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HomeMy WebLinkAboutGEDCO_Agenda&Minutes_2010Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, November 15, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, November 15, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Pat Berryman, Dale Ross, John Kiltz, John Marler, Tommy Gonzalez Call to Order at 02:00 PM A.Consideration and approval of the minutes from the Meeting held Monday, November 1, 2010 --John Kiltz, Secretary http://georgetown.org/pdfs/gedco/11-15-10/ItemA.pdf B.Consideration of the October 31, 2010 Financial Report--Micki Rundell, Finance Manager http://georgetown.org/pdfs/gedco/11-15-10/ItemB.pdf C.Discussion and possible action regarding the approval of a Performance Agreement between GEDCO and McIntosh Holdings , LLC in an amount not to exceed $14,187.50 for electrical improvements--Paul E. Brandenburg, General Manager http://georgetown.org/pdfs/gedco/11-15-10/ItemC.pdf D.Discussion and possible action regarding the utilization of Promotion Funds to retain a consultant to market Downtown to wineries--Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/11-15-10/ItemD.pdf 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 the Development Corporation Act 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. - Project Blue - Project Lab II - Project Win 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. H. Action out of Executive Session Certificate of Posting I, Jessica Brettle, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Brettle, City Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, November 1, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, November 1, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Pat Berryman, Dale Ross, John Kiltz, John Marler, Tommy Gonzalez Call to Order at 02:00 PM A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Airborn, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Ringdale, and Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager http://georgetown.org/pdfs/gedco/11-1-10/ItemA.pdf B.Consideration and approval of the minutes from the Meeting held Monday, September 20, 2010--John Kiltz, Secretary http://georgetown.org/pdfs/gedco/11-1-10/ItemB.pdf C.Consideration of the September 30, 2010 Financial Reports--Micki Rundell, Finance Manager http://georgetown.org/pdfs/gedco/11-1-10/ItemC.pdf D.Discussion and possible action regarding a breakdown of the projected usages of the marketing budget--Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/11-1-10/ItemD.pdf E.Consideration and possible action regarding the approval of a budget amendment for marketing programs--Micki Rundell, Finance Manager Backup to be provided at the meeting. F.Consideration and possible action regarding the approval of a budget amendment for Economic Development Projects--Micki Rundell, Finance Manager Backup to be provided at the meeting G.Discussion and possible action regarding the project eligibility review form--Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/11-1-10/ItemG.pdf H.Discussion and possible action regarding the approval of an Agreement with the Texas Life Sciences Commercialization Center (TLCC)--Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/11-1-10/ItemH.pdf 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: I.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. J.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 Lab II - Discussion regarding Project Blue K.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. L. Action out of Executive Session Certificate of Posting I, Jessica Brettle, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Brettle, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, November 1, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, November 1, 2010. Members Present: Dale Ross, John Marler, John Kiltz, Tommy Gonzalez Members Absent: Pat Berryman Staff Present: Paul Brandenburg, General Manager, Mick Rundell, Finance 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 Call to order at 2:02 p.m. A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Airborn, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Ringdale, and Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Update on projects. Staff is following up with Hope Lumber regarding compliance. B.Consideration and approval of the minutes from the Meeting held Monday, September 20, 2010--John Kiltz, Secretary Motion by Kiltz, second by Marler to approve the minutes from the Meeting held September 20, 2010. Approved (Berryman absent) C.Consideration of the September 30, 2010 Financial Reports--Micki Rundell, Finance Manager Rundell provided an overview of the report. She told the Board that revenues are still good and that we are about 6 1/2% higher than expected. We are sitting above where we were prior to the recession. Micki told the Board they will do a complete sales tax presentation in January. The Board requested that outside legal firm invoices be provided to the Board for their information. Discussion regarding fund balance available for projects. D.Discussion and possible action regarding a breakdown of the projected usages of the marketing budget--Mark Thomas, Economic Development Director Thomas provided an overview of his request at the last meeting for an increase in the marketing budget for Economic Development. He then provided an overview of the projected breakdown of projected usages. Everything listed in this breakdown is above and beyond what is done now. Discussion regarding possible scenarios for marketing opportunities. Discussion regarding how to measure the results of the marketing efforts. Discussion as to whether or not communities utilize 10% of their 4A funding for marketing. Discussion regarding whether the reasons for utilizing this funding in this manner of outsourcing vs. hiring new employees for the Economic Development Department. Discussion regarding the need for the Board being informed about the expenditure of the funds. E.Consideration and possible action regarding the approval of a budget amendment for marketing programs--Micki Rundell, Finance Manager Brewer provided the action item to amend the budget with regard to marketing programs outlined above. Motion by Kiltz, second by Marler to amend the budget in the amount of $80,000 with regard to marketing programs. Approved (Berryman absent) F.Consideration and possible action regarding the approval of a budget amendment for Economic Development Projects--Micki Rundell, Finance Manager This Item was discussed after Item H. Brewer provided the details of the Amendment request. Motion by Marler, second by Kiltz to approve a budget amendment in the amount of $50,000 for Economic Development Projects. Approved (Berryman absent) G.Discussion and possible action regarding the project eligibility review form--Mark Thomas, Economic Development Director Thomas thanked the subcommittee for their work on this project. He and John Kiltz provided an overview of the intent of the Eligibility Review Form. Further discussion regarding the premise for developing the Eligibility Review Form and the expected outcomes by the utilization of the form. Discussion regarding the possible need to shore up some of the language to be more specific. Discussion regarding the need to put a definitions and/or examples of "hard costs" vs. "soft costs" in the Form. Once finalized, the form will be placed on the website and also provided to the Council for their information. Motion by Gonzalez, second by Ross, to approve the Project Eligibility Review Form with amendments related to the discussion regarding "hard costs" Approved (Berryman absent) H.Discussion and possible action regarding the approval of an Agreement with the Texas Life Sciences Commercialization Center (TLCC)--Mark Thomas, Economic Development Director Thomas provided an overview of the Agreement for TLCC. Motion by Marler, second by Gonzalez to approve of an Agreement with the Texas Life Sciences Commercialization Center. Approved (Berryman absent) Recessed into Executive Session at 2:45am 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: I.