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Agenda Packet EDC 4B 11/14/2016Economic Development Corporation 4B (EDC 4B) Town of Trophy Club Meeting Agenda 100 Municipal Drive Trophy Club, Texas 76262 Svore Municipal Building Boardroom7:00 PMMonday, November 14, 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 1.2016-652-T Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint a Treasurer/Secretary. 2.2016-653-T Consider and take appropriate action regarding the October 3, 2016 Economic Development Corporation 4B (EDC 4B) Minutes. October 3 2016 Minutes DRAFT.pdfAttachments: 3.2016-654-T Consider and take appropriate action regarding the August 2016 Financials and the September 2016 Financials. EDC Financial Report August FY15-16 (UPDATED SG).pdf EDC Financial Report September FY15-16.pdf Attachments: 4.2016-658-T Consider and take appropriate action regarding funding for video project. 5.2016-662-T Discuss and take appropriate action regarding future meeting dates and times. EXECUTIVE SESSION 6.2016-655-T 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: a) Potential Projects and Incentives Economic Development Corporation 4B Page 1 of 20 November 14, 2016 November 14, 2016Economic Development Corporation 4B (EDC 4B) Meeting Agenda REGULAR SESSION 7.2016-656-T Consider and take appropriate action regarding the Executive Session. 8.2016-657-T Assistant Town Manager Update: ·Property Maintenance ·Bread Winners Café ·STARS Report 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. 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 November 9, 2016 by 5:00 P.M. in accordance with Chapter 551, Texas Government Code. ROBBIE KILLINGSWORTH RECORDING SECRETARY 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 Page 2 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-652-T Name: Status:Type:Agenda Item Regular Session File created:In control:11/2/2016 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:11/7/2016 Title:Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint a Treasurer/Secretary. Attachments: Action ByDate Action ResultVer. Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint a Treasurer/Secretary. Economic Development Corporation 4B Page 3 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-653-T Name: Status:Type:Agenda Item Regular Session File created:In control:11/2/2016 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:11/7/2016 Title:Consider and take appropriate action regarding the October 3, 2016 Economic Development Corporation 4B (EDC 4B) Minutes. Attachments:October 3 2016 Minutes DRAFT.pdf Action ByDate Action ResultVer. Consider and take appropriate action regarding the October 3, 2016 Economic Development Corporation 4B (EDC 4B) Minutes. Economic Development Corporation 4B Page 4 of 20 November 14, 2016 MINUTES OF REGULAR SESSION FOR THE ECONOMIC DEVELOPMENT CORPORATION 4B BOARD LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS Monday, October 3, 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 October 3, 2016. The meeting was held within the boundaries of the Town and was open to the public. CALL TO ORDER AND ANNOUNCE A QUORUM President Greg Wilson called the October 3, 2016, EDC 4B meeting to order at 7:00 p.m. and announced a quorum present (5 members). EDC 4B DIRECTOR(S) PRESENT: Gregory Wilson President Eric Jensen Vice President Angela Newell Treasurer/Secretary David Brod Director Sean Bone Director arrived late (7:04 pm) Michael Richmond Director EDC 4B DIRECTOR(S) ABSENT: Cory McDonald Director STAFF AND GUEST(S) PRESENT: Steven Glickman Assistant Town Manager Robbie Killingsworth Recording Secretary Rhylan Rowe Town Council 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. President Greg Wilson asked if there were any public requests to speak. No public requests were turned in. REGULAR SESSION 1. 2016-570-T Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint a President. President Greg Wilson asked for a motion. Motion by Director David Brod, seconded by Director Eric Jensen to reappoint President Greg Wilson as President of Economic Development Corporation 4B (EDC 4B). Economic Development Corporation 4B Page 5 of 20 November 14, 2016 October 3, 2016 EDC 4B Minutes Page 2 of 4 President Greg Wilson asked for comments or questions from the directors. President Greg Wilson asked for a vote. Motion passed unanimously (5-0). 2. 2016-571-T Consider and take appropriate action by Economic Development Corporation 4B (EDC 4B) to appoint a Vice President. President Greg Wilson asked for a motion. Motion by Director David Brod, seconded by Director Michael Richmond to appoint Director Eric Jensen as Vice President of Economic Development Corporation 4B (EDC 4B). President Greg Wilson asked for comments or questions from the directors. President Greg Wilson asked for a vote. Motion passed unanimously (5-0). 