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HomeMy WebLinkAboutMinutes_GEDCO_02.16.2009Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, February 16, 2009 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, niet on Monday, February 16, 2009 ..._.._.-..._..-.............. _ Members Present: Rick Smith, Dale Ross, Pat Berryman, Ron Shelly Members Absent: Ben Oliver Staff Present: Paul E. Brandenburg, General Manager, Leticia Zavala, Controller, Shirley Rinn, Executive Assistant, Mark 'Thomas, Economic Development Director, George Gomez, Economic Development Program Specialist Minutes Regular Meeting Called to order at 2:25 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 Fnflite. -- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Discussion regarding report foiinat to clarify level of detail the board would like in the report. Thomas told the board that the road and infrastructure improvements for TOPE have been completed. There was additional discussion regarding a planned tour of the facility. Thomas went on to give the Board an overview of the status of each of these projects . He also gave a brief general discussion regarding economic development activities in Georgetown. B. Consideration and approval of the minutes from the Regular Board Meeting held Monday, January 26, 2009 -- Ben Oliver, Secretary Motion by Ross, second by Berryman to approve the iii nutes from the Regular Board Meeting held Monday, January 26, 2009. Approved 4-0 (Oliver absent) C. Consideration of the January 31, 2009 Financial Reports--Micki Rundell, Finance Manager 7avala gave the overview of the Financial Reports, including monthly sales tax revenues, monthly expenditures, budgetary report, and other relevant financial information. Rundell told the Board that while sales tax was down in. November by 9.5-10%, December sales tax revenues were flat, which in the scheme of things is good news. There was also a brief discussion regarding impact of building material sales and impact on local economy Rundell provided the Board an explanation of the Commitment Report regarding approved Projects. There was additional discussion regarding investments and the impact of the economy on those investments. She also provided the Board an explanation of the Interlocal Agreement the City has with GEDCO regarding the infrastructure for Citicorp . There was also a brief discussion regarding Rundell's conservative budgeting policies. Acceptance of the Quarterly Investment Report for the Georgetown Econoniic I )evelopment Corporation (GEDCO) for the quarter ended December 31, 2008--Micki Rundell, Finance Manager Zavala gave the Board an overview of the Quarterly Tnvestment Report. She told the Board that we have one security that will mature on February 24, 2009. There was discussion regarding TexStar and CDARS programs. Motion by Ross, second by Berryman to accept the Quarterly Investment Report for the Georgetown Economic Development Corporation (GEDCO) for the quarter ended I )ecember 31, 2008. Approved 4-0 (Oliver Absent) GEDCO Minutes/February 16, 2009 Page 2 of 4 E. I )iscussion and possible action to approve a resolution and amended performance agreement regarding Enflite, Inc. --Mark Thomas, Economic Development Director Thomas provided the Board with an overview of the project. He told the Board that Enflite was afforded 5144,000 to be paid on the Certificate of Occupancy. New expansion has been completed. However, company is also doing a remodel and has requested that the funding date be extended . Thomas told the Board that 75 engineering jobs have been created and the contpany has stet the obligations of the agreement. 1)iscussion regarding clarification of the typographical errors in the original agrees, tent regarding timeline and clawback example outlined in the original agreement . Motion by Ross, second by Berryman to approve a resolution and amended performance agreement regarding Enflite, Inc provided that a clarification of the corrections to the original agreement is provided to the Council prior to its approval. Approved 4-0 (Oliver Absent) 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 info!mation 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 developiitent 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. - Project Bio 2 - Innwood Winery (Fire Station 1) -Project River - Project Apple 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 GEDCO Minutes/February 16, 2009 Page 3 of 4 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 fro,z, Executive Session Motion by Berryman, second by Ross to direct staff to proceed negotiate a perfoiuiance agreement with McIntosh Holdings, LLC for its project at located at 205 West University under the teams discussed to move the electric in Executive Session Approved 4-0 (Oliver Absent) Motion by Smith, second by Berryman to direct the City Manager to adjust Mark Thomas' salary pursuant to the terms discussed in Executive Session. Adjourned at 3:55 p.m. Attest: Ben Oliver, Corporate Secretary Kick Smith, President GEDCO Minutes/February 16, 2009 Page 4 of 4