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Agenda Packet EDC 4B 05/12/2008Town of Trophy Club Economic Development Corporation 4B Meeting Agenda 100 Municipal Drive Trophy Club, Texas 76262 Monday, May 12, 2008 6:30 PM A.1 Call to order and announce a quorum. A.2 Discuss and take appropriate action regarding the appointment of Board Officers. A.3 Discuss and take appropriate action regarding the hiring of a Strategic Planning Facilitator. A.4 Discuss and take appropriate action regarding the FY2008-2009 Budget. A.5 Discuss and take appropriate action necessary for preparation of the 2008 ICSC Regional Meeting. A.6 Staff Updates A.7 Items for Future Agendas A.8 Other Business A.9 Approval of Minutes: A. March 10, 2008 Regular Session B. March 24, 2008 Joint Workshop Session A.10 Approval of Financials: A. February 2008 B. March 2008 A.11 Next Meeting scheduled for June 9, 2008 at 6:30 p.m. A.12 Adjourn regular session. ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.1 Call to order and announce a quorum. 2 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.2 Discuss and take appropriate action regarding the appointment of Board Officers. 3 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.3 Discuss and take appropriate action regarding the hiring of a Strategic Planning Facilitator. 4 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.4 Discuss and take appropriate action regarding the FY2008-2009 Budget. Attachments: 1. Current Year to Date Financials for FY2007-2008 2. Proposed FY2008-2009 Budget 5 Current Year to Date Financials for FY2007-2008 ACTUAL PROPOSED ADOPTED AMENDED FY 07/08 FY 07/08 YEAR ACCOUNT BUDGET BUDGET @ @ TO NUMBER DESCRIPTION 2007/2008 2007/2008 02/29/08 03/31/08 DATE BALANCE REVENUES 40030 Sales Tax - General (115,000) (115,000)(12,423) (8,727) (38,153) (76,847) 49010 Interest Income (6,000) (6,000)(455) (443) (2,943) (3,057) 49035 Reserves TOTAL REVENUES (121,000) (121,000) (12,879) (9,170) (41,096) (79,904) EXPENSES 60066 Publications/Books/Subscriptions 100 100 - 119 119 (19) 60070 Dues & Memberships 2,500 2,500 - 2,500 - Artsnet Membership 60080 Schools & Training 1,400 1,400 - - 1,400 Mandatory State Training 600 TEDC Basic Course 600 TEDC Conference Dallas 200 60100 Travel & Per Diem 3,000 3,000 - 611 2,389 Houston (4 days, one person) 850 San Antonio (3 days, three people) 1,850 Meals for potential businesses/developers 300 60125 Advertising 11,310 11,310 - 2,186 2,186 9,124 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 5,000 - 82 4,918 60315 EDC Projects 20,000 52,000 - 15,000 5,000 Trophy Club Park at Lake Grapevine 30,000 Buxton Project MUD 1 to fund $15K 15,000 Consultant for Strategic Plan Development 5,000 Outdoor Warning Siren Equipment Move 2,000 60340 Large Project Reserves 45,924 13,924 - 45,924 60355 Administrative Reimbursement 25,566 25,566 3,447 6,498 19,068 65085 Office Supplies 200 200 - 91 109 65105 Printing 6,000 6,000 - - 6,000 TOTAL EXPENDITURES 121,000 121,000 3,447 2,305 27,086 93,914 1st Financial 11,925 Texpool 172,723 Total 184,648 Bank Balances As of March 31, 2008 6 Proposed FY008-2009 Budget PROPOSED ACCOUNT BUDGET NUMBER DESCRIPTION 2008/2009 REVENUES 40030 Sales Tax - General (115,000) 49010 Interest Income (6,000) 49035 Reserves TOTAL REVENUES (121,000) EXPENSES 60066 Publications/Books/Subscriptions 100 60070 Dues & Memberships 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 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 60315 EDC Projects 20,000 Consultant for Strategic Plan Development 5,000 60340 Large Project Reserves 45,924 60355 Administrative Reimbursement 25,566 65085 Office Supplies 200 65105 Printing 6,000 TOTAL EXPENDITURES 121,000 7 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.5 Discuss and take appropriate action necessary for preparation of the 2008 ICSC Regional Meeting. EXPLANATION: Hotel Reservations have been made at the Homewood Suites by Hilton San Antonio Riverwalk/Downtown. Hotel is within walking distance of the Convention Center. 