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. J.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 Lab II - Discussion regarding Project Blue K.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 into Regular Session at 3:30pm L. Action out of Executive Session No Action out of Executive Session Motion to adjourn at 3:31pm. Attest: __________________________________________________________ John Kiltz, Corporate SecretaryDale Ross, Vice President Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, October 18, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, October 18, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Pat Berryman, Dale Ross, John Marler, Tommy Gonzalez, John Kiltz Call to Order at 02:00 PM The GEDCO Board will meet on November 1, 2010 at 2:00pm in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas, therefore, no meeting will be held on October 18, 2010. THIS MEETING HAS BEEN CANCELLED. Certificate of Posting I, Jessica Brettle, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Brettle, City Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, September 20, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, September 20, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Dale Ross, John Kiltz, John Marler, Tommy Gonzalez, Pat Berryman Call to Order at 02:00 PM A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Airborn, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Ringdale, and Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager http://georgetown.org/pdfs/gedco/9-20-10/GEDCO9-20-10ItemA.pdf B.Consideration and approval of the minutes from the Meeting held Monday, July 19, 2010--John Kiltz, Secretary http://georgetown.org/pdfs/gedco/9-20-10/GEDCO9-20-10ItemB.pdf C.Consideration of the August 31, 2010 Financial Reports--Micki Rundell, Finance Manager http://georgetown.org/pdfs/gedco/9-20-10/GEDCO9-20-10ItemC.pdf D.Discussion and possible action regarding the Texas Life Sciences Commercialization Center (TLCC)--Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/9-20-10/GEDCO9-20-10ItemD.pdf E.Discussion and possible action regarding marketing funds--Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/9-20-10/GEDCO9-20-10ItemE.pdf 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. I. Action out of Executive Session Certificate of Posting I, Jessica Brettle, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Brettle, City Secretary Minutes 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 Marler, 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, Airborn, 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) C.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 $50,000 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. E.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 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 $8,000 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 marketing 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 . The 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. I. Action out of Executive Session No action out of Executive Session. Attest: __________________________________________________________ John Kiltz, Corporate SecretaryDale Ross, Vice President Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, July 19, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, July 19, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Call to Order at 02:00 PM A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager http://georgetown.org/pdfs/gedco/7-19-10/GEDCO7-19-10ItemA.pdf B.Consideration and approval of the minutes from the Special Board Meetings held Monday, May 24, 2010 and Thursday, June 3, 2010 -- John Kiltz, Secretary http://georgetown.org/pdfs/gedco/7-19-10/GEDCO7-19-10ItemB.pdf C.Consideration of the June 30, 2010 Financial Reports--Micki Rundell, Finance Manager http://georgetown.org/pdfs/gedco/7-19-10/GEDCO7-19-10ItemC.pdf D.Discussion and possible action to approve the 2010/11 Interlocal Service Agreement between GEDCO and the City for administrative services--Micki Rundell, Finance Manager http://georgetown.org/pdfs/gedco/7-19-10/GEDCO7-19-10ItemD.pdf E. Consideration and possible action to approve the GEDCO 2010/11 Budget---Micki Rundell, Finance Manager http://georgetown.org/pdfs/gedco/7-19-10/GEDCO7-19-10ItemE.pdf F.Consideration and possible action to establish a GEDCO Subcommittee to develop a "Matrix" to evaluate potential deals for GEDCO--Pat Berryman, President http://georgetown.org/pdfs/gedco/7-19-10/GEDCO7-19-10ItemF.pdf G.Discussion and possible action to approve travel and training for the Basic Economic Development Course provided by the Texas Economic Development Council--Paul E. Brandenburg, General Manager http://georgetown.org/pdfs/gedco/7-19-10/GEDCO7-19-10ItemG.pdf 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 the Development Corporation Act which discussion in open session would have a detrimental effect on negotiations with third persons. - Project Infrastructure - Discussion regarding property in the Williams Drive Gateway on Clay Lane 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 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. - Intralink-Spine, Inc. - McIntosh Holdings, LLC J.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. K. Action out of Executive Session Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, July 19, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, July 19, 2010. Members Present: Dale Ross, Tommy Gonzalez, John Marler, John Kiltz, Pat Berryman Members Absent: Staff Present: Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Laurie Brewer, Assistant Director of Finance, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Bridget Chapman, Assistant City Attorney Minutes Regular Meeting Meeting was called to order at 2:05 p.m. A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Mark Thomas provided an overview of the report. Thomas told the Board that Amante's has closed. Discussion that there is now a working grease trap that will benefit the next tenant and ultimately the City. McIntosh will be discussed in Executive Session. Beauty Escape complied with the terms of the agreement. The Board requested that the closed items be removed from the report. B.Consideration and approval of the minutes from the Special Board Meetings held Monday, May 24, 2010 and Thursday, June 3, 2010 -- John Kiltz, Secretary Motion by Ross, second by Gonzalez to approve the minutes from the Special Board Meetings held Monday, May 24, 2010 and Thursday, June 3, 2010 (Approved 5-0) C.Consideration of the June 30, 2010 Financial Reports--Micki Rundell, Finance Manager Rundell went over the financial report, including expenses and sales tax. Retail is holding its own, building related sales tax is down . D.Discussion and possible action to approve the 2010/11 Interlocal Service Agreement between GEDCO and the City for administrative services--Micki Rundell, Finance Manager Laurie Brewer went over the Interlocal Service Agreement compared to last year's Agreement. Motion by Ross second by Marler to approve the 2010/11 Interlocal Service Agreement between GEDCO and the City for administrative services. Approved 5-0 E. Consideration and possible action to approve the GEDCO 2010/11 Budget---Micki