3. 2016-572-T Consider and take appropriate action regarding the July 18, 2016 Economic Development Corporation 4B (EDC 4B) minutes. President Greg Wilson asked for a motion. Motion by Director Angela Newell, seconded by Director David Brod to approve the July 18, 2016 Economic Development Corporation 4B (EDC 4B) minutes as presented. President Greg Wilson asked for comments or questions from the directors. President Greg Wilson asked for a vote. Motion passed unanimously (6-0). 4. 2016-573-T Discuss and take appropriate action regarding the June 2016 Financials. Motion by Director Sean Bone, seconded by Vice President Eric Jensen to approve the following as presented: • June 2016 Financials. • July 2016 Financials. President Greg Wilson asked for comments or questions from the directors. Vice President Jensen asked Assistant Town Manager, Steven Glickman for an update. Update was given by Steven Glickman, Assistant Town Manager. President Greg Wilson asked for any further comments or questions from the directors. President Greg Wilson asked for a vote. Economic Development Corporation 4B Page 6 of 20 November 14, 2016 October 3, 2016 EDC 4B Minutes Page 3 of 4 Motion passed unanimously (6-0). 5. 2016-574-T Discuss and take appropriate action regarding the July 2016 Financials. (Action handled in Agenda Item 4). EXECUTIVE SESSION 6. 2016-575-T 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 CONVENE INTO EXECUTIVE SESSION - 7:06 P.M. EXECUTIVE SESSION - CLOSED - 7:42 P.M. RECONVENE INTO REGULAR SESSION - 7:43 P.M. REGULAR SESSION 7. 2016-576-T Consider and take appropriate action regarding the Executive Session. President Greg Wilson asked for a motion. Motion by Director David Brod, seconded by Director Sean Bone to approve the ECONOMIC DEVELOPMENT AGREEMENT and the AMENDED ECONOMIC DEVELOPMENT AGREEMENT as presented. President Greg Wilson asked for comments or questions from the directors. President Greg Wilson asked for a vote. Motion passed unanimously (6-0). Economic Development Corporation 4B Page 7 of 20 November 14, 2016 October 3, 2016 EDC 4B Minutes Page 4 of 4 8. 2016-577-T Assistant Town Manager Update: Sales Tax Projection Meat U Anywhere OTD PD-30 Bread Winner’s Assistant Town Manager Steven Glickman provided updates and answered questions related to the topics above. ADJOURN Motion by Director Sean Bone, seconded by Vice President Eric Jensen to adjourn. Motion passed unanimously (6-0). The Board adjourned at 7:45 P.M. ______________________________ _______________________________ Gregory Wilson, President Angela Newell, Treasurer/Secretary Economic Development Corporation 4B Page 8 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-654-T Name: Status:Type:Agenda Item Regular Session File created:In control:11/2/2016 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:11/7/2016 Title:Consider and take appropriate action regarding the August 2016 Financials and the September 2016 Financials. Attachments:EDC Financial Report August FY15-16 (UPDATED SG).pdf EDC Financial Report September FY15-16.pdf Action ByDate Action ResultVer. Consider and take appropriate action regarding the August 2016 Financials and the September 2016 Financials. Economic Development Corporation 4B Page 9 of 20 November 14, 2016 Monthly Financial Statement August 2016 Photo Credit: Mayor Pro Tem Lamont 2016 Economic Development Corporation 4B Page 10 of 20 November 14, 2016 TOWN OF TROPHY CLUB AUGUST 2016 FINANCIAL REPORT ECONOMIC DEVELOPMENT COPORATION 4B Year-to-Date August 2016 92% Revenue Original Budget Revised Budget Year-to-Date Variance % Received Sales Tax 365,109$ 365,109$ 358,474$ 6,635$ 98% Interest Income 450 450 1,176 (726) 261% Total Revenue 365,559$ 365,559$ 359,651$ 5,908$ 98% Expenditures Original Budget Revised Budget Year-to-Date Variance % Used Auditing 1,000$ 1,000$ 1,000$ -$ 100% Advertising 5,200 5,200 95 5,105 2% Printing 500 500 - 500 0% Schools & Training 1,310 1,310 345 965 26% Dues & Membership 1,050 1,050 - 1,050 0% Travel & Per Diem 694 694 30 664 4% Office Supplies 250 250 - 250 0% Miscellaneous Expense 7,950 7,950 2,500 5,450 31% EDC Projects 3,750 3,750 3,500 250 93% Incentive Programs 140,773 140,773 129,042 11,731 92% Debt Service 208,473 208,473 103,473 105,001 0% Total Expenditures 370,950$ 370,950$ 239,984$ 130,966$ 65% TC Event Center competitive study. Fund Balance Original Budget Revised Budget Year-to-Date Beginning Fund Balance 490,480$ 490,480$ 3,060,400$ +Net Increase (Decrease)(5,391) (5,391) 119,666 Ending Fund Balance 485,089$ 485,089$ 3,180,066$ Percent of Budget Year Transpired: 