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Economic Development Corporation 4BPage 2 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-570-T Version:1 Name:
Type:Agenda Item Status:Regular Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint
a Chairman.
Attachments:
DateVer.Action ByActionResult
Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint a Chairman.
Economic Development Corporation 4BPage 3 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-571-T Version:1 Name:
Type:Agenda Item Status:Regular Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint
a Vice Chairman.
Attachments:
DateVer.Action ByActionResult
Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint a Vice Chairman.
Economic Development Corporation 4BPage 4 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-572-T Version:1 Name:
Type:Agenda Item Status:Regular Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Consider and take appropriate action regarding the July 18, 2016 Economic Development Corporation
4B (EDC 4B) Minutes.
Attachments:July 18 2016 EDC 4B Minutes DRAFT.pdf
DateVer.Action ByActionResult
ConsiderandtakeappropriateactionregardingtheJuly18,2016EconomicDevelopmentCorporation4B(EDC4B)
Minutes.
Economic Development Corporation 4BPage 5 of 18October 3, 2016
MINUTES OF REGULAR SESSION FOR THE
ECONOMIC DEVELOPMENT CORPORATION 4B BOARD
LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS
Monday, July 18, 2016
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 July 18, 2016. The meeting was held within the boundaries of the Town and was
open to the public.
CALLTO ORDER AND ANNOUNCE A QUORUM
Treasurer/Secretary Angela Newell called the July 18, 2016, EDC4B to order at 7:05 p.m. and
announced a quorum present (4 members).
EDC 4B DIRECTORS PRESENT:
Gregory Wilson President arrived late (7:10 pm)
arrived late (7:10 pm)arrived late (7:10 pm)
Angela Newell Treasurer/Secretary
Sean Bone Director
Michael Richmond Director
Henry Brandt Director
EDC 4B DIRECTORS ABSENT:
Dave Brod Director
Eric Jensen Vice President
Vice PresidentVice President
STAFF AND GUEST(S) PRESENT:
STAFF AND GUEST(S) PRESENT:
STAFF AND GUEST(S) PRESENT:
Stephen Seidel Town Manager
Town ManagerTown Manager
Robbie Killingsworth Recording Secretary
g Secretaryg Secretary
RecordinRecordin
CITIZEN PRESENTATIONS
CITIZEN PRESENTATIONSCITIZEN PRESENTATIONS
Citizens are allowed three (3) minutes to address the Board regarding an item over which the
Citizens are allowed three (3) minutes to address the Board regarding an item over which the 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
Board has policy or oversight authority as provided by Texas law, the ethics order, or other Board has policy or oversight authority as provided by Texas law, the ethics order, or other
policy order.
Treasurer/Secretary Angela Newellasked if there were any public requests to speak. No public
Treasurer/Secretary Angela NewellTreasurer/Secretary Angela Newell
requests were turned in.
PUBLIC HEARING - START TIME - 7:06 P.M.
PUBLIC HEARING
1. 2016-403-T A Public Hearing regarding the proposed EDC 4B operating budget
for the fiscal year 2016-2017.
Treasurer/Secretary Angela Newell asked if there were any public requests to speak. No public
requests were turned in.
PUBLIC HEARING CLOSED at 7:07 P.M.
CONVENED INTO REGULAR SESSION –START TIME – 7:08 P.M.
Economic Development Corporation 4BPage 6 of 18October 3, 2016
REGULAR SESSION
2. 2016-404-T Discuss and take appropriate action regarding the proposed EDC 4B
operating budgetfor the fiscal year 2016-2017.
Town Manager Stephen Seidel provided an overview of the proposed EDC 4B operating budget
for the fiscal year 2016-2017 and answered questions from the Board.
Motion by Director Sean Bone, seconded by Director Henry Brandt to approve the following as
presented:
Proposed EDC 4B operating budgetfor the fiscal year 2016-2017.
April 4, 2016 Economic Development Corporation 4B minutes.
March, April, and May 2016 Financials.
Motion passed unanimously.
3. 2016-405-T Consider and take appropriate action regarding the April 4, 2016
Consider and take appropriate action regarding the April 4, 2016 Consider and take appropriate action regarding the April 4, 2016
Economic Development Corporation 4B minutes.
Economic Development Corporation 4B minutes.Economic Development Corporation 4B minutes.
(Action handled in Agenda Item 2).
4. 2016-406-T Discuss and take appropriate action regarding the March 2016
Discuss and take appropriate action regarding the March 2016 Discuss and take appropriate action regarding the March 2016
Financials.
(Action handled in Agenda Item 2).
5. 2016-407-T Discuss and take appropriate action regarding the April 2016
Discuss and take appropriate action regarding the April 2016 Discuss and take appropriate action regarding the April 2016
Financials
(Action handled in Agenda Item 2).
tion handled in Agenda Item 2).tion handled in Agenda Item 2).
