HomeMy WebLinkAboutAgenda_GEDCO_10.19.2020Notice of Meeting for the
Georgetown E conomic Dev elopment Corporation Regular meeting of the G E D C O
B oard of Directors
of the City of Georgetown
October 19, 2020 at 4:00 P M
at Virtual Meeting
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on the day befor e the m eeng and the R ecor ding Secretar y will r ead your
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Regular Session
(T his R egular S es s ion may, at any time, be rec es s ed to c onvene an Exec utive S es s ion for any purpose
authorized by the O pen Meetings Act, Texas G overnment C ode 551.)
A C ons ideration and approval of the S eptember 21, 2020 G EDC O minutes - R on G arland, S ecretary
B C ons ideration of the O ctober 1, 2020 financ ial report - Nathan P arras , Assistant F inanc e Direc tor, C ity of
G eorgetown
C P resentation and dis cus s ion regarding the mobility bond program targeting the May 2021 elec tion -
Bridget Hinze Weber, As s is tant to the C ity Manager
D Disc ussion and possible action on the proposed firs t amendment to the R adiation Detec tion C ompany
July 23, 2013 performance agreement - Mic haela Dollar, Ec onomic Development Direc tor
E Disc ussion and possible action regarding the S taff R eport - David Morgan, G eorgetown C ity Manager
F Ac tion out of Executive S ession
E xecutiv e Session
In c omplianc e with the O pen Meetings Ac t, C hapter 551, G overnment C ode, Vernon's Texas C odes,
Annotated, the items listed below will be dis cus s ed in c los ed session and are s ubjec t to action in the regular
s es s ion.
G Sec. 551.071: C ON S ULTAT ION WIT H AT TOR N E Y
C ons ultation with attorney regarding legal is s ues related to agenda items and other matters in whic h (1)
when the governmental body s eeks the advice of its attorney about: (A) pending or c ontemplated litigation;
or (B) a settlement offer; or (2) on a matter in whic h the duty of the attorney to the governmental body
under the Texas Dis ciplinary R ules of P rofessional C onduc t of the S tate Bar of Texas c learly conflicts
with this chapter - S kye Masson, C ity Attorney
H Section 551.072. D E LIB E R AT ION R E G AR D IN G R E AL P R O P E RT Y
Disc ussion and possible action to deliberate the purchas e, exc hange, lease or value of real property for
purpos es authorized by the Development C orporation Act whic h dis cus s ion in open s es s ion would have a
detrimental effec t on negotiations with third persons .
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I Section 551.087. D E LIB E R AT ION R E G AR D IN G E C ON O MIC D E VE LOP ME N T
N E G O T IAT IO N S.
Deliberation regarding commerc ial or financial information that the c orporation has rec eived from a
bus iness pros pect that the G eorgetown Economic Development C orporation seeks to have locate, s tay,
or expand in or near the territory of the C ity of G eorgetown and with whic h the C orporation is c onducting
ec onomic development negotiations ; and/or deliberation regarding the offer of a financial or other inc entive
to a busines s prospec t that the C orporation s eeks to have loc ate, stay, or expand in or near the territory of
the C ity of G eorgetown.
P rojec t Door
P roject LT I
P roject P lant
Adjournment
Ce rtificate of Posting
I, R obyn Densmore, C ity S ecretary for the C ity of G eorgetown, Texas, do hereby c ertify that this Notic e of
Meeting was posted at C ity Hall, 808 Martin Luther King Jr. S treet, G eorgetown, T X 78626, a plac e readily
acc es s ible to the general public as required by law, on the _____ day of _________________, 2020, at
__________, and remained s o posted for at leas t 72 c ontinuous hours prec eding the s cheduled time of said
meeting.
__________________________________
R obyn Dens more, C ity S ec retary
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City of Georgetown, Texas
Georgetown Economic Development Corporation
October 19, 2020
S UB J E C T:
C onsideration and approval of the S eptember 21, 2020 G EDC O minutes - R on G arland, S ec retary
IT E M S UMMARY:
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
Mic haela Dollar
AT TAC H ME N T S:
Description Type
GEDCO Meeting Minutes 9-21-2020 Cover Memo
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GEDCO Minutes
September 21, 2020
Page 1 of 1
Minutes of the Meeting of the
Georgetown Economic Development Corporation
City of Georgetown, Texas
September 21, 2020
The Georgetown Economic Development Corporation of the City of Georgetown, TX, met on Monday September 21, 2020.
Members
Present:
Steve Bohnenkamp, Hugh Brown, Steve Fought, Ron Garland, (Kevin Cummins and Barrie Laing joined
after the meeting was called to order)
Members
Absent:
Staff
Present:
Michaela Dollar, Director of Economic Development; Nathan Paras, Budget Manager; David Morgan, City
Manager; Laurie Brewer, Assistant City Manager; Conchita Gusman, Business Retention Manager
Guest
Present:
MINUTES
Steve Bohnenkamp called to Order at 4:01 pm
A. Consideration and approval of the July 20, 2020 GEDCO minutes - Ron Garland, Secretary
Motion to approve by Ron Garland, 2nd by Kevin Cummins. Approved 6-0
B. Consideration of the September 1, 2020 financial report - Nathan Parras, Budget Manager, City of
Georgetown
Nathan reviewed the financial report. No voting needed.
C. Sales Tax Presentation - Nathan Parras, Budget Manager, City of Georgetown
Nathan provided an overview of the sales tax methodology for analyzing past performance and determining
forecasts. No voting needed.
