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Agenda Packet EDC 4B 01/04/2016Economic Development Corporation 4B (EDC 4B) Trophy Club Entities Meeting Agenda 100 Municipal Drive Trophy Club, Texas 76262 Svore Municipal Building Boardroom7:00 PMMonday, January 4, 2016 CALL TO ORDER AND ANNOUNCE A QUORUM CITIZEN PRESENTATIONS Citizens are allowed three (3) minutes to address the Board regarding an item over which the Board has policy or oversight authority as provided by Texas law, the ethics order, or other policy order. REGULAR SESSION 1.2015-0827-T Consider and take appropriate action regarding the October 5, 2015 Minutes. 010 October 5 2015 Minutes.pdfAttachments: 2.2015-0817-T Discuss and take appropriate action regarding the August 2015 Financials. August Financial Report FY 2015.pdfAttachments: 3.2015-0818-T Discuss and take appropriate action regarding the September 2015 Financials. September Financial Report FY 2015.pdfAttachments: 4.2015-0819-T Discuss and take appropriate action regarding the October 2015 Financials. October Financial Report FY 15-16.pdfAttachments: 5.2015-0820-T Consider and take appropriate action regarding an agreed termination of Service Contract between the Town and Economic Development Corporation 4B for payment of principal and interest for the construction of a municipal park and swimming pool. EDC4B - Agreed Termination of Service Contract - 2002 Pool Bond.pdfAttachments: 6.2015-0821-T Old Town Development (OTD) update and discussion of the same. Economic Development Corporation 4B 1 of 23 Meeting Date: January 4, 2016 January 4, 2016Economic Development Corporation 4B (EDC 4B) Meeting Agenda 7.2015-0822-T Town Manager Update: - Trophy Club Town Center - ICSC - ADF - Breadwinners Ground Breaking EXECUTIVE SESSION 8.2015-0825-T Pursuant to Texas Government Code, Annotated, Subchapter 551, EDC 4B will convene into closed executive session as authorized by: Section 551.087 Deliberation Regarding Economic Development Negotiations to discuss or deliberate the offer of financial or other incentives to a business prospect that the Town seeks to have locate within the territory of the Town. RECONVENE INTO REGULAR SESSION 9.2015-0826-T Consider and take approproate action regarding the Executive Session. ADJOURN *THE BOARD MAY CONVENE INTO EXECUTIVE SESSION TO DISCUSS POSTED ITEMS AS ALLOWED BY THE TEXAS OPEN MEETINGS ACT, TEXAS LOCAL GOVERNMENT CODE 551.071. Notice is hereby given that a quorum of the Town Council may be in attendance at this meeting. Economic Development Corporation 4B 2 of 23 Meeting Date: January 4, 2016 January 4, 2016Economic Development Corporation 4B (EDC 4B) Meeting Agenda CERTIFICATION I certify that the above notice was posted on the front window of the Svore Municipal Building, 100 Municipal Drive, Trophy Club, Texas, on December 31, 2015 by 5:00 P.M. in accordance with Chapter 551, Texas Government Code. __________________________________ April Reiling PIO & Marketing Manager If you plan to attend this public meeting and have a disability that requires special needs, please contact the Town Secretary’s Office at 682-831-4600, 48 hours in advance and reasonable accommodations will be made to assist you. I certify that the attached notice and agenda of items to be considered by this Board was removed by me from the front window of the Svore Municipal Building, 100 Municipal Drive, Trophy Club, Texas, on the __________ day of ______________________, 2016. ________________________________, Title: ___________________________ Economic Development Corporation 4B 3 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0827-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Consider and take appropriate action regarding the October 5, 2015 Minutes. Attachments:010 October 5 2015 Minutes.pdf Action ByDate Action ResultVer. Consider and take appropriate action regarding the October 5, 2015 Minutes. Economic Development Corporation 4B 4 of 23 Meeting Date: January 4, 2016 MINUTES OF REGULAR SESSION FOR THE ECONOMIC DEVELOPMENT CORPORATION 4B BOARD LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS Monday, October 5, 2015 7:00 p.m. STATE OF TEXAS COUNTY OF DENTON The Economic Development