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 $641,301. Economic Development Corporation 4B Page 11 of 20 November 14, 2016 TOWN OF TROPHY CLUB AUGUST 2016 FINANCIAL REPORT FY 2015 FY 2016 OCT 27,691$ 30,471$ NOV 31,248$ 39,522$ DEC 28,158$ 28,273$ JAN 23,502$ 32,390$ FEB 47,901$ 41,534$ MAR 22,585$ 28,162$ APR 25,324$ 26,920$ MAY 30,767$ 31,562$ JUN 29,324$ 30,272$ JUL 27,479$ 32,667$ AUG 32,881$ 36,701$ 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 Page 12 of 20 November 14, 2016 Monthly Financial Statement September 2016 Photo Credit: Mayor Pro Tem Lamont 2016 Economic Development Corporation 4B Page 13 of 20 November 14, 2016 TOWN OF TROPHY CLUB SEPTEMBER 2016 FINANCIAL REPORT ECONOMIC DEVELOPMENT COPORATION 4B Year‐to‐Date September 2016 100% Revenue Original Budget Revised Budget Year‐to‐Date Variance % Received Sales Tax 365,109$ 365,109$ 393,731$ (28,622)$ 108% Interest Income 450 450 1,289 (839) 286% Total Revenue 365,559$ 365,559$ 395,019$ (29,460)$ 108% Expenditures Original Budget Revised Budget Year‐to‐Date Variance % Used Auditing 1,000$ 1,000$ 1,000$ ‐$ 100% Advertising 5,200 5,200 95 5,105 2% Printing 500 500 ‐ 500 0% Schools & Training 1,310 1,310 345 965 26% Dues & Membership 1,050 1,050 ‐ 1,050 0% Travel & Per Diem 694 694 30 664 4% Office Supplies 250 250 ‐ 250 0% Miscellaneous Expense 7,950 7,950 2,500 5,450 31% EDC Projects 3,750 3,750 3,500 250 93% Incentive Programs 140,773 140,773 140,773 0 100% Paying Agent Fee ‐ ‐ 200 (200) N/A Debt Service 208,473 208,473 208,473 1 0% Total Expenditures 370,950$ 370,950$ 356,915$ 14,035$ 96% TC Event Center competitive study. Fund Balance Original Budget Revised Budget Year‐to‐Date Beginning Fund Balance 490,480$ 490,480$ 3,060,400$ +Net Increase (Decrease) (5,391) (5,391) 38,104 Ending Fund Balance 485,089$ 485,089$ 3,098,504$ Percent of Budget Year Transpired: 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 $559,739. Economic Development Corporation 4B Page 14 of 20 November 14, 2016 TOWN OF TROPHY CLUB SEPTEMBER 2016 FINANCIAL REPORT FY 2015 FY 2016 OCT 27,691$ 30,471$ NOV 31,248$ 39,522$ DEC 28,158$ 28,273$ JAN 23,502$ 32,390$ FEB 47,901$ 41,534$ MAR 22,585$ 28,162$ APR 25,324$ 26,920$ MAY 30,767$ 31,562$ JUN 29,324$ 30,272$ JUL 27,479$ 32,667$ AUG 32,881$ 36,701$ SEP 27,851$ 35,256$ 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 Page 15 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-658-T Name: Status:Type:Agenda Item Regular Session File created:In control:11/2/2016 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:11/7/2016 Title:Consider and take appropriate action regarding funding for video project. Attachments: Action ByDate Action ResultVer. Consider and take appropriate action regarding funding for video project. Economic Development Corporation 4B Page 16 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-662-T Name: Status:Type:Agenda Item Draft File created:In control:11/9/2016 Planning & Zoning Commission On agenda:Final action: Title:Discuss and take appropriate action regarding future meeting dates and times. Attachments: Action ByDate Action ResultVer. Discuss and take appropriate action regarding future meeting dates and times. Economic Development Corporation 4B Page 17 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-655-T Name: Status:Type:Executive Session Executive Session File created:In control:11/2/2016 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:11/7/2016 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: a)Potential Projects and Incentives Attachments: Action ByDate Action ResultVer. 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: a) Potential Projects and Incentives Economic Development Corporation 4B Page 18 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-656-T Name: Status:Type:Agenda Item Regular Session File created:In control:11/2/2016 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:11/7/2016 Title:Consider and take appropriate action regarding the Executive Session. Attachments: Action ByDate Action ResultVer. Consider and take appropriate action regarding the Executive Session. Economic Development Corporation 4B Page 19 of 20 November 14, 2016 100 Municipal Drive Trophy Club, Texas 76262Town of Trophy Club Legislation Details (With Text) File #: Version:12016-657-T Name: Status:Type:Agenda Item Regular Session File created:In control:11/2/2016 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:11/7/2016 Title:Assistant Town Manager Update: · Property Maintenance · Bread Winners Café ·STARS Report Attachments: Action ByDate Action ResultVer. Assistant Town Manager Update: ·Property Maintenance ·Bread Winners Café ·STARS Report Economic Development Corporation 4B Page 20 of 20 November 14, 2016