HomeMy WebLinkAboutMinutes_GEDCO_01.26.2009Minutes of the Meeting of
the Georgetown Economic Development Corporation
and the Governing Body of the
City of Georgetown, Texas
Monday, January 26, 2009
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday,
January 26, 2009.
Members Present.
Rick Smith, Ron Shelly, Dale Ross, Ben Oliver, Pat Berryman
Members Absent:
Staff Present:
Paul E. Brandenburg, General Manager, Leticia Zavala, Controller, Trish Carls, City Attorney, Shirley
Rinn, Executive Assistant, Mark Thomas, Economic Development Director
Minutes
Regular Meeting
Called to Order at 2:05 p m
A Discussion and possible action regarding the Project Progress Report, including Hope
Lumber Company nka Pro -Build South, Citigroup, Vista Solutions, Loading Dock,
Airborn, Orthopeutics, the Beauty Escape Salon Texas Outdoor Power Company, and
Enflite -- Mark Thontas, Economic Development Director and Paul E. Brandenburg,
General Manager
Mark Thomas gave the Board an overview of the status of each of these projects .
B. Consideration and approval of the minutes from the Regular Board Meeting held
Monday, December 15, 2008 -- Ben Oliver, Secretary
Motion by Oliver, second by Ross to approve the minutes from the Regular Board
Meeting held Monday, December 15, 2008. Approved 4-0 (Berryman absent)
Consideration of the December 31, 2008 Financial Reports--Micki Rundell, Finance
Manager
Zavala gave the overview of the Financial Reports, including monthly sales tax
revenues, monthly expenditures, budgetary report, and other relevant financial
information.
She told them that Sales Tax Revenue is down about 8%. There was additional
discussion regarding the format of the reports and the information included in the
reports.
D. Discussion and possible action to approve a "Memorandum of Understanding with
the City of Georgetown regarding the Redevelopment of Truck Bays in Old Fire Station
No. 1 for Economic Development Purposes". --Mark Thomas, Economic Development
Director
Thomas gave the board a recap of the discussion held at the last GEDCO Meeting
regarding this item. He reiterated that this agreement only pertains to the historical
bays of the old Fire Station #1 facility With the Memorandum of Understanding in
place, the City/GEDCO will be in a position to move forward quickly to refurbish the
space if the winery or other business wants to come to Georgetown. Carls clarified that
this MOU is between GEDCO and the City of Georgetown (the owner of the building).
Berryman arrived at 2:15 p.m.
There was additional discussion as to whether or not demolition was ever considered as
an option as opposed to renovation, as well as discussion regarding rental rates on the
square and what the impacts would be if someone purchased the property at the
current market rates and then still had to factor in the cost of the necessary remodeling .
Motion by Oliver, second by Berryman to approve the draft form of the "Memorandum
of Understanding with the City of Georgetown regarding the Redevelopment of Truck
Bays in Old Fire Station No. 1 for Economic Development Purposes"
Recessed to Executive Session 2:20 p rn
EXECUTIVE SESSION:
The Georgetown Economic Development Corporation will meet in closed executive session as allowed by
Texas Open Meetings Act (Texas Government Code Chapter 551), as follows:
E. Section 551.072. DELIBERATION REGARDING REAL PROPERTY
Discussion and possible action to deliberate the purchase, exchange, lease or value of real property for purposes
authorized by Section 4A of Economic Development Act of 1979 (as amended) which discussion in open session
would have a detrimental effect on negotiations with third persons.
- Land/Infrastructure Task Force Report regarding strategic locations for GEDCO to invest in
infrastructure and possible land purchases for economic development purposes.
F. Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS
Deliberation regarding commercial or financial information that the corporation has received from a business
prospect that the Georgetown Economic Development Corporation seeks to have locate, stay, or expand in or
near the territory of the City of Georgetown and with which the Corporation is conducting economic
development negotiations; and/or deliberation regarding the offer of a financial or other incentive to a business
prospect that the Corporation seeks to have locate, stay, or expand in or near the territory of the City of
Georgetown.
