Agenda Packet EDC 4B 06/26/2019
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Economic Development Corporation 4BPage 1 of 10Meeting Date: Wednesday, June 26, 2019
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Economic Development Corporation 4BPage 2 of 10Meeting Date: Wednesday, June 26, 2019
1 Trophy Wood Drive
Town of Trophy Club
Trophy Club, Texas 76262
Legislation Details (With Text)
File #: Version:Name:
2019-290-T1
Type:Status:
Agenda ItemRegular Session
File created:In control:
6/21/2019Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:
6/26/2019
Title:
Consider and take appropriate action regarding the appointment of the Secretary/Treasurer.
Attachments:
Staff Report - EDC 4B Members.pdf
DateVer.Action ByActionResult
Consider and take appropriate action regarding the appointment of the Secretary/Treasurer.
Economic Development Corporation 4BPage 3 of 10Meeting Date: Wednesday, June 26, 2019
To: Economic Development Corporation 4B
From: Jonathan Phillips, Interim Town Manager
CC: Julie Smestad, Administrative Specialist
Re: EDC4B Members
EDC4B Meeting, June 26, 2019
Agenda Item:
Consider and take appropriate action regarding the appointment of the Secretary/Treasurer.
Explanation:
Below represents the current members of the EDC4B:
Economic Development Corporation 4B
1.
Vacant Position (2019) 5. Jared Hall (2020) – Director
2.
Vacant Position (2019) 6. Chris Whipple (2020) – Director
3.
Travis Inge (2019) – Director 7. Cory McDonald (2020) – Vice President
4.
Michael Richmond (2019) –
President
Council Liaison: Council Member Sean Bone
Page 1 of 1
Economic Development Corporation 4BPage 4 of 10Meeting Date: Wednesday, June 26, 2019
1 Trophy Wood Drive
Town of Trophy Club
Trophy Club, Texas 76262
Legislation Details (With Text)
File #: Version:Name:
2019-291-T1
Type:Status:
Agenda ItemRegular Session
File created:In control:
6/21/2019Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:
6/26/2019
Title:
Consider and take appropriate action regarding the EDC 4B minutes dated May 28, 2019.
Attachments:
Draft Joint Session Minutes 05.28.2019.pdf
DateVer.Action ByActionResult
Consider and take appropriate action regarding the EDC 4B minutes dated May 28, 2019.
Economic Development Corporation 4BPage 5 of 10Meeting Date: Wednesday, June 26, 2019
TOWN OF TROPHY CLUB
ECONOMIC DEVELOPMENT CORPORATION 4B
JOINT SESSION MINUTES
TUESDAY, MAY 28, 2019, 6:00 P.M.
LOCATION: 1 TROPHY WOOD DRIVE, TROPHY CLUB, TEXAS
COUNCIL CHAMBERS
The Economic Development Corporation (EDC) 4B of the Town of Trophy Club, Texas, met in a Joint Session on
Tuesday, May 28, 2019. The meeting was held within the boundaries of the Town and was open to the public.
EDC 4B MEMBERS PRESENT:
Michael Richmond Secretary/Treasurer
John Nordberg Director (participated remotely using video conferencing through Skype)
Jared Hall Director
Chris Whipple Director
Eric Jensen Town Council Liaison
EDC 4B MEMBERS ABSENT:
Cory McDonald Vice President
Travis Inge Director
TAX INCREMENT REINVESTMENT ZONE (TIRZ) NO. 1 PRESENT:
Jared Hall Vice Chairperson
Michael Richmond Board Member
Rebecca Barksdale Tarrant County Official
TIRZ NO. 1 ABSENT:
Travis Inge Chairperson
Cory McDonald Board Member
STAFF PRESENT:
Jonathan Phillips Interim Town Manager
John Zagurski Finance Manager
Holly Fimbres Town Secretary/RMO
Mike Pastor Information Technology Manager
Secretary/Treasurer Richmond announced the date of Tuesday, May 28, 2019, called the EDC 4B meeting to order
and announced a quorum at 6:02 p.m.
CITIZEN PRESENTATIONS
Citizens are allowed four (4) minutes to address the Corporation regarding an item over which the Corporation has
policy or oversight authority as provided by Texas law, the ethics order, or other policy order.
There were no citizen presentations.
JOINT SESSION
1.Consider and take appropriate action regarding the appointment of the President.
Motion:
Motion made by Director Hall, seconded by Director Whipple, to appoint Michael Richmond to serve as the
President.
Motion carried 4-0-0.
Economic Development Corporation 4BPage 6 of 10Meeting Date: Wednesday, June 26, 2019
2.Consider and take appropriate action regarding the EDC 4B minutes dated January 29, 2019.
Motion:
Motion made by Director Hall, seconded by Director Whipple, to approve the EDC 4B minutes dated January 29,
2019.
Motion carried 4-0-0.
3.Consider and take appropriate action regarding granting Trophy Club Municipal Utility District No. 1
easement for a water line across a portion of Trophy Club Economic Development Corporation 4B-owned
property described as Joseph Henry Survey, Abstract 528 - Denton County, Abstract 742 - Tarrant County,
Tract 1E in exchange for the financial considerations within, declaring that such easement is necessary for
use by the public; authorizing the EDC President to execute the easement dedication document.
Interim Town Manager Phillips advised that the Trophy Club Municipal Utility District (TCMUD) No. 1 was
scheduled to construct a waterline along the northern property line of Parcel 7, 2951 E. State Highway 114. Halff
Associates were representing the TCMUD No. 1 and offered $64,106 for Parcel 7, which was owned by the Trophy
Club EDC 4B. Staff and Teague, Nall, & Perkins have reviewed the appraised value and agree with the offer.
