in services provided by the course as stated in the concession
agreement must be approved by the EDC.
Ms. Harlan will compile the EDC's position on the above matters and forward that document to
Peninsula Golf. A response will be requested prior to the next EDC meeting to allow the EDC to
respond at that time. +
The next meeting of the Economic Development Corporation will be Tuesday, December 19,
1995.
The meeting was adjourned at 8:40 p.m.
Lori Har an, Director of Economic Development