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HomeMy WebLinkAboutMinutes_GEDCO_05.17.2010Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, May 17, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, May 17, 2010. Members Present Pat Berryman, John Marler, Dale Ross, John Kiltz Members Absent: Staff Present: Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Mark Thomas, Economic Development Director, Shirley Rirm, Executive Assistant to the City Manager, Mark Sokolow, City Attorney, Heather Brewer, Arborist, Flizabeth Cook, Director of Community Development Minutes Regular Meeting l'he meeting was called to order at 2:03 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, Rmgdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Mark Thomas provided an overview of the report. He told the Board that there were no major changes He indicated that they will follow up with Beauty Escape to verify its compliance of terms outlined in the Performance Agreement. Thomas told the Board that Airborn has completed the building and provided an overview of the terms outlined in the Performance Agreement. there was a brief discussion regarding construction issues related to the completion of the building and possible follow up. Thomas also told the Board that that Ringdale and Radix have both been funded. B. Consideration and approval of the iniinutes from the Regular Board Meeting held Monday, March 15, 2010 -- John Kiltz, Secretary Motion by Marler, second by Ross to approve the minutes from the Regular Board Meeting held Monday, March 15, 2010 (Approved 4 0), Oliver Absent)*as corrected at May 24, 2010 Meeting. C. Consideration of the March 31, 2010 and April 30, 2010 Financial Reports--Micki Rundell, Finance Manager Micki Rundell told the Board that the Reports have been reformatted to hopefully riiake them easier to understand. She explained the new format and provided the Board an overview of the Financial Reports, including monthly sales tax revenues, monthly revenues and expenditures, budgetary report, and other relevant financial information. She indicated that current sales tax figures are 3.5% ahead of where it was anticipated it would be. There was also a brief discussion regarding the possible trends that attributed to the increase. D. Report regarding Texas Economic Development Council Spring Conference --Pat Berryman, President Berryman provided an overview of the Conference they attended in April. She told the Board the purpose m attending the conference was the opportunity to gain education about Economic Development. She provided an information regarding the insight gained from the Conference, including the process by which the Governor's office divides the funding available for Economic Development and the types of businesses that can benefit. Marler provided his insight on the conference as well and indicated that the interaction with other participants provided a huge benefit. I Ie provided a brief overview of the information provided by the Texas Bank (leverage bank) and how it could be of a benefit to the City and the 4A Board as a way to magnify the funds available for projects. There was discussion regarding how a leverage bank could assist a City on some types of projects. There was additional discussion regarding Enterprise Funds and how they are applied. There was further discussion regarding TML who is gearing up to gainpolitical support for legislation that will "go after 4A and 4B Corporations" to help municipalities cover budget shortfalls. GEDCO Minutes/May 17, 2010 Page 2 of 5 The Board also discussed the importance of remembering that it is taxpayer dollars that are being utilized to support Economic Development and the importance of not putting those funds at undue risk and that there was a certain amount of risk involved with the State leveraging funds. Berryman thanked the Board to allowing the members to attend the conference. Discussion and possible action regarding update on Project Apple -- Mark Thomas, Economic Development Director Thomas provided an overview of the history of the projects that have come before the Board for consideration. He told the Board that no action has been taken up to this point and that the Board was being asked to provide direction to staff on how to proceed. There was additional discussion regarding the need to resolve any outstanding issues related to this project before the Boardwill move forward. Mr McIntosh attended the meeting and told the Board that they were amenable to addressing all of the outstanding issues. He did indicated that he was not in a financial position to pay to have the trees moved that were located in the right of way unless they are reimbursed. He reiterated his position with regard to the site plan and landscape plan. There was discussion with staff regarding the events leading up to the current situation. However, the Board indicated that once all of the issues are resolved the 4A is willing to move forward and work with Mr. McIntosh on eligible 4A projects. Mr McIntosh indicated to the Board that the Lone Star Circle of Care has rented the 2nd Floor of the office building on University. He indicated that all of the Lone Star's Accounts Receivable jobs are coning to Georgetown and that their Accounts Payable jobs are remaining in Georgetown. He indicated that the jobs would include clerical as well as Executive positions. There was additional discussion with Mr. McIntosh regarding his understanding of the outstanding development issues. He told the Board his company just does not have the funds to remove and relocate the trees. Board indicated it would like for staff to work with Mr. McIntosh with regard to this new information Motion by Berryman to direct staff to review the new information provided today with regard to the potential of 60 jobs being either retained or created with the buildout of the second floor of the building for a 5 year program and that they work with Mr. McIntosh to see how this new project works into our ROI standard and to report their findings back the Board for further discussion at next month's meeting. GEDCO Minutes/May 17, 2010 Page 3 of 5 Friendly Amendment by Ross that all lobs are at all levels, up to and including Executive level jobs. Second by Marler (Approved, as amended, 4 0), *as corrected at May 24, 2010 Meeting. F. Discussion and possible action to schedule a Special Meeting for the Georgetown Economic Development Corporation. --Mark Thomas, Economic Development Director Brandenburg and Thomas provided the reasons for requesting a Special Meeting, and the meeting was scheduled for Monday, May 24, 2010 at 3:00 p.m. in the City Council. Prior to entering into Executive Session, Jim Albers with the Rotary Club introduced a Japanese Delegate who is participating in a Rotary Exchange Program. Recessed into Executive Session at 2:55 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: G. 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. -- Land/Infrastructure project negotiations H. 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. --Project Complex I. 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 Conductof the State Bar of Texas. Reconvened into Regular Session at 3:42 p.m. J. Action out of Executive Session Motion by Kiltz, second by Marler for the Board to look favorably on the expenditure discussed in Executive Session in Section 551.087 for infrastructure in an amount up to 5125,000 upon verification that the financing of the project has been approved. (Approved 4 0), liver A bscnt)*as con ected at May 24, 2010 Meeting. GEDCO Minutes/May 17, 2010 Page 4 of 5 Motion by Berryman, second by Kiltz for staff following instructions discussed in Executive Session, Section 551.072 to reexamine the items discussed with regard to the infrastructure project and bring recommendations back to the Board for further discussion at the Special Meeting on May 24, 2010. (Approved 4 0), Oliver Absent}*as corrected at May 24, 2010 Meeting. Adjourned at 3:45 p.m. Attest: John KiltzCorporate Sew etary Pat Berrynian, President GEDCO Minutes/May 17, 2010 Page 5of5.