Rundell, Finance Manager Brewer went over the proposed budget for 2010/11. Questions regarding the amount budgeted for travel and training . Brewer told the Board the amount budgeted is based upon amounts spent in the past. Discussion whether or not to increase the travel and training line item. Motion by Ross second by Berryman to approve the proposed budget with the exception to roll forward from prior fiscal year any funds remaining for travel and training into the budget for 2010/11. Approved 5-0 F.Consideration and possible action to establish a GEDCO Subcommittee to develop a "Matrix" to evaluate potential deals for GEDCO--Pat Berryman, President Berryman provided an overview of the reasons for establishing a "Matrix" to assist in the projection of the ROI for companies requesting GEDCO funding. Brief discussion by the Board. Motion by Kiltz second by Marler to establish a subcommittee to develop a matrix and to appoint John Kiltz, John Marler , and Pat Berryman to the subcommittee. Approved 5-0 G.Discussion and possible action to approve travel and training for the Basic Economic Development Course provided by the Texas Economic Development Council--Paul E. Brandenburg, General Manager Brandenburg explained the item and told the board that this training course is above and beyond the required economic development training the Board normally attends . Discussion regarding the benefits of attending an Economic Conference vs. this type of in depth training. General consensus was to not put additional monies into the budget for extra training at this time . No action was taken on this item. Recessed into Executive Session at 2:35pm 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 the Development Corporation Act which discussion in open session would have a detrimental effect on negotiations with third persons. - Project Infrastructure - Discussion regarding property in the Williams Drive Gateway on Clay Lane 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 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. - Intralink-Spine, Inc. - McIntosh Holdings, LLC J.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 out of Executive Session at 3:53p.m. K. Action out of Executive Session Motion by Berryman second Kiltz to instruct the General Manager to not bid on the Clay Lane Property as previously approved by the GEDCO Board on April 20, 2009. Approved 5-0 Adjourned at 3:55 p.m. Attest: __________________________________________________________ John Kiltz, Corporate SecretaryPat Berryman, President Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, June 21, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, June 21, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Pat Berryman, Dale Ross, John Kiltz, John Marler, Tommy Gonzalez Call to Order at 02:00 PM No items have been submitted for consideration by the GEDCO Board for the month of June. Therefore, no meeting will be held on June 21, 2010. THIS MEETING HAS BEEN CANCELLED. Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Thursday, June 3, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Thursday, June 3, 2010 beginning at 03:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Pat Berryman, Dale Ross, John Kiltz, John Marler, Tommy Gonzalez Call to Order at 03:00 PM SPECIAL MEETING 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: A.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 Intralink-Spine B.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. C. Action out of Executive Session Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Thursday, June 3, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Thursday, June 3, 2010. Members Present: Pat Berryman, Dale Ross, John Marler, Tommy Gonzalez Members Absent: John Kiltz Staff Present: Paul Brandenburg, General Manager, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Mark Sokolow, City Attorney Minutes Regular Meeting Meeting was called to Order at 3:05 p.m. Recessed into Executive Session at 3:05 p.m. Dale Ross arrived at 3:10 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: A.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 Intralink-Spine B.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 into Regular Session at 3:52 p.m. C. Action out of Executive Session Motion by Marler, second by Gonzalez to authorize the performance "loan" agreement and promissory note between the Georgetown Economic Development Corporation and INTRALINK-SPINE, INC. for $300,000 as presented and refer the agreements to the City Council for consideration and approval (Approved 4-0, Kiltz Absent) Adjourned at 3:55 p.m. Attest: __________________________________________________________ John Kiltz, Corporate SecretaryPat Berryman, President Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, May 24, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, May 24, 2010 beginning at 03:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Ben Oliver, Pat Berryman, Dale Ross, John Kiltz, John Marler Call to Order at 03:00 PM SECOND REVISED A.Consideration and approval of the minutes from the Regular Board Meeting held Monday, May 17, 2010 -- John Kiltz, Secretary http://georgetown.org/pdfs/gedco/5-24-10/GEDCOItemA.pdf B.Presentation and discussion regarding Project Intralink Spine -- Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/5-24-10/GEDCOItemB.pdf 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: C.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. -- Land/Infrastructure project negotiations D.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 Intralink-Spine E.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. F. Action out of Executive Session Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, May 24, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, May 24, 2010. Members Present: Pat Berryman, John Marler, Dale Ross, John Kiltz Members Absent: Staff Present: Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Mark Sokolow, City Attorney Minutes Regular Meeting Meeting was called to Order at 3:05 p.m. A.Consideration and approval of the minutes from the Regular Board Meeting held Monday, May 17, 2010 -- John Kiltz, Secretary Motion by Marler , second by Ross to approve the minutes from the Regular Board Meeting held Monday, May 17, 2010 with corrections to remove Ben Oliver's name since he is no longer an official Board member since the May 2010 Election. (Approved 4-0) B.Presentation and discussion regarding Project Intralink-Spine -- Mark Thomas, Economic Development Director Thomas introduced Eric Hauck, the CEO and President of Orthopeutics, and provided an overview of the company, its growth potential, and the Texas Life Sciences Collaboration Center. Thomas explained to the Board the current situation the company has with its funding status with the State of Texas Eric Hauck provided a presentation to the Board about the technology of Intralink-Spine, Inc. regarding its Injectable Medical Device for the Treatment of Degenerative Disc Disease . He told the board that health care cost related to lower back pain is the most costly ailment compared to many other ailments, including cancer. He provided an overview of the history of where the technology was 30 years ago to where it is today. He went on to explain how the technology will work to repair Degenerative Disc Disease. He also talked about Health Care Reform and how this type of technology will help to bring health care cost down and more cost effective. He also briefly talked about three companies related to Intralink and the types of diseases that can be treated with bio-technology: Intrabrace, Biosupport, and Tarexx. He provided a financial overview of the company and the reasons they want