Minutes EDC 4B 01/14/2013MINUTES OF REGULAR SESSION FOR THE
ECONOMIC DEVELOPMENT CORPORATION 48 BOARD
LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS
Monday, January 14, 2013
7:00 PM
STATE OF TEXAS
COUNTY OF DENTON
The Economic Development Corporation 4B of the Town of Trophy Club, Texas, met in Regular
Session on January 14, 2013. The meeting was held within the boundaries of the Town and was
open to the public.
EDC 4B DIRECTORS PRESENT:
James Hicks President
Rebecca Shuman Vice President
Dean Murray Secretary/Treasurer
Sean Weaver Director
STAFF AND GUEST(S) PRESENT:
Stephen Seidel Assistant Town Manager
Jason Claunch Catalyst Commercial
Bill Rose Council member
Call to order and announce a quorum.
President Hicks, noting a quorum of EDC 4B, called the regular session to order at 7:15 p.m.
REGULAR SESSION
1. Discuss and take appropriate action regarding the ILA with Town Council to
restructure debt.
Assistant Town Manager Seidel provided an overview of the ILA. As discussed on multiple
occasions over several months, the Board would enter into an ILA with the Town Council to call
the 2002-A General Obligation Bonds in the amount of $560,000. In November 2012, citizens
passed a sales tax reallocation of 1/4 cent from EDC -4A to EDC -413 which would provide 4B with
'/z cent total. To save interest as well as restructure the debt to provide more flexibility, the
Board entered into a 16 -year agreement with the Town Council to repay the debt. The ILA was
written to allow repayment flexibility in the event the Board needs to address an immediate
economic development opportunity..
Directors asked Assistant Town Manager a couple of clarifying questions. Director Shuman
motioned to approve the ILA as presented. Director Murray seconded. The motion passed
unanimously.
2. Discuss and take appropriate action regarding a budget amendment not to exceed
$207,750 as a result of casts associated with retirement of the 2002-A General Obligation
Bonds.
Assistant Town Manager Seidel explained to the Board that this is the budget amendment
discussed during the FY12 Budget process that would be presented, if the November sales tax
reallocation election was successful. The election was approved by voters which set in motion
the ability to restructure debt and call the bonds early. The Board utilized a portion of their Fund
Balance to pay the amount. The Directors discussed the amendment and asked several
questions regarding current Fund Balance amount and future budgets. Director Shuman
motioned to approve. Director Murray seconded. The motion passed unanimously.
3. Discuss and take appropriate action regarding engaging Catalyst Commercial to
update Trophy Club's merchandising plan and retail recruitment.
Assistant Town Manager Seidel stated the item was a continuation from the last Board meeting.
Jason Claunch, President of Catalyst Commercial, made a brief presentation and answered any
questions. The Board discussed entering into a new contract with Catalyst Commercial to
update the Town's merchandising analytics as well as assist staff with retail recruitment. The
Board recognized the need to update the demographics, trade area maps, traffic counts, etc.
However, the discussion was centered upon compensation for services related to retail
recruitment services and whether the contract was built upon an incentive basis or a strict fee
for service. Ultimately, the Board decided to enter into a 6 month retail recruitment plan for
$10001month. At the end of 6 months, the Board will evaluate whether to renew the contract.
Director Murray motioned to approve the contract to not exceed $8500 and strike paragraphs
two and three under Section 2. Fees. Director Weaver seconded. The motion passed
unanimously.
4. Logo and website development update.
The Board was updated that Council did not take action to approve the proposed flag logo at
their last meeting. Instead, the Council opted to allow BNHS students to draw a logo and submit
for review. The Board was upset that the Council did not take action to approve the proposed
logo since it had been reviewed by their Board, the Vision Trophy Club committee, citizens, etc.
The website is almost 300 pages of content and staff is nearing content completion. Assistant
Town Manager expected the website should be live by first or second week of February.
5. Discuss and take appropriate action regarding the October 22, 2012 and
November 19, 2012 Minutes.
Director Shuman asked whether the Minutes could be slightly more detailed rather than strictly
"action" minutes. Assistant Town Manager said that in the past individuals across many Boards
wanted certain statements included or not included which put staff in a difficult position. Thus,
staff began to create action only minutes. However, Seidel noted that he would provide
additional discussion details with future EDC minutes. Director Shuman moved to approve.
Director Weaver seconded. The motion was approved unanimously.
6. Discuss and take appropriate action to approve the October 2012 and November
2012 Financials.
Director Weaver moved to approve the October 2012 and November 2412 financials. Director
Shuman seconded. The motion was approved unanimously.
7. Assistant Town Manager Update:
- Trophy Wood
-1Village Center
- Plaza
- Commons
Assistant Town Manager Seidel provided the Board updates and answered questions related to
economic development activities at various locations.
8. Next meeting scheduled for February 11, 2013
Adjourn
Director Shuman moved to adjourn at 8:58 p.m. Director Weaver seconded. The motion passed
unanimously.
1
Jame icks, President
Dean Murray, Treasurer/Secretary