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Agenda Packet EDC 4B 06/08/2009Economic Development Corporation 4B (EDC 4B) Trophy Club Entities Meeting Agenda 100 Municipal Drive Trophy Club, TX 76262 Svore Municipal Building Boardroom6:30 PMMonday, June 8, 2009 Call To Order and announce a quorum. 1.09-160-T Discuss and take appropriate action regarding meeting with Ron Holifield. 2.09-161-T Discuss and take appropriate action regarding meeting with Catalyst Commercial. Catalyst Commercial Merchandising Plan.pdf Catalyst Commercial Retail Analytic and Merchandising Outline.pdf Attachments: 3.09-162-T Discuss and take appropriate action regarding the Design Charrette project. 4.09-163-T Discuss and take appropriate action regarding FY10 EDC-4B Budget. 5.09-18-T Update from Council member Glenn Strother regarding Council activities and workshops. 6.09-164-T Staff Updates: a. Village Center b. Annual Appointments 7.09-165-T Discuss and take appropriate action to approve the April 13, 2009 Regular Session Minutes. April 13 2009 Regular Session Minutes.pdfAttachments: 8.09-166-T Discuss and take appropriate action to approve Financials dated: a. March 2009 b. April 2009 April 2009 Monthly Financial Report-EDC 4B.pdf April 2009 Monthly Financial Report Explanation of Variances 4B.pdf Attachments: 9.09-167-T Items for Future Agendas: a. Application Timeline b. Economic Development Training Classes c. Ben Hogan Golf Tournament d. Ron Holifield to help with creation of roles and responsibilities of Directors 10.09-168-T Set next meeting date of Monday, July 13, 2009. Adjourn Economic Development Corporation 4B Page 1 of 22 Meeting Date: June 8, 2009 June 8, 2009Economic Development Corporation 4B (EDC 4B) Meeting Agenda *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 Friday, June 5, 2009 by 5:00 P.M. in accordance with Chapter 551, Texas Government Code. _______________________________ Shannon DePrater Deputy Town 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 ______________________, 2009 ________________________________, Title: ___________________________ Economic Development Corporation 4B Page 2 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-160-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Discuss and take appropriate action regarding meeting with Ron Holifield. Sponsors: Indexes: Code sections: Attachments: Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 3 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-161-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Discuss and take appropriate action regarding meeting with Catalyst Commercial. Sponsors: Indexes: Code sections: Attachments:Catalyst Commercial Merchandising Plan.pdf Catalyst Commercial Retail Analytic and Merchandising Outline.pdf Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 4 of 22 Meeting Date: June 8, 2009 Catalyst│Commercial Catalyst│Commercial 1412 Main Street, Suite 750 Dallas, Texas 75202 972-999-0081 5/30/2009 Stephen Seidel Town of Trophy Club 100 Municipal Drive Trophy Club, Texas 76262 Re: Merchandising Plan Stephen Seidel: It was a pleasure meeting with you and Mr. Hicks to discuss developing and executing on a plan to promote the development of several retail projects within the Town of Trophy Club. Catalyst Consulting + Solutions™ has experience in assisting public and private entities in developing and implementing economic development programs through our Merchandising Plan and implementation strategies. Our core role with Trophy Club will be to leverage your existing strengths and materials with additional deliverables and processes we will provide to recruit and procure the best fit operators to your key retail assets. The results will be a Catalyst to increasing your tax base, promote job growth and community creation which will allow you to capture your retail potential. Our next steps are to: 1. Solidify an outline (See attached draft of Proposed Scope of Work dated June 1, 2009) before June 5th. 2. Schedule June 8th 4B Board Meeting. 