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HomeMy WebLinkAboutMinutes_GEDCO_08.17.2009Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, August 17, 2009 1he Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, August 17, 2009. Members Present: Rick Smith, Ben Oliver, Pat Berryman Members Absent: Ron Shelly, Dale Ross Staff Present: Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Laurie Brewer, Assistant Finance Director Regular Meeting Call to Order at 02:00 PM A. Discussion and possible action regarding the Project Progress Report. -- Mark 1'hail las, Economic Development Director and Paul E. Brandenburg, General Manager Thomas told the Board that the City is in the process of contacting Vista Solutions to prove that they created and maintained the required jobs . Airborn broke ground this past month. He recapped the requirements for Airbonii's grant. He told the board that he anticipates that when Airborn gets ready to start its second phase they will request additional funding. Consideration and approval of the minutes from the Regular Board Meeting held Monday, July 20, 2009--Ben Oliver, Secretary Motion by Oliver, second by Berryman to approve the minutes of the Regular Board Meeting held on Monday, July 20, 2009. Approved 3-0 (Shelly and Ross absent) C. Consideration of the July 31, 2009 Financial Report--Micki Rundell, Finance Manager Rundell provided an overview of the report. She said that there isn't anything different from the last report. She told the board that sales tax has increased for the third straight month. She also told the Board that they are starting to see housing starts increase as well in the area. Discussion and possible action to finalize the proposed 2009/10 GEDCO budget--Micki Rundell, Finance Manager Rundell provided an overview of the 2009/10 Budget. Motion by Oliver, second by Berryman to finalize the proposed 2009/10 GEDCO budget. Approved 3-0 (Shelly and Ross absent) E. Discussion and possible action to approve the 2009/10 Interlocal Service Agreement between GEDCO and the City for administrative services--Micki Rundell, Finance Manager Brewer went over the terms of the Interlocal Agreement . Motion by Oliver, second by Berryman to approve the 2009/10 Interlocal Service Agreement between GEDCO and the City for administrative services. Approved 3-0 (Shelly and Ross absent) F. Discussion and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Amante s Restaurant Group LLC--Mark Thomas, Economic Development Director Thomas provided an overview of the project to the Board. He also told the Board that there are some issues with regard to leasing space downtown because of cost and infrastructure issues He explained the difference between the Performance Agreement we have used in the past and the new format of the Loan Agreement and Promissory Note format being used with this project. There was a clarification that this was an eligible 4A expense. Motion by Berryman, second by Oliver to approve the Loan Agreement and Promissory Note between GEDCO and Amante's Restaurant Group, LLC. Approved 3-0 (Shelly and Ross absent) Rundell explained the City's recourse in the event of default. G Presentation and discussion regarding QLD--Mark Thomas, Economic Development Director Thomas talked to the Board about the differences in Biotech companies vs. other companies that request assistance from the 4A Board. Thomas introduced the principals of Quantum Logic Devices (QLD) and Mel Pendland who gave a presentation about QLD. Pendland told the Board the TLCC is the product of 6 years of work of the community. He told the Board that the Center has been very successful in recruiting companies to the center, and one of those companies is Quantum Logic Devices. GEDCO Minutes/August 17, 2009 Page 2 of 4 Mel introduced Dr. Brousseau who provided a PowerPoint presentation regarding his company and outlined the request his company has for the 4A Board. He told the Board that the QLD is now at a point where they have completed much of their research and are now ready to take the next step in developing products based on the research and technology He provided examples of current tests that diagnose cardiac arrest and explained their limitations. He then provided an overview of the technology QLD is ready to move forward that will decrease the diagnosis time of cardiac arrest . He also explained that the costs for providing tests using this technology are much less than traditional technologies that are currently being utilized. He also explained that the data is quantitative instead of semi -quantitative and dynamic data would be provided with the new testing methods wherein it currently is not dynamic . Cardiodicium will be the company that produces the new testing devices. It would be a spin-off from QLD. He indicated that they have some of the leading cardiologists and experts lined up to work with the company He provided cardiac testing market data to the board. Dr. Brousseau also provided an overview of the "Go -To -Market Plan" for producing and marketing their product for clinical trials. He told the Board that they would like to get started now with the first phase of the ' Go -To Market Plan' . He told the board that they will hire two more technicians and retain the staff they have and are requesting approximately S100,000 for this project. He provided additional information about comparable companies (Abbot/iSTAT IPO and Singulex) and their efforts. The Board was told that if this technology can be proven in clinical trials it will be a milestone. They were also told that many contacts have been made contacts to assist the company raising the funds necessary to conduct the clinical trials. 'There was a brief discussion regarding the American Heart Association's philosophy m not funding "for profit" conipanies. Discussion regarding QLD's patents. Dr. Brousseau also provided an explanation of the company's reasons for focusing on Cardiac Diagnostics. Mel Pendland indicated that this request is different that requests in the past and gave his reasons as to why he feels this project is a worthy one to fund . Recessed to Executive Session at 3:17 p m Ross arrived at 3:20 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: H. 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. I. 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 GEDCO Minutes/August 17, 2009 Page 3 of 4 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. -QLD 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 in Regular Session at 3:56 p m K. Action out of Executive Session Motion by Oliver, second by Berryman to direct staff to negotiate an agreement with Quantum Logic Devices based on the discussion and direction in Executive Session. Approved 4-0 (Shelly absent) Adjourned at 3:58 p.m. Attest: Rick Smith, President Ben Oliver, Corporate Secretary GEDCO Minutes/August 17, 2009 Page4of4 GEDCO Meeting Date: August 17, 2009 Item No. GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM COVER SHEET SUBJECT Consideration and possible action to approve the minutes of the Georgetown Economic Development Corporation held on Monday, July 20, 2009. ATTACHMENTS 1. Draft minutes of the Georgetown Economic Development Corporation Meeting held on Monday, Monday, July 20, 2009. Submitted By: Ben Oliver, Secretary