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HomeMy WebLinkAboutMinutes_GEDCO_11.19.2007Minutes of the Meeting of the Georgetown Economic Development Corporation City of Georgetown, Texas Monday, November 19, 2007 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, Diet on Monday , November 19, 2007. Members Present: Ron Shelly, Ben Ohver, Farley Snell, Pat Berryman, Rick Smith, Pat Berryman Members Absent Farley Snell Staff Present: Paul Brandenburg, General Manager, Micki Rundell, Fmance Manager, Mark Thomas, Economic Development Director, Trish Carls, City Attorney, Shirley Rmn, Executive Assistant Minutes Regular Meeting The Meeting was called to order at 2:05 p.m. REGULAR SESSION: Board may, at any tune, recess the Regular Session to convene in Executive Session at the request of the Chair, a Board Member, the City Manager, Assistant City Manager, City Council Member, or legal counsel for any purpose authorized by the Open Meetings Act, Texas Government Code Chapter 551, and are subject to action in the Regular Session that follows. A Discussion and possible action regarding the Project Progress Report. -- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Thomas gave the Board an overview of all of the active projects that the GEDCO Board approved, including Citicorp, Vista Solutions, Airborn, TLCC, Orthopuetics, and other biotech companies. Thomas told the board that the waterline is in at Citicorp, and that we have found out that At&T will be placing fiber into the area of Citicorp, which will place the City in a really good position to land another datacenter. l'homas also told the Board that the water line is completed behind the Loading Dock, but that there were still some other issues that the City was trying to resolve with the Loading Dock. He also gave them an overview of the timeline related to Airborn. He went on to tell the Board that Orthopuetics has signed the Performance Agreement and are very grateful that the City worked with them to finalize the agreement There was a brief discussion regarding interest in TLCC Facility B. Consideration and approval of the minutes from the Regular Board Meeting held Monday, September 17, 2007--Farley Snell, Secretary Motion byOliver, second by Smith to approve the minutes from the Regular Board Meeting held Monday, August 27, 2007. Approved 3-0 (Snell and Berryman absent) C. Consideration of the September 30, 2007 and October 31, 2007 Financial Reports--Micki Rundell, Fmance Manager Rundell presented the Financial Reports to the Board and explained the details in the report, which included monthly sales tax revenues, monthly expenditures, a budgetary report, and other relevant financial information, including bond issuance and debt. She also told the Board that a quarterly investment report is included in the documentation provided to them there was also a brief discussion of investment policy and procedure, as well as a discussion regarding the funds available for GEDCO use. the Board also discussed ways to make the financial reporting more meaning to the Board. Rundell told the Board she would provide a reconciliation statement to help the Board better understand the financial reporting provided to the Board. Rundell also gave the Board an overview of the amounts that the GEDCO Board would. be paying to Vista Solutions and Orthorpuetics as long as they meet their job numbers. Discussion and possible action to approve a revised Resolution and Performance Agreement regarding Airborn, Inc. — Mark Thomas, Director of Economic Development. Thomas gave the Board an overview of Airborn's plans for expansion. He told the Board the City has been working with Airbom since April regarding this project. He told the Board that GEDCO had already approved the Performance Agreement, however, that Airborn requested some additional changes in the Performance Agreement related to the job schedule and the clawback provisions of the Agreement. Thomas gave the Board an overview of the provisions in the proposed Performance Agreement. There was a brief discussion regarding the Tax Abatement Agreement being considered by the City Council, as well as Tax Abatements in general in relation to the County and the School District. there was further discussion regarding utility incentives available for the City to use to attract business. Pat Berryman arrived at 3:45 p.m. Thomas went through the changes in the Performance Agreement. Motion by Smith, second by Oliver to approve a Resolution and Performance GEDCO Minutes/November 19, 2007 Page 2 of 3 Agreement regarding Airborn, Inc Approved (4-0) (Snell absent) Smith added that he'd like to some point in the future discuss a way for companies to calculate full time equivalent jobs. 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: F 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. G. 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. H. 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. 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 were no items to discuss in Executive Session. lhe meeting was adjourned at 2:55 p.m. Attest: I Farley Snell, Corporate Secretary Ron Shelly, Preside GEDCO Minutes/November 19, 2007 Page3of3