HomeMy WebLinkAbout12/18/1995 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
DECEMBER 18, 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 18th day of December, 1995, at The Colony City
Hall. The following persons were in attendance:
Gary McClure, President
David Stanwick, Vice President
Ronnie Fischer, Treasurer
Tommy Thompson, Executive Vice President
John Dillard, Executive Vice President
Mary Watts, Executive Vice President
Lori Harlan, City Staff Liaison, Director of Economic Development
Mayor Bill Manning
Patti Hicks, City Secretary
Leroy Grawunder, City Attorney
Tony Johnston, Finance Director
1. DISCUSSION OF FINANCING OF JOSEY LANE EXTENSION RIGHT OF WAY
Mayor Manning discussed with the board an idea by which the city might ultimately be reirnbursed for
the money it must spend to acquire the right of way for the extension of F.M. 423 to Josey Lane. This
idea would require the EDC to borrow the money from the land purchase from the city. A memorandum
of understanding was prepared by the city attorney that allowed this relationship and stated that the
EDC might at sorne point in the future consider proposing a half-cent sales tax to fund the loan
repayment. There is also a provision in the agreement that states that if the EDC is unable to repay the
money the loan becomes a grant and the EDC is not liable for the repayment of the money.
President McClure expressed his hesitancy to associate any future sales tax vote with this or any other
existing project. Mr. Grawunder suggested that the EDC might also wish to pursue grants and
corporate funding to repay the money, not exclusively sales tax funds. He further suggested that the
wording in the memorandum of understanding be changed to reflect any funds the EDC might be able to
leverage instead of stating sales tax funding for repayment.
Board members agreed that a wording change would make the EDC more comfortable with this
arrangement. Mr. Grawunder reiterated that the memorandum of understanding only creates a vehicte
for the potential repayment of the money by the EDC. There is no guarantee nor obligation that the
EDC must repay the funds.
The next meeting of the EDC is scheduled for Wednesday, December 20, 1995.
The meeting was adjourned at 7:15 p.m.
Lori Harlan, Director of Economic Development