HomeMy WebLinkAboutAgenda_GEDCO_11.19.2018Notice of Meeting for the
Georgetown Economic Dev elopment Corporation
of the City of Georgetown
Nov ember 19, 2018 at 4:00 PM
at the City Council Chambers, located at 101 E. 7th Street, Georgetown, TX 78626
The City o f G eo rgeto wn is committed to comp lianc e with the Americans with Dis abilities Ac t (ADA). If yo u
req uire as s is tanc e in participating at a p ublic meeting d ue to a disability, as d efined und er the ADA, reas onab le
as s is tance, ad ap tatio ns , or acc o mmo d ations will b e provid ed up o n req uest. P leas e c o ntact the City Sec retary's
Office, at leas t three (3) days prior to the sc hed uled meeting d ate, at (512) 930-3652 o r City Hall at 113 Eas t 8th
Street fo r add itional info rmation; TTY us ers ro ute through Relay Texas at 711.
Regular Session
(This Regular S es s io n may, at any time, b e rec es s ed to convene an Exec utive S es s io n fo r any p urpose
authorized b y the Op en Meetings Act, Texas Go vernment Co d e 551.)
A Co nsideration and approval of the minutes fo r the Geo rgeto wn Economic Development Corporatio n
Meeting held Mo nday, S ep tember 17, 2018--S teve Bohnenkamp, Secretary
B Co nsideration of the S ep tember and October 2018 financ ial report. Leigh Wallac e, Financ e Manager,
GEDCO, F inance Direc tor, COG
C Dis cus s ion and pos s ible actio n regarding the Staff Rep o rt —David Morgan, C ity Manager
-P erformance Agreement Report
-Activity Report
-Other Staff Items
D Actio n o ut o f Exec utive Session.
Executiv e Session
In compliance with the Op en Meetings Act, C hapter 551, Go vernment Code, Vernon's Texas Codes,
Annotated, the items lis ted below will be d is c us s ed in closed s es s io n and are s ubjec t to actio n in the regular
s es s io n.
E Sec. 551.071: CONSULTATION WITH ATTORNEY
Co nsultation with attorney regarding legal is s ues related to agenda items and other matters in whic h (1)
when the go vernmental body seeks the advic e o f its attorney ab o ut: (A) p ending o r c o ntemp lated
litigatio n; o r (B) a s ettlement o ffer; o r (2) o n a matter in which the d uty of the attorney to the go vernmental
body under the Texas Dis ciplinary Rules o f P ro fes s io nal Cond uc t o f the S tate Bar o f Texas clearly
c o nflic ts with this chap ter - Charlie McNabb, C ity Attorney
F Section 551.072. DELIBERATIONREGARDING REAL PROPERTY
Dis cus s ion and pos s ible actio n to d elib erate the p urc hase,exc hange, leas e or value of real property for
purp o s es authorized b y the Development C o rp o ration Ac t which disc us s io n in o p en s es s io n would have a
detrimental effect on negotiations with third pers ons .
G Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT
NEGOTIATIONS.
Delib eratio n regarding commerc ial or financ ial info rmation that the corp o ration has rec eived fro m a
Page 1 of 40
bus iness pros pec t that the Georgetown Ec ono mic Develo p ment Co rp oratio n s eeks to have loc ate, stay, or
exp and in or near the territory of the City o f Georgetown and with whic h the C o rp o ration is cond uc ting
ec o nomic d evelopment nego tiatio ns; and/o r deliberatio n regarding the o ffer of a financ ial or o ther
incentive to a bus iness p ro s p ect that the C o rp o ration seeks to have lo cate, s tay, o r exp and in o r near the
territory o f the City o f Georgetown.
- Downtown Infras truc ture Improvements
- Projec t Offic e S p ace
- Projec t Deliver
CERTIFICATE OF POSTING
I, Shelley No wling, C ity S ecretary fo r the C ity of Geo rgeto wn, Texas , d o hereby c ertify that this Notice of
Meeting was p o s ted at City Hall, 113 E. 8th Street, a p lace read ily acc es s ible to the general p ublic at all times ,
on the ______ d ay o f __________________, 2018, at __________, and remained so p o s ted fo r at leas t 72
c o ntinuo us ho urs p receding the sc heduled time o f s aid meeting.
