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Agenda Packet EDC 4B 03/10/2008Town of Trophy Club Economic Development Corporation 4B Meeting Agenda 100 Municipal Drive Trophy Club, Texas 76262 Monday, March 10, 2008 6:30 PM A.1 Call to order and announce a quorum. A.2 On March 10, 2008 and April 14, 2008, at 6:30 p.m. there will be a Public Hearing of the Economic Development Corporation 4B of the Town of Trophy Club, Texas, at the Svore Municipal Building, 100 Municipal Drive, Trophy Club, Texas, 76262, for the purpose of considering various amendments to the fiscal year 2007-2008 budget. There is a sixty (60) day period that begins February 15, 2008; the date of the public notice of the proposed project(s), during which the public may submit a petition with any objections to the project(s). Please contact Deputy Town Secretary, Shannon DePrater, concerning any questions at 682-831-4605. A.3 Discuss and take appropriate action regarding funding the move of the Outdoor Warning Siren equipment. A.4 Discuss FY2008-2009 Budget and long range planning. A.5 Board to receive an update on Trophy Club Park. B.1 Approval of the February 11, 2008 Regular Session Minutes. B.2 Approval of January 2008 Financials. B.3 Items for Future Agendas: B.4 Meeting Schedule: A. Joint Meeting with EDC A - March 24, 2008 B. Regular Session Meeting - April 14, 2008 C.1 Adjourn regular session. ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.A.1 Call to order and announce a quorum. 2 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.A.2 On March 10, 2008 and April 14, 2008, at 6:30 p.m. there will be a Public Hearing of the Economic Development Corporation 4B of the Town of Trophy Club, Texas, at the Svore Municipal Building, 100 Municipal Drive, Trophy Club, Texas, 76262, for the purpose of considering various amendments to the fiscal year 2007-2008 budget. There is a sixty (60) day period that begins February 15, 2008; the date of the public notice of the proposed project(s), during which the public may submit a petition with any objections to the project(s). Please contact Deputy Town Secretary, Shannon DePrater, concerning any questions at 682-831-4605. 3 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.A.3 Discuss and take appropriate action regarding funding the move of the Outdoor Warning Siren equipment. Attachments: 1. Memo from Fire Chief Danny Thomas 2. Map of proposed site location 4 Trophy Club Fire Department 100 Municipal Drive Trophy Club, Texas 76262 682-831-4630 Fax: 817-491-4630 www.ci.trophyclub.tx.us March 4, 2008 Brandon Emmons Town Council EDC-4B Ref; Outdoor Warning System Due to the recent events with land issues at Harmony Park it has come to our attention that the Outdoor Warning System tower must be moved. The existing tower is located on a lot owned by Beck Properties and will need to be moved because of the sell of the lot. Options were given to the March 3rd Council as to a new location and also improvements to the system. Direction was given to relocate to the park at a minimum cost with future consideration on expansion. The existing 7-cell tower will be moved approx. 30 yards with a cost estimate of $6000.00. This is an unfunded item and direction has been given to approach Economic Development Corporation 4B (EDC- 4B), who funded the original project in 2001, for needed funding. 5 6 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.A.4 Discuss FY2008-2009 Budget and long range planning. Attachments: 1. Pool Bond Payment Schedule 7 FISCAL YEAR PRINCIPAL DUE 03/01 INTEREST DUE 03/01 INTEREST DUE 09/01 TOWN TOTAL 75%25% 2008 55,000.00 26,528.75 26,528.75 108,057.50 81,043 27,014 2009 55,000.00 25,222.50 25,222.50 105,445.00 79,084 26,361 2010 60,000.00 23,916.25 23,916.25 107,832.50 80,874 26,958 2011 60,000.00 22,491.25 22,491.25 104,982.50 78,737 26,246 2012 65,000.00 21,066.25 21,066.25 107,132.50 80,349 26,783 2013 70,000.00 19,522.50 19,522.50 109,045.00 81,784 27,261 2014 70,000.00 18,122.50 18,122.50 106,245.00 79,684 26,561 2015 75,000.00 16,722.50 16,722.50 108,445.00 81,334 27,111 2016 80,000.00 15,185.00 15,185.00 110,370.00 82,778 27,593 2017 85,000.00 13,505.00 13,505.00 112,010.00 84,008 28,003 2018 90,000.00 11,677.50 11,677.50 113,355.00 85,016 28,339 2019 95,000.00 9,697.50 9,697.50 114,395.00 85,796 28,599 2020 100,000.00 7,560.00 7,560.00 115,120.00 86,340 28,780 2021 105,000.00 5,160.00 5,160.00 115,320.00 86,490 28,830 2022 110,000.00 2,640.00 2,640.00 115,280.00 86,460 28,820 1,175,000.00$ 239,017.50$ 239,017.50$ 1,653,035.00$ 1,239,776.25$ 413,258.75$ GENERAL OBLIGATION BONDS - SERIES 2002-A ($1,400,000) TOWN OF TROPHY CLUB 8 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.A.5 Board to receive an update on Trophy Club Park. Attachments: 1. Trophy Club Park Presentation given to Town Council on February 18, 2008. 