- Land/Infrastructure Task Force Report regarding strategic locations for GEDCO to invest in
infrastructure and possible land purchases for economic development purposes.
G. Section 551.071. CONSULTATION WITH ATTORNEY
Consultation with attorney regarding legal issues related to agenda items and other matters in which the duty of
the attorney to the Georgetown Economic Development Corporation under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas.
H. Sec.551.074 PERSONNEL MATTERS
- Economic Development Director Compensation - Paul E. Brandenburg, General Manager
Reconvened into Regular Session at 3:12 p.in.
GEDCO Mu-lutes/January 26, 2009
Page 2 of 3
REGULAR SESSION:
The Board will reconvene in regular open session to take any action necessary related to any of the
above -posted executive session items.
I. Action from Executive Session
There was no action out of executive session.
Adjourned at 3:13 p.m.
Attest:
Ben Oliver, Corporate Secretary
Rick Smith, President
GEDCO Minutes/January 26, 2009
Page 3 of 3
Minutes of the Meeting of
the Georgetown Economic 1 )evelopment Corporation
and the Governing Boay of the
City of Georgetown, Texas
Monday, December 15, 2008
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday,
December 15, 2008.
Members Present•
Rick Smith, Pat BerryiiIan, Ben Oliver, L)ale Ross
Members Absent:
Ron Shelly
Staff Present:
Paul E. Brandenburg, General Manager, Micki Rundell, Finance Manager, Leticia Zavala, Controller,
Mark Thomas, Economic Development Director, Shirley ). Rinn, Deputy City Secretary George <,omez,
Economic Development Program Specialist, Trish Cads, City Attorney
Regular Meeting
Meeting was called to order at 2:05 p.m.
A Discussion and possible action regarding the Project Progress Report, including Hope
Lumber Company nka Pro -Build South, Citigioup, Vista Solutions, Loading Dock,
Airborn, Orthopeutics, the Beauty Escape Salon, Texas Outdoor Power Company, and
Enflite. -- Mark Thomas, Economic Development Director and Paul L. Brandenburg,
General Manager
Paul Brandenburg and Mark Thomas gave the Board an overview of the status of each
of these projects.
Consideration and approval of the minutes from the Regular Board Meeting held
Monday, November 3, 2C08 -- l3en Oliver, Secretary
Motion by Berryman, second by Oliver to approve the minutes from the Regular Board
Meeting held Monday, November 3, 2008 - Approved 4-0 (Shelly Absent)
C Consideration of the October 31, 2008 and November 30, 2008 Financial Reports--Micki
Rundell, Finance Manager
Zavala gave the overview of the Financial Reports, focusing on the most recent one,
including monthly sales tax revenues, monthly expenditures, budgetary report, and
other relevant financial information.
/avala told the Board that we have not received the most recent sales tax information .
She told the Board that sales collections are 8% down for October.
There was discussion regarding benchmarking with other cities to gauge where the City
of Georgetown is on its sales tax collections relative to those other cities.
Rundell told the Board that housing starts are way down which is having an impact on
sales tax collection.
Rundell also told the Board that she doesn't feel like \-Ve are going to meet budget due to
the downturn. She has budgeted conservatively, but still doesn't think we will make
our numbers.
There was additional discussion regarding retail closings in Wolf Ranch, across the
region and the nation and how it could impact our area.
Acceptance of the Investment Policy for the Georgetown Economic Development
Corporation (GEDCO) as amended by City Council on November 10, 2008--Micki
Rundell, Director of Finance
7avala gave the Board an overview of the Investment Policy and the changes from last
year's Policy. She told the Board that the Policy had been approved by the City Council.
Motion by Beryman, second Oliver to accept the Investment Policy for the Georgetown
Economic Development Corporation (GEDCO) as amended by City Council on
November 10, 2008. Approved 4-0 (Shelly Absent)
Acceptance of the Quarterly Investment Report for the Georgetown Economic
Development Colporation (GED( 0) for the quarter ended September 30, 2008 - .Micki
Rundell, Finance Manager
Zavala gave the Board an overview of the Quarterly Investment Report for September
30, 2008.
She also told the Board that a security would be maturing this month.