6. 2016-408-T Discuss and take appropriate action regarding the May 2016
Discuss and take appropriate action regarding the May 2016 Discuss and take appropriate action regarding the May 2016
Financials.
Financials.Financials.
(Action handled in Agenda Item 2)
ction handled in Agenda Item 2)ction handled in Agenda Item 2)
7. Town Manager Update:
7. Town Manager Update:7. Town Manager Update:
OTD
OTDOTD
Meat U Anywhere BBQ
Meat U Anywhere BBQMeat U Anywhere BBQ
PD-30
3030
Town Manager Stephen Seidel provided updates and answered questions related to the topics
above.
ADJOURN
Motion by Director Sean Bone, seconded by Director Henry Brandt to adjourn. Motion passed
unanimously.
The Board adjourned at 7:15 P.M.
______________________________ _______________________________
Gregory Wilson, President Angela Newell, Treasurer/Secretary
July 18, 2016 EDC-4B Minutes Page 2 of 2
Economic Development Corporation 4BPage 7 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-573-T Version:1 Name:
Type:Agenda Item Status:Regular Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Discuss and take appropriate action regarding the June 2016 Financials.
Attachments:EDC 4B Financial Report June FY15-16.pdf
DateVer.Action ByActionResult
Discuss and take appropriate action regarding the June 2016 Financials.
Economic Development Corporation 4BPage 8 of 18October 3, 2016
Monthly Financial Statement
Photo Credit:
Mayor Pro Tem Lamont 2016
J 2016
une
Economic Development Corporation 4BPage 9 of 18October 3, 2016
TOWN OF TROPHY CLUB
JUNE 2016 FINANCIAL REPORT
ECONOMIC DEVELOPMENT COPORATION 4B
Year-to-Date June 2016Percent of Budget Year Transpired: 75%
Original Revised
RevenueYear-to-DateVariance% Received
BudgetBudget
Sales Tax$ 365,109$ 365,109$ 289,106$ 76,00379%
Interest Income 450 450 987 (537)219%
Total Revenue$ 365,559$ 365,559$ 290,093$ 75,46679%
Original Revised
ExpendituresYear-to-DateVariance% Used
BudgetBudget
Auditing$ 1,000 $ 1,000 $ 1,000 $ -100%
Advertising 5,200 5,200 - 5,2000%
Printing 500 500 - 5000%
Schools & Training 1,310 1,310 345 96526%
Dues & Membership 1,050 1,050 - 1,0500%
Travel & Per Diem 694 694 30 6644%
Office Supplies 250 250 - 2500%
Miscellaneous Expense 7,950 7,950 2,500 5,45031%
EDC Projects 3,750 3,750 3,500 25093%
Incentive Programs 140,773 140,773 105,580 35, 19375%
Debt Service 208,473 208,473 51, 736 156,7370%
Total Expenditures$ 370,950$ 370,950$ 164,691$ 206,25944%
TC Event Center competitive study.
Original Revised
Fund BalanceYear-to-Date
BudgetBudget
Beginning Fund Balance$ 490,480$ 490,480$ 3, 060,400
+Net Increase (Decrease) (5,391) (5,391) 125,402
Ending Fund Balance$ 485,089$ 485,089$ 3, 185,802
Based on Fiscal Year 2014-2015 audited financial statements.
Variance due to 2015 CO bond issuance. Land inventory asset totals $2,538,765. Spendable resources totals $628,405.
Economic Development Corporation 4BPage 10 of 18October 3, 2016
TOWN OF TROPHY CLUB
JUNE 2016 FINANCIAL REPORT
EDC 4B Sales Tax Comparative
FY 2015FY 2016
OCT$ 27,691$ 30,471
50,000
NOV$ 31,248$ 39,522
45,000
DEC$ 28,158$ 28,273
40,000
JAN$ 23,502$ 32,390
35,000
FEB$ 47,901$ 41,534
30,000
MAR$ 22,585$ 28,162
25,000
FY 2015
APR$ 25,324$ 26,920
20,000
FY 2016
MAY$ 30,767$ 31,562
15,000
JUN$ 29,324$ 30,272
10,000
5,000 JUL$ 27,479
0
AUG$ 32,881
SEP$ 27,851
Economic Development Corporation 4BPage 11 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-574-T Version:1 Name:
Type:Agenda Item Status:Regular Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Discuss and take appropriate action regarding the July 2016 Financials.
Attachments:EDC 4B Financial Report July FY15-16.pdf
DateVer.Action ByActionResult
Discuss and take appropriate action regarding the July 2016 Financials.