8 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.6 Staff Updates 9 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.7 Items for Future Agendas 10 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No .A.8 Other Business 11 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No .A.9 Approval of Minutes: A. March 10, 2008 Regular Session B. March 24, 2008 Joint Workshop Session Attachments: 1. March 10, 2008 Regular Session Minutes 2. March 24, 2008 Joint Workshop Session Minutes 12 MINUTES OF REGULAR SESSION ECONOMIC DEVELOPMENT CORPORATION 4B TOWN OF TROPHY CLUB MARCH 10, 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 March 10, 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 Dan Bishop Director Dave Glaser Director Rebecca Shuman Director arrived at 6:53 p.m. DIRECTORS ABSENT: Philip Sterling Council Liaison Glenn Strother Director STAFF AND GUEST(S) PRESENT: Stephen Seidel Assistant Town Manager Shannon DePrater Deputy Town Secretary Danny Thomas Fire Chief Sakura Dedrick Finance Director Stephanie Gohlke Finance Analyst A.1 Call to order and announce a quorum. President Hicks, noting a quorum of EDC 4B, called the regular session to order at 6:40 p.m. and welcomed the two new board members; Directors Bishop and Glaser. Sakura Dedrick introduced Stephanie Gohlke as the new financial analyst. PUBLIC HEARING 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 13 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. President Hicks opened the public hearing at 6:41 p.m. No presentations. President Hicks closed the public hearing at 6:42 p.m. A.3 Discuss and take appropriate action regarding funding the move of the Outdoor Warning Siren equipment. Fire Chief Danny Thomas gave a brief presentation. EDC 4B originally funded this project in 2001. Stephen Seidel also informed the Board that Council has asked that this item be brought to EDC 4B. Director Crosser asked whether Parks and Recreation would be better to fund this request than EDC 4B. President Hicks asked if this was the best price for the equipment move. Hicks mentioned that he was on the Board when it originally funded the Outdoor Warning Siren. Hicks went on to share that the Board’s funding has decreased since the original funding. Crosser moved to fund $2000 of the original $6000 funding request. Director Olthoff seconded; motion carried unanimously. President Hicks moved the following agenda items forward: B.1 Approval of the February 11, 2008 Regular Session Minutes. Crosser moved to approve the February 11, 2008 Regular Session Minutes as written. Director Shuman seconded; motion carried unanimously. B.2 Approval of January 2008 Financials. Director Crosser updated the Board; if there is not an increase in sales tax, there will be a revenue shortfall this fiscal year. Director Shuman made a motion to approve the January 2008 Financials. Director Crosser seconded; motion carried unanimously. A.4 Discuss FY2008-2009 Budget and long range planning. Director Crosser updated Directors Bishop and Glaser on the Pool Bond payment. Sakura Dedrick explained the differences between the Pool Bond payment and Pool Operations payments. President Hicks clarified that EDC 4B is not obliged to pay the 20% pool operations; the Board is still obliged to pay the 25% of the Pool Bond payment. 