HomeMy WebLinkAbout05/07/1996 MEDC
MINUTES OF THE MUNICIPAL ECONOMIC
DEVELOPMENT CORPORATION
HELD ON
MAY 7, 1996
A meeting of the Municipal Economic Development Corporation Board of Directors for the City
of The Colony, Texas was called to order at 6:45 p.m. on the 7th day of May, 1996, at The
Colony Chamber of Commerce. The following board members were in attendance:
Gary McClure, President
Jerry Sebastian, Secretary
Ronnie Fischer, Treasurer
Mary Watts, Executive Vice President
Lori Harlan, City Staff Liaison, Director of Economic Development
Also in attendance were Tim House and Jack Matthews with Matthews Southwest.
I . GOLF COURSE PROJECT UPDATE
President McClure stated that the purpose of the board meeting was to hear from Matthews
Southwest any progress that has been made in the research of funding alternatives for the golf
course project.
Jack Matthews with Matthews Southwest provided several pieces of literature to the Board
including an outline for the evening's meeting. The first item was to discuss the master plan vision
for Wynnewood Peninsula as conceived by Matthews Southwest to determine if this matched the
ideas of the EDC/City. The master plan vision was as follows:
RESIDENTIAL
- Move-up to luxury single-family housing
- Themed attached housing villages
- Golf
- Lakeside (Canals)
GOLF
- 36+ Holes
- Clubhouse
- Meeting facilities
- Overnight lodging
- Casual dining
MARINA
- 300+ boat slips
- Casual dining
HOTEL / CONFERENCE CENTER
- 300+ rooms
- Meeting facilities
- Casual / formal dining
F.M. 423 / Z.H. 121 BRIDGE CONNECTION
- Helpful to golf
- Needed for marina
- Essential to hotel / conference center
Ms. Watts commented that the bridge is practically an impossibility. Matthews Southwest agreed
that the project is not highly likely. However, they have begun preliminary discussions with the
County and they feel it is still an option to be discussed. Other board members noted their
enthusiasm at. the ideas presented by Matthews Southwest. There was consensus that the project
had a great deal more potential as presented than had previously been discussed.
Mr. Matthews also provided a company profile of Matthews Southwest that had not been given
to the board in the past. Matthews Southwest is a land developer. Although there are certain
aspects of this project that they have not been directly involved with in the past, they wanted to
assure the board that they have the interest in remaining with the project and providing the experts
who are capable to bring the project together. Along these lines, they introduced a profile of
David Leininger, currently the Director of The International Group of ClubCorp. Mr. Leininger
will be leaving ClubCorp to join Economics Research Associates, the group that conducted the
feasibility study on Wynnewood Peninsula. He will begin a new division of ERA concentrated on
providing the link between the feasibility study process and the investment necessary to put a
project on the ground. Mr. Leininger is a close friend of Mr. House, and they have been
discussing this project for some time. Mr. Leininger will be present at the next meeting between
the EDC and Matthews Southwest to discuss his ideas in moving forward with this project.
Mr. Leininger has some experience with Public Improvement Districts, and Matthews Southwest
is interested in using a PID for this project. His first suggestion was to reconstruct the financials
from the feasibility study for the project to reflect a more conservative estimate of revenues in the
first two years of projected play. He also commented that there is room for adjustment to the fee
schedules as shown in the feasibility study. These are two issues that will be discussed at the June
meeting.
Matthews Southwest then presented an estimated time line for proceeding forward:
1996
June Present reconstructed financials and credit enhancement
scenarios to the EDC.
July Present plan to City Council.
Present plan to Denton County.
Secure exclusive agreement for Matthews, subject to timeline
benchmarks.
August Prepare solicitation.
Create Public Improvement District on Matthews land.
Re-work Corps lease.
September Distribute solicitation to prospective operators.
October Receive offers and review.
Initiate 120-day design process.
November Select operator and prepare operator's lease agreement.
December Sign lease agreement with operator.
1997
Jan - Feb Sell bonds.
March Construction begins.
June Dirtball Tournament.
1998
October Golf course opens.
The target date for the next meeting of the EDC and Matthews Southwest is June 4th or I Ith.
Ms. Harlan recommended a work session between Matthews, the EDC, City Council, and perhaps
County representatives be scheduled for July to discuss an exclusive agreement for Matthews, the
project in general including city financial obligations, and the Public Improvement District. Ms.
Harlan also stated that work has begun on behalf of Rusty Nichols to separate the Corps lease and
ready it for this project as well.
Matthews Southwest will continue to research necessary items in creating a PID. The city inust
actually create the PID, and there is some question as to the amount of time necessary. This issue
is important for the project time line. It is also important that all parties - Matthews, The Colony,
Denton County - remain together to move the project forward.
The meeting was adjourned at 8:00 p.m.
Lori H an, Director of Economic Development