Motion:
Motion made by President Richmond, seconded by Director Hall, to grant TCMUD No. 1 an easement for a water
line across a portion of Trophy Club EDC 4B-owned property described as Joseph Henry Survey, Abstract 528 -
Denton County, Abstract 742 - Tarrant County, Tract 1E in exchange for the financial considerations within,
declaring that such easement is necessary for use by the public; authorizing the EDC 4B President to execute the
easement dedication document.
Motion carried 4-0-0.
EXECUTIVE SESSION
4.Pursuant to the following designated section of the Texas Government Code, Annotated, Chapter 551
(Texas Open Meetings Act), the Corporation convened into executive session to discuss the following:
A) Section 551.087 Deliberation regarding Economic Development Negotiations under Subsection (1) to
discuss or deliberate regarding commercial or financial information that the governmental body has
received from a business prospect that the governmental body seeks to have locate, stay, or expand in
or near the territory of the governmental body and with which the governmental body is conducting
economic development negotiations and Subsection (2) to deliberate the offer of a financial or other
incentive to a business prospect that the Town seeks to have locate within the territory of the Town:
1)Agreements with OTD
CONVENED INTO EXECUTIVE SESSION - START TIME – 6:11 P.M.
RECONVENED INTO JOINT SESSION - START TIME – 6:28 P.M.
RECONVENED INTO JOINT SESSION
5.Consider and take appropriate action regarding the Executive Session.
Motion:
Motion made by Director Hall, seconded by President Richmond, to approve both Economic Development
Agreements and to direct Staff to follow procedures to make prepayment by EDC 4B in accordance with the
agreements.
Motion carried 4-0-0.
EDC 4B Joint Minutes May 28, 2019 Page 2 of 3
Economic Development Corporation 4BPage 7 of 10Meeting Date: Wednesday, June 26, 2019
ADJOURN
President Richmond adjourned the meeting at 6:31 p.m.
___________________________________ ___________________________________
Holly Fimbres, Town Secretary/RMO Michael Richmond, President
Town of Trophy Club, Texas Town of Trophy Club, Texas
EDC 4B Joint Minutes May 28, 2019 Page 3 of 3
Economic Development Corporation 4BPage 8 of 10Meeting Date: Wednesday, June 26, 2019
1 Trophy Wood Drive
Town of Trophy Club
Trophy Club, Texas 76262
Legislation Details (With Text)
File #: Version:Name:
2019-292-T1
Type:Status:
Agenda ItemRegular Session
File created:In control:
6/21/2019Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:
6/26/2019
Title:
Consider and take appropriate action regarding the proposed EDC 4B Budget for Fiscal Year 2020.
Attachments:
FY 20 Budget.pdf
DateVer.Action ByActionResult
Consider and take appropriate action regarding the proposed EDC 4B Budget for Fiscal Year 2020.
Economic Development Corporation 4BPage 9 of 10Meeting Date: Wednesday, June 26, 2019
EDC 4B Fund
$ - $ -$ - $ -#DIV/0!
FY 2016FY 2017FY 2018FY 2019FY 2019 FY 2020FY 2021 FY 2022
EDC 4B
ACTUALACTUALACTUALBUDGETESTIMATEPROPOSEDPROJECTEDPROJECTED
Starting Net Position
$ 406,525 $ 561,248 $ 713,274 $ 805,708 $ 814,202 $ 286,442 $ 494,362 $ 711,674
Revenue
Sales Tax - General
$ 400,621 $ 426,862 $ 449,003 $ 453,356 $ 453,356 $ 486,224 $ 500,789 $ 515,790
NTX Magazine Revenue - - - - - - - -
Interest Income 1,289 3,918 8,298 2,000 2,000 4,000 4,000 4,000
Total Revenue$ 401,910 $ 430,779$ 457,301 $ 455,356$ 455,356 $ 490,224$ 504,789 $ 519,790
Expenses
Professional Outside Services$ 4,000
$ - $ 2,000 $ 1,500 $ 1,470 $ 1,116 $ 4,000 $ 5,000
Auditing 1,000 1,000 1,000 2,000 2,000 4,000 4,000 5,000
Advertising 95 480 377 4,000 16,691 35,000 38,060 41,181
Printing - - - 200 34 200 200 200
Schools & Training 345 - 350 1,000 1,000 1,000 1,000 1,000
Dues & Membership - 2,500 - 1,150 1,200 1,200 1,200 1,200
Travel & Per Diem 30 - - 422 - 750 750 750
Office Supplies - 30 - 200 225 200 200 200
Miscellaneous Expense 2,500 3,535 2,500 3,000 2,500 4,000 4,000 4,000
EDC Projects 3,500 17,018 106,950 416,560 261,010 - - -
Incentive Programs 140,773 140,773 140,773 205,773 696,940 - - -
Transfer to General Fund - - - - - 30,000 30,000 30,000
Transfer to Debt Service - - - 204,023 - 201,555 203,668 200,258
Bond Principal - - -- - - - -
Bond Interest 98,745 111,018 102,723 - - - - -
Debt Issue Cost - - - - - - - -
Paying Agent Fees 200 400 200 400 400 400 400 400
Total Expenses$ 247,188 $ 278,753$ 356,373 $ 840,198$ 983,116 $ 282,305$ 287,478 $ 289,189
Net Increase (Decrease)$ 154,722 $ 152,026$ 100,928 $ (384,842)$ (527,760)$ 207,919$ 217,311 $ 230,601
Ending Net Position
$ 561,248 $ 713,274 $ 814,202 $ 420,866 $ 286,442 $ 494,362 $ 711,674 $ 942,276
Economic Development Corporation 4BPage 10 of 10Meeting Date: Wednesday, June 26, 2019