3. Complete a proposal based up approve Scope of Work (est. June 19th) 4. Complete a Merchandising Plan for the Town of Trophy Club (est. July15th) 5. Execute on the Merchandising Plan for tenant recruitment and procurement Forming a strategic plan for the Town of Trophy Club requires a thoughtful approach, and although economic development is a common goal for a majority of public entities, there is no “one size fits all" solution that fits for any community. Catalyst Consulting + Solutions™ has outlined a custom approach to address several key areas that the Town of Trophy Club should address to mitigate risks, leakage and current economic loss. We look forward in working with you in presenting our findings and final outline to the 4B Board. Sincerely, Jason Claunch Catalyst Consulting + Solutions™ Economic Development Corporation 4B Page 5 of 22 Meeting Date: June 8, 2009 Catalyst│Commercial Town of Trophy Club Retail Analytic and Merchandising Outline Catalyst Consulting + Solutions has prepared the following outline to generate momentum in your economic development initiatives. Please review to confirm that these areas outlined below are comprehensive to capture your objectives, and we can include/exclude any of the following or supplement with additional initiatives needed: Marketing Catalyst Consulting + Solutions will work with The Town of Trophy Club to co-author a Marketing Plan to outline the story and design a marketing strategy to attract the best-fit national, regional, and local retailers to The Town of Trophy Club. Catalyst Consulting + Solutions will coordinate to provide customized Marketing Collateral for the Town of Trophy Club to effectively portray the story and vision of the Town of Trophy Club with appropriate retail marketing materials. This will include a combination of existing collateral provided by The Town of Trophy Club (aerials, zoning, utility maps, reports, studies) as well as due diligence and information developed, collected and compiled by Catalyst. Merchandising Plan The purpose of a Merchandising Plan is to identify prospective retail operators for the Trophy Club market. The results are mitigation of retail sales leakage and capture retail potential and fulfill other economic goals and objectives. In order to complete a comprehensive Merchandising Plan the internal and external factors impacting the study area must be identified. The initial step will be to complete an accurate Trade Area Delineation. Trade Area Delineation Understanding who and where your target customers are is a crucial step in any retail recruitment initiative. Demographic analyses derived from simply using estimated radius rings or drive times are not respected by retailers because they do not accurately account for actual trade areas. Geographical boundaries, psychological boundaries, and competing retail notes all have significant impacts which must be accounted for when identifying trade area boundaries. Catalyst Consulting + Solutions will delineate the trade area by actual sampling of existing customers to create a comprehensive picture of the actual trade area within the study area. Market Analysis When identifying target markets, retailers typically base their analysis on the availability of their customer base within the trade area as well as projected sales potential based on market factors such as competition, synergistic operations and amount of non competing retailers (co- Economic Development Corporation 4B Page 6 of 22 Meeting Date: June 8, 2009 2 tenancy). Once the trade area has been clearly defined, demographic and psychographic analyses used in retailers’ site selection analyses can now be accurately extrapolated. Additionally, Catalyst Consulting + Solutions analyzes data based on sales potential, market potential and retail leakage to prioritize specific retailer categories based upon these metrics. The Market Analysis will include: Demographic Analysis  Population profile  Income Analysis  Ethnic characteristics  Age profile  Education profile Psychographic Profile  Lifestyle segmentation profile Retail Drivers  Employment Centers  Retail Co-tenancy  Traffic count analysis Retail Summary  Analysis of retail nodes within Trophy Club and comparison of Trophy Club supply against competing nodes within the primary and external trade areas.  Planned retail projects in the trade area.  Matrix of existing retail tenants by category operating in the major retail centers within the trade area by location. This matrix will identify distribution of existing operating tenants, density of specific categorical uses, and outline potential targeted tenants.  