Minutes EDC 4B 05/14/2007MINUTES OF REGULAR SESSION
ECONOMIC DEVELOPMENT CORPORATION 4B
TOWN OF TROPHY CLUB
May 14, 2007
6:30 P.M.
STATE OF TEXAS
COUNTY OF DENTON
The Economic Development
Regular Session on May 14,
and was open to the public.
DIRECTORS PRESENT:
James Hicks
Doyle Nicholson
Cy Holley
Damian Olthoff
Rebecca Shuman
Glenn Strother
Philip Sterling
DIRECTORS ABSENT:
Larry E. Crosser
Corporation 4B of the Town of Trophy Club, Texas, met in a
2007. The meeting was held within the boundaries of the Town
President
Vice -President
Director
Secretary
Director
Director
Council Liaison
Director
STAFF AND GUEST(S) PRESENT:
Brandon Emmons Town Manager
Shannon DePrater Recording Secretary
REGULAR SESSION
Call to order and announce a quorum.
President Hicks, noting a quorum, called the workshop to order at 6:39 p.m.
Open Public Hearing:
On the 91h day of April, 2007, 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
Municipal Utility District Building, 100 Municipal Drive, Trophy Club, Texas, 76262,
and on the 14th day of May, 2007, 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
Municipal Utility District Building, 100 Municipal Drive, Trophy Club, Texas, 76262, for
the purpose of considering various amendments to the fiscal year 2006-2007 budget.
There is a sixty (60) day period that begins March 23, 2007; the date of the first public
notice of the proposed project(s), during which the public may submit a petition with
any objections to the project(s). Please contact Beth Ann Gregory concerning any
questions: (682) 831-4606.
President Hicks opened the Public Hearing at 6:40 pm.
No Citizen input.
Close Public Hearing.
EDC B
May 14, 2007 Regular Session
Page 2 of 2
President Hicks closed the public hearing at 6:40 p.m.
Discuss and receive update regarding the 2007-08 Budget related to pool expenditures.
Town Manager Brandon Emmons stated that the pool bond payment is a fixed payment and
EDC 4B's portion of the pool operating budget has decreased each year and EDC 4B will no
longer reimburse the Town after this fiscal year.
Shannon DePrater relayed to the Board that EDC 4A would like to meet in a joint session on
Wednesday, May 23rd, 2007 to see EDC 413's preliminary budget, hear about the Buxton
Company Project and receive a formal request from EDC 4B to fund the pool bond payment for
Fiscal Year2007/2008.
The Board discussed the proposed meeting date and directed staff to ask EDC 4A if they could
meet on Monday, June 11th. Director Crosser would be unable to attend the proposed May 23rd
meeting.
Staff Updates:
a. Buxton Company
1. Update on Municipal Utility Districts Involvement
Brandon Emmons updated the Board of the conference call made with the Buxton Company.
The call resulted identifying the Regency Center as the retail site to use because it has the best
traffic study and numbers. The next step is to identify the like businesses and start recruitment.
This process should take 15 days.
It was shared that MUD 1 has agreed to pay for half of the Buxton Study costs and that they
have established reinvestment zones, but had not designated the zones or set the rates.
Approval of March 2007 Financials (Additional information sent electronically)
The Board asked staff to clarify like item 55055 — Auditing and to find out how MUD 1 will be
paying their half of the Buxton Study and represent financials at the next meeting.
No action taken.
Other business.
a. Next meeting scheduled for June 11, 2007 at 6:30 p.m.
Next meeting was set for June 11, 2007 at 6:30 p.m.
Adjourn regular session.
Director Holley made a motion to adjourn at 7:31 p.m. Director Olthoff seconded; motion carried
unanimously.
Ji F- icks
Damian Olthoff