14 Discussion ensued; the consensus of the Board is to continue with the understanding that EDC 4B is obligated to pay the 25% of the Pool Bond payment. Director Crosser mentioned the financials indicate that if EDC 4B continues to pay the Pool Bond payment, the Board’s funds will cease in five years. Director Shuman suggests going to EDC 4A with different options – 1. EDC 4B will cease to exist if paying the full portion 2. Suggesting going to the Town for the portion 3. Splitting the portion Another option would be to cease administrative reimbursement and continue to pay the 25% of the Pool Bond. The Board took a recess at 8:05 and resumed at 8:10 p.m. Director Crosser will make a presentation on new businesses. President Hicks asked Ms. Dedrick to create a presentation of maintaining status quo with sales tax and if the Board would pay the 25% portion. Board agreed that Director Crosser will make a presentation with three options: 5 year forecast, 3 year forecast and a do nothing forecast. President Hicks will invite Mayor Sanders to the joint meeting. Staff directed Assistant Town Manager Seidel to gather a list of long range planning consultants to continue EDC 4B’s long range/strategic planning process. A.5 Board to receive an update on Trophy Club Park. Director Glaser updated the Board. B.3 Items for Future Agendas: • Directors attending boards and commission meetings 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. Director Shuman made a motion to adjourn at 9:21 p.m. Director Olthoff seconded; motion carried unanimously. ______________________________ _______________________________ Jim Hicks, President Damian Olthoff, Secretary 15 MINUTES OF REGULAR SESSION FOR THE ECONOMIC DEVELOPMENT CORPORATION 4A BOARD AND JOINT WORKSHOP SESSION WITH ECONOMIC DEVELOPMENT CORPORATION 4B BOARD LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS Monday, March 24, 2008 6:30 PM STATE OF TEXAS COUNTY OF DENTON The Economic Development Corporation 4A and Economic Development Corporation 4B of the Town of Trophy Club, Texas, met in Regular Session and Joint Workshop Session on March 24, 2008. The meeting was held within the boundaries of the Town and was open to the public. EDC 4B DIRECTORS PRESENT: JD Harvey President Dwight Morrow Vice President Neil Twomey Treasurer Richard Bell Director Leland Wilhelm Director Jim Moss EDC 4A Council Liaison EDC 4B DIRECTORS PRESENT: James Hicks President Damian Olthoff Secretary Larry E. Crosser Treasurer Dan Bishop Director Dave Glaser Director Rebecca Shuman Director arrived at 6:41 p.m. DIRECTORS ABSENT: Philip Sterling EDC 4B Council Liaison STAFF AND GUEST(S) PRESENT: Stephen Seidel Assistant Town Manager Adam Adams Parks and Recreation Director Shannon DePrater Deputy Town Secretary Chief Danny Thomas Fire Chief Sakura Dedrick Finance Director Stephanie Golhke Finance Analyst Nick Sanders Mayor 16 A.1 EDC 4A to call to order and announce a quorum. President Harvey, noting a quorum of EDC 4A, called the regular session to order at 6:30 p.m. A.2 EDC 4B to call to order and announce a quorum. President Hicks, noting a quorum of EDC 4B, called the regular session to order at 6:30 p.m. EDC 4A AND EDC 4 B TO CONVENE INTO WORKSHOP SESSION A.3 EDC 4A and EDC 4B to discuss current and future operations for planning. Director Crosser gave a presentation on EDC 4B’s current financial standing and addressed questions. President Harvey stated he has no issue with administrative reimbursement, but the Boards may need to revisit the reimbursement process. The possibility of utilizing Hotel/Motel Tax was discussed as an option for administrative reimbursement. Director Shuman stated that the Board has created incentives and tax abatements to offer prospective retailers to aid in their start up costs. President Harvey asked if there is any documentation of how the street program is being utilized. Mayor Sanders shared an internal list of street repairs/projects is being kept. President Hicks reminded the EDC 4A of the large amount of funds needed to possibly aid bringing retail development to Trophy Club. Director Twomey reminded EDC 4B of EDC 4A’s current obligation to pay the current pool bond payment in full is on a year to year basis. President Hicks gave a brief