Operating tenant mix within the Town of Trophy Club with specific tenants geo-coded by name and category. Demand analysis  Retail Gap analysis and Leakage Assessment for the Trophy Club area  Leakage, Sales Potential and Market Potential study by category  Retail categories ranked and scored based on sales potential and market potential. Economic Development Corporation 4B Page 7 of 22 Meeting Date: June 8, 2009 3 Property Analysis To further analyze potential, the Merchandising Plan will drill down to match operators with specific available properties. The Property Analysis will relate the available inventory of retail space with the requirements of specific operators. The Property Analysis will evaluate:  Detail analysis of planned commercial tracts greater than 5 acres or existing projects with vacancy greater than 10,000 SF which are: o Trophy Club Plaza - Regency o Larry Stewart tracts o Mehrdad Tract o Beck Tract  Individual analysis of each project shall include: location, traffic, access, visibility and a development summary.  Leasing comparables and availability within the trade area and adjacent neighboring trade areas comparative to retail planned or proposed projects in the trade area.  Overlap study and branding efforts of existing and future commercial properties within Trophy Club (protect existing projects – outline differentiated program vs. dilution)  Comparative analysis of existing or proposed projects within the study area with similar scale and merchandising to the objectives within Trophy Club including: o Location o Size (GLA) o Potential timing o Prospective or announced tenants o Asking rents Potential Tenants Once the Trade Area Delineation, Market and Demographic Analysis, and Property Analysis have been completed, Catalyst will use its proprietary system to generate a list of retailers whose criteria match those of the target key areas or on a market wide basis. The Potential Tenants section will include:  Profile of national operating tenants by category and account name that match based upon co-tenancy, physical constraints, population income, population density, lifestyle segmentation, and other factors using Catalyst’s proprietary systems and processes. Additional Services Available:  Development of additional retail marketing material including property website design, trade booth design, property listings. Economic Development Corporation 4B Page 8 of 22 Meeting Date: June 8, 2009 4  Tenant Recruitment and procurement for specific retailers by category o Distribute retail recruitment marketing collateral for distribution to targeted and future retailers via direct mail and email to existing business relationships (EBR) and targeted retailers, brokers, and developers. o Create a dataset of available retail locations (Property Inventory) for targeted retailers and maintain marketing collateral for each property.  Coordinate efforts with GSBS or other third party planners to complete pre-programming for a final development plan on individual target parcels o Retail optimization o Gross Leasable Area (GLA) of proposed retail operators o Phasing o Districting o Strategic objectives/goals/targets Catalyst│Commercial 1412 Main Street, Suite 750 Dallas, Texas 75202 972-999-0081 Economic Development Corporation 4B Page 9 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-162-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Discuss and take appropriate action regarding the Design Charrette project. Sponsors: Indexes: Code sections: Attachments: Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 10 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-163-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Discuss and take appropriate action regarding FY10 EDC-4B Budget. Sponsors: Indexes: Code sections: Attachments: Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 11 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-18-T Name:CM Strother's Update Status:Type:Agenda Item Regular Session File created:In control of:1/27/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:4/13/2009 12:00:00 AM Title:Update from Council member Glenn Strother regarding Council activities and workshops. Sponsors: Indexes: Code sections: Attachments: Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 12 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-164-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Staff Updates: a. Village Center b. Annual Appointments Sponsors: Indexes: Code sections: Attachments: Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 13 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-165-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Discuss and take appropriate action to approve the April 13, 2009 Regular Session Minutes. Sponsors: Indexes: Code sections: Attachments:April 13 2009 Regular Session Minutes.pdf Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 14 of 22 Meeting Date: June 8, 2009 MINUTES OF REGULAR SESSION FOR THE ECONOMIC DEVELOPMENT CORPORATION 4B BOARD LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS Monday, April 13, 2009 6:30 PM STATE OF TEXAS COUNTY OF DENTON The Economic Development Corporation 4B of the Town of Trophy Club, Texas, met in Regular Session on April 13, 2009. The meeting was held within the boundaries of the Town and was open to the public. EDC 4B DIRECTORS PRESENT: James Hicks President Dave Glaser Vice President Larry E. Crosser Treasurer Damian Olthoff Secretary Dan Bishop Director Zachary Jeffery Director Rebecca Shuman Director arrived at 6:48 p.m. EDC 4B DIRECTORS ABSENT: Glenn Strother EDC 4B Council Liaison STAFF AND GUEST(S) PRESENT: Stephen Seidel Assistant Town Manager Shannon DePrater Deputy Town Secretary Nick Sanders Mayor Marty Wieder GSBS Call to order and announce a quorum. President Hicks, noting a quorum of EDC 4B, called the regular session to order at 6:35 p.m. 1. Presentation from Mayor Sanders regarding Economic Development and discussion of the same. Mayor Sanders gave a presentation on different ways to promote economic development in Trophy Club. Mayor Sanders expressed his desire for the Board to continue to move forward on economic development initiatives. One idea he shared was Trophy Club Country Club hosting a Ben Hogan Golf Tournament that would coincide with the 2011 Super Bowl. There was a brief Question-Answer period after Mayor Sanders concluded his presentation. 2. Discuss and take appropriate action regarding Design Charrette presentation by GSBS. Marty Wieder from GSBS Architects updated the Board on the status of the Design Charrette and discussed the benefits of branding, marketing and strategic planning. Mr. Wieder stressed the importance of Rules of Engagement with Mr. Scott Beck. Once an overlay district was approved by Council, property development would be administered and Economic Development Corporation 4B Page 15 of 22 Meeting Date: June 8, 2009 overseen by staff, and Beck Properties would come before Council on a monthly basis with updates. Mr. Wieder provided a rough-draft document for a mixed-use development district and requested the Board review, digest and provide feedback. Assistant Town Manager Seidel offered to take the directors to established town centers to get a feel of the different aesthetics of each town center. No action taken, discussion only. 3. Discuss and take appropriate action regarding Phase II of an Economic Development Strategic Planning. Assistant Town Manager Seidel stressed the importance of moving to the next phase of strategic planning. The Board discussed whether or not Town Council is ready to continue. The Board is willing to continue the process as long as Town Council is willing to continue. Director Crosser moved to direct Assistant Town Manager Seidel to continue Strategic Planning with the Town Council negotiations, not exceeding $5000. Director Olthoff seconded; motion carried 6-1 with Director Glaser opposing. 4. Discuss and take appropriate action regarding FY09 Economic Development Corporation 4B Budget and preliminary discussion for FY10 EDC-4B Budget. Assistant Town Manager Seidel updated the board on its current healthy fund balance and also the Town’s financial status. Seidel would like the Board to begin thinking of projects; the Board will adopt their budget in August. Staff is beginning to build the budget and will be bringing it to the Board at their next meeting. Seidel requested that the Directors send their budget requests to him during the next couple of weeks. The Board directed Assistant Town Manager Seidel to complete a “wish list” of both staff and director’s list of items. 5. Staff Updates: a. Town Commercial Property Assistant Town Manager Seidel updated the board and answered questions. 6. Discuss and take appropriate action to approve the January 12, 2009 Regular Session Minutes. Director Shuman moved to approve with amendment to A.4. Director Crosser seconded; motion carried unanimously. A.4 Discuss and take appropriate action regarding skill set for prospective new members. The consensus of the Board is to make note in the minutes that in an effort to continue to have a well-balanced committee, the Board will seek qualified candidates to fill vacancies with experience in the following professional areas: real east estate developer, financial/accounting, marketing/ public relations, project manager or retail. Economic Development Corporation 4B Page 16 of 22 Meeting Date: June 8, 2009 7. Discuss and take appropriate action to approve Financials dated: a. November 2008 b. December 2008 c. January 2009 d. February 2009 Director Crosser updated the board on its current financial status. Director Crosser moved to approve all financials as presented. Director Glaser seconded; motion carried unanimously. 