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HomeMy WebLinkAboutMinutes_GEDCO_03.19.2007Minutes of the Meeting of the Georgetown Economic Development Corporation City of Georgetown, Texas Monday, March 19, 2007 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, Diet on Monday , March 19, 2007. Members Present: Ron Shelly, Rick Smith, Ben Oliver Members Absent: Farley Snell, Henry Carr Staff Present: Paul E. Brandenburg, General Manager, Micki Rundell, Finance Manager, Shirley Rmn, Executive Assistant/Deputy City Secretary, Mark Thomas, Director of Economic Development, Trish Caros, City Attorney, Carol Palumbo, Bond Attorney, George Gomez, Economic Development Program Specialist Regular Meeting 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 follozus. The Meeting was called to order at 2:00 p.m. and recessed into executive session at 2:01 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: 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. Adjourned out of Executive Session at 2:15 p.m. Reconvened in Regular Session at 2:15 p.rn. 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 out of Executive Session Motion by Oliver, second by Smith to move forward with the issuance of utility revenue bonds being repaid through GEDCO Sales Tax Revenues. Approved 3-0 (Carr and Snell. Absent). Consideration and possible action to elect officers to include President, Vice -President and Secretary —Paul E. Brandenburg, General Manager Motion by Smith, second by Oliver to leave the current officers in their current positions. Approved 3-0 (Carr and Snell Absent). Consideration and approval of the minutes from the Regular Board Meeting held Monday, February 19, 2007--Farley Snell, Secretary Motion by Oliver, second by Smith to approve the minutes from the Regular Board Meeting held Monday, February 19, 2007. Approved 3-0 (Carr and Snell Absent) Consideration of the February 28, 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. Rundell told the Board that sales tax continues to exceed expectations. Rundell acknowledged that the initial projections were conservative and she and Brandenburg explained to the board the benefit of having conservative projections. Additional discussion regarding Wolf Ranch sales tax revenues and the impact of Highway 29 and the Outlet mall on its sales tax projections. Rundell also told the Board that Hope Lumber is the largest sales tax producer in Georgetown, which could have an impact if there is a downturn in the economy. There was also discussion regarding the new Movie Theatre. Rundell told the Board that the City had purchased its first Security for GEDCO and she explained the methodology of the Trade Settlement for Security Transactions for GEDCO. Rundell and Brandenburg also informed the Board that Hope Lumber's check was also delivered to them and that Hope was very pleased with the outcome. Brandenburg reiterated that while recruitment of new business is important retention of existing business is also important. Discussion related to documents and procedures for the issuance of Sales Tax Revenue Bonds, Series 2007. Micki Rundell, Finance Manager This item was discussed in Executive Session. Action was taken out of Executive Session. H. Discussion and possible action regarding the Project Progress Report. -- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Thomas updated the board regarding the business operations of Hope Lumber and the City's relationship with the company, as well as the business situation regarding Airborne, and Citicorp's construction progress. GEDCO Minutes/March 16, 2007 Page 2 of 3 Thomas also told the Board that Vista Solutions will be measured in September to see if the required jobs have been created and gave them an update on the waterline for The Loading Doc, as well as providing information about a Biotech company that is interested in Georgetown, and also informed the Board that the City Council voted not to pursue Project Fortress because of the amount of debt that would be required by the City to pursue this project. There was additional discussion by the Board regarding the impact of the electric usage by Citicorp, the Outlet Mall and the Hospital, as well as discussion regarding the impact of medical research/biomedical projects on economic development in the area. The Meeting was adjourned at 2:46 p.m. Attest: Ron Shelly, Presiden 1�{fit/ it Farley Snell, Corporate Secretary GEDCO Minutes/March 16, 2007 Page 3 of 3