HomeMy WebLinkAboutMinutes_GEDCO_08.27.2007Minutes of the Meeting of
the Georgetown Economic Development Corporation
City of Georgetown, Texas
Monday, August 27, 2007
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday , August 27, 2007.
Members Present:
Pat Berryman, Farley Snell, Rick Smith, Ben Oliver
Members Absent:
Ron Shelly
Staff Present:
Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Mark Thomas, Economic
Development Director, Shirley Rim, Executive Assistant, Trish Carls, City Attorney, George
Gomez, Economic Development Program Specialist
Regular Meeting
Meeting was called to order at 2:01 p.m.
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.
A Discussion and possible action regarding the Project Progress Report. -- Mark Thomas,
Economic Development I )irector and Paul E. Brandenburg, General Manager
Thomas gave the Board an overview of all of the active projects that the GEDCO Board
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approved, including Citicorp, Vista Solutions, Airborn, TLC Orthopuetics, and other
biotech companies. He gave the Board an update on the closure of the Loading Dock.
B. Consideration and approval of the minutes from the Regular Board Meeting held
Monday, July 16, 2007--Farley Snell, Secretary
Motion by Snell, second by Smith to approve the minutes from the Regular Board
Meeting held Monday, June 18, 2007. Approved 3-0 (Oliver, ShellyAbsent)
C. Consideration of the July 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, including bond issuance and debt.
D. Discussion and action regarding the ter' is for a Performance Agreement for
Orthopeutics, L.P.— Paul Brandenburg, General Manager and Mark Thomas, Director of
Economic Development
Thomas gave the Board an update on the Texas Life Sciences Commercialization Center
and the companies that have coututitted to corning to Georgetown. He gave the Board
an overview of the terms of the current performance agreement and told the Board that
Orthopuetics would really like to craft the agreement to give there the ability to add as
few as 4 jobs, but as many as 6 the first year, as well as the ability to come back to the
Board in future years for potential future funding for adding additional jobs. the Board
discussed including language in the current Performance Agreement that would allow
Orthopuetics the ability to approach the Board in each subsequent year for additional
funding for new capital investment necessary for new job growth.
Ben Oliver arrived at 2:23 p.m.
There was extensive discussion by the Board regarding the dynamics of crafting the
Performance Agreement to meet the needs of Orthopeutics, L.P.
Motion by Berryman second by Smith to direct staff to draft an amended Performance
Agreement to include a minimum of four (4) jobs and a maximum of six (6) jobs valued
at S3,000 each for a maximum grant of S18,000 in the first year, and that the Company
can return to the Board to request additional funding within two (2) years after the
expiration of this agreement and that the new request would be valued on its own merit
under the policy of the 4A Board in affect at that time. Approved 4-0 (Shelly absent)
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 territor" 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.
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H. Action from Executive Session.
the Board did not meet in Executive Session and there was no action.
Meeting was adjourned at 3:45 p.m.
Attest:
Farley Snell, Corporate Secretary Ben C liver,Vice-President
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