D. Discussion and possible action regarding the Staff Report -- David Morgan, City Manager
• Performance Agreement Report
• Activity Report
• Other Staff Items
Michaela Dollar reviewed the Performance Agreement report and the Activity Report. No voting needed.
----GEDCO entered into Executive Session at 5:01 pm and returned to Regular Session at 5:54 pm-----
E. Action out of Executive Session.
Motion to approve Project Zeus as discussed in executive session by Hugh Brown, 2nd by Kevin Cummins.
Approved 6-0
Project Dazed tabled for possible further discussion at next meeting.
Motion to adjourn by Kevin Cummins, 2nd by Barrie Laing
Meeting adjourned at 5:56 pm
Attest:
Ron Garland, Secretary Steve Bohnenkamp, President
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City of Georgetown, Texas
Georgetown Economic Development Corporation
October 19, 2020
S UB J E C T:
C onsideration of the O c tober 1, 2020 financial report - Nathan P arras, As s is tant F inance Director, C ity of
G eorgetown
IT E M S UMMARY:
T he c orporate bylaws require the F inance Manager to pres ent the monthly financ ial reports to the Board.
Included in these reports will be:
F inancial reports
S ales Tax revenues
Monthly expenditures
Any other relevant financial information
S ales tax revenue is two months in arrears ; therefore the revenues reflect only the amount rec eived, not
actually earned, as of the report date.
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
Nathan P arras
AT TAC H ME N T S:
Description Type
Financial Report - Oct 2020 Cover Memo
Budget Report - Oct 2020 Cover Memo
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F GEDCO Monthly Report
GEDCO MONTHLY REPORT AS OF SEPTEMBER 30, 2020
Please note the September period is still open. These figures are preliminary and unaudited.
Operating revenue is comprised of sales tax and allocated interest. Sales tax revenue is budgeted at $1.98 million and
is two months in arrears. Through the period, the City has received ten months of sales tax collection and totals $1.91
million. The City was trending very strong for the first five months of the fiscal y ear. Year to date, sales tax is up
12.41% compared to the same period in FY2019. The strong first five months of revenues was contributed to one-
time in nature payments, new businesses, and seeing growth in the community. Allocated interest revenue totals
$98,282.
Operating expense includes administrative charges, marketing costs, and special services. Administrative charges
spent year to date is 100% of budget. Marketing efforts total $85,516, or 78.80% of budget.
Non-operating revenue This fund will not be issuing any debt in FY2020.
Non-operating expense is budgeted at $9.1 million and includes funding for debt service, known economic
development projects, as well as funding for new economic development projects which may occur through the fiscal
year. Through the month, non-operating expenses include $356,235 for Holt Cat and $143,674 for Atmos Energy
related projects. GEDCO debt service payments total $207,789.
Ending fund balance is projected to be at 8.8 million. The fund is anticipated to end the year in compliance with
reserve requirements outlined in the fiscal and budgetary policy.
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COG - Georgetown Economic Development Fund Report
FY 2020 - Sept
Ledger Account Approved Budget Current Period Year to Date
(w/Encumbrance)
Year-End Projection
Beginning Fund Balance 8,138,781 0 8,138,781 8,138,781
Operating Revenue
Interest 76,000 1,300 98,282 96,983
Sales Tax 1,984,375 354,399 1,905,155 1,993,750
Other Revenue 0 0 0 0
Operating Revenue Total 2,060,375 355,698 2,003,437 2,090,733
Operating Expenditures
Promotional & Marketing Program 108,534 6,146 85,516 100,000
Contractual Services 30,000 10,000 42,580 20,580
Administrative Expenses 244,771 20,398 244,771 244,771
Travel & Training 500 0 92 500
Operating Expenditures Total 383,805 36,544 372,958 365,851
Total Net Operations 1,676,570 319,154 1,630,479 1,724,882
Non-Operating Revenue
Bond Proceeds 0 0 0 0
Bond Premium 0 0 0 0
Transfers In 0 0 0 0
Non-Operating Revenue Total 0 0 0 0
Non-Operating Expenditures
Principal Reduction 83,695 0 0 83,695
Debt Service 207,669 0 207,789 207,669
Interest Expense 20,516 0 0 20,516
Strategic Partnership 8,803,855 0 804,551 804,551
Non-Operating Expenditures Total 9,115,735 0 1,012,340 1,116,431
Total Net Non-Operations (9,115,735)0 (1,012,340)(1,116,431)
Excess (Deficiency) of Total Revenue over Total Requirements (7,439,165)319,154 618,139 608,451
Ending Fund Balance 699,616 319,154 8,756,920 8,747,232
Reserves
Contingency Reserve 489,298 0 489,298 489,298
Non-Operational Reserve 210,318 0 210,318 210,318
Bond Proceeds Reserve 0 0 0 0
Total Reserved Fund Balance 699,616 0 699,616 699,616
Available Fund Balance 0 319,154 8,057,304 8,047,616
Page 8 of 72
City of Georgetown, Texas
Georgetown Economic Development Corporation
October 19, 2020
S UB J E C T:
P res entation and disc ussion regarding the mobility bond program targeting the May 2021 election - Bridget
Hinze Weber, Assistant to the C ity Manager
IT E M S UMMARY:
F IN AN C IAL IMPAC T:
T BD
S UB MIT T E D B Y:
Mic haela Dollar
AT TAC H ME N T S:
Description Type
Mobility Bond Update - GEDCO Cover Memo
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MOBILITY GEORGETOWN
MAY 2021 BOND ELECTION
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION
OCTOBER 19, 2020
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BACKGROUND
2008 & 2015 Road Bonds:
By 2022 the City of Georgetown will be substantially complete on
the construction of 2008 & 2015 Road Bond projects
Projects supported by partner agencies:
GTEC, CAMPO, TxDOT and Williamson County
May 2020 Council Workshop:
Council directed staff to develop a bond program targeting the
May 2021 election
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MOBILITY BOND PURPOSE
To advance Georgetown’s connectivity and safety by upgrading
streets, bridges, bike network, and sidewalks delivering
projects consistent with community expectations to manage
accelerated growth.