Discussion and possible action to approve funding to provide tenant finish out in the
city owned fire station located on M-iin Street in downtown Georgetown . A current
project, Inwood Estate winery, is considering the old Fire Station 41 as a manufactufl
and retail location --Mark Thomas, Economic Development Director
Thomas gave the Board an overview ot Inwood Estate Winery and its proposal to br
his business to Georgetown.
Thomas provided the Board a 10 Pro Forma ;or the Company
GEDCO Minutes/December 15, 2008
Page2of4
,g
Thomas went on to discuss the need for Georgetown to have a type of unique business
niche in the downtown that makes it different from Salado, Wmberley, and
Fredericksburg. There was discussion regarding the vacancies in the buildings on the
square and how those vacancies can ultimately have an impact on the ability to attt act
prospects to the downtown.
Thomas told the Boarc that In vood would like to move their wholesale operation to
Georgetown because they feel it will increase their visibility and retail sales . However,
the move would be a challenge and that the company would need a relocation package
of $250,000 that would act as a cash infusion for the company. lhomas said that the
owner has indicated that if Georgetown can put together a local Investment package
they will come to Georgetown.
Thomas told the Board that $550,000 is needed to buildout/remodel the bays of the o'd
Fire Station #1.
There was extensive c iscussion regarding the need of the City to do improvements to
enhance the City's ability to lease the potential retail space in the Old Fire Station . This
discussion included ciawback pro; isions, the City's investment and ROI, scenarios
regarding whether or not the 4A could lease the space from the City and in turn lease it
to a retailer, whether or not the winery could partner with a deli/restaurant, etc.
Thomas also told the Board that the timing of this winery project is important because
of the need for the winery to plant vineyards as soon as possible if the project is
approved.
It was clarified that the 4A Board is being asked to provide franc
building and bring it up to standard and current codes.
i ng to renovate an old
There was additional discussion regarding the merits of this project.
Motion by Berryman, second by Ross to approve 4A funding in an amount not to
exceed to S550,000 to renovate the old Hre Station #1 to current standards and to
authorize staff to negotiate a Performance Agreement with Inwood Winery to lease the
facility contingent upon legal review. Approved 4-0 (Shelly Absent)
Rundell told the Board toe v would still need ro discuss how they would I i'ce to km(
this project.
Recessed into Fxecutive Session at 2:55 p.m.
EXECUTIVE SESSION:
The Georgetown Economic Development Corporation will meet in closed executive session as allowed by
Texas Open Meetings Act (Texas Government Code Chapter 551), as follows:
G. Section 551.072. DELIBERATION REGARDING REAL PROPERTY
Discussion and possible action to deliberate the poi chase, exchange, lease or value of real property for purposes
authorized by Section 4A of Economic Dove' it Act of-1979 (as amended) vvthick discussion in open session
would have a detrimental effect on net.otnt ons with third persons.
H. Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGO"1`IATIONS.
GEDCO Minutes/December 15, 2008
Page 3of4
Deliberation regarding commercial or Financial information that the corporation has received from a business
prospect that the Georgetown Economic Development Corporation seeks to have locate, stav, or expand in or
near the territory of the City of Georgetown and vvith which the Corporation is conducting economic
development negotiations; and/or delibei ation l egarding the offer of a financial or other incentive to a business
prospect that the Corporation seeks to have locate, stay, or expand in or near the territory of the Citv of
Georgetown.
-Project Wirehne
-Project Flow
I. Section 551.071. CONSULTATION WITH ATTORNEY
Consultation with attorney regarding legal issues related to agenda items and other matters in which the cuty of
the attorney to the Georgetown Economic Development Corporation under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas.
Reconvened into Regular Session at 3:21 D.n1.
REGULAR SESSION:
The Board will reconvene in regular open session to take any action necessary related to any of
the above -posted executive session items.
Action from Fxecutive Session
There was no action out of Executive Session.
Adjourned at 3:24 p.m.
Attest:
Ben Oliver, Corporate Secretary Rick Smith, President
GEDCO Minutes/December 15, 2008
Page 4 of 4