overview of the history of the Pool Bond payment and shared EDC 4B’s future plans. Director Shuman shared that all entities need to create a list of all projects needed, what entity can pay for it, prioritize the items, and proceed. The bottom line is what you do you want your budget to support. The Boards questioned what projects each entity could pay for and what would be needed to dissolve one Board versus the other. President Hicks reiterated the importance of all entities being on board with future development. EDC 4B recommends that it not reassume the pool bond payment. 17 Director Twomey asked what level would EDC 4B like to keep their reserves at. President Hicks shared EDC 4B has not determined a figure. Director Twomey also asked if EDC 4B is willing to go to Council and ask for a commitment of funds in areas for future development. Director Shuman asked EDC 4A if they have discussed any revenue generating projects, such as user fees. Director Olthoff summarized that both Boards are looking at incremental revenue. Both Boards decided that due to the time constraints imposed by the budgetary process, the FY08/09 budget needed to be mutually agreed upon and resolved at this meeting. The general consensus of both Boards is EDC 4B will continue to pay their portion of the Pool Bond payment and EDC 4A will hold in reserve at least EDC 4B’s Pool Bond payment amount and make those funds available in the event EDC 4B would need those funds. It was suggested that staff coordinate the handling of this matter and bring the other Board’s budget to their next meeting respectively. EDC 4A AND EDC 4 B TO RECONVENE INTO REGULAR SESSION A.4 EDC 4B to adjourn. Director Crosser made a motion for EDC 4B to adjourn at 8:17 p.m. Director Strother seconded; motion carried unanimously. ______________________________ _______________________________ Jim Hicks, President Damian Olthoff, Secretary 18 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.10 Approval of Financials: A. February 2008 B. March 2008 Attachments: 1. Financial Spreadsheet 2. First Financial February 2008 Bank Statement 3. First Financial March 2008 Bank Statement 4. Texpool February 2008 Bank Statement 5. Texpool March 2008 Bank Statement 19 ACTUAL PROPOSED ADOPTED AMENDED FY 07/08 FY 07/08 ACCOUNT BUDGET BUDGET @ @ NUMBER DESCRIPTION 2007/2008 2007/2008 02/29/08 03/31/08 REVENUES 40030 Sales Tax - General (115,000) (115,000)(12,423) (8,727) 49010 Interest Income (6,000) (6,000)(455) (443) 49035 Reserves TOTAL REVENUES (121,000) (121,000) (12,879) (9,170) EXPENSES 60066 Publications/Books/Subscriptions 100 100 - 119 60070 Dues & Memberships 2,500 2,500 - Artsnet Membership 60080 Schools & Training 1,400 1,400 - Mandatory State Training 600 TEDC Basic Course 600 TEDC Conference Dallas 200 60100 Travel & Per Diem 3,000 3,000 - Houston (4 days, one person) 850 San Antonio (3 days, three people) 1,850 Meals for potential businesses/developers 300 60125 Advertising 11,310 11,310 - 2,186 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 5,000 - 60315 EDC Projects 20,000 52,000 - Trophy Club Park at Lake Grapevine 30,000 Buxton Project MUD 1 to fund $15K 15,000 Consultant for Strategic Plan Development 5,000 Outdoor Warning Siren Equipment Move 2,000 60340 Large Project Reserves 45,924 13,924 - 60355 Administrative Reimbursement 25,566 25,566 3,447 65085 Office Supplies 200 200 - 65105 Printing 6,000 6,000 - TOTAL EXPENDITURES 121,000 121,000 3,447 2,305 1st Financial 11,925 Texpool 172,723 Total 184,648 Bank Balances As of March 31, 2008 20 21 22 23 24 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No.A.11 Next Meeting scheduled for June 9, 2008 at 6:30 p.m. Attachments: 1. June 2008 Calendar of Events 25 26 ECONOMIC DEVELOPMENT CORPORATION 4B MEMORANDUM From: Shannon DePrater Date: 5-12-2008 Subject: Agenda Item No. A.12 Adjourn regular session. 27