•Increase capacity of roadway network with high traffic volume.
•Improve intersections and build sidewalks throughout Georgetown
to create new connections within and among neighborhoods.
•Coordinate with other planned transportation work to accelerate
delivery to Georgetown residents.
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ADVISORY COMMITTEE CHARGE
•Review and vet criteria for projects
•Prioritize and rank staff-proposed streets and sidewalks
improvement projects
•Review financial feasibility of proposed program
•Provide opportunities for community input
•Serve as community educators for the bond program
•Develop and submit report to the City Council of final
project list for proposed bond program
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PUBLIC ENGAGEMENT SUMMARY
Public engagement will be at the center of Georgetown’s bond process and
staff will develop a way for every stakeholder —from the public to City Council
to partner agencies —to engage in the process and provide feedback on
categories of importance.
Public engagement: before election is called
1st Phase: July 15 –August 15
2nd Phase: November
Public education: after election is called in February 2021
City Website: https://bonds.georgetown.org/
Project website: https://engagekh.com/georgetownmobilitybond/home
Page 14 of 72
PUBLIC ENGAGEMENT: CITIZEN SURVEY
•July 15 –August 15: online survey
•The opportunity to provide
feedback was shared dozens of
ways, in English and Spanish, from
social media posts and targeted
emails to nearly $4,000 spent in
advertising in newspapers, on the
radio, and on Facebook.
Page 15 of 72
PUBLIC ENGAGEMENT: CITIZEN SURVEY
Most respondents want
projects to focus on
investing in roads and
intersections, managing
congestion, and
improving traffic signals.
Page 16 of 72
PUBLIC ENGAGEMENT:
CITIZEN SURVEY
Page 17 of 72
SCHEDULE FOR MAY 2021 ELECTION
•October: Committee ranking/prioritization of projects and initial
recommendations developed
•November: 2nd round of public engagement activities to receive feedback
about the proposed bond projects
•January: Council adopts finalized project list and calls bond election
•February 10 –May 1: Outreach and education to public, agency partners and
stakeholders
•April 1: Last Day to Register to Vote
•April 19 –April 27: Ea rly Voting
•May 1 (Saturday): Election day
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THANK YOU
Page 19 of 72
City of Georgetown, Texas
Georgetown Economic Development Corporation
October 19, 2020
S UB J E C T:
Dis cus s ion and pos s ible ac tion on the propos ed first amendment to the R adiation Detection C ompany July
23, 2013 performance agreement - Mic haela Dollar, Ec onomic Development Direc tor
IT E M S UMMARY:
T he proposed amendment to the P erformance Agreement between G EDC O and R adiation Detection
C ompany (R DC ) commits G EDC O to releas e its deed of trust lien c overing real property and
improvements located at 3527 S nead Dr. G eorgetown, T X, and modifies s ecurity interests sec uring
performanc e of R DC 's obligations under the P erformance Agreement, inc luding cons ideration and
adoption of any ac tions related thereto.
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
Mic haela Dollar
AT TAC H ME N T S:
Description Type
RDC Performance Agreement 7-23-2013 Cover Memo
RDC Performance Agreement First Amendment Cover Memo
RDC Agreement Amendment Letters Cover Memo
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PAGE 1 FIRST AMENDMENT TO PERFORMANCE AGREEMENT
GEDCO AND RADIATION DETECTION COMPANY
(TM 118281)
STATE OF TEXAS §
§
COUNTY OF WILLIAMSON §
FIRST AMENDMENT TO PERFORMANCE AGREEMENT
This First Amendment to Performance Agreement (“First Amendment”) is made by and
between the Georgetown Economic Development Corporation, a Type A sales tax corporation
(“GEDCO”), and Radiation Detection Company, a Texas corporation (“RDC-TX”), as successor
to Radiation Detection Company, a California corporation (“RDC-CA”) (each a “Party” and
collectively the “Parties”), acting by and through their respective authorized representatives.
W I T N E S S E T H:
WHEREAS, GEDCO and RDC-CA previously entered into that certain Performance
Agreement dated July 23, 2013 (the “Original Agreement”); and
WHEREAS, the Parties desire to amend the Original Agreement as set forth herein;
NOW THEREFORE, in consideration of the foregoing, and other valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1. Section 2, Definitions, subsection (c) of the Original Agreement is amended to
read as follows:
“(c) City means the City of Georgetown, Texas, a Texas home rule
municipality, whose address for the purposes of this Agreement is 808 Martin
Luther King, Jr. Street, Georgetown, Texas 78626.”
2. Section 2, Definitions, subsection (f) of the Original Agreement is amended to
read as follows:
“(f) GEDCO means the GEORGETOWN ECONOMIC
DEVELOPMENT CORPORATION, a Texas non-profit corporation, its
successors and assigns, whose corporate address for the purposes of this Agreement
is 808 Martin Luther King, Jr. Street, Georgetown, Texas 78626.”
