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Minutes EDC 4B 08/08/2005 MINUTES OF WORKSHOP/PUBLIC HEARING/REGULAR SESSION ECONOMIC DEVELOPMENT CORPORATION 4B TOWN OF TROPHY CLUB AUGUST 8, 2005 6:30 P.M. STATE OF TEXAS COUNTY OF DENTON The Economic Development Corporation 4B of the Town of Trophy Club, Texas met in a Workshop/Public Hearing/Regular Session on August 8, 2005 at 6:30 p.m. The meeting was held within the boundaries of the Town and was open to the public. DIRECTORS PRESENT: James Hicks President Andy Hayes Secretary Bill Devlin Treasurer Rebecca Shuman Director Ralph Scoggins Director Larry Crosser Director DIRECTORS ABSENT: Doyle Nicholson Vice-President STAFF AND GUEST/S PRESENT: Roger Unger Staff Liaison Donna Welsh Town Manager Patricia Adams Town Attorney Mary Moore Substitute EDC Clerk Nick Sanders Mayor Pam Cates Town Council member Mindy Whitehead Real Estate Agent Billy "Bob" Wise Buxton Company Larry Stewart Midwest Commercial Realty WORKSHOP SESSION 1. Call to order and announce a quorum. 2. Discussion of regular agenda items. 3. Adjourn workshop session. PUBLIC HEARING/REGULAR SESSION 1. CALL TO ORDER AND ANNOUNCE A QUORUM. President Hicks called the Public Hearing/Regular Session to order at 6:40 p.m., and announced a quorum. Board moved to Agenda Item 3. ECONOMIC DEVELOPMENT CORPORATION 4B August 8, 2005 Page Two 2. DISCUSSION AND APPROPRIATE ACTION REGARDING THE EXPENDITURE OF FUNDS FOR THE FISCAL YEAR 2005-06 BUDGET. Roger Unger advised that the RFP came back on the audits; there was one non-responsive. The proposals for the EDCs budget, which was a stand-alone from the main RFP, came back $4,500 for each. Treasurer Devlin suggested obtaining a price quote without getting an opinion or a report, which may help to reduce the cost. Roger Unger advised that few if any changes have been made to the EDC 4B budget. Treasurer Devlin moved to approve the 2005-06 budget. Director Shuman seconded the motion; motion carried unanimously. 3. LARRY STEWART, MIDWEST COMMERCIAL REALTY, TO GIVE A PRESENTATION. Larry Stewart gave a presentation to the Board, stating that a hotel (Holiday Inn Express)will bring restaurants, which brings retail. President Hicks asked when Holiday Inn Express is expected to make a presentation of their proposed development and if the hotel (planned for Lot 7) has a star rating. Larry Stewart states he is not aware of any multiple star, full-service hotel chain looking to develop in this area. Research from three years ago did not show that such a hotel would be interested in Trophy Club. Mr. Stewart would like to be involved in future Master Planning for Trophy Club as he has already performed a fairly thorough market research for this area. Mr. Stewart asked the Board to consider the following: Polo idea is over the top, as he believes there is not enough demand. With regard to the Pavilion, where would you provide parking and how would the attendees enter and exit? Larry Stewart stated he would like an answer from the Board. Secretary Andy Hayes asked for a definition of a limited-service hotel. Larry Stewart advised it is a hotel with no restaurant. No action taken. 4. BUXTON COMPANY OF FORT WORTH TO GIVE A PRESENTATION. Billy "Bob" Wise made a presentation to the Board regarding the Buxton Company and addressed the Board's questions. Mr. Wise stated that location is no longer the main draw for retailers, but rather the density of the customers for the particular area. Mr. Wise advised that retailers now look at growth rate based upon the drive time to the retailer. Fees for the Buxton Company services are $70,000. Mr. Wise advised that the success rate is dependent upon the retailer. There are a few municipalities that have purchased the program and have not been successful because they have not utilized the information provided by Buxton. Board took a brief recess, started at 8:00 and resumed at 8:08 p.m. 5. DISCUSSION BY THE ECONOMIC DEVELOPMENT COUNCIL. The Board held discussions regarding the presentations. ECONOMIC DEVELOPMENT CORPORATION 4B August 8, 2005 Page Three 6. DISCUSS AND TAKE APPROPRIATE ACTION ON THE EDC-4B PROJECT ROSTER AND STATUS FORM. Secretary Hayes went over the project roster provided within their packet. Secretary Hayes asked the Directors to review the documentation over the next month and at the next meeting make suggestions or recommendations. 