to stay in Georgetown and what it will take to make it happen. He told them about the SBIR Grant the company obtained. He also explained the reasons the State turned their request for funding and how political approval of that type of funding is difficult to obtain. He also provided an overview of the type of device his company is going to make and what it will take to get it done. He provided an additional overview of the number of and the amount of grants his companies have brought to Georgetown. He also provided the Board an overview of the success of biotechnology companies who have received municipal funding. He provided his perspective of the reasons why some companies survive and succeed compared to those who don't. Mr. Hauck explained to the Board that while his funding options are coming in, what he doesn't have is a lot of time and went on to explain the amount of funding his company needed to begin manufacturing his product and why they want to stay in Georgetown. There was also discussion regarding stages of clinical studies and what happens if one stage "fails" and can the project still be successful if one stage "fails", the risk of utilizing taxpayer's money vs. the value that taxpayer's will receive for the investment, as well as the risk the City takes that a company will move its operations after receiving funding. Recessed into Executive Session at 4:05 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: C.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. -- Land/Infrastructure project negotiations D.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 Intralink-Spine E.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 into Regular Session at 4:30 p.m. F. Action out of Executive Session Motion by Berryman second by Kiltz to negotiate with Intralink -Spine to extend a grant or forgivable loan of $100,000 per year for three (3) years to Intralink-Spine to be tied to job creation of forty (40) jobs over a three (3) year time period with a renewal of the loan for another three (3) years with the retention of those jobs, and to direct staff to develop a Performance Agreement to this effect to present to the City Council by the June Meeting. (Approved 4-0) Adjourned at 4:32 p.m. Attest: __________________________________________________________ John Kiltz, Corporate SecretaryPat Berryman, President Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, May 17, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, May 17, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Ben Oliver, Pat Berryman, Dale Ross, John Kiltz, John Marler Call to Order at 02:00 PM A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager http://georgetown.org/pdfs/gedco/5-17-10/gedcoagendaItemA.pdf B.Consideration and approval of the minutes from the Regular Board Meeting held Monday, March 15, 2010 -- John Kiltz, Secretary http://georgetown.org/pdfs/gedco/5-17-10/gedcoagendaItemB.pdf C.Consideration of the March 31, 2010 and April 30, 2010 Financial Reports--Micki Rundell, Finance Manager http://georgetown.org/pdfs/gedco/5-17-10/gedcoagendaItemC.pdf D. Report regarding Texas Economic Development Council Spring Conference--Pat Berryman, President http://georgetown.org/pdfs/gedco/5-17-10/gedcoagendaItemD.pdf E.Discussion and possible action regarding update on Project Apple -- Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/5-17-10/gedcoagendaItemE.pdf F.Discussion and possible action to schedule a Special Meeting for the Georgetown Economic Development Corporation.--Mark Thomas, Economic Development Director http://georgetown.org/pdfs/gedco/5-17-10/gedcoagendaItemF.pdf 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: G.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. -- Land/Infrastructure project negotiations H.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 Complex I.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. J. Action out of Executive Session Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, May 17, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, May 17, 2010. Members Present: Pat Berryman, John Marler, Dale Ross, John Kiltz Members Absent: Staff Present: Paul Brandenburg, General Manager, Micki Rundell, Finance Manager, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Mark Sokolow, City Attorney, Heather Brewer, Arborist, Elizabeth Cook, Director of Community Development Minutes Regular Meeting The meeting was called to order at 2:03 p.m. A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Mark Thomas provided an overview of the report. He told the Board that there were no major changes. He indicated that they will follow up with Beauty Escape to verify its compliance of terms outlined in the Performance Agreement. Thomas told the Board that Airborn has completed the building and provided an overview of the terms outlined in the Performance Agreement. There was a brief discussion regarding construction issues related to the completion of the building and possible follow up. Thomas also told the Board that that Ringdale and Radix have both been funded. B.Consideration and approval of the minutes from the Regular Board Meeting held Monday, March 15, 2010 -- John Kiltz, Secretary Motion by Marler, second by Ross to approve the minutes from the Regular Board Meeting held Monday, March 15, 2010. (Approved 4-0), Oliver Absent)*as corrected at May 24, 2010 Meeting. C.Consideration of the March 31, 2010 and April 30, 2010 Financial Reports--Micki Rundell, Finance Manager Micki Rundell told the Board that the Reports have been reformatted to hopefully make them easier to understand. She explained the new format and provided the Board an overview of the Financial Reports, including monthly sales tax revenues, monthly revenues and expenditures, budgetary report, and other relevant financial information. She indicated that current sales tax figures are 3.5% ahead of where it was anticipated it would be. There was also a brief discussion regarding the possible trends that attributed to the increase. D. Report regarding Texas Economic Development Council Spring Conference--Pat Berryman, President Berryman provided an overview of the Conference they attended in April. She told the Board the purpose in attending the conference was the opportunity to gain education about Economic Development. She provided an information regarding the insight gained from the Conference, including the process by which the Governor's office divides the funding available for Economic Development and the types of businesses that can benefit. Marler provided his insight on the conference as well and indicated that the interaction with other participants provided a huge benefit. He provided a brief overview of the information provided by the Texas Bank (leverage bank) and how it could be of a benefit to the City and the 4A Board as a way to magnify the funds available for projects. There was discussion regarding how a leverage bank could assist a City on some types of projects. There was additional discussion regarding Enterprise Funds and how they are applied. There was further discussion regarding TML who is gearing up to gain political support for legislation that will "go after 4A and 4B Corporations" to help municipalities cover budget shortfalls . The Board also discussed the importance of remembering that it is taxpayer dollars that are being utilized to support Economic Development and the importance of not putting those funds at undue risk and that there was a certain amount of risk involved with the State leveraging funds. Berryman thanked the Board to allowing the members to attend the conference. E.Discussion and possible action regarding update on Project Apple -- Mark