Corporation 4B of the Town of Trophy Club, Texas, met in Regular Session on October 5, 2015. The meeting was held within the boundaries of the Town and was open to the public. EDC 4B DIRECTORS PRESENT: Gregory Wilson President Dave Brod Vice President Eric Jensen Treasurer/Secretary Sean Bone Director Angela Newell Director Michael Richmond Director Henry Brandt Director EDC 4B DIRECTORS ABSENT: STAFF AND GUEST(S) PRESENT: Rhylan Rowe Council Liaison Stephen Seidel Town Manager April Reiling Public Information Officer & Marketing Manager John Zagurski Strategic Services Coordinator President Gregory Wilson called the meeting to order and announced a quorum at 7:00 p.m. CITIZEN PRESENTATIONS REGULAR SESSION 1. Welcome and introduction of new EDC 4B Directors Angela Newell, Michael Richmond and Henry Brandt. New Directors Angela Newell, Michael (Mike) Richmond and Henry Brandt were welcomed and provided a brief introduction to the Board. 2. Election of Officers: - President - Vice President - Treasurer/Secretary Motion by Treasurer/Secretary (current) Eric Jensen to name Greg Wilson as President. Motion seconded by Director Sean Bone. Motion passed unanimously. Motion by President Greg W ilson to name Treasurer/Secretary (current) Eric Jensen as Vice President. Motion seconded by Vice President (current) Dave Brod. Motion passed unanimously. Motion by Director Sean Bone to name Director Angela Newell as Treasurer/Secretary. Motion seconded by Director Dave Brod. Motion passed unanimously. Economic Development Corporation 4B 5 of 23 Meeting Date: January 4, 2016 President – Greg Wilson Vice President – Eric Jensen Treasurer/Secretary – Angela Newell 3. Receive an update regarding the International Council of Shopping Centers (ICSC) Conference & Deal Making event scheduled for November 4-6, 2015 in Dallas. Strategic Services Coordinator John Zagurski provided an overview of the plan for the upcoming ICSC Conference. The Chamber and partner cities will share a booth at the conference and each municipality will have a table within the booth. The Town budgeted for three attendees and EDC 4B Directors are invited to attend. Staff requested the Directors check their schedule and let Staff know if they would like to attend. 4. Discuss and take appropriate action regarding the Old Town Development (OTD) Developer's Agreement. Town Manager Stephen Seidel presented the updated developer’s agreement draft between EDC 4B and OTD and went through changes from the previous copy reviewed by the Board. The Board asked various clarifying questions. Motion by Vice President Eric Jensen to approve the Old Town Development Developer’s Agreement as presented. Motion seconded by Director Dave Brod. Motion passed 5-2 with President Greg Wilson and Treasurer/Secretary Angela Newell opposed. 5. Discuss and take appropriate action regarding the July 6, 2015 Minutes. Motion by Director Dave Brod to approve the July 6, 2015 Minutes as presented. Motion seconded by Vice President Eric Jensen. Motion passed unanimously. 6. Discuss and take appropriate action regarding the August 25, 2015 Joint Session Minutes. Motion by Director Sean Bone to approve the August 25, 2015 Minutes as presented. Motion seconded by Vice President Eric Jensen. Motion passed unanimously. 7. Discuss and take appropriate action regarding the June 2015 Financials. Motion by Director Sean Bone to approve the June 2015 Financials as presented. Motion seconded by Director Dave Brod. Motion passed unanimously. 8. Discuss and take appropriate action regarding the July 2015 Financials. Motion by Vice President Eric Jensen to accept the July 2015 Financials as presented. Motion seconded by Director Dave Brod. Motion passed unanimously. 9. Town Manager Update: - Land purchase - MEAT "U" ANYWHERE BBQ & Bread Winners - PD-30 - The Village - Wonderland Montessori School & Retail Center - EDC Pool Bond Defeasance Town Manager Stephen Seidel provided updates and answered questions related to the topics above. Adjourn Economic Development Corporation 4B 6 of 23 Meeting Date: January 4, 2016 Director Sean Bone motioned to adjourn. Motion seconded by Vice President Eric Jensen. Motion passed unanimously. The Board adjourned at 7:56 p.m. ______________________________ ____________________________ Gregory Wilson, President Angela Newell, Treasurer/Secretary Economic Development Corporation 4B 7 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0817-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Discuss and take appropriate action regarding the August 2015 Financials. Attachments:August Financial Report FY 2015.