____________________________________
S helley No wling, City Sec retary
Page 2 of 40
City of Georgetown, Texas
Georgetown Economic Development Corporation
November 19, 2018
SUBJECT:
Cons id eration and ap p ro val o f the minutes for the Georgetown Ec o nomic Develo p ment Co rp o ration
Meeting held Mond ay, Septemb er 17, 2018--Steve Bo hnenkamp , Sec retary
ITEM SUMMARY:
ATTACHMENTS:
Draft Minutes
FINANCIAL IMPACT:
None
SUBMITTED BY:
Steve Bo hnenkamp, C o rp o rate Sec retary
ATTACHMENTS:
Description Type
minutes Cover Memo
Page 3 of 40
Minutes of the Meeting of the
Georgetown Economic Development Corporation
City of Georgetown, Texas
September 17, 2018
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on
Monday, September 17, 2018.
Members
Present:
Members
Absent:
Kevin Kelly, Steve Bohnenkamp, Steve Fought, Valerie Nicholson, Tom Menke, Bill Mateja
Jeff Parker
Staff
Present:
Guest
Present:
David Morgan, City Manager; Michaela Dollar, Director of Economic Development; Leah
Wallace, Finance Manager; Wayne Reed, Assistant City Manager; Laurie Brewer, Assistant
City Manager; Conchita Gusman, Business Retention and Expansion Program Manager; Tina
Dunbar, Marketing Coordinator
Jim Johnson, President of the Georgetown Chamber of Commerce
MINUTES
Call to Order at 4:00 pm
A Consideration and approval of the minutes for Georgetown Economic Development Corporation for
the Regular Meeting held Monday, August 20, 2018—Steve Bohnenkamp, Secretary
Motion by Fought, second by Nicholson to approve the August 20, 2018 minutes. (Approved 6-0)
B. Consideration of the August 2018 financial reports. Leigh Wallace, Finance Manager, GEDCO,
Finance Director, COG
Wallace presented the financial reports and answered questions from the Board.
C. Discussion and possible action regarding the Staff Report —David Morgan, City Manager
- Performance Agreement Report
- Activity Report
- Other Staff Items
Morgan explained the Performance Agreement report and Dollar presented the Activity Report.
GEDCO entered Executive Session at 4:25 pm and resumed Regular Session at $:35 pm.
Page 4 of 40
D Action out of Executive Session.
Motion by Bohnenkamp, second by Fought to approve incentives for Project Tiger as discussed in
Executive Session (Approved 6-0).
Meeting was adjourned at 4:36 p.m.
Attest:
______________________________ ___________________________________
Steve Bohnenkamp, Corporate Secretary Kevin Kelly, President
Page 5 of 40
City of Georgetown, Texas
Georgetown Economic Development Corporation
November 19, 2018
SUBJECT:
Cons id eration o f the Septemb er and Oc tober 2018 financial rep o rt. Leigh Wallac e, F inance Manager,
GEDCO, Financ e Directo r, COG
ITEM SUMMARY:
See Attachments
FINANCIAL IMPACT:
None
SUBMITTED BY:
Leigh Wallace, Financ e Manager, GEDCO F inanc e Direc tor, COG
ATTACHMENTS:
Description Type
report Cover Memo
Page 6 of 40
GEDCO Board Meeting Date: November 19, 2018 Item No. __________
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION
AGENDA ITEM COVER SHEET
_________________________________________________________________
SUBJECT:
Consideration of the preliminary September 30, 2018 and October 31, 2018 financial
reports. Leigh Wallace, Finance Manager, GEDCO, Finance Director, COG.
