HomeMy WebLinkAboutMinutes_GEDCO_06.18.2007Minutes of the Meeting of
the Georgetown Economic Development Corporation
City of Georgetown, Texas
Monday, June 18, 2007
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday , June 18, 2007.
Members Present:
Ron Shelly, Farley Snell, Ben Oliver, Rick Smith, Pat Berryman
Members Absent
Staff Present:
Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Mark Thomas, Economic
Development Director, Shirley Rinn, Executive Assistant, Trish Carls, City Attorney
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, 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 follows.
1'he meeting was called to order at 2:00pm
Pat Berryman was introduced as the newest Board Member to the GEDCO Board.
A. Discussion and possible action regarding the Project Progress Report. -- Mark Thomas,
Economic Development Director and Paul E. Brandenburg, General Manager
Brandenburg gave the Board an overview of all of the active projects that the GEDCO
2
Board approved including Citicorp, Vista Solutions, Load Dock, Airborn, TLC , and
Orthopuetics. He also gave the Board an update/status on other projects that have been
discussed by the Board that are either on hold or did not progress, including Fallbrook,
Bass Pro, the GISD Job Traming Program, and another biotechnology company.
There was additional discussion regarding the road/tree situation with Bourn and the
County at the Citicorp site, and Thomas also told the Board that Citicorp plans to be up
and running in December.
2
the Board also had an in depth discussion regarding the status of TLC and the future
plans for that facility.
Consideration and approval of the minutes from the Regular Board Meeting held
Monday, May 21, 2007--Farley Snell, Secretary
Motion by Snell, second by Smith to approve the minutes from the Regular Board
Meeting held Monday, May 21, 2007. Approved 5-0
C. Consideration of the May 31, 2007 Financial Report--Micki Rundell, Finance Manager
Rundell presented the Financial Report to the Board and explained the details in the
report, which included monthly sales tax revenues, monthly expenditures, a budgetary
report, and other relevant financial information. She told the Board that the City's
March sales tax was 8.4% and April sales tax was 13.4%
She also told the Board the Airborn and Orthopuetics would be on the next report once
the Performance Agreements have been executed.
Additionally, the Board was told that the Budget and Administrative Contracts would
be discussed at the July Meeting.
Rundell then gave the Board an overview of the GEDCO Board's investments and gave
an explanation of the Board's cash flow balance sheets.
D. Discussion and possible action to approve a Resolution and Performance Agreement
regarding Orthopeutics, L.P. - Paul Brandenburg, General Manager and Mark Thomas,
Director of Economic Development
Thomas and Brandenburg gave the Board an update regarding its discussion and action
regarding Biotechnology Companies since the last meeting. He explained that when
this project was discussed at the last meeting the concept was for the companies to
share common space. As discussions progressed, it was determined that the companies
that are interested in participating in the Life Sciences Center did not want to share
common space. Because of that, it has been necessary to craft the Performance
Agreements to meet the different needs of eachof the companies. They have determined
that a "one size fits all' model is not going to work for this type of project because of the
different needs of each company. Thomas told the Board that at the last meeting the
Board approved 520,000 for two companies and for staff to craft the agreements in a
way that was legal. As part of those discussions a Performance Agreement has been
drafted for Orthopuetics for $15,000 and that Orthopuetics will make the capital
investment into the building and create five (5) high salary jobs.
Discussion regarding what would happen if the Lessor made the capital improvements
to the facility instead of the lessee. Carls told the Board that the agreement would have
to be brought back to the board for further review and approval.
Motion by Snell, second by Berryman to approve a Resolution and Performance
Agreement regarding Orthopuetics, with the modifications discussed in the meeting
regarding Orthopeutics, L.P. Approved 5-0.
GEDCO Minutes/June 18, 2007
Paoe 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:
E 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.
F. 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.
G. 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.
H. Action from Executive Session.
The GEDCO Board did not convene into Executive Session and accordingly, there was no
action out of Executive Session.
Motion to Adjourn at 2:42 p.m.
Attest:
Farley Snell, Corporate Secretary
Ron Shelly, Presidi n
GEDCO Minutes/June 18, 2007
Paae3of3