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the August 2015 Financials. Economic Development Corporation 4B 8 of 23 Meeting Date: January 4, 2016 TOWN OF TROPHY CLUB AUGUST 2015 FINANCIAL REPORT ECONOMIC DEVELOPMENT COPORATION 4B YEAR TO DATE AUGUST 92% Revenue Original Budget Revised Budget Year to Date Variance % Received Sales Tax 327,272$ 327,272$ 326,859$ 413$ 100% Interest Income 300 300 467 (167) 156% Total Revenue 327,572$ 327,572$ 327,327$ 245$ 100% Expenditures Original Budget Revised Budget Year to Date Variance % Used Auditing 1,000$ 1,000$ 1,000$ -$ 100% Advertising 3,000 3,000 2,780 220 93% Printing 500 500 - 500 0% Schools & Training 2,120 2,120 270 1,850 13% Dues & Membership 1,050 1,050 270 780 26% Travel & Per Diem 1,533 1,533 30 1,503 2% Office Supplies 400 400 15 385 4% Miscellaneous Expense 7,100 7,100 7,641 (541) 108% EDC Projects 11,450 11,450 - 11,450 0% Incentive Programs 140,773 140,773 82,118 58,655 58% Total Expenditures 168,926$ 168,926$ 94,123$ 74,803$ 56% Other Uses Original Budget Revised Budget Year to Date Variance % Used Transfer to General Fund 155,634$ 89,964$ 67,473$ 22,491$ 75% Total Other Uses 155,634$ 89,964$ 67,473$ 22,491$ 75% Fund Balance Original Budget Revised Budget Year to Date Beginning Fund Balance 332,636$ 332,636$ 339,715$ +Net Increase (Decrease)3,012 68,682 165,730 Ending Fund Balance 335,648$ 401,318$ 505,445$ Percent of Budget Year Transpired From FY 2014 Audited Financial Statements Economic Development Corporation 4B 9 of 23 Meeting Date: January 4, 2016 TOWN OF TROPHY CLUB AUGUST 2015 FINANCIAL REPORT FY 2015 FY 2014 October 27,691$ 27,691$ November 31,248$ 31,248$ December 28,158$ 21,477$ January 23,502$ 22,227$ February 47,901$ 36,928$ March 22,585$ 21,043$ April 25,324$ 20,816$ May 30,767$ 29,865$ June 29,324$ 27,059$ July 27,479$ 25,664$ August 32,881$ 30,489$ September 28,277$ $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 EDC 4B Sales Tax Comparative FY 2015 FY 2014 Economic Development Corporation 4B 10 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0818-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Discuss and take appropriate action regarding the September 2015 Financials. Attachments:September Financial Report FY 2015.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the September 2015 Financials. Economic Development Corporation 4B 11 of 23 Meeting Date: January 4, 2016 TOWN OF TROPHY CLUB SEPTEMBER 2015 FINANCIAL REPORT ECONOMIC DEVELOPMENT COPORATION 4B YEAR TO DATE SEPTEMBER 100% Revenue Original Budget Revised Budget Year to Date Variance % Received Sales Tax 327,272$ 327,272$ 354,710$ (27,438)$ 108% Interest Income 300 300 537 (237) 179% Total Revenue 327,572$ 327,572$ 355,248$ (27,676)$ 108% Expenditures Original Budget Revised Budget Year to Date Variance % Used Auditing 1,000$ 1,000$ 1,000$ -$ 100% Advertising 3,000 3,000 2,780 220 93% Printing 500 500 - 500 0% Schools & Training 2,120 2,120 270 1,850 13% Dues & Membership 1,050 1,050 270 780 26% Travel & Per Diem 1,533 1,533 30 1,503 2% Office Supplies 400 400 15 385 4% Miscellaneous Expense 7,100 7,100 7,641 (541) 108% EDC Projects 11,450 11,450 3,590 7,860 31% Incentive Programs 140,773 140,773 93,849 46,924 67% Total Expenditures 168,926$ 168,926$ 109,444$ 59,482$ 65% Debt Service Original Budget Revised Budget Year to Date Variance % Used Paying Agent Fee -$ -$ 400$ (400)$ NA debt Issue Cost -$ -$ 97,351$ (97,351)$ NA Total Other Uses -$ -$ 97,751$ (97,751)$ NA Other Uses Original Budget Revised Budget Year to Date Variance % Used Transfer to General Fund 155,634$ 89,964$ 89,964$ -$ 100% Total Other Uses 155,634$ 89,964$ 89,964$ -$ 100% Fund Balance Original Budget Revised Budget Year to Date Beginning Fund Balance 332,636$ 332,636$ 339,715$ +Net Increase (Decrease)3,012 68,682 58,088 Ending