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HomeMy WebLinkAboutMinutes_GEDCO_09.20.2010Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, September 20, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, September 20, 2010. Members Present: Tommy Gonzales, John Wrier, Dale Ross Members Absent: Pat Berryman, John Kiltz Staff Present: Paul Brandenburg, General Manager, Laurie Brewer, Assistant Director of Finance, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Mark Sokolow, City Attorney Minutes Regular Meeting The meeting was called to order at 2:06 p m A. Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Airbornt, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Ringdale, and Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Mark Thomas provided an overview of the report. No changes since the last report. He told the Board that Intralink Spine moved most of their operations to Kentucky. they do still have some positions that remained in Georgetown. Airborn will receive their first incentive payment in January 2011. Airborn is happy with their location. Brief discussion regarding McIntosh projects. B. Consideration and approval of the minutes from the Meeting held Monday, July 19, 2010--John Kiltz, Secretary Motion by Marler second by Gonzales to approve the minutes from the Meeting held Monday, July 19, 2010. Approved (Berryman and Kiltz Absent) Consideration of the August 31, 2010 Financial Reports--Micki Rundell, Finance Manager Brewer provided an overview of the Financial Report. We have a 14% increase in sales tax revenue from from last year at the same point. D. Discussion and possible action regarding the Texas Life Sciences Commercialization Center (TLCC)--Mark Thomas, Economic Development Director Thomas provided an overview of the TLCC's background. He indicated that the BioScience sector is very healthy and will grow in the future and is a perfect fit for Georgetown. Russ Peterman confirmed that there are 7 companies currently housed at TLCC and about a dozen are interested in becoming part of the Center. Thomas told the Board that the TLCC has created 21 jobs with an average wage of $137,000 and the sector continues to grow. Thomas gave an overview of the request by TLCC that GEDCO provide a grant in the amount of S50,000 per year for three years. He described several options for drawing up the agreement, including the creation of jobs and recruitment of companies. Russ Peterman told the Board that the grant would be utilized for operations because it is difficult to use Federal Funds for operations. Discussion regarding the constraints of the physical space at the facility and whether it can accommodate the anticipated growth in the sector. Thomas provided the Board an overview of the TLCC's relationship with Georgetown Railroad Peterman reassured the Board that the TLCC is in constant contact with the developer to build new space in a timely fashion to keep up with the recruitment. Discussion regarding the importance of keeping the quality of the TLCC. The board indicated that it would like for Thomas to work with negotiate and draft an agreement that would require TLCC to land 6 companies over the 3 year period with the creation of 7 jobs per company with terms similar to those in the Agreement that was previously done with the City and bring it back to the Board for review and approval. Discussion regarding the funding of the TLCC and what it would take to become self sustaining. Peterman explained the difficulties in defining an actual break even point due to the nature of the federal funding it receives. Discussion and possible action regarding marketing funds --Mark Thomas, Economic Development Director Thomas provided an overview of the request and told the Board that Economic Development marketing is difficult and there is a need to be more aggressive in the GEDCO Minutes/September 20, 2010 Page 2 of 4 City's Economic promotional efforts. He told the Board that Economic Development law allows that 10% of the sales tax collected for Economic Development can be used for marketing and promotional efforts. Thomas provided an overview of the types of promotional and marketing efforts that could be done with the extra funding for those efforts. He indicated they wouldn't necessarily use the entire 10% available but just needs authorization to have access to those funds in their marketing efforts if it is needed. Brewer indicated that currently about S8,000 of GEDCO money is part of the Economic Development Budget, which is 10% of the Economic Development budget. Thomas provided examples of the ways that the funding could be utilized for .narketing and promotional efforts. The Board indicated that they would like for 'Thomas and Finance to bring back a budget amendment outlining the use of funds and strategy of proposed efforts. 1 he board recessed into Executive Session at 2:45 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: F. 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. G. 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. - Discussion regarding Project Win - Discussion regarding Project Blue H. 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. The board reconvened into Regular Session at 3:38 p.m. GEDCO Minutes/September 20, 2010 Page 3 of 4 I. Action out of Executive Session No action out of Executive Session. Attest: 1 John Kiltz, orporate Se SRoss, Vice President GEDCO Minutes/September 20, 2010 Page 4 of 4