Minutes EDC 4B 06/10/2013MINUTES OF REGULAR SESSION FOR THE
ECONOMIC DEVELOPMENT CORPORATION 4B BOARD
LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS
Monday, June 10, 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 June 10, 2013. The meeting was held within the boundaries of the Town and was
open to the public.
EDC 413 DIRECTORS PRESENT:
James Hicks President
Rebecca Shuman Vice President
Dean Murray Secretary/Treasurer
Sean Weaver Director
Larry Mundy Director
STAFF AND GUEST(S) PRESENT:
Stephen Seidel Assistant Town Manager
Call to order and announce a quorum.
President Hicks, noting a quorum of EDC 4B, called the regular session to order at 7:08 p.m.
REGULAR SESSION
1. Discuss preliminary FY14 budget initiatives and provide feedback and input.
Assistant Town Manager Seidel presented a draft budget for the Board to review and comment.
The most significant change to the FY14 Budget will be the additional % cent sales tax revenue
increase due to the November 2012 election. A portion of the new funding is dedicated to the
repayment of debt related to the Pool Bond which was called early to avoid paying interest. The
Board also expressed that they would like to see a dedicated person, either part-time or full-
time, to economic development activities to assist Town Manager Seidel and Town staff. Seidel
had presented a new staff member split between the General Fund and EDC, but the Board's
initial feedback was they would like a 100% dedicated person rather than splitting the duties.
The other significant addition to the budget were dollars allocated to a Project Reserve line item
— this could be used to offer an incentive, make a property purchase, pay off debt more quickly,
etc. The Board will undergo a Strategic Planning session in July which will also provide an
opportunity to discuss projects and programs they would like to undertake for FY14.
2. Discuss and take appropriate action regarding scheduling a strategic planning session.
The Board opted for Wednesday, July 10 from Noon to G pm to hold the strategic planning
session. A second option would be Thursday, July 11. Director Brod has volunteered Deloitte's
planners to assist the Board during the process.
3. Discuss and take appropriate action regarding the May 2013 Minutes.
The Board made edits related to the May 2013 Minutes. There was a change to Section 3 by
removing the parenthesis and to restructure the sentence as well as a change to the time Director
Shuman lett the meeting and the time adjourned. A motion to approve as amended was made by
Director Shuman. It was seconded by Director Weaver. The motion approved unanimously.
4. Discuss and take appropriate action regarding the May 2013 Financials.
Director Shuman mowed to approve the May 20113 Financials as presented. Director Mundy
seconded the motion. The motion was approved unanimously.
5. Assistant Town Manager Update:
- Shops at Trophy Club
- Trophy Wood
- The Plaza
- The Commons
- TIF
Assistant Town Manager Seidel provided the Board updates and answered questions related to
various economic development events and activities.
Adjourn
Director Mundy moved to adjourn at 817 p.m. Director Weaver seconded. The motion passed
unanimously.
QZmSesicks, President
Dean Murray, Treasurer/Secretary