Loading...
HomeMy WebLinkAboutMinutes_GEDCO_11.03.2008Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, November 3, 2008 1 he Georgetown Econoiiiic Development Corporation of the City of Georgetown, Texas, met on Monday, November 3, 2008. Members Present: Rick Smith, Pat Berryman, Ben Oliver, Ron Shelly, Dale Ross Members Absent: Staff Present: Paul E. Brandenburg, General Manager, Micki Rundell, Finance Manager, Leticia Zaval, Controller, Mark Thomas, Economic Developinent Director, Shirley J. Rinn, Deputy City Secretary, George Gomez, Economic Development Program Specialist, Bill Sattler, I )istrict 4 Councilmember Minutes Regular Meeting The Meeting was called to order at 2:00 p.m. REGULAR SESSION: Board may, at any time, recess the Regular Session to convene in Fxecutive 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 follozos. A Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airboin, Oi thopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, and Enflite. -- Mark Thomas, Economic Development Director and Paul h. Brandenburg, General Manager Mark gave an overview of the current projects He told the Board that received a call from Airborn regarding the company 's request for the City to consider doing Industrial Revenue Bonds and that he let them know. that the City Council voted to not do the Industrial Revenue Bonds because the Agreement with Airborn had already been approved and this request \'vas after the fact. There was additional discussion regarding how Industrial Revenue Bonds work and the liability they present to cities. Mark indicated that to his knowledge, Airborn undertands the City's position. There was additional discussion regarding the need to provide inforii!ation on the report regarding the funding status of each project. B. Consideration and approval of the minutes from the Regular Board Meeting held Monday, July 21, 2008 -- Ben Oliver, Secretary Motion by Ross, second by Berryman to approve the minutes from the Regular Board Meeting held Monday, May 19, 2008. Approved 5-0 C. Consideration of the July 31, 2008, August 31, 2008, and September 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. She told the Board that at the next meeting she will provide a final report for September. Sales tax is down 12.7% from the prior year. She told the Board that payments of approximately services and that a security would be maturing 5,000 have been paid out to legal There was discussion regarding the legal fee budget and the procedure for approvi any overages in Iegal fee budget. Discussion regarding the need to implement an internal control process to flag iteilis that are approaching the budget limits. Rundell discussed the current sales tax situation and what we can expect moving forward and how it impacts the GEDCO Budget for future projects. Discussion regarding the impact of sales tax generated by Hope Lumber. D. Acceptance of the Quarterly Investment Report for the Georgetown Economic Development Corporation (GEDCO) for the quarter ended June 30, 2008--Micki Rundell, Finance Manager g Zavala gave the Board an overview of the Quarterly Investment Report for June 30, 2008. She indicated that since June there has been a lot of turmoil in the market . She discussed with them some possible options in the future for securities that aie corning due soon. Discussion regarding TexPool Funds. Rundell and 7avala told the board that the City as a policy does not invest in Coilimercial Paper because of the risk. Discussion and possible action to approve a Resolution consenting to the Assignment by Hope Lumber Rr Supply Company, L.P. to ProBuild South, L.L.C., of that Certain Performance Agreement Relating to the Maintenance of at Least Forty -Foul Full Time Jobs at its Facility Lntil July 31, 2009; and Authorizing a Mutual Consent Agi eement- Paul Brandenburg, General Manager and Mark Thonias, Director of Economic 1)evelopiiient GEDCO Mrnutes(November 3, 2008 Page 2 of 4 Thomas explained the item. He told the Board what he knew about ProBuild South, L.L.C., and there was confirmation that ProBuild is a publicly held company. Mundell confirmed that there are procedures in place to monitor coiiipliance of job requirements outlined in the Performance Agreement. Motion by Berryman, second by Oliver to approve a Resolution consenting to the Assignment by Hope Lumber & Supply Company, L.P. to ProBuild South, L.L.0 , of that Certain Performance Agreement Relating to the Maintenance of at Least Forty -Four Full Time Jobs at its Facility Until July 31, 2009. Approved 5-0 Recessed into Executive Session at 3:28 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: 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. - Precision Bio Data 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. I Sec.551.074 PERSONNEL MATTERS - Economic Development Director Compensation - Paul E. Brandenburg, General Manager 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. Reconvened into Regular Session at 4:20 p.m. J. Action from Executive Session Motion by Berryman , second by Shelly to establish task force including Chamber of Commerce President, Mel Pendland, Councilmernber, Pat Berryman, Councilmember, GEDCO Minutes/November 3, 2008 Page 3 of 4 Dale Ross, and Economic Development Director, Mark Thomas to develop the concept and priorities with regard to negotiating with local land owners to install infrastructure in priority service areas outlined in the 2030 Plan and look at the most compatable properties to help direct the City's Development and that the Capital Improvement Plan be included in the process as a way to utilize 4A monies for the installation of the said infrastructure improvements in these priority service areas in such a way that the City will be made whole by its return on investment. Approved 5-0 Adjourned at 4:25 p.m. Attest: Rick Smith, President GEDCO Minutes/November 3, 2008 Page 4 of 4