Fund Balance 335,648$ 401,318$ 397,803$ Percent of Budget Year Transpired From FY 2014 Audited Financial Statements Economic Development Corporation 4B 12 of 23 Meeting Date: January 4, 2016 TOWN OF TROPHY CLUB SEPTEMBER 2015 FINANCIAL REPORT FY 2015 FY 2014 October 27,691$ 27,691$ November 31,248$ 31,248$ December 28,158$ 21,477$ January 23,502$ 22,227$ February 47,901$ 36,928$ March 22,585$ 21,043$ April 25,324$ 20,816$ May 30,767$ 29,865$ June 29,324$ 27,059$ July 27,479$ 25,664$ August 32,881$ 30,489$ September 27,851$ 28,277$ $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 EDC 4B Sales Tax Comparative FY 2015 FY 2014 Economic Development Corporation 4B 13 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0819-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Discuss and take appropriate action regarding the October 2015 Financials. Attachments:October Financial Report FY 15-16.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the October 2015 Financials. Economic Development Corporation 4B 14 of 23 Meeting Date: January 4, 2016 TOWN OF TROPHY CLUB OCTOBER 2015 FINANCIAL REPORT ECONOMIC DEVELOPMENT COPORATION 4B Year-to-Date OCTOBER 2015 8% Revenue Original Budget Revised Budget Year-to-Date Variance % Received Sales Tax 365,109$ 365,109$ 30,471$ 334,638$ 8% Interest Income 450 450 50 400 11% Total Revenue 365,559$ 365,559$ 30,521$ 335,038$ 8% Expenditures Original Budget Revised Budget Year-to-Date Variance % Used Auditing 1,000$ 1,000$ -$ 1,000$ 0% Advertising 5,200 5,200 - 5,200 0% Printing 500 500 - 500 0% Schools & Training 1,310 1,310 - 1,310 0% Dues & Membership 1,050 1,050 - 1,050 0% Travel & Per Diem 694 694 - 694 0% Office Supplies 250 250 - 250 0% Miscellaneous Expense 7,950 7,950 - 7,950 0% EDC Projects 3,750 3,750 - 3,750 0% Incentive Programs 140,773 140,773 11,731 129,042 8% Total Expenditures 162,477$ 162,477$ 11,731$ 150,746$ 7% Other Uses Original Budget Revised Budget Year-to-Date Variance % Used Transfer Out 208,473$ 208,473$ -$ 208,473$ 0% Total Other Uses 208,473$ 208,473$ -$ 208,473$ 0% Fund Balance Original Budget Revised Budget Year-to-Date Beginning Fund Balance 490,480$ 490,480$ 490,480$ +Net Increase (Decrease)(5,391) (5,391) 18,790 Ending Fund Balance 485,089$ 485,089$ 509,270$ Percent of Budget Year Transpired: From FY 2016 Adopted Budget Economic Development Corporation 4B 15 of 23 Meeting Date: January 4, 2016 TOWN OF TROPHY CLUB OCTOBER 2015 FINANCIAL REPORT FY 2015 FY 2016 OCT 27,691$ 30,471$ NOV 31,248$ DEC 28,158$ JAN 23,502$ FEB 47,901$ MAR 22,585$ APR 25,324$ MAY 30,767$ JUN 29,324$ JUL 27,479$ AUG 32,881$ SEP 27,851$ 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 EDC 4B Sales Tax Comparative FY 2015 FY 2016 Economic Development Corporation 4B 16 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0820-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Consider and take appropriate action regarding an agreed termination of Service Contract between the Town and Economic Development Corporation 4B for payment of principal and interest for the construction of a municipal park and swimming pool. Attachments:EDC4B - Agreed Termination of Service Contract - 2002 Pool Bond.pdf Action ByDate Action ResultVer. Consider and take appropriate action regarding an agreed termination of Service Contract between the Town and Economic Development Corporation 4B for payment of principal and interest for the construction of a municipal park and swimming pool. Economic Development Corporation 4B 17 of 23 Meeting Date: January 4, 2016 AGREED TERMINATION OF SERVICE CONTRACT THIS AGREED TERMINATION OF SERVICE CONTRACT is entered into by and between the Town of Trophy Club , Texas , a home rule municipality located within Denton and Tarrant Counties (hereinafter "Town ") and Trophy Club Economic Development Corporation 4B , a corporation formed pursuant to the laws of the State of Texas (hereinafter "EDC4B ") for the purpose of terminating all contractual obligations between the parties arising from and pursuant to a "Service Contract" executed by the parties on or about January 7 , 2013 wherein EDC4B agreed to make debt service payments on a Town bond issuance , as more fully described below (hereinafter "Contract"). AGREEMENT OF THE PARTIES Town and EDC4B entered into the Contract wherein EDC4B agreed to make debt service payments for the 2002 Bond Issuance of $1,400 ,000.00 (hereinafter "Bond Issuance ") approved by the Town voters for the purpose of constructing and equipping a municipal park and swimming pool (hereinafter "Project"). Pursuant to Section II of the Contract, the cost participation of EDC4B was to be seventy-two percent (72%) of the principal and interest for the Bond Issuance paid in annual installments for a period of sixteen (16) years , unless that period was extended as provided in the Contract. As a result of recent economic development activities within the Town , both the Town and EDC4B have agreed that it serves their mutual best interests for EDC4B to be released from its obligations under the Contract and to utilize its revenue on new projects to promote economic development within the Town and for Town to pay the costs of the Bond Issuance and Project from other municipal revenues legally available to the Town. Page I Economic Development Corporation 4B 18 of 23 Meeting Date: January 4, 2016 IN WITNESS WHEREOF, the parties hereto agree that it serves their mutual best interests to terminate the Contract and that the cross promises provided herein are valid consideration for the execution of this Agreed Termination. Therefore, EDC4B shall have no further obligations under the Service Contract, and the Contract shall be terminated upon the approval and execution of this Agreed Termination by both parties hereto. EDC4B and the Town , acting under authority of their respective governing bodies , have caused this Agreed Termination to be approved and duly executed by the respective parties identified below , and this Agreed Termination shall become effective on the date of the last signature hereto. Date : l0/6/15 • I Date : ------ TOWN OF TROPHY CLUB, TEXAS e~~- C. Nick Sanders, Mayor Town of Trophy Club TROPHY CLUB ECONOMIC DEVELOPMENT CORPORATION 4B Gregory Wilson , President, Board of Directors Page 2 Economic Development Corporation 4B 19 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0821-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Old Town Development (OTD) update and discussion of the same. Attachments: Action ByDate Action ResultVer. Old Town Development (OTD) update and discussion of the same. Economic Development Corporation 4B 20 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0822-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Town Manager Update: - Trophy Club Town Center - ICSC - ADF - Breadwinners Ground Breaking Attachments: Action ByDate Action ResultVer. Town Manager Update: - Trophy Club Town Center - ICSC - ADF - Breadwinners Ground Breaking Economic Development Corporation 4B 21 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0825-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Pursuant to Texas Government Code, Annotated, Subchapter 551, EDC 4B will convene into closed executive session as authorized by: Section 551.087 Deliberation Regarding Economic Development Negotiations to discuss or deliberate the offer of financial or other incentives to a business prospect that the Town seeks to have locate within the territory of the Town. Attachments: Action ByDate Action ResultVer. Pursuant to Texas Government Code, Annotated, Subchapter 551, EDC 4B will convene into closed executive session as authorized by: Section 551.087 Deliberation Regarding Economic Development Negotiations to discuss or deliberate the offer of financial or other incentives to a business prospect that the Town seeks to have locate within the territory of the Town. Economic Development Corporation 4B 22 of 23 Meeting Date: January 4, 2016 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0826-T Name: Status:Type:Agenda Item Regular Session File created:In control:12/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:1/4/2016 Title:Consider and take approproate action regarding the Executive Session. Attachments: Action ByDate Action ResultVer. Consider and take approproate action regarding the Executive Session. Economic Development Corporation 4B 23 of 23 Meeting Date: January 4, 2016