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HomeMy WebLinkAboutMinutes_GEDCO_02.09.2010Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Tuesday, February 9, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Tuesday, February 9, 2010. Members Present: Ron Shelly, Dale Ross, Ben Oliver , Pat Berryman Members Absent Rick Smith Staff Present: Paul Brandenburg, General Manager, Laurie Brewer, Assistant Director of Finance and Admmistration, Mirk Thomas, Economic Development Director, Shirley Rinn, Fxecutive Assistant to the City Manager Regular Meeting Meeting was called to order at 2:20 p.m. A. Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Thomas told the Board that Mr. McIntosh has been told that the i ten n has not moved forward because of outstanding issues and that Airborn s deadline has been extended to May 2010. B. Discussion and possible action regarding return on investment matrix --Mark Thomas, Economic Development Director Thomas provided an example of a matrix he'd like to see utilized in the future regarding potential projects and told the Board that it would be more formalized when the new members are appointed to the Board. Berryman arrived at 2:25 p.m C. Consideration and approval of the minutes from the Regular Board Meeting held Monday, January 25, 2010--Ben Oliver, Secretary Motion by Ross, second by Berryman to approve the minutes from the Regular Board Meeting held Monday, January 25, 2010 (Approved 4 0) Consideration of the December 31, 2009 Financial Report--Micki Rundell, Finance Manager Brewer indicated that the report is not changed since the last meeting . She confirmed that $2.9 million is available for funding. Sh also let the Board know that the December Sales Tax figures have not been received yet. E. Discussion and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Ringdale, Inc. --Mark Thomas, Economic Development Director Ihoutas told the Board that the agreement is presented in the same format as it was at the January Meeting. The company has indicated that they would like to receive the funding after the construction of the electrical improvements . However, Thomas told the Board that there is an outstanding invoice for electrical work that has been done . He was not aware of that outstanding invoice when he brought the Agreement forward at the last meeting. Discussion regarding whether or not there was a written agreement for the work that was done with regard to the invoice that is in dispute. Discussion regarding the need to find a resolution to the dispute. There was a suggestion that city staff visit and meet with Ringdale representatives to try and get this issue resolved . There was additional discussion about what the City receives if it approves the funding; Thomas provided an Economic Impact Analysis for the Board's review. 1'he Board further discussed limiting the amount of funding awarded to projects if the Board approves funding on the front end. City staff was asked to bring back some proposals for setting a policy regarding funding limits. Motion by Berryman , second by Ross to approve the a Loan Agreement and Promissory Note between GEDCO and Ringdale, Inc. contingent on the utility issue being resolved. (Approved 4-0) 1he Board went on to discuss the importance of the City being aware of the marketplace when making decisions regarding the funding of these economic developuient projects. Recessed into Executive Session at 2:45 p m GEDCO Minutes/February 9, 2010 Page 2 of 3 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 the Development Corporation Act which discussion in open session would have a detrimental effect on negotiations with third persons. --Discussion and possible action regarding the Land/Infrastructure project 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 Corpoiation 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. Discussion and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Radix BioSolutions aka Project Lab --Mark Thomas, Economic Development Director 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. Reconvened into Regular Session at 3:13pm I. Action out of Executive Session Motion by Ross second by Berryman to direct staff to proceed with the negotiations and actions discussed in Executive Session regarding the Land/Infrast-tucture Report. (Approved 4-0) Motion by Berryman second by Ross to approve a Loan Agreement and Promissory Note between GEDCO and Radix BioSolutions aka Project Lab under the terms discussed in Executive Session. (Approved 4-0) AdlvCitted at 3:16 p.%: Pat Berryman, Vice -Presider f GEDCO Minutes/February 9, 2010 Page 3 of 3 Ben Oliver, Corporate Secretary