Thomas, Economic Development Director Thomas provided an overview of the history of the projects that have come before the Board for consideration. He told the Board that no action has been taken up to this point and that the Board was being asked to provide direction to staff on how to proceed . There was additional discussion regarding the need to resolve any outstanding issues related to this project before the Board will move forward . Mr. McIntosh attended the meeting and told the Board that they were amenable to addressing all of the outstanding issues. He did indicated that he was not in a financial position to pay to have the trees moved that were located in the right of way unless they are reimbursed. He reiterated his position with regard to the site plan and landscape plan. There was discussion with staff regarding the events leading up to the current situation. However, the Board indicated that once all of the issues are resolved the 4A is willing to move forward and work with Mr. McIntosh on eligible 4A projects. Mr. McIntosh indicated to the Board that the Lone Star Circle of Care has rented the 2nd Floor of the office building on University. He indicated that all of the Lone Star's Accounts Receivable jobs are coming to Georgetown and that their Accounts Payable jobs are remaining in Georgetown . He indicated that the jobs would include clerical as well as Executive positions. There was additional discussion with Mr. McIntosh regarding his understanding of the outstanding development issues. He told the Board his company just does not have the funds to remove and relocate the trees. Board indicated it would like for staff to work with Mr. McIntosh with regard to this new information Motion by Berryman to direct staff to review the new information provided today with regard to the potential of 60 jobs being either retained or created with the buildout of the second floor of the building for a 5 year program and that they work with Mr. McIntosh to see how this new project works into our ROI standard and to report their findings back the Board for further discussion at next month's meeting. Friendly Amendment by Ross that all jobs are at all levels , up to and including Executive level jobs. Second by Marler (Approved, as amended, 4-0), Oliver Absent) *as corrected at May 24, 2010 Meeting. F.Discussion and possible action to schedule a Special Meeting for the Georgetown Economic Development Corporation.--Mark Thomas, Economic Development Director Brandenburg and Thomas provided the reasons for requesting a Special Meeting, and the meeting was scheduled for Monday, May 24, 2010 at 3:00 p.m. in the City Council. Prior to entering into Executive Session, Jim Albers with the Rotary Club introduced a Japanese Delegate who is participating in a Rotary Exchange Program . Recessed into Executive Session at 2:55 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: G.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. -- Land/Infrastructure project negotiations H.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 Complex I.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 into Regular Session at 3:42 p.m. J. Action out of Executive Session Motion by Kiltz, second by Marler for the Board to look favorably on the expenditure discussed in Executive Session in Section 551.087 for infrastructure in an amount up to $125,000 upon verification that the financing of the project has been approved. (Approved 4-0), Oliver Absent)*as corrected at May 24, 2010 Meeting. Motion by Berryman , second by Kiltz for staff following instructions discussed in Executive Session, Section 551.072 to reexamine the items discussed with regard to the infrastructure project and bring recommendations back to the Board for further discussion at the Special Meeting on May 24, 2010. (Approved 4-0), Oliver Absent)*as corrected at May 24, 2010 Meeting. Adjourned at 3:45 p.m. Attest: __________________________________________________________ John Kiltz, Corporate SecretaryPat Berryman, President Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, April 19, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, April 19, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: John Kiltz, John Marler, Dale Ross, Pat Berryman, Ben Oliver Call to Order at 02:00 PM No items have been submitted for consideration by the GEDCO Board for the month of April. Therefore, no meeting will be held on April 19, 2010. THIS MEETING HAS BEEN CANCELLED. Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, March 15, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, March 15, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Dale Ross, Ben Oliver, Pat Berryman, John Kiltz, John Marler Call to Order at 02:00 PM A.Consideration and possible action to elect officers to include President, Vice-President and Secretary—Paul E. Brandenburg, General Manager B.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager C.Consideration and approval of the minutes from the Regular Board Meeting held Monday, February 9, 2010 -- Ben Oliver, Secretary D.Consideration of the February 28, 2010 Financial Reports--Micki Rundell, Finance Manager E. Discussion and possible action regarding the approval of a Performance Agreement between GEDCO and McIntosh Holdings , LLC in an amount not to exceed $14,000 for electrical improvements--Paul E. Brandenburg, General Manager F.Discussion and possible action regarding the approval to negotiate a Performance Agreement between GEDCO and McIntosh Holdings, LLC in an amount not to exceed $249,000 toward the cost to build out the balance of the office space located at the Georgetonian Office Building located at 205 West University Street-- Paul E. Brandenburg, General Manager 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: G.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. --Discussion and possible action regarding the Land/Infrastructure project negotiations. H.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 and possible action for incentives regarding the Albertson's Building. I.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. J. Action out of Executive Session Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, March 15, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, March 15, 2010. Members Present: Ben Oliver, Dale Ross, Pat Berryman, John Marler, John Kiltz Members Absent: Staff Present: Paul Brandenburg, General Manager, Laurie Brewer, Assistant Director of Finance and Administration, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Elizabeth Cook, Director of Community Development, Bill Sattler, Councilmember, District 4 Minutes Regular Meeting The meeting was called to order at 2:05 p.m. A.Consideration and possible action to elect officers to include President, Vice-President and Secretary—Paul E. Brandenburg, General Manager Motion by Ross, second by Oliver to nominate Pat Berryman for President. Approved 4-0 (Marler Absent). Motion by Berryman, second by Kiltz to nominate Dale Ross as Vice President. Approved 4-0 (Marler Absent). Motion by Oliver, second by Ross to nominate John Kiltz as Secretary. Approved 4-0 (Marler Absent). B.