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Home My WebLink AboutMinutes_GEDCO_05.21.2012Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, May 21, 2012 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, May 21, 2012. Members Present: Rachael Jonrowe, Tommy Gonzalez, Danny Meigs, John Marler Members Absent Hugh Brown Staff Present: Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant, Laurie Brewer, Deputy City Manager, Micki Rundell, Finance Manager, Bridget Chapman, Acting City Attorney, Jerry Hammerlun, Councilmember, District 5) Regular Meeting Called to order at 4:32 p m Item E was discussed at this time. E. Presentation and discussion regarding DisperSol Teclrologies--Mark Thomas, Economic Development Director The GEDCO Board introduced themselves to the DisperSol Executives. Mark Thomas introduced Gershon Yaniv who is the Chief Executive Officer. Other staff members introduced themselves: Chris Brough, Vice President of Technology, Dave Miller, Vice President of Research and. Development, and Justin Keen, Director of Manufacturing. DisperSol provided a presentation to the GEDCO Board to provide an overview of DisperSol's operations. KinetiSol is the core of their technology that improves the solubility of water insoluble drugs and enables oral drug therapies, reduces dose, reduces side effect, and improves patient compliance. It was explained how DisperSol's technology is different than others' technologies, as well as how big a problem that poorly water soluble drugs are to the pharmaceutical industry. Dr. Yaniv went on to explain the KinetiSol formulation and process, including advantages vs. other technologies, manufacturing process, performance and revenue promotion. There was additional discussion regarding the advantages of having a Rigaku Miniflex X-ray Diffraction System in-house vs. outsourcing and whether or not it could also be utilized as a revenue stream for the company in the same manner they currently outsource . There was also extensive discussion regarding how the pharmaceutical industry is very conservative and doesn't necessarily fund small companies in the same ways other industries do. It was explained that smaller pharmaceutical companies have to prove themselves in order to open up doors in the industry. Their firm is at a point that it has been funded to the point they are going to be by the pharmaceutical industry and having this piece of equipment will show the industry they are a credible company that can produce what they say they can. There was further discussion regarding the timeline for the development of this technology from the point of obtaining this equipment, the projected growth of the company, and DisperSol's intent to grow their company and stay in this area. A. Discussion and possible action regarding the Project Progress Report, including Airborn, Enflite, Radix BioSolutions, Lone Star Circle of Care, Grape Creek Winery, Georgetown Winery, and Difusion Technologies, Inc. -- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager. Thomas provided a matrix that provided an overview in the GEDCO investment on a per job basis. He also explained that some of the projects had extenuating circumstances of why the project needed to be done, but most of them it was simple to provide the matrix. There was discussion by the Board regarding the importance of having this type of information. B. Consideration and approval of the minutes for Georgetown Economic Development Corporation for the Regular Meeting held Monday, April 1.6, 2012 and the Special Meeting held on Tuesday, April 24, 2012—Rachael Jonrowe, Secretary Motion by Gonzalez second by Meigs to approve the minutes for Georgetown Economic Development Corporation for the Regular Meeting held Monday, April 1.6, 2012 and the Special Meeting held on Tuesday, April 24, 2012 (Approved 4 0)(Hugh Brown Absent) C. Consideration of the April 30, 2012 Financial Reports--Micki Rundell, Finance Manager Runde]] provided an overview of the Financial Report. She told the board that sales tax was down a little bit for March, but that it is up 3% for this fiscal year She also discussed with the Board the impact of one-time events that will cause the sales tax numbers to fluctuate. She also went over expenditures. Thomas also went over the Bisnow events that have been paid for with marketing funds that he has been attending and the benefit that has been derived from them . There was additional discussion regarding the impact of Wolf Ranch and Dos Salsas on sales tax, as well as what the impact will be once the vacancies fill up with new stores . They also discussed whether or not the City had the ability to get a vacancy report for the entire City and the importance of having that type of data available. Additional discussion regarding the benefit of tracking overall real estate sales to try and gauge the impact those sales may have on the City as a whole. There was also discussion GEDCO Minutes/May21, 2012 Page 2 of 4 on how having this type of information could help the GEDCO Board make more informed decisions about when and how it grants its funding for proposed projects. D. Discu.ssion and possible action regarding Grape Creek/Visitor Center building renovation and consideration and possible action to ratify the approval of the Second Amended Agreement by and between GCV Enterprises, LLC dba Grape Creek Vineyards and the Georgetown Economic Development Corporation (GEDCO) -- Bridget Chapman, Acting City Attorney and Mark Thomas, Economic Development Director Thomas explained to the Board the construction estimates and the reasons for obtaining additional bids for the construction of the renovations. He explained that some constructive testing has been done which has provided a clearer idea of what is needed for the renovations. It is anticipated that the construction bids will come in under the $359,000 with a buildout allowance for Grape Creek. Chapman explained the need to ratify the Agreement due the need for a motion and a second on the original action. Motion by Meigs, Second by Gonzalez to ratify the ratify the approval of the Second Amended Agreement by and between GCV Enterprises, LLC dba Grape Creek Vineyards and the Georgetown Economic Development Corporation (GEDCO) (Approved 4 0)(Hugh Brown Absent) Recessed into Executive Session at 5:33 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: P. 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. - Project Black - Tasus Expansion - Grape Creek - Difusion - DisperSol 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. GEDCO Minutes/May21, 2012 Page 3 of 4 Reconvened into Regular Session at 6:24 p.m. I. Action out of Executive Session Motion by Gonzalez, second by Meigs to approve the Performance Agreement with Difusion increasing the grant amount from $80,000 to $92,000, with funding to be within thirty (30) days of final approval of a signed lease agreement with secured deposit in place, and a complete agreement between TLCC and GREX for the building expansion. (Approved 4-0) (Hugh Brown Absent) Adjourned at 6:26 p.m. Attest: Rachael Jonrowe, Co ecretary John Marler, President GEDCO Minutes/May21, 2012 Page 4 of 4