7. DISCUSS AND TAKE APPROPRIATE ACTION ON A NEW EDC-4B PROJECT: EDC-4B CAMPAIGN (I.E. SURVEY, SHOP TROPHY CLUB, MAILERS, IT DEPARTMENT, REVIEW THE ATTACHED DOCUMENTS.) Previously discussed; no additional discussions held. 8. A PRESENTATION ON RESULTS OF TOM THUMB SHOPPING CENTER SIGNAGE WALK THROUGH WITH REGENCY AND P82. Secretary Hayes provided a brief report regarding a meeting held with Tom Thumb representatives. 9. DISCUSS AND TAKE APPROPRIATE ACTION ON HWY 114 SIGNAGE (TXDOT). Secretary Hayes updated the Board regarding Texas DOT'S criteria for implementing signage for Trophy Club Businesses on Hwy. 114. No action taken. 10. DISCUSS AND TAKE APPROPRIATE ACTION ON EDC-4B ADVERTISING IN TROPHY CLUB TIMES TO PROMOTE LOCAL BUSINESSES TO RESIDENTS. Secretary Hayes stated that the Town should issue Press Releases. The Chamber of Commerce will facilitate a ribbon cutting for the opening of the new postal business in the Tom Thumb retail center. No action taken. 11. DISCUSSION OF AUGUST 11,2005 MEETING WITH TROPHY CLUB MEDICAL CENTER. Secretary Hayes advised he made a date of August 11 to meet with Trophy Club Medical Center staff to offer its services. The Board suggested rescheduling to a date and time more conducive to Directors, Mayor's, etc. ability to attend. 12. DISCUSSION AND APPROPRIATE ACTION ON TAX ABATEMENTS AND TIPS AS INCENTIVES. Town Manager Welsh advised that the Town would bring the issue of Tax Abatement to the Council for their approval, adding that the Developer will need to come forward and request tax abatements. Attorney Adams advised that the Town set up a reinvestment zone and that a TIF is not feasible in Trophy Club. 13.DISCUSSION AND APPROPRIATE ACTION AS IT RELATES TO PUBLIC RELATIONS OPPORTUNITIES FOR EDC4B AND THE TOWN OF TROPHY CLUB. Roger Unger advised that Sharon Huppert would be the contact for submitting Press Releases. ECONOMIC DEVELOPMENT CORPORATION 4B August 8, 2005 Page Four 14. DISCUSSION AND APPROPRIATE ACTION ON THE REINSTATEMENT OF 'THE EDC TASK FORCE. Treasurer Devlin made a motion to table this agenda item to the September meeting. Director Shuman seconded the motion; motion passed unanimously. 15. DEVELOPER'S REPORT. None. 16. DISCUSSION AND APPROPRIAT ACTION FOR STRATEGIC PLANNING. None. 17. DISCUSSION OF UPDATES TO FORM "ACTION ITEMS LOG". None. 18. DISCUSSION OF UPDATES TO FORM "FUNDING REQUEST LOG". None. 19. DISCUSSION OF UPDATES TO FORM "ISSUE ITEMS LOG". None. 20. APPROVAL OF FINANCIAL STATEMENTS. Treasurer Devlin made a motion to accept and approve the July Financial Statements, as presented with the caveat that the Board would agree to consider and approve the financials one month in arrears due to the monthly closing date of financials by the accounting department. Director Shuman seconded the motion; motion carried unanimously. 21. APPROVAL OF MEETING MINUTES. Director Scoggins made a motion to approve all minutes, as presented. Director Scoggins seconded the motion; motion carried and passed unanimously. 22. OTHER BUSINESS. Treasurer Devlin suggested establishing a two-hour time limit to all future meetings. Director Shuman stated the agenda should be streamed. Secretary Hayes suggested setting a time limit for each agenda item at the very beginning of the meeting. 23. ADJOURN REGULAR SESSION. Director Scoggins made a motion to adjourn at 10:25. Treasurer Devlin seconded the motion; motion passed unanimously. ii 1 \ --ii).„,„ Ja s Hicks Andy Haye President Secretary �"