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HomeMy WebLinkAboutMinutes_GEDCO_02.19.2007Minutes of the Meeting of the Georgetown Economic Development Corporation City of Georgetown, Texas Monday, February 19, 2007 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, niet on Monday , February 19, 2007. Members Present: Ron Shelly, President, Farley Snell, Corporate Secretary, Rick Smith, Ben Oliver, Vice -President Members Absent: Staff Present: Paul Brandenburg, General Manager, Mark Thomas, Director of Economic Development, Shirley Rinn, Deputy City Secretary, George Gomez, Economic Development Program Specialist, Micki Rundell, Finance Manager Regular Meeting fhe Board Meeting was called to order at 2:OOpm. Regular Meeting REGULAR SESSION: Board may, at any time, recess the Regular Session to convene in Executive Session at the request of the Chair, a Board Member, th.e 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. 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: A. 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. B. 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. C. 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. D. Consideration and approval of the minutes from the Regular Board Meeting held Tuesday, December 12, 2006--Farley Snell, Secretary Motion by Snell, second by Smith to approve the minutes from the Regular Board Meeting held Monday, November 20, 2006, as corrected by Shelly. Approved 5-0. E. Consideration of the December 31, 2006 and January 31, 2007 Financial Report---Micki Rundell, Finance Manager Rundell gave the Board an overview of the Financial Reports, including monthly sales tax revenues, monthly expenditures, budgetary report, and other relevant financial information. She also told thew that the December revenue was considerably higher than the previous year, which will be included in the next Financial Report. The Board discussed the sales tax trends and what we can expect in the future. They also went over the project list and disbursement timelines. Rundell also told the board that the City would be issuing Sales tax revenue bonds. F. Discussion and possible action to approve a Resolution and Amended Performance Agreement regarding Hope Lumber — Paul Brandenburg, General Manager and Mark Thomas, Director of Economic Development Brandenburg gave the Board an overview of this item. He told them that the GEDCO Board and the City Council initially approved the Performance Agreement. However, Hope Lumber had some additional revisions to clarify the agreement. l he GEDCO Board is being asked to approve an Amended Resolution and Amended Performance Agreement, which will then be presented to the City Council for its approval. He told the Board that the amendments do not affect the amount granted by the board or the claw back provisions. It was clarified the amount granted by the GEDCO Board is 518,410.00. GEDCO Minutes/February 19, 2007 Page 2 of 4 Motion Snell, second by Oliver to approve a Resolution and Amended Performance Agreement regarding Hope Lumber. Approved 5-0. Shelly commented that several of the agreements that have been approved have been done "after the fact". He wants to make sure that in the future there is a better process so these types of agreements can be accomplished in a more systematic manner. G. Discussion and possible action to make recommendations to the City Council regarding the review of the City of Georgetown's current Principles for Economic Development Incentives-- Paul E. Brandenburg, General Manager Brandenburg gave the Board an overview of this item He told the Board that the City Council would like to have a better definition of the process involved in economic development and the tools available to accommodate it. He told them that the City Council has requested that the GTEC, GUS, EDAB, and GEDCO Board review the Principles and make recommendations regarding the process for amending the Principles. There was clarification that the Principles will be rewritten and be more narrow in scope and not so broad. Smith gave an overview of the plans and activities of the Economic Development Advisory Board. There was also discussion regarding the preparation of an Interlocal Agreement with Williamson County regarding Economic Development projects that require coordination with Williamson County There was additional discussion regarding some of the items that the GEDCO Board would like to see included in the revised Principles, as well as discussion regarding the need for the City to not become to heavily reliant on the utility for transfers to the general fund as future economic development projects utilize the utility incentives that are available. Motion Smith, second by Snell to support the amendment of the City of Georgetown's current Principles for Economic Development Incentives. GEDCO Minutes/February 19, 2007 Page 3 of 4 H. Discussion and possible action regarding the Project Progress Report and timelines (including but not limited to items listed). -- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Brandenburg and Thomas gave an overview and status of the projects that have been discussed with the GEDCO Board, including Project Vista, Hope Lumber, Project Shawn, Precision Machining, Citicorp, The Loading Dock, Airborne, Fallbrook, etc. Thomas also told the GEDCO Board that Economic Development is doing very well in Georgetown. He told them that after the Citicorp deal that the City of Georgetown's name is out there. The Meeting was adjourned at 3:05 p.m. Attest: Ron Shelly, Presid Farley Snell, Corporate Secretary GEDCO Minutes/February 19, 2007 Page 4 of 4