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Thomas told the Board that there were no major changes to the update. Thomas explained the purpose of the Project Report for the benefit of the new members. Discussion amongst the Board regarding same. C.Consideration and approval of the minutes from the Regular Board Meeting held Monday, February 9, 2010 -- Ben Oliver, Secretary Motion by Ross, second by Oliver to approve the minutes from the Regular Board Meeting held Monday, February 9, 2010. Approved 4-0. (Marler Absent) D.Consideration of the February 28, 2010 Financial Reports--Micki Rundell, Finance Manager Laurie Brewer provided the Board an overview of the Financial Reports, including monthly sales tax revenues, monthly expenditures, budgetary report , and other relevant financial information. There was a brief discussion regarding sales tax collections. She also confirmed that the GEDCO Board had $2.744 million available for project funding. John Marler arrived at 2:20pm. E. Discussion and possible action regarding the approval of a Performance Agreement between GEDCO and McIntosh Holdings , LLC in an amount not to exceed $14,000 for electrical improvements--Paul E. Brandenburg, General Manager Brandenburg provided an overview of the request. He told the Board that he has not received the requested backup invoices for the specific work that was done from Mr. McIntosh. The Board recommended that this item be postponed until we receive the backup invoices . He also told the Board that the landscaping issue has still not been completely resolved. There was further discussion regarding the landscaping issues. Motion by Berryman, second by Marler to postpone the discussion regarding this item until the proper backup invoices are received and the landscaping issues are resolved. Approved 5-0. F.Discussion and possible action regarding the approval to negotiate a Performance Agreement between GEDCO and McIntosh Holdings, LLC in an amount not to exceed $249,000 toward the cost to build out the balance of the office space located at the Georgetonian Office Building located at 205 West University Street-- Paul E. Brandenburg, General Manager Thomas provided an overview of the request. He told the Board that this item is similar to one that will be discussed in Executive Session regarding the build-out of office space, which is needed in Georgetown. He told the Board that legal counsel, Jeff Moore indicated that this proposal appears to be a proper use of 4A funding. He told them that in the past, funding has been done for public infrastructure and this request goes inside the walls of a building and it is at the Board's discretion as to whether to provide funding for this type of request or not. He told the Board that in past we have prepared a matrix to determine the value of the incentive, but that the matrix has not been done on this particular request yet . The Board discussed the need to determine what an incentive is and what is not an incentive with regard to this type of request. Thomas told the Board that the applicant was told that he that he should use his own jobs created for for his own business in this request and not those jobs created by potential companies located in this building, because those other companies might want to approach the Board requesting funding based on its own jobs. Thomas also told the Board that with the jobs created by McIntosh Holdings plus the capital improvements made to the site, this proposal would probably meet the criteria of a project under the letter of the law for the GEDCO Board. There was further discussion regarding retained vs. new jobs, as well as the fact that there is not very much office space available in Georgetown, and this project is one of the few that does. Discussion was also held as to whether the Board should approve any project for this developer as long as the landscaping issues are still outstanding. City staff provided the Board with an update on the progress to resolve those issues, but did confirm that a landscaping plan has not been approved. There was additional discussion regarding the best way to structure the agreement for this project. The Board discussed utilizing a buy-down based on public investment and the incentives not being paid until specific projects were confirmed to locate at the site. The incentives would only be triggered when the project was confirmed, with a potential total of approximately $250,000 being available . There was further discussion regarding the possibility of paying the incentives based on the square footage of the improvements for reduced rent. There was an indication that some of the Board Members were not aware that the 2nd floor of the building was not built-out. They had been under the impression that the discussions in the past regarding this project gave the impression that the requests for incentives were tied to the whole project and not part of a project. The Board also discussed the total amount of funding that the GEDCO Board should consider committing to this project. The Board asked staff to formulate and structure a proposal utilizing incentives based on the square footage of the improvements tied to a reduction in rent. An overview was presented by one of the Board Members regarding GTEC's experience when Mr. McIntosh brought his request for incentives related to public infrastructure. The GTEC Board had approved the request, but the City Council voted to deny the funding. There was more discussion regarding the developer's perception that the City is not willing to work with him on his requests related to this project. The Board discussed the difficulty developers face for any type of development in Old Town and acknowledged that this developer has been willing to develop in this area despite the challenges. The Board indicated that it was prudent to offer incentives to attract developers and businesses to locate and do business in Georgetown . There was additional discussion regarding the difficulty in working through the issues related to this particular project because the incentives were not requested prior to the start of the development , but rather after the construction began. The board reiterated that they wanted to work with the developer on this project, but that any agreement that is formulated will need to be based on vetted numbers and full disclosure and transparency with regard to the project. The Board indicated that it would not be in a position to vote on this as it is presented today. Motion by Berryman that the GEDCO Board is willing and interested in formulating an agreement based on vetted numbers and accurate information regarding the project, and more details as to where and how the proposed $775,000 investment is going to be spent (i.e. source and use of funds), and the GEDCO Board will discuss the amount that it would consider awarding to the project based on the outcome of that determination, and in return, the GEDCO Board would need to see reimbursements for rent that can be used for Economic Development in the community ; This structure being necessary because of the strict requirements of the laws pertaining to the use of Economic Development sales tax as incentives for Economic Development. The Board discussed this further clarifying that if the vetted figure was determined to be $775,000, then the $250,000 request would be a feasible incentive request to work with. It the vetted figure was different then other amounts might be considered. There was further discussion that the Board could not approve the request in its current format, and that the agreement must be party to party and that not include conditions that include participation from third parties. This would impede the Board's ability to work with other companies if they wanted to request incentives from the GEDCO Board in the future. It was determined that the Board should postpone a vote on this item until staff has had the opportunity to convey the Board's position to the developer and more information is obtained as discussed previously. Recessed into Executive Session at 2:55 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: G.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. --Discussion and possible action regarding the Land/Infrastructure project negotiations. H.