Minutes EDC 4B 03/10/2008MINUTES 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
Damian Olthoff
Larry E. Crosser
Dan Bishop
Dave Glaser
Rebecca Shuman
DIRECTORS ABSENT:
Philip Sterling
Glenn Strother
STAFF AND GUEST(S) PRESENT:
Stephen Seidel
Shannon �DePrater
Danny Thomas
Sakura Dedrick
Stephanie Gohlke
President
Secretary
Treasurer
Director
Director
Director
Council Liaison
Director
arrived at 6:53 p.m.
Assistant Town Manager
Deputy Town Secretary
Fire Chief
Finance Director
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 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.
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.
EDC B Regular Session Page 2 of 3
March 10, 2008 Minutes
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
EDC B Regular Session
March 10, 2008 Minutes
Damian Olthoff, Secre
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