3. Section 2, Definitions, subsection (j) of the Original Agreement is amended to
read as follows:
“(j) RDC means Radiation Detection Company, a Texas corporation (“RDC-TX”), as
successor to Radiation Detection Company, a California corporation (“RDC-CA”), its successors
and permitted assigns, whose corporate mailing address for the purposes of this Agreement is
mailing address of 3527 Snead Drive, Georgetown, Texas 78626-8214.”
4. Section 4, Affirmative Covenants of GEDCO, subsection (a) of the Original
Agreement is amended to read as follows:
Page 35 of 72
PAGE 2 FIRST AMENDMENT TO PERFORMANCE AGREEMENT
GEDCO AND RADIATION DETECTION COMPANY
(TM 118281)
“(a) Financial Assistance. GEDCO covenants and agrees to provide
financial assistance to RDC in a total amount not to exceed $320,000.00. GEDCO
agrees to provide the financial assistance to RDC after closing of the tax deferred
exchange transaction (referenced in Section 3(a)(1), within 30 days of RDC’s
written request, as long as RDC is not in default of its obligations under this
Agreement. To secure repayment of all or any portion of the financial assistance
provided by GEDCO to RDC in the event of RDC’s default of this Agreement,
RDC shall grant GEDCO a deed of trust lien on the Property, including the real
property, manufacturing facility, and other improvements, in exchange for payment
of the financial assistance, which lien shall be subordinate only to the lien held in
favor of RDC’s lender securing the construction/permanent loan for the
manufacturing facility and other improvements. On or after October 1, 2020, RDC
may, at its option and in exchange for GEDCO’s release of its deed of trust lien,
provide one (1) or more letters of credit (individually and collectively, “Letters of
Credit”) in the aggregate amount of $50,000.00 (the “Aggregate Credit Amount”)
in a form approved by GEDCO to secure RDC’s performance under the terms of
this Agreement. The Aggregate Credit Amount shall be automatically reduced,
without further action or notice by or to any party, in accordance with the following
schedule:
LOC Maturity Date Amount
December 31, 2020 $40,000.00
March 31, 2021 $30,000.00
June 30, 2021 $20,000.00
September 30, 2021 $10,000.00
December 31, 2021 $ 0.00
In the event of any default by RDC under this Agreement, which remains uncured
beyond any applicable cure period, GEDCO shall have the right to timely present
demand for and draw upon anyone (1) or more of the then unexpired Letters of
Credit.”
5. Section 9, Miscellaneous Provisions., subsection (g) of the Original Agreement is
hereby amended to read as follows:
“(g) Notices. Any notice or other communication required or permitted by this
Agreement (hereinafter referred to as the “Notice”) is effective when in writing and
(i) personally delivered by hand, or (ii) mailed with the U.S. Postal Service, postage
prepaid, certified with return receipt requested, and addressed as follows:
If to RDC: Radiation Detection Company
3527 Snead Drive
Georgetown, Texas 78626-8214
Attn: Barrie A. Laing
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PAGE 3 FIRST AMENDMENT TO PERFORMANCE AGREEMENT
GEDCO AND RADIATION DETECTION COMPANY
(TM 118281)
If to GEDCO: Georgetown Economic Development Corporation
808 Martin Luther King, Jr. Street
Georgetown, Texas 78626
Attn: Steven Bohnenkamp, President
With a copy to: City Attorney
City of Georgetown
113 E. Eighth Street Georgetown, Texas 78626
Attn: Skye Masson
6. Section 9, Miscellaneous Provisions, of the Original Agreement is hereby amended
by adding subsection (k) Release; Delivery of Letters of Credit, to read as follows:
“(k) Release; Delivery of Letters of Credit. Contemporaneously with RDC’s
delivery of the Letters of Credit to GEDCO pursuant to Section 4(a) above,
GEDCO (and City of Georgetown, as applicable) will grant and record a full release
of the deed of trust dated October 1, 2013 recorded October 3, 2013, as Instrument
No. 2013035356 in the Official Public Records of Williamson County, Texas (the
“Release”) in a form reasonably acceptable to the Parties.”
7. The Original Agreement shall continue in full force and effect, except as amended
by this First Amendment.
8. This First Amendment shall be effective on the date this First Amendment
(including all counterparts) bears the signature of the authorized representatives of all of the
Parties.
9. This First Amendment may be executed in counterparts. Each of the counterparts
shall be deemed an original instrument, but all of the counterparts shall constitute one and the same
instrument.
10. Each Party represents that it has full capacity and authority to grant all rights and
assume all obligations that are granted and assumed under this Agreement.
[Signature Page to Follow]
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PAGE 4 FIRST AMENDMENT TO PERFORMANCE AGREEMENT
GEDCO AND RADIATION DETECTION COMPANY
(TM 118281)
EXECUTED on this day of , 2020.
GEORGETOWN ECONOMIC DEVELOPMENT
CORPORATION
By:
Steven Bohnenkamp, President
STATE OF TEXAS §
§
COUNTY OF WILLIAMSON §
This instrument was acknowledged before me on the day of ,
2020, by Steven Bohnenkamp, as President of Georgetown Economic Development Corporation,
a Type A sales tax corporation, on behalf of said corporation.
(Notary Seal)
Notary Public, State of Texas
My Commission Expires:
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PAGE 5 FIRST AMENDMENT TO PERFORMANCE AGREEMENT
GEDCO AND RADIATION DETECTION COMPANY
(TM 118281)
EXECUTED on this day of , 2020.
RADIATION DETECTION COMPANY,
A Texas corporation
By:
Barrie A. Laing, President
STATE OF TEXAS §
§
COUNTY OF WILLIAMSON §
This instrument was acknowledged before me on the day of ,
2020, by Barrie A. Laing, as President of Radiation Detection Company a Texas corporation, on
behalf of said corporation.