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 and possible action for incentives regarding the Albertson's Building. I.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. Recessed out of Executive Session at 3:30pm J. Action out of Executive Session No Action out of Executive Session. Adjourned at 3:31 p.m. ___________________________________________________________ Pat Berryman, President John Kiltz, Corporate Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, February 15, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, February 15, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Ben Oliver, Rick Smith, Ron Shelly, Pat Berryman, Dale Ross Call to Order at 02:00 PM The regularly scheduled meeting on Monday, February 15, 2010 has been rescheduled. The Meeting will be held on Monday, February 9, 2010 at 2:00pm in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas. Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Tuesday, February 9, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Tuesday, February 9, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Ben Oliver, Rick Smith, Ron Shelly, Pat Berryman, Dale Ross Call to Order at 02:00 PM A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager B.Discussion and possible action regarding return on investment matrix--Mark Thomas, Economic Development Director C.Consideration and approval of the minutes from the Regular Board Meeting held Monday, January 25, 2010--Ben Oliver, Secretary D.Consideration of the December 31, 2009 Financial Report--Micki Rundell, Finance Manager E.Discussion and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Ringdale, Inc. --Mark Thomas, Economic Development Director 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. --Discussion and possible action regarding the Land/Infrastructure project 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 and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Radix BioSolutions aka Project Lab --Mark Thomas, Economic Development Director 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. I. Action out of Executive Session Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Tuesday, February 9, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Tuesday, February 9, 2010. Members Present: Ron Shelly, Dale Ross, Ben Oliver , Pat Berryman Members Absent: Rick Smith Staff Present: Paul Brandenburg, General Manager, Laurie Brewer, Assistant Director of Finance and Administration, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager Minutes Regular Meeting Meeting was called to order at 2:20 p.m. A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Thomas told the Board that Mr. McIntosh has been told that the item has not moved forward because of outstanding issues and that Airborn's deadline has been extended to May 2010. B.Discussion and possible action regarding return on investment matrix--Mark Thomas, Economic Development Director Thomas provided an example of a matrix he'd like to see utilized in the future regarding potential projects and told the Board that it would be more formalized when the new members are appointed to the Board. Berryman arrived at 2:25 p.m. C.Consideration and approval of the minutes from the Regular Board Meeting held Monday, January 25, 2010--Ben Oliver, Secretary Motion by Ross, second by Berryman to approve the minutes from the Regular Board Meeting held Monday, January 25, 2010 (Approved 4-0) D.Consideration of the December 31, 2009 Financial Report--Micki Rundell, Finance Manager Brewer indicated that the report is not changed since the last meeting. She confirmed that $2.9 million is available for funding. Sh also let the Board know that the December Sales Tax figures have not been received yet. E.Discussion and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Ringdale, Inc. --Mark Thomas, Economic Development Director Thomas told the Board that the agreement is presented in the same format as it was at the January Meeting. The company has indicated that they would like to receive the funding after the construction of the electrical improvements. However, Thomas told the Board that there is an outstanding invoice for electrical work that has been done. He was not aware of that outstanding invoice when he brought the Agreement forward at the last meeting. Discussion regarding whether or not there was a written agreement for the work that was done with regard to the invoice that is in dispute. Discussion regarding the need to find a resolution to the dispute. There was a suggestion that city staff visit and meet with Ringdale representatives to try and get this issue resolved. There was additional discussion about what the City receives if it approves the funding; Thomas provided an Economic Impact Analysis for the Board's review. The Board further discussed limiting the amount of funding awarded to projects if the Board approves funding on the front end. City staff was asked to bring back some proposals for setting a policy regarding funding limits. Motion by Berryman , second by Ross to approve the a Loan Agreement and Promissory Note between GEDCO and Ringdale, Inc. contingent on the utility issue being resolved . (Approved 4-0) The Board went on to discuss the importance of the City being aware of the marketplace when making decisions regarding the funding of these economic development projects . 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. --Discussion and possible action regarding the Land/Infrastructure project 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 and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Radix BioSolutions aka Project Lab --Mark Thomas, Economic Development Director 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. Reconvened into Regular Session at 3:13pm I. Action out of Executive Session Motion by Ross second by Berryman to direct staff to proceed with the negotiations and actions discussed in Executive Session regarding the Land/Infrastructure Report. (Approved 4-0) Motion by Berryman second by Ross to approve a Loan Agreement and Promissory Note between GEDCO and Radix BioSolutions aka Project Lab under the terms discussed in Executive Session. (Approved 4-0) Adjourned at 3:16 p.m. ___________________________________________________________ Pat Berryman, Vice-PresidentBen Oliver, Corporate Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, January 25, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, January 25, 2010 beginning at 10:30 AM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Ben Oliver, Rick Smith, Ron Shelly, Pat Berryman, Dale Ross Call to Order at 10:30 AM A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager B.Consideration and approval of the minutes from the Regular Board Meeting held Monday, December 21, 2009--Ben Oliver, Secretary C.Consideration of the December 31, 2009 Financial Report--Micki Rundell, Finance Manager D.Presentation of sales tax information and analysis--Micki Rundell, Finance Manager E.Discussion and possible action to amend the terms of the Performance Agreement regarding Airborn, Inc. --Mark Thomas, Economic Development Director F.Discussion and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Ringdale, Inc. --Mark Thomas, Economic Development Director 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: G.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. H.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 and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Radix BioSolutions aka Project Lab --Mark Thomas, Economic Development Director I.