Economic Development Corporation 4BPage 12 of 18October 3, 2016
Monthly Financial Statement
Photo Credit:
Mayor Pro Tem Lamont 2016
J 2016
uly
Economic Development Corporation 4BPage 13 of 18October 3, 2016
TOWN OF TROPHY CLUB
JULY 2016 FINANCIAL REPORT
ECONOMIC DEVELOPMENT COPORATION 4B
Year-to-Date July 2016Percent of Budget Year Transpired: 83%
Original Revised
RevenueYear-to-DateVariance% Received
BudgetBudget
Sales Tax$ 365,109$ 365,109$ 321,773$ 43,33688%
Interest Income 450 450 1,082 (632)241%
Total Revenue$ 365,559$ 365,559$ 322,856$ 42,70388%
Original Revised
ExpendituresYear-to-DateVariance% Used
BudgetBudget
Auditing$ 1,000 $ 1,000 $ 1,000 $ -100%
Advertising 5,200 5,200 95 5,1052%
Printing 500 500 5000%
-
Schools & Training 1,310 1,310 345 96526%
Dues & Membership 1,050 1,050 1,0500%
-
Travel & Per Diem 694 694 30 6644%
Office Supplies 250 250 2500%
-
Miscellaneous Expense 7,950 7,950 2,500 5,45031%
EDC Projects 3,750 3,750 3,500 25093%
Incentive Programs 140,773 140,773 117,311 23,462 83%
Debt Service 208,473 208,473 51,736 156,7370%
Total Expenditures$ 370,950$ 370,950$ 176,517$ 194,43348%
TC Event Center competitive study.
Original Revised
Fund BalanceYear-to-Date
BudgetBudget
Beginning Fund Balance$ 490,480$ 490,480$ 3,060,400
+Net Increase (Decrease) (5,391) (5,391) 146,339
Ending Fund Balance$ 485,089$ 485,089$ 3,206, 739
Based on Fiscal Year 2014-2015 audited financial statements.
Variance due to 2015 CO bond issuance. Land inventory asset totals $2,538,765. Spendable resources totals $667,974.
Economic Development Corporation 4BPage 14 of 18October 3, 2016
TOWN OF TROPHY CLUB
JULY 2016 FINANCIAL REPORT
FY 2015FY 2016
EDC 4B Sales Tax Comparative
OCT$ 27,691$ 30,471
NOV$ 31,248$ 39,522
50,000
DEC$ 28,158$ 28,273
45,000
JAN$ 23,502$ 32,390
40,000
FEB$ 47,901$ 41,534
35,000
MAR$ 22,585$ 28,162
30,000
APR$ 25,324$ 26,920
25,000
FY 2015
MAY$ 30,767$ 31,562
20,000
FY 2016
JUN$ 29,324$ 30,272
15,000
JUL$ 27,479$ 32,667
10,000
5,000
AUG$ 32,881
0
SEP$ 27,851
Economic Development Corporation 4BPage 15 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-575-T Version:1 Name:
Type:Agenda Item Status:Executive Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Pursuant to the following designated sections of the Texas Government Code, Annotated, Chapter
551 (Texas Open Meetings Act), the Board will convene into executive session to discuss the
following:
Section 551.087 Deliberations 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:
Potential Projects and Incentives
Attachments:
DateVer.Action ByActionResult
PursuanttothefollowingdesignatedsectionsoftheTexasGovernmentCode,Annotated,Chapter551(TexasOpen
Meetings Act), the Board will convene into executive session to discuss the following:
Section551.087DeliberationsregardingEconomicDevelopmentNegotiationstodiscussordeliberatetheofferof
financialorotherincentivestoabusinessprospectthattheTownseekstohavelocatewithintheterritoryofthe
Town:
Potential Projects and Incentives
Economic Development Corporation 4BPage 16 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-576-T Version:1 Name:
Type:Agenda Item Status:Regular Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Consider and take appropriate action regarding the Executive Session.
Attachments:
DateVer.Action ByActionResult
Consider and take appropriate action regarding the Executive Session.
Economic Development Corporation 4BPage 17 of 18October 3, 2016
Town of Trophy Club 100 Municipal Drive
Trophy Club, Texas 76262
Legislation Details (With Text)
File #:2016-577-T Version:1 Name:
Type:Agenda Item Status:Regular Session
File created:9/28/2016 In control:Economic Development Corporation 4B (EDC 4B)
On agenda:10/3/2016 Final action:
Title:Assistant Town Manager Update:
Sales Tax Projection
Meat U Anywhere
OTD
PD-30
Bread Winner's
Attachments:
DateVer.Action ByActionResult
Assistant Town Manager Update:
Sales Tax Projection
Meat U Anywhere
OTD
PD-30
Bread Winner's
Economic Development Corporation 4BPage 18 of 18October 3, 2016