(Notary Seal)
Notary Public, State of Texas
My Commission Expires:
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PAGE 6 FIRST AMENDMENT TO PERFORMANCE AGREEMENT (TM 118281)
GEDCO AND RADIATION DETECTION COMPANY
CERTIFICATION OF CITY COUNCIL APPROVAL
I hereby certify that the foregoing First Amendment to Performance Agreement of the
Georgetown Economic Development Corporation and the Project described therein was
approved by the City Council of the City of Georgetown, Texas, on the ___________ day of
____________________, 2020.
THE CITY OF GEORGETOWN, TEXAS
A Texas home-rule municipality
By:
Dale Ross, Mayor
By:
Robyn Densmore, City Secretary
APPROVED AS TO FORM:
By:
Skye Masson, City Attorney
Page 40 of 72
Irrevocable Standby Letter of Credit No. 262
Date: 01 November 2020
To: Georgetown Economic Development Corporation
Attn: Michaela Dollar-Director
808 Martin Luther King Jr. St.
Georgetown, Texas 78626
Citizens National Bank (“Bank”) hereby establishes this date our Irrevocable Standby Letter of Credit (“LOC”) in the
total amount of TEN THOUSAND AND NO/100 DOLLARS ($10,000.00) for the account of Radiation Detection
Company, Inc. (hereafter “RDC”) and payable to Georgetown Economic Development Corporation (hereafter
“GEDCO”) in accordance with the terms of this LOC. Bank has made this commitment with the understanding that
GEDCO shall be entitled to draw any or all of the total amount upon presentation to Bank prior to the expiration of
this LOC, the original of this LOC and an affidavit signed by (i) the President or any other officer of GEDCO or (ii)
the Director of Economic Development for the City of Georgetown, Texas, stating that RDC has defaulted on the
terms and conditions of that certain Performance Agreement between GEDCO and RDC dated and effective July 23,
2013 (“the Agreement”) and that RDC failed to cure such default on or before the date required by the Agreement.
Bank acknowledges having received and placed in its files a copy of the Agreement prior to the date of this LOC. No
further substantiation of the necessity of the draw is required by this credit.
Request for the draw of funds under this credit must be received at Bank’s counters prior to January 11, 2021, and
Bank hereby agrees to honor all requests not later than five (5) days of presentation. Presentment of this LOC shall
be deemed to have occurred when the original of this LOC and the above-described affidavit have been delivered to
Bank’s counters located at 12128 Ranch Road 620 N, Austin, Texas 78750.
We further state and agree that this credit is irrevocable prior to the expiration date unless all parties including for all
purposes, the Georgetown Economic Development Corporation consent to such a revocation in writing.
_________________________________
Authorized Officer's Signature (Jeff Baker)
Radiation Detection Company, Inc. Citizens National Bank
Name of Applicant Financial Institution
3527 Snead Drive 12128 Ranch Road 620 North
Mailing Address Mailing Address
Georgetown, Texas 78626 Austin, Texas 78750
City, State and Zip Code City, State and Zip Code
Page 41 of 72
Irrevocable Standby Letter of Credit No. 263
Date: 01 November 2020
To: Georgetown Economic Development Corporation
Attn: Michaela Dollar-Director
808 Martin Luther King Jr. St.
Georgetown, Texas 78626
Citizens National Bank (“Bank”) hereby establishes this date our Irrevocable Standby Letter of Credit (“LOC”) in the
total amount of TEN THOUSAND AND NO/100 DOLLARS ($10,000.00) for the account of Radiation Detection
Company, Inc. (hereafter “RDC”) and payable to Georgetown Economic Development Corporation (hereafter
“GEDCO”) in accordance with the terms of this LOC. Bank has made this commitment with the understanding that
GEDCO shall be entitled to draw any or all of the total amount upon presentation to Bank prior to the expiration of
this LOC, the original of this LOC and an affidavit signed by (i) the President or any other officer of GEDCO or (ii)
the Director of Economic Development for the City of Georgetown, Texas, stating that RDC has defaulted on the
terms and conditions of that certain Performance Agreement between GEDCO and RDC dated and effective July 23,
2013 (“the Agreement”) and that RDC failed to cure such default on or before the date required by the Agreement.
Bank acknowledges having received and placed in its files a copy of the Agreement prior to the date of this LOC. No
further substantiation of the necessity of the draw is required by this credit.
Request for the draw of funds under this credit must be received at Bank’s counters prior to April 12, 2021, and Bank
hereby agrees to honor all requests not later than five (5) days of presentation. Presentment of this LOC shall be
deemed to have occurred when the original of this LOC and the above-described affidavit have been delivered to
Bank’s counters located at 12128 Ranch Road 620 N, Austin, Texas 78750.
We further state and agree that this credit is irrevocable prior to the expiration date unless all parties including for all
purposes, the Georgetown Economic Development Corporation consent to such a revocation in writing.