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. J. Action out of Executive Session Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, January 25, 2010 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, January 25, 2010. Members Present: Dale Ross, Ron Shelly, Ben Oliver Members Absent: Rick Smith, Pat Berryman Staff Present: Paul Brandenburg, General Manager, Laurie Brewer, Assistant Director of Finance and Administration, Mark Thomas, Economic Development Director, Shirley Rinn, Executive Assistant to the City Manager, Chris Foster, Chief Finance Analyst, Mark Sokolow, City Attorney Minutes Regular Meeting A.Discussion and possible action regarding the Project Progress Report, including Hope Lumber Company, Citigroup, Vista Solutions, Loading Dock, Airborn, Orthopeutics, The Beauty Escape Salon, Texas Outdoor Power Company, Enflite, McIntosh Holdings, LLC, Amante, Quantum Logic Devices, Ringdale, Radix BioSolutions-- Mark Thomas, Economic Development Director and Paul E. Brandenburg, General Manager Thomas provided an overview of the current projects and told the Board that there were no substantive changes in the update. There was some discussion regarding the status of the McIntosh Project and the development issues that need to be resolved before the Agreement can move forward . If the deadline passes, McIntosh will need to reapply. Radix BioSolutions discussion has been removed from today's agenda due to legal review by Radix's Thomas requested that the next GEDCO meeting be held earlier in February instead of later so that Radix can move forward to Council at its first meeting in February. Discussion regarding the Return on Investment model for Radix. Thomas was instructed to run it at minimum and then again at a higher practical number to give the City a range to work with. Shelly requested that the Return on Investment reports be on record. Thomas provided a copy of a sample matrix for the Board review of types of companies that may request funding. Discussion regarding a matrix format that could be utilized by the City that can be utilized as a working tool that outlines whether a company may meet certain criteria for qualify for different levels of funding. Further discussion that the City needs for companies to understand that the funding is not "free money" and that a return on investment is expected. Discussion regarding the need for guidelines and a scoring model to rank criteria to score companies competing for the same money. B.Consideration and approval of the minutes from the Regular Board Meeting held Monday, December 21, 2009--Ben Oliver, Secretary Motion by Ross second by Shelly to approve the minutes from the Regular Board Meeting held Monday, December 21, 2009. (Approved 3-0, Smith and Berryman absent) C.Consideration of the December 31, 2009 Financial Report--Micki Rundell, Finance Manager Laurie Brewer told the Board that she is going to defer sales tax discussion to coincide with next item. She told the board that there were no expenditures this month and that the Board has $2.8 is available to spend currently and anticipates $3.2M by year end. D.Presentation of sales tax information and analysis--Micki Rundell, Finance Manager Rundell introduced Chris Foster who provided a presentation regarding detailed sales tax analysis for the City of Georgetown. There are seven (7) categories, but retail entails the largest sales tax collections. He provided information about the impact of Wolf Ranch to sales tax collections. He provided information about the sales tax trends over the last several years. Additional discussion regarding impact of special events on sales tax collection. The report that is being provided is broader than breaking it down by smaller time increments. Further discussion regarding the variables that are utilized to determine sales tax forecasts. Food Services, Other Retail, Information, Motor Vehicles and Parts are the four areas that have remained the most constant variables. If economy slows down retail sales collections could be impacted, which in turn would impact city services. Further discussion regarding the impact of Wolf Ranch to the City's sales tax collections. Discussion regarding how population growth and unemployment will impact sales tax collections. E.Discussion and possible action to amend the terms of the Performance Agreement regarding Airborn, Inc. --Mark Thomas, Economic Development Director Thomas told the Board that Airborn has requested that the Agreement timeline be extended to May 31, 2010. Motion by Ross, second by Shelly to approve an Amended Performance Agreement regarding Airborn, Inc. (Approved 3-0, Smith and Berryman absent) F.Discussion and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Ringdale, Inc. --Mark Thomas, Economic Development Director Thomas provided an overview of the request of $20,000 for electrical upgrades. He told the Board that there is a positive Return on Investment. He also told the Board that there is a section that was added to the agreement for wages and benefits. The Agreement is written such that the company will receive the funding after the construction of the electrical infrastructure, which is consistent with how the Board has handled these types of Agreements in the past. Discussion regarding whether the Board needs to front end the $20,000 prior to the job creation. Discussion regarding an analysis of the Return on Investment of companies who were already provided funding compared to what was anticipated. Board supports this project, but wants the agreement revised to provide the funding at the back end of the performance requirements. Thomas will let Ringdale know about the Board's recommendation to provide funding at the back end of the performance agreement and will bring this item back for consideration at the next GEDCO Meeting. Recessed into Executive Session at 11:20 am 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: G.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. H.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 and possible action regarding the approval of a Loan Agreement and Promissory Note between GEDCO and Radix BioSolutions aka Project Lab --Mark Thomas, Economic Development Director I.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. Adjourned out of Executive Session and reconvened in Regular Session at 11:45a.m. J. Action out of Executive Session There was no action out of Executive Session. Adjourned at 11:46 a.m. ___________________________________________________________ Pat Berryman, Vice-PresidentBen Oliver, Corporate Secretary Notice of Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas Monday, January 18, 2010 The Board of Directors of the Georgetown Economic Development Corporation, created pursuant to Chapter 504 of the Texas Local Government Code (formerly known as Section 4A of the Development Corporation Act of 1979), will meet on Monday, January 18, 2010 beginning at 02:00 PM in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas If you need accommodations for a disability, please notify the city in advance. Georgetown Economic Development Corporation Members: Ben Oliver, Rick Smith, Ron Shelly, Pat Berryman, Dale Ross Call to Order at 02:00 PM The regularly scheduled meeting on Monday, January 18, 2010 has been rescheduled due to the Martin Luther King Holiday on January 18, 2010. The Meeting will be held on Monday, January 25, 2010 at 10:30am in the City Council Chambers, located at 101 E. 7th Street, Georgetown, Texas. Certificate of Posting I, Jessica Hamilton, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of _________________, 2010, at __________, and remained so posted for at least 72 continuous hours preceding the scheduled time of said meeting. __________________________________ Jessica Hamilton, City Secretary