HomeMy WebLinkAboutMinutes_GEDCO_05.24.2010Minutes of the Meeting of
the Georgetown Economic Development Corporation
and the Governing Body of the
City of Georgetown, Texas
Monday, May 24, 2010
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday, May 24, 2010.
Members Present:
Pat Berryman, John Mader, Dale Ross, John Kiltz
Members Absent:
Staff Present:
Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Mark Thomas, Economic
Development Director, Shirley Rinn, Executive Assistant to the City Manager, Mark Sokolow,
City Attorney
Regular Meeting
Meeting was called to Order at 3:05 p.iu.
A. Consideration and approval of the minutes from the Regular Board Meeting held
Monday, May 17, 2010 -- John Kiltz, Secretary
Motion by Marler, second by Ross to approve the minutes from the Regular Board
Meeting held Monday, May 17, 2010 with corrections to remove Ben Oliver's name
since he is no longer an official Board member since the May 2010 Election. (Approved
4-0)
Presentation and discussion regarding Project Intralink-Spine -- Mark I'honias,
Economic 1)evelopnient Director
hoi las introduced Eric I Iauck, the CEO and President of Orthopeutics, and provided
an overview of the company, its growth potential, and the Texas Life Sciences
Collaboration Center. Thomas explained to the Board the current situation the
company has with its funding status with the State of Texas
Eric Hauck provided a presentation to the Board about the technology of
Intralink-Spine, Inc. regarding its Injectable Medical Device for the Treatment of
Degenerative Disc Disease. He told the board that health care cost related to lower back
pain is the most costly ailment compared to many other ailments, including cancer. He
provided an overview of the history of where the technology was 30 years ago to where
it is today. He went on to explain how the technology will work to repair Degenerative
Disc Disease. He also talked about Health Care Reform and how this type of
technology will help to bring health care cost clown and more cost effective.
He also briefly talked about three companies related to Intralink and the types of
diseases that can be treated with bio-technology: Intrabrace, Biosupport, and Tarexx.
He provided a financial overview of the company and the reasons they want to stay in
Georgetown and what it will take to retake it happen. He told them about the SBIR
Grant the company obtained. He also explained the reasons the State turned their
request for funding and how political approval of that type of finding is difficult to
obtain. He also provided an overview of the type of device his company is going to
stake and what it will take to get it done. He provided an additional overview of the
number of and the amount of grants his companies have brought to Georgetown. He
also provided the Board an overview of the success of biotechnology companies who
have received municipal funding. He provided his perspective of the reasons why
some companies survive and succeed compared to those who don't. Mr. Hauck
explained to the Board that while his funding options are corning in, what he doesn't
have is a lot of time and went on to explain the amount of funding his company needed
to begin manufacturing his product and why they want to stay in Georgetown.
There was also discussion regarding stages of clinical studies and what happens if one
stage "fails" and can the project still be successful if one stage "fails", the risk of utilizing
taxpayer's stoney vs. the value that taxpayer's will receive for the investment, as well as
the risk the City takes that a company will move its operations after receiving funding.
Recessed into Executive Session at 4:05 p.rn.
EXECUTIVE SESSION
The Georgetown Economic Development Corporation will meet in closed executive session as allowed by
Texas Open Meetings Act ('I exas Government Code Chapter 551), as follows:
C. 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 protect negotiations
D. 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
GEDCO Minutes/May 24, 2010
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prospect that the Corporation seeks to have locate, stay, or expand in or near the territory of the City of
Georgetown.
--Project Intralink-Spine
Section 551.071. CONSULTATION WITH ATTORNEY
Consultationwith attorney regarding legal issues related to agenda items and other matters in which the duty of
the attorney to the Georgetown Econo nic Development Corporation under the Texas Disciplinary Rules of
Professional Conduct of the State Bar of Texas.
Reconvened into Regular Session at 4:30 p.m.
F. Action out of Executive Session
Motion by Berryman second by Kiltz to negotiate with Intralink-Spine to extend a grant or
forgivable loan of S100,000 per year for three (3) years to Intralink-Spine to be tied to job
creation of forty (40) jobs over a three (3) year time period with a renewal of the loan for
another three (3) years with the retention of those jobs, and to direct staff to develop a
Performance Agreement to this effect to present to the City Council by the June Meeting.
(Approved 4 0)
Adjourned at 4:32 p ui
Attest:
John Kilt Corporate ° retary
Pat Berryman, Presiden
GEDCO Minutes/May 24, 2010
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