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No .B.1 Approval of the February 11, 2008 Regular Session Minutes. Attachments: 1. February 11, 2008 Regular Session Minutes 51 MINUTES OF REGULAR SESSION ECONOMIC DEVELOPMENT CORPORATION 4B TOWN OF TROPHY CLUB FEBRUARY 11, 2008 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 Regular Session on February 11, 2008. The meeting was held within the boundaries of the Town and was open to the public. DIRECTORS PRESENT: James Hicks President Damian Olthoff Secretary Larry E. Crosser Treasurer Glenn Strother Director Rebecca Shuman Director DIRECTORS ABSENT: Philip Sterling Council Liaison STAFF AND GUEST(S) PRESENT: Stephen Seidel Assistant Town Manager Shannon DePrater Deputy Town Secretary Adam Adams Parks and Recreation Director Neil Twomey Director, EDC 4A Melissa Klauss Applicant Daniel Bishop Applicant Dave Glaser Applicant A.1 Call to order and announce a quorum. President Hicks, noting a quorum of EDC 4B, called the regular session to order at 6:33 p.m. President Hicks moved item B.4 forward. B.4 Other Business: A. Joint Meeting with EDC A regarding Pool Bond Funding. EDC 4A Director Twomey addressed the Board. Director Twomey made an update regarding the status of the Parks and current projects of EDC 4A. EDC 4A may issue a bond to fund capital improvements. At the last EDC 4A meeting, two items came up: percentage of pool bond payment and harmony park improvements. Current EDC 4A funding projects would limit EDC 4A’s access to only obtaining a one million dollar bond for capital park improvements. Fifteen years remain on the pool bond and nine years for harmony park loan. EDC 4A would like to have a joint meeting with EDC 4B regarding budgetary items. EDC 4A would like to know if EDC 4A, EDC 4B and Town will split the cost for effluent water system for harmony park irrigation and if EDC 4A will be funding 100 percent of the pool bond payment. A.2 Discuss and take appropriate action regarding the Dallas Area Chamber Economic Development Guide advertisement renewal. Assistant Town Manager Stephen Seidel gave a brief update on the Dallas Economic Development Guide. The Board has previously advertised and Seidel would like to know if the Board is still interested. This expense is budgeted. The editor will try to place our ad next to Southlake’s ad. 52 Director Crosser moved to proceed with the ad. Director Strother would like to include the web site address. Director Strother seconded; motion carried. Stephen Seidel gave a brief update regarding the Board’s previous Buxton Study questions; Solana Business Complex population was included in the study. Filters used in the study included Buxton Urban Density Score (BUDS) and population density. Branding and marketing assistance is very important; it definitely has an impact on how communities are perceived by the prospect. A strong branding strategy helps you ‘stand out’ among the competition. President Hicks asked about a Buxton Update for MUD 1. Seidel stated that an update would be given at MUD 1’s March meeting. President Hicks said he would attend the meeting. A.3 Discuss and take appropriate action to approve a bank resolution amending authorized representatives on First Financial Bank and Texpool signature accounts. Director Olthoff made a motion to approve the bank resolution amending authorized representatives on First Financial Bank and Texpool signature accounts. Director Shuman seconded; motion carried unanimously. A.4 Interview candidates for two (2) expired seats: a. 7:00 p.m. – Ms. Melissa Klauss b. 7:15 p.m. or immediately following previous applicant – Mr. Dave Glaser c. 7:30 p.m. or immediately following previous applicant - Mr. Dan Bishop The Board interviewed each candidate. A.5 Discuss and take appropriate action regarding a recommendation to the Town Council of candidates for two (2) expired seats on EDC4B. Discussion ensued regarding the candidates. The Board took a five-minute break at 8:34 p.m. Director Olthoff made a motion to recommend the appointment of Dan Bishop to the term expiring in 2008 and Dave Glaser to the term expiring in 2009. Director Crosser seconded; motion carried unanimously. President