Minutes EDC 4B 03/24/2008 - Joint Session Approved as CorrectedAPPROVED AS CORRECTED ON JUNE 9, 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 i
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 Dedrlck Finance Director
Stephanie Golhke Finance Analyst
Nick Sanders Mayor
A.1 EDC 4A to call to order and announce a 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 a 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 B 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 413'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 possibility 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;utillzed. 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 4,'s current_ obligation to.pay_ th_e_ _p
ool ool bond_ _ _ - {q'eretea's�
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 413'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 his meeting_ _ - ,[®eieied:;tne next
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
1
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