HomeMy WebLinkAboutMinutes_GEDCO_12.16.2013Minutes of the Meeting of the
Georgetown Economic Development Corporation
and the Governing Body of the
City of Georgetown, Texas
December 16, 2013
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday, December 16, 2013
Members Present:
Steve Fought, Hugh Brown, Patty Eason, Charles Carter, Jerry Hammerlun, Walt Barkalow
Members Absent: Kevin Kelly
Staff Present: Paul E. Brandenburg, General Manager, Mark Thomas, Economic Development
Director, Shirley Rinn, Executive Assistant, Micki Rundell, Finance Manager, Bridget Chapman,
City Attorney, Laurie Brewer, Assistant City Manager, Susan Morgan, Finance Director
MINUTES
Call to Order at 03:33 PM
A. Discussion and possible action regarding the Project Progress Report, including Airborn,
Enflite, Radix BioSolutions, Lone Star Circle of Care, Grape Creek Winery, Georgetown
Winery, Difusion Technologies, Inc., Texas Life Sciences Collaboration Center (TLCQ, and
Radiation Detection Company -- Mark Thomas, Economic Development Director and Paul E.
Brandenburg, General Manager.
Thomas told the Board that RDC is under construction and going vertical, that GISD will
come next meeting to make a report and that Grape Creek is doing well.
Brief discussion about privacy issues related to students being placed after graduation
through the GISD Engineering Program. Board clarified that they really only need to know #
of students and not necessarily personal information.
B. Consideration and approval of the minutes from the Meeting held Monday, November 18,
2013 -- Hugh Brown, Secretary
Motion by Hammerlun, second by Barkalow to approve the minutes from the Meeting held
Monday, November 18, 2013 (Approved 7-0) (Kelly Absent)
GEDCO Minutes
December 16, 2013
Page 1 of 4
C. Consideration of the November 30, 2013 Financial Reports--Micki Rundell, Finance Manager
Susan Morgan presented an overview of the Financial Report and outlined the structure of
the Summit at the Rivery Performance Agreement.
D. Discussion and possible action to approve a Performance Agreement between GEDCO and
Molecular Templates, Inc.—Mark Thomas, Economic Development Director.
Thomas provided an overview of what was approved at the last GEDCO Meeting. He
indicated that GEDCO approved a $69,000 grant related to jobs. However, there was a
misunderstanding related to the number of jobs that would be grown.
Thomas told the Board that this grant is back ended and TLCC is going to reduce the rent
and wet lab fees to retain MTI. He said that there will be at least the 10 jobs they currently
have that will be retained, but there could be more positions that will be related to the
ongoing projects they have. Therefore, it is requested that the Board approve the $69,000
with the understanding the "per job" value will be higher than first told to the Board.
He let the Board know that the City Council approved the Performance Agreement.
The goal is to see the company continue to grow. At the end of the 3 year term it is likely
that MTI will need additional space at that time. The goal of this grant is to keep them in
Georgetown for at least 3 more years and then at that time, if they move out hopefully they
will build space in Georgetown.
Additional discussion about what it will take to keep these growing companies in
Georgetown instead of moving.
Motion by Barkalow, second by Fought to approve a Performance Agreement in an amount
not to exceed $69,000 between GEDCO and Molecular Templates, Inc. under the terms
discussed (Approved 7-0) (Kelly Absent)
E. Consideration of a Staff Report regarding The Summit at Rivery Park Project -- Bridget
Chapman, City Attorney
Chapman told the Board she just wanted to provide an overview of the final agreements
that went to Council and reiterated that the GEDCO funding will be provided as follows:
$1.5M Cash reserve
$3M Bond Funding
Chapman and Brandenburg confirmed that a complete overview of all the agreements will
be provided on a link on the website outlining the agreements.
GEDCO Minutes
December 16, 2013
Page 2 of 4
F. Consideration and possible action to approve a Reimbursement, Debt Administration, and
Project Contract by and between the City, the Georgetown Economic Development
Corporation (GEDCO), the Georgetown Transportation Enhancement Corporation (GTEC),
the Board of Directors of the Rivery Park Tax Increment Reinvestment Zone for the purpose
of contracting for the reimbursement by the Zone Board of cash grants made and payment
of debt obligations incurred by the City, GEDCO and GTEC for the benefit of the Rivery Park
Tax Increment Reinvestment Zone -- Bridget Chapman, City Attorney
Chapman provided an overview and purpose of the contract to the Board.
Motion by Hammerlun, second by Fought to approve Reimbursement, Debt Administration,
and Project Contract by and between the City, the Georgetown Economic Development
Corporation (GEDCO), the Georgetown Transportation Enhancement Corporation (GTEC),
the Board of Directors of the Rivery Park Tax Increment Reinvestment Zone for the purpose
of contracting for the reimbursement by the Zone Board of cash grants made and payment
of debt obligations incurred by the City, GEDCO and GTEC for the benefit of the Rivery Park
Tax Increment Reinvestment Zone. (Approved 7-0) (Kelly Absent)
G. Consideration and possible action to approve a Debt Administration and Project Contract
between the City, the Georgetown Economic Development Corporation (GEDCO) for the
purpose of contracting for the payment of debt obligations issued by GEDCO or the City for
the benefit of GEDCO -- Bridget Chapman, City Attorney
Chapman provided an overview and purpose of the contract.
Motion by Brown second by Barkalow to approve a Debt Administration and Project
Contract between the City, the Georgetown Economic Development Corporation (GEDCO)
for the purpose of contracting for the payment of debt obligations issued by GEDCO or the
City for the benefit of GEDCO. (Approved 7-0) (Kelly Absent)
Recessed to Executive Session at 3:53 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)
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.
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.
-- Spec Building Assistance Program - Project InV
GEDCO Minutes
December 16, 2013
Page 3 of 4
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 into Regular Session at 4:10 p.m.
K. Action out of Executive Session.
Motion by Brown, second by Hammerlun to authorize staff to negotiate a performance
agreement with Project InV as discussed in Executive Session up to $70,000. (Approved 7-0)
(Kelly Absent)
ADJOURNMENT
The Meeting was adjourned at 4:12 p.m.
Attest:
Hugh Brown, Corporate Secretary
GEDCO Minutes
December 16, 2013
Page 4 of 4
Patty Easo , President