Hicks will attend the February 18th Town Council to present the nomination to the Council. A.6 Discuss and take appropriate action necessary for preparation of the 2008 ICSC Regional Meeting. The Board directed staff to move forward with making reservations at a different hotel and wait to hear from Emily Morgan. B.1 Staff Updates: A. Trophy Club Park Grant Adam Adams updated the Board and answered questions from the Board members. Trophy Club Park will hold a Grand Opening Event on March 15, 2008. B.2 Approval of Minutes: A. January 14, 2008 Regular Session Director Shuman made a motion to approve the January 14, 2008 Regular Session as amended. Director Strother seconded; motion carried unanimously. Amendments include: Director Crosser stated maybe Trophy Club’s tag line needs to be developed to help with identify Trophy Club’s location. 53 President Hicks agreeds with Director Strother and believes the Board is more focused on creating a developer’s packet rather than working on branding. B.3 Approval of Financials: A. November 2007 B. December 2007 Director Crosser updated the Board. Director Strother made a motion to approve the November 2007 and December 2007 financials as presented. Director Shuman seconded; motion carried unanimously. B.5 Items for Future Agendas. The Board asked that the following items be added to the list of future agenda items: • Begin discussion regarding the Dallas Area Chamber Ad in October 2008 • Increase budget for advertising opportunities • Discuss utilizing a EDC B listserve, marquee welcoming new businesses and website • Facilitator for Stage 2 of planning work session • Identifying major segments of Buxton Study and figure out how to reach and educate various Trophy Club groups • Joint Use information B.6 Discuss and take appropriate action regarding meeting schedule for March 2008. A. Regular Session on March 10, 2008 at 6:30 p.m. B. Joint Meeting with EDC 4A on March 24, 2008 at 6:30 p.m. The Board decided to meet on March 10, 2008 with emphasis on the budget to prepare for the March 24, 2008 Joint Session with EDC 4A. C.1 Adjourn regular session. Director Strother made a motion to adjourn at 10:00 p.m. Director Olthoff seconded; motion carried unanimously. ______________________________ _______________________________ Jim Hicks, President Damian Olthoff, Secretary 54 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.B.2 Approval of January 2008 Financials. Attachments: 1. January 2008 Financial Spreadsheet 2. First Financial January 2008 Statement 3. Texpool Financial January 2008 Statement 55 ADOPTED FY 07/08 FY 07/08 FY 07/08 FY 07/08 ACCOUNT BUDGET @ @ @ @ NUMBER DESCRIPTION 2007/2008 10/31/07 11/30/07 12/31/07 01/31/08 REVENUES 40030 Sales Tax - General (115,000) - - (7,681) (9,322) 49010 Interest Income (6,000) (712) (304) (458) (570) 49035 Reserves TOTAL REVENUES (121,000) (712) (304) (8,139) (9,892) EXPENSES 60066 Publications/Books/Subscriptions 100 - - - - 60070 Dues & Memberships 2,500 2,500 - - - Artsnet Membership 60080 Schools & Training 1,400 - - - - Mandatory State Training 600 TEDC Basic Course 600 TEDC Conference Dallas 200 60100 Travel & Per Diem 3,000 - 611 - - Houston (4 days, one person) 850 San Antonio (3 days, three people) 1,850 Meals for potential businesses/developers 300 60125 Advertising 11,310 - - - - Dallas Business Journal 6,500 Dallas Area Chamber 2,500 Metroport Chamber Map 700 Chamber Advertising Membership Directory 360 Other Advertising Opportunities 1,250 60245 Miscellaneous Expenses 5,000 - - 57 - 60315 EDC Projects 20,000 15,000 - - - Buxton Project. MUD 1 to fund $15K 15,000 Consultant for Strategic Plan Development 5,000 60340 Large Project Reserves 45,924 - - - - 60355 Administrative Reimbursement 25,566 - - - - 65085 Office Supplies 200 66 - 25 - 65105 Printing 6,000 - - - - TOTAL EXPENDITURES 121,000 17,566 611 81 - Bank Balances As of 12/31/2007 1st Financial 15,469 Texpool 159,424 Total 174,892 Outstanding Liabilities Trophy Club Park at Lake Grapevine 30,000 Balance after Liabilities 144,892 56 57 58 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.B.3 Items for Future Agendas: 59 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No.B.4 Meeting Schedule: A. Joint Meeting with EDC A - March 24, 2008 B. Regular Session Meeting - April 14, 2008 Attachments: 1. March 2008 Calendar of Events 2. April 2008 Calendar of Events 60 61 62 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 3-10-2008 Subject: Agenda Item No. C.1 Adjourn regular session. 63