_________________________________
Authorized Officer's Signature (Jeff Baker)
Radiation Detection Company, Inc. Citizens National Bank
Name of Applicant Financial Institution
3527 Snead Drive 12128 Ranch Road 620 North
Mailing Address Mailing Address
Georgetown, Texas 78626 Austin, Texas 78750
City, State and Zip Code City, State and Zip Code
Page 42 of 72
Irrevocable Standby Letter of Credit No. 264
Date: 01 November 2020
To: Georgetown Economic Development Corporation
Attn: Michaela Dollar-Director
808 Martin Luther King Jr. St.
Georgetown, Texas 78626
Citizens National Bank (“Bank”) hereby establishes this date our Irrevocable Standby Letter of Credit (“LOC”) in the
total amount of TEN THOUSAND AND NO/100 DOLLARS ($10,000.00) for the account of Radiation Detection
Company, Inc. (hereafter “RDC”) and payable to Georgetown Economic Development Corporation (hereafter
“GEDCO”) in accordance with the terms of this LOC. Bank has made this commitment with the understanding that
GEDCO shall be entitled to draw any or all of the total amount upon presentation to Bank prior to the expiration of
this LOC, the original of this LOC and an affidavit signed by (i) the President or any other officer of GEDCO or (ii)
the Director of Economic Development for the City of Georgetown, Texas, stating that RDC has defaulted on the
terms and conditions of that certain Performance Agreement between GEDCO and RDC dated and effective July 23,
2013 (“the Agreement”) and that RDC failed to cure such default on or before the date required by the Agreement.
Bank acknowledges having received and placed in its files a copy of the Agreement prior to the date of this LOC. No
further substantiation of the necessity of the draw is required by this credit.
Request for the draw of funds under this credit must be received at Bank’s counters prior to July 12, 2021, and Bank
hereby agrees to honor all requests not later than five (5) days of presentation. Presentment of this LOC shall be
deemed to have occurred when the original of this LOC and the above-described affidavit have been delivered to
Bank’s counters located at 12128 Ranch Road 620 N, Austin, Texas 78750.
We further state and agree that this credit is irrevocable prior to the expiration date unless all parties including for all
purposes, the Georgetown Economic Development Corporation consent to such a revocation in writing.
_________________________________
Authorized Officer's Signature (Jeff Baker)
Radiation Detection Company, Inc. Citizens National Bank
Name of Applicant Financial Institution
3527 Snead Drive 12128 Ranch Road 620 North
Mailing Address Mailing Address
Georgetown, Texas 78626 Austin, Texas 78750
City, State and Zip Code City, State and Zip Code
Page 43 of 72
Irrevocable Standby Letter of Credit No. 265
Date: 01 November 2020
To: Georgetown Economic Development Corporation
Attn: Michaela Dollar-Director
808 Martin Luther King Jr. St.
Georgetown, Texas 78626
Citizens National Bank (“Bank”) hereby establishes this date our Irrevocable Standby Letter of Credit (“LOC”) in the
total amount of TEN THOUSAND AND NO/100 DOLLARS ($10,000.00) for the account of Radiation Detection
Company, Inc. (hereafter “RDC”) and payable to Georgetown Economic Development Corporation (hereafter
“GEDCO”) in accordance with the terms of this LOC. Bank has made this commitment with the understanding that
GEDCO shall be entitled to draw any or all of the total amount upon presentation to Bank prior to the expiration of
this LOC, the original of this LOC and an affidavit signed by (i) the President or any other officer of GEDCO or (ii)
the Director of Economic Development for the City of Georgetown, Texas, stating that RDC has defaulted on the
terms and conditions of that certain Performance Agreement between GEDCO and RDC dated and effective July 23,
2013 (“the Agreement”) and that RDC failed to cure such default on or before the date required by the Agreement.
Bank acknowledges having received and placed in its files a copy of the Agreement prior to the date of this LOC. No
further substantiation of the necessity of the draw is required by this credit.
Request for the draw of funds under this credit must be received at Bank’s counters prior to October 12, 2021, and
Bank hereby agrees to honor all requests not later than five (5) days of presentation. Presentment of this LOC shall
be deemed to have occurred when the original of this LOC and the above-described affidavit have been delivered to
Bank’s counters located at 12128 Ranch Road 620 N, Austin, Texas 78750.
We further state and agree that this credit is irrevocable prior to the expiration date unless all parties including for all
purposes, the Georgetown Economic Development Corporation consent to such a revocation in writing.
_________________________________
Authorized Officer's Signature (Jeff Baker)
Radiation Detection Company, Inc. Citizens National Bank
Name of Applicant Financial Institution
3527 Snead Drive 12128 Ranch Road 620 North
Mailing Address Mailing Address
Georgetown, Texas 78626 Austin, Texas 78750
City, State and Zip Code City, State and Zip Code
Page 44 of 72
Irrevocable Standby Letter of Credit No. 266
Date: 01 November 2020
To: Georgetown Economic Development Corporation
Attn: Michaela Dollar-Director
808 Martin Luther King Jr. St.
Georgetown, Texas 78626
Citizens National Bank (“Bank”) hereby establishes this date our Irrevocable Standby Letter of Credit (“LOC”) in the
total amount of TEN THOUSAND AND NO/100 DOLLARS ($10,000.00) for the account of Radiation Detection
Company, Inc. (hereafter “RDC”) and payable to Georgetown Economic Development Corporation (hereafter
“GEDCO”) in accordance with the terms of this LOC. Bank has made this commitment with the understanding that
GEDCO shall be entitled to draw any or all of the total amount upon presentation to Bank prior to the expiration of
this LOC, the original of this LOC and an affidavit signed by (i) the President or any other officer of GEDCO or (ii)
the Director of Economic Development for the City of Georgetown, Texas, stating that RDC has defaulted on the
terms and conditions of that certain Performance Agreement between GEDCO and RDC dated and effective July 23,
2013 (“the Agreement”) and that RDC failed to cure such default on or before the date required by the Agreement.
Bank acknowledges having received and placed in its files a copy of the Agreement prior to the date of this LOC. No
further substantiation of the necessity of the draw is required by this credit.
