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Minutes EDC 4B 03/24/2008 - Joint Session Approved as AmendedAPPROVED AS AMENDED ON MAY 12, 2008 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. Glenn Strother Director 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 . . . A.1 EDC 4A to call to order and announce o 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 o 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 8 TO CONVENE INTO WORKSHOP SESSION A.3 EDC.4A and EDC 46 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 possi bil ity.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 4B'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 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. 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 the next 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.. EDC A and EDC B Joint Session Page 2 of 3 March 24, 2008 Minutes 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 413 to adjourn. Director Crosser made a motion for EDC 4B to adjourn at 8:17 p.m. Director Strother seconded; motion carried unanimously. Jim Hi s, President Damian Olt hoff, Se ary. EDC A and EDC B Joint Session Page 3 of 3 March 24, 2008 Minutes