8. Items for Future Agendas: The following items were added to future agenda items: • Application Timeline • Economic Development Training Classes • Ben Hogan Golf Tournament • Ron Holifield to help with creation of roles and responsibilities of Directors . 9. Set next meeting date of Monday, June 8, 2009. The next meeting of the Economic Development Corporation 4B Board will be May 11, 2009 at 6:30 p.m. Adjourn Director Shuman moved to adjourn at 9:26 p.m. Director Jeffery seconded; motion carried. ______________________________ _______________________________ James Hicks, President Damian Olthoff, Secretary Economic Development Corporation 4B Page 17 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-166-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Discuss and take appropriate action to approve Financials dated: a. March 2009 b. April 2009 Sponsors: Indexes: Code sections: Attachments:April 2009 Monthly Financial Report-EDC 4B.pdf April 2009 Monthly Financial Report Explanation of Variances 4B.pdf Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 18 of 22 Meeting Date: June 8, 2009 ECONOMIC DEVELOPMENT CORPORATION 4B FUND April 2009 7/12 Months (58% of Fiscal Year) CURRENT FISCAL YEAR, 2008-09 April Year-to- Budget 2009 Date Y-T-D Y-T-D FY 2008-09 Actual Actual Variance % of Budget REVENUE SALES TAX 125,572$ 7,503$ 48,516$ (77,056)$ 38.6% INTEREST INCOME 5,000 91 1,345 (3,655) 26.9% TOTAL REVENUE 130,572 7,594 49,861 (80,711) 38.2% EXPENDITURES ECONOMIC DEVELOPMENT PROJECTS 54,571 - 5,701 (48,870) 10.4% TRANSFER TO TOWN INTEREST & SINKING 26,362 26,362 26,362 - 100.0% TRANSFER TO TOWN GENERAL FUND 25,566 2,552 9,167 (16,399) 35.9% ADVERTISING 8,373 - 7,918 (455) 94.6% TRAVEL 3,000 28 1,699 (1,301) 56.6% SCHOOLS & TRAINING 1,400 - 735 (665) 52.5% PRINTING 6,000 - - (6,000) 0.0% PUBLICATIONS/BOOKS/SUBSCRIPTIONS 100 - - (100) 0.0% DUES & MEMBERSHIPS 100 - 100 - 100.0% OFFICE SUPPLIES 200 - - (200) 0.0% MISCELLANEOUS 4,900 - - (4,900) 0.0% TOTAL EXPENDITURES 130,572 28,942 51,682 (78,890) 39.6% EXCESS/(DEFICIT)-$ (21,348)$ (1,821)$ Economic Development Corporation 4B Page 19 of 22 Meeting Date: June 8, 2009 ECONOMIC DEVELOPMENT CORPORATION 4B FUND April 2009 7/12 Months (58% of Fiscal Year) R EVENUES Sales Tax - As required by the Government Accounting Standards Board, sales tax is reported for the month it is collected by the vendor. February, 2009 collections are remitted to the city in April, 2009. Receipts are reported on a two month lag, therefore April, 2009 revenues reflect only five months of collections. Interest Income – The budget for investment interest is based on prior year trends. Current low interest rates are reflected in the variance from budget. EXPENDITURES Economic Development Projects – The year-to-date actual expenditures reflect payments to GSBS. Transfer to Town Interest & Sinking – The transfer to the Town Interest & Sinking Fund reflects 25% of the annual debt service payment associated with the $1.4 million bond issue for Trophy Club Pool. Transfer to Town General Fund – The transfer to the Town General Fund reflects the repayment for administration expenses. Advertising – The year-to-date actual expenditures reflect the payment for the Dallas Business Journal ad. Dues and Memberships – The budget and year-to-date actual expenditures reflect the annual membership to ICSC. Economic Development Corporation 4B Page 20 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-167-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Items for Future Agendas: a. Application Timeline b. Economic Development Training Classes c. Ben Hogan Golf Tournament d. Ron Holifield to help with creation of roles and responsibilities of Directors Sponsors: Indexes: Code sections: Attachments: Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 21 of 22 Meeting Date: June 8, 2009 100 Municipal Drive Trophy Club, TX 76262Trophy Club Entities Legislation Details File #: Version:109-168-T Name: Status:Type:Agenda Item Regular Session File created:In control of:6/2/2009 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:6/8/2009 12:00:00 AM Title:Set next meeting date of Monday, July 13, 2009. Sponsors: Indexes: Code sections: Attachments: Action ByDate Action ResultVer. Trophy Club Entities Printed on 6/5/2009Page 1 of 1 powered by Legistar™ Economic Development Corporation 4B Page 22 of 22 Meeting Date: June 8, 2009