Minutes EDC 4B 12/11/2006MINUTES OF REGULAR SESSION
ECONOMIC DEVELOPMENT CORPORATION 4B
TOWN OF TROPHY CLUB
December 11, 2006
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 December 11, 2006. The meeting was held within the boundaries
of the Town and was open to the public.
DIRECTORS PRESENT:
James Hicks
Damian Olthoff
Larry E. Crosser
Cy Holley
Rebecca Shuman
Philip Sterling
DIRECTORS ABSENT:
Doyle Nicholson
STAFF AND GUEST(S) PRESENT:
Brandon Emmons
Beth Ann Gregory
Shannon DePrater
Sakura Moten-Dedrick
Bob Bolen
Joe Fackel
Dennis Turnbull
Glenn Strother
Roger Williams
Nick Sanders
Dave Glaser
Sally Michalak
Larry Stewart
Leland Wilhelm
Roger Unger
President
Secretary
Director
Director
Director
Council Liaison
Vice -President
Town Manager
Community Development Director
Recording Secretary
Finance Director
The Buxton Company
"rhe Buxton Company
Land Plan
Resident
Council Member
Mayor
Parks & Recreation Board
Northwest Metroport Chamber
Midwest Commercial Realty
EDC 4A Director
Quanah Properties
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December 11, 2006 Minutes
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WORKSHOP SESSION
Call to order and announce a quorum.
President Hicks, noting a quorum, called the workshop to order at 6:33 p.m.
Introduction of guests
Audience participants stood and introduced themselves.
Discussion between the EDC -413 and invited guests regarding ways to promote
and attract quality development to Trophy Club including the potential use of the
Buxton Group to help identify retail opportunities for the area.
Beth Ann introduced the plans to help increase economic development in Trophy Club.
Discussion focused on daytime population versus nighttime population and what types
of businesses would benefit from Trophy Club's location.
Larry Stewart of Midwest Commercial Realty mentioned that he already has contact
with a brokerage firm and has already begun promoting his land. Mr. Stewart
announced His plans for a Holiday Inn Select, which is dependant on what tax
incentives that Trophy Club can offer. Mr. Stewart also stated that Trophy Club has to
compete and be aggressive with neighboring communities for economic development
by offering abatements in building and permit fees and also ad valorem tax breaks. Mr.
Stewart also stated his interest for Trophy Club to provide land owners a schedule of tax
abatements, including a baseline and maximum incentives, to take to prospects.
In his close, Mr. Stewart recommended, as an approach, to make the abatement
schedule in reach and possible to collect on, given the types of businesses, easy to
understand and include sales tax rebates, which are more meaningful to retailers.
Mayor Sanders encouraged the Board to contact the Municipal Utility Board No. 1
Directors, if EDC 4B wants to continue down this path to see if they would be interested
in working with the Town on tax abatements.
Director Shuman asked Mr. Bob Bolen of The Buxton Company about his expertise in
regards to the Alliance Corridor expansion. Mr. Bolen replied that it is vital to get
Boards and land owners to work together, give incentives and create excitement with
the Town.
Mr. Joe Fackel of The Buxton Company gave a brief introduction of The Buxton
Company and what they can do for Trophy Club.
Director Holley asked the landowners if they would find the information from The Buxton
Company helpful and if they would help with the expense. Both Mr. Turnbull of Land
Plan and Mr. Steward declined to participate.
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December 11, 2006 Minutes
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Council member Williams expressed concern regarding Trophy Club's few commercial
acres. He also asked why the Town should employ the services if the land owners were
not going to participate.
Mr. Fackel reminded all that The Buxton Company was also a tool for the existing
Trophy Club retailers as well as to show us how to bring retail into the existing vacant
buildings.
Adjourn workshop session.
Director Holley made a motion to close the workshop session at 7:16 p.m. Director
Shuman seconded; motion carried unanimously.
The Economic Development Board took a ten minute recess.
REGULAR SESSION
Call to order and announce a quorum.
President Hicks, noting a quorum, called the meeting to order at 7:26 p.m.
Discuss and take appropriate action on the proposal presented by the Buxton
Company.
Director Crosser recapped the current budget standing, stating that this year the Board
has $32,000 in reserves and next year it will increase to $65,000 due to their
reimbursement of pool operations ceasing.
Director Crosser also mentioned the possibility of doing a corridor site or three different
sites may bring the proposal to $50,000.
Mayor Sanders stated that he is in support of working with The Buxton Company.
Discussion ensued as to the number of sites and pricing.
Director Olthoff made a motion to allocate four sites at $60,000 to be paid in two
payments, one of $30,000 to be paid in fiscal year 2006-2007 and the remaining
$30,000 to be paid from fiscal year 20.07-2008. Director Shuman seconded; motion
carried unanimously.
Open Public Hearing:
President Hicks opened the Public Hearing at 8:53 p.m. No presentations were made.
Close Public Hearing:
President Hicks closed the Public Hearing at 8:53 p.m.
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Discuss and take appropriate action regarding an expenditure of $30,000 for
capital improvements at Marshall Creek Park from the fiscal year 2006-2007
budget.
Director Shuman made a motion to approve the expenditure of $30,000 as presented.
Director Holly seconded; motion carried unanimously.
Discuss and take appropriate action regarding recommendations to Town
Council on a tax abatement schedule.
Director Crosser made a motion to approve the tax abatement schedule with
recommended changes. Director Shuman seconded; motion carried unanimously.
Discussion of SIC Code breakdown from the Sales Tax Confidential Information
Report. (Sakura Moten-Dedrick, Finance Director. Information will be distributed
and collected at meeting.)
Sakura Moten-Dedrick discussed the SIC Code breakdown and answered questions
from the Board. No action taken.
Discussion of Sales Tax to Property Tax break even analysis. (Sakura Moten-
Dedrick, Finance Director. Information will be distributed and collected at
meeting.)
Sakura Moten-Dedrick discussed the Sales Tax Property break even analysis and
answered questions from the Board. No action taken.
Staff Updates:
a. Promotion efforts for existing and potential retail
L Storefront decorating contest
ii. Vacant store -Front initiative
W. Business spotlight
b. Economic Development website
Beth Ann Gregory updated the Board.
Discuss and take action regarding strategic planning.
Tabled until the February 12t Board meeting.
Project(s) updatesistatus and action items; funding requests.
None
Approval of November 13, 2006 meeting minutes.
President Hicks recommended giving the Board's minutes to the Council in a
supplemental packet to aid informing -the Council of Board's actions.
Director Shuman made a motion to approve the November 13, 2006 minutes as written.
Director Olthoff seconded; motion carried unanimously.
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Approval of Financials:
a. October 2006
b. November 2006
Director Crosser made a motion to approve both the October 2006 and November 2006
financials. Director Shuman seconded; motion carried unanimously.
Other business.
a. Set January Meeting date
No action taken.
Adjourn regular session.
Director Olthoff made a motion to adjourn at 9:58 p.m. Director Shuman seconded;
motion carried unanimously.
Jim 0cks
Damian Olthoff