Request for the draw of funds under this credit must be received at Bank’s counters prior to January 10, 2022, and
Bank hereby agrees to honor all requests not later than five (5) days of presentation. Presentment of this LOC shall
be deemed to have occurred when the original of this LOC and the above-described affidavit have been delivered to
Bank’s counters located at 12128 Ranch Road 620 N, Austin, Texas 78750.
We further state and agree that this credit is irrevocable prior to the expiration date unless all parties including for all
purposes, the Georgetown Economic Development Corporation consent to such a revocation in writing.
_________________________________
Authorized Officer's Signature (Jeff Baker)
Radiation Detection Company, Inc. Citizens National Bank
Name of Applicant Financial Institution
3527 Snead Drive 12128 Ranch Road 620 North
Mailing Address Mailing Address
Georgetown, Texas 78626 Austin, Texas 78750
City, State and Zip Code City, State and Zip Code
Page 45 of 72
City of Georgetown, Texas
Georgetown Economic Development Corporation
October 19, 2020
S UB J E C T:
Dis cus s ion and pos s ible ac tion regarding the S taff R eport - David Morgan, G eorgetown C ity Manager
IT E M S UMMARY:
T he G EDC O Board has requested that staff provide a project progres s and status report at eac h meeting
on all of the ac tive projec ts dis cus s ed by the Board.
Activity R eport
P erformanc e Agreement R eport
O ther S taff Items
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
Mic haela Dollar
AT TAC H ME N T S:
Description Type
GEDCO Activity Report - Oct 2020 Cover Memo
Performance Agreement Update - October 2020 Cover Memo
Page 46 of 72
ECONOMIC DEVELOPMENT UPDATE
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION | OCTOBER 2020
Page 47 of 72
STRATEGIC GOAL 1
SUPPORT EXISTING BUSINESSES AND INDUSTRY
Page 48 of 72
BUSINESS RETENTION ACTIVITY
0
10
20
30
40
50
60
70
80
90
Oc
t
1
9
No
v
1
9
De
c
1
9
Ja
n
2
0
Fe
b
2
0
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
2
0
Ju
l
2
0
Au
g
2
0
Se
p
2
0
Visits Touches
Page 49 of 72
BUSINESS RETENTION ACTIVITY
Partnering with Chamber on “More than a Business” campaign
Beginning to plan for Shop Small Saturday in November
Planning for second “Shop Georgetown” campaign for the holiday
season
Page 50 of 72
STRATEGIC GOAL 2
ENHANCE TARGETED RECRUITMENT OF IDENTIFIED INDUSTRIES
Page 51 of 72
LEADS ACTIVITY
0
2
4
6
8
10
12
14
16
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY18 FY19 FY20 Rolling 12-Month Average
Page 52 of 72
QUALIFIED LEADS
0
2
4
6
8
10
12
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY18 FY19 FY20 Rolling 12-Month Average
Page 53 of 72
QUALIFIED LEADS COMPARISON
0
2
4
6
8
10
12
14
Se
p
1
9
Oc
t
1
9
No
v
1
9
De
c
1
9
Ja
n
2
0
Fe
b
2
0
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
2
0
Ju
l
2
0
Au
g
2
0
Leads Qualified
An average of 55% of the leads received in the last 12 months were qualified
Page 54 of 72
SITE VISIT ACTIVITY
0
1
2
3
4
5
6
7
8
9
10
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY18 FY19 FY20 Rolling 12-Month Average
Page 55 of 72
ACTIVE PROJECTS
0
10
20
30
40
50
60
70
80
90
Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20
Development Hot Warm Cold
Page 56 of 72
RECRUITMENT ACTIVITY
Completed the landing page for the Virtual Site Visit
www.invest.Georgetown.org/gearup
Preparing direct targeting campaign outreach for late October
Kicked-off small area retail study for recruitment in southeast
quadrant of the city
Continued lead generation with ROI
Page 57 of 72
STRATEGIC GOAL 3
DIVERSIFY WORKFORCE DEVELOPMENT AND RECRUITMENT INITIATIVES
Page 58 of 72
WORKFORCE DEVELOPMENT ACTIVITY
Held the virtual Manufacturing Day with GISD and Chamber
Combined with Future Readiness week
Participated in the Rural Area Capital Workforce Commission Central
Texas Manufacturing webinar
Xycarb awarded a Skills Development Fund grant through the Austin
Workforce Commission
Page 59 of 72
STRATEGIC GOAL 4
ENCOURAGE SPECULATIVE DEVELOPMENT
Page 60 of 72
SPECULATIVE DEVELOPMENT ACTIVITY
Industrial activity very strong
Working with land owners and developers to create “shovel ready”
sites
Proactive infrastructure investment to drive development
Aviation Drive extension
Lakeway Blvd. water line capital improvement project
Page 61 of 72
OVERARCHING GOAL
TELL OUR STORY TO A BROADER AUDIENCE
Page 62 of 72
TELL OUR STORY
Planning for 2021 Twelve@12 meetings
Planning for Swirl 2021, adjusted format
Beginning to plan for 2021 Economic Development Symposium
Working on quarterly e-Newsletter
Gave economic development update to Sertoma
Gave a downtown development update to Century 21 agents
Page 63 of 72
FY20 PROJECTS
7 economic development project wins
1.Texas Speed
2.CitiGroup
3.Costco
4.Champion Site Prep
5.CV Linens
6.Ascension Seton
7.T Morales
14 permanent business closures
12 downtown project wins
1.The Baked Bear
2.To Have & To Hold
3.Kork
4.Mango Tango
5.Coreena’s Bridal Shop
6.Prima Dora
7.Fuego Latino Gastropub
8.Estrada Garcia Gallery
9.Black Sugar Café
10.Mickey V’s Tacos
11.District 6
12.Tejas Meat Market Page 64 of 72
ECONOMIC INDICATORS
Page 65 of 72
CONSTRUCTION PERMIT APPLICATIONS
-
500
1,000
1,500
2,000
2,500
3,000
3,500
$-
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
$800.0
Oc
t
1
9
No
v
1
9
De
c
1
9
Ja
n
2
0
Fe
b
2
0
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
e
2
0
Ju
l
y
2
0
Au
g
2
0
Se
p
2
0
Valuation
(in millions)
# of Permits
Page 66 of 72
CERTIFICATES OF OCCUPANCY ISSUED
0
2
4
6
8
10
12
14
16
18
Oc
t
1
9
No
v
1
9
De
c
1
9
Ja
n
2
0
Fe
b
2
0
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
2
0
Ju
l
2
0
Au
g
2
0
Se
p
t
2
0
COs Issued Rolling 12-Month Average
Page 67 of 72
SALES TAX COLLECTIONS
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
Oc
t
No
v
De
c
Ja
n
Fe
b
Ma
r
Ap
r
Ma
y
Ju
n
Ju
l
Au
g
Se
p
FY 2017 FY 2018 FY 2019 FY 2020
Page 68 of 72
UNEMPLOYMENT RATE
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Se
p
1
9
Oc
t
1
9
No
v
1
9
De
c
1
9
Ja
n
2
0
Fe
b
2
0
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
e
2
0
Ju
l
y
2
0
Au
g
2
0
Unemployment Rate Rolling 12-Month Average
Page 69 of 72
ECONOMIC DEVELOPMENT UPDATE
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION | OCTOBER 2020
Page 70 of 72
Name Description
Start Date
(Council
Approved)End Date $ Encumbered $ Expended
Radiation Detection Corporation
Grant for Qualified Expenditures and job creation
related to the relocation of the corporate offices
to Georgetown. 7/23/2013 12/31/2021 320,000$ $ 320,000
KJ Scientific (KJS)
Provide a grant of the equipment obtained in the
TLCC brand acquisition to KJ Scientific (KJS) to
retain the business in Georgetown.The retention
equipment grant is for five years with KJS
obligated to pay a pro‐rated amount of $10,000
per year should they relocate outside of the City.2/27/2018 12/31/2022 $ 50,000 $ 50,000.00
Holt Caterpillar
GEDCO to provide up to $360,000
infrastructure grant for fire suppression system
pump house installation.9/10/2019 360,000$ 356,235$
Georgetown Development I, LLC
Infrastructure reimbursement grant of $500,000
for qualified expenditures related to the
development of 90,000 SF of speculative business
park space in Georgetown at the Westinghouse
Business Center.10/9/2018 6/1/2021 500,000$
WBW Development
Infrastructure reimbursement grant of $200,000
for qualified expenditures and a $120,000 job
creation grant for the creation of 30 jobs over 6
years related to the development of their
headquarters location in Downtown Georgetown.2/12/2019
within 6 years of
the certificate of
occupancy date 320,000$
Confido III, LLC
Infrastructure reimbursement grant for $600,000
to assist with construction of an access road and
turn lane to maintain access to the Georgetown
airport as area land development continues.3/8/2019 3/31/2022 600,000$
4871 Williams Dr., LLC (Sedro Crossing)
Infrastructure reimbursement grant of $250,000
to assist with improvements (utilities and access
points) for construction of 89,500 square feet of
commercial building space.3/26/2019 12/31/2023 250,000$
Cockrum Commercial (Sedro Crossing)
Infrastructure reimbursement grant of $250,000
to assist with improvements (utilities and access
points) for construction of 60,000 square feet of
new professional office space on Williams Dr.3/26/2019 12/31/2023 250,000$
Atmos Energy
Infrastructure reimbursement grant of
$148,499.36 for the installation of 776 feet gas
main along 7th, 8th, and 9th streets.4/6/2019 148,499$ 143,674$
Texas Speed & Performance
Job creation grant of $2K per job up to 100 jobs in
5 years.11/12/2019 11/12/2024 200,000$
(Motion Commercial Properties) assigned
to: Titan
NorthPark35, LLC
Infrastructure reimbursement grant in connection
with the construction of 2 bldgs :
$500K infrastructure reimbursement bldg #1
$500K infrastructure reimbursement bldg #2
Certificate of
occupancy issue
date
10 year
anniversary of
start date
$1,000,000
‐‐‐‐‐‐‐‐‐
Atmos Energy (Lakeway Extension)
Extension of natural gas line for any GEDCO
applicable project 12/10/2019 12/10/2024 400,000$
Costco
Agreement to partner with Atmos for natural gas
line extension and reimbursement of cost to
GEDCO by Costco if retail store construction is not
completed.12/10/2019 12/10/2024 N/A
Champion Site Prep
Infrastructure reimbursement grant associated
with the development of 30,000sf headquarters
facility representing a $13M capital investment
where the company shall remain for at least 5
years..1/28/2020
within 5 years of
the certificate of
occupancy date 500,000$
GEDCO ‐ AGREEMENTS STATUS REPORT
October 19, 2020
Page 71 of 72
City of Georgetown, Texas
Georgetown Economic Development Corporation
October 19, 2020
S UB J E C T:
Action out of Exec utive S es s ion
IT E M S UMMARY:
F IN AN C IAL IMPAC T:
T BD
S UB MIT T E D B Y:
Mic haela Dollar
Page 72 of 72