_________________________________________________________________
ITEM SUMMARY:
The corporate bylaws require the Finance Manager to present the monthly financial
reports to the Board. Included in these reports will be:
• Financial reports
• Sales Tax revenues
• Monthly expenditures
• Any other relevant financial information
Sales tax revenue is two months in arrears; therefore the revenues reflect only the amount
received, not actually earned, as of the report date. A report on payments made to
vendors in the month of September and October is also included.
ATTACHMENTS:
Monthly Financial Reports
Sales Tax History
SUBMITTED BY:
Leigh Wallace
Finance Manager, GEDCO
Finance Director, COG
Page 7 of 40
APPROVED
BUDGET CURRENT PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
BEGINNING FUND BALANCE 6,853,073 6,853,073 6,853,073
OPERATING REVENUES
Interest 40,300 3,893 3,893 40,300
Sales Tax 1,768,275 - - 1,768,275
OPERATING REVENUES Total 1,808,575 3,893 3,893 1,808,575
OPERATING EXPENDITURES
Joint Services Allocation 238,622 19,885 19,885 238,622
Miscellaneous Expense 50 - - 50
Promotional & Marketing Program 100,000 13,355 13,355 100,000
Special Services 30,000 - - 30,000
Travel & Training 500 - - 500
OPERATING EXPENDITURES Total 369,172 33,240 33,240 369,172
TOTAL NET OPERATIONS 1,439,403 (29,347) (29,347) 1,439,403
NON-OPERATING EXPENDITURES
Principal Reduction 80,568 - - 80,568
Debt Service 205,069 - - 205,069
Interest Expense 23,157 - - 23,157
DisperSol 50,000 - - 50,000
Economic Development Projects -Undetermined 7,146,613 - - 7,146,613
Holt Cat 185,000 - - 185,000
Radiation Detection Company 150,000 - - 150,000
NON-OPERATING EXPENDITURES Total 7,840,407 - - 7,840,407
TOTAL NET NON-OPERATIONS (7,840,407) - - (7,840,407)
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS (6,401,004) (29,347) (29,347) (6,401,004)
ENDING FUND BALANCE 452,069 6,823,726 452,069
RESERVES
Contingency 442,069 442,069 442,069
RESERVES Total 442,069 442,069 442,069
AVAILABLE FUND BALANCE 10,000 6,381,657 10,000
Georgetown Economic Development Corporation Fund
Year-End Projection to Approved Budget: Oct FY2019
Page 8 of 40
As of October 31, 2018
Georgetown Economic Development Corporation
Sales Tax History
Variance % Var.
MONTH [a]2013-14 2014-15 2015-16 2016-17 2017-18 To FY 17 To FY 17
October 91,863$ 98,094$ 106,050$ 114,748$ 124,478$ 9,730$ 8.48%
November 99,552 102,891 112,766 125,214 127,064 1,850$ 1.48%
December 134,682 143,774 148,200 160,542 162,940 2,398$ 1.49%
January 89,357 87,695 96,563 110,006 115,291 5,285$ 4.80%
February 86,901 89,107 108,117 105,556 133,797 28,241$ 26.75%
March 114,355 123,951 133,492 137,301 158,112 20,811$ 15.16%
April 106,002 102,671 108,977 117,261 135,036 17,775$ 15.16%
May 112,572 95,699 120,418 125,188 148,761 23,573$ 18.83%
June 123,306 130,589 142,767 151,484 157,313 5,829$ 3.85%
July 102,435 108,994 119,534 154,889 143,616 (11,273)$ -7.28%
August 98,015 102,888 132,582 122,847 142,154 19,307$ 15.72%
September 119,473 125,201 135,378 143,897
Total 1,278,513$ 1,311,554$ 1,464,844$ 1,568,933$ 1,548,562$
YTD 1,159,040 1,186,353 1,329,466 1,425,036 1,548,562 123,526 8.67%[b]
Notes:
[a]Sales tax revenue from the State Comptroller is received two months in arrears.
[b]YTD compared through current month.
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Re
v
e
n
u
e
s
Sales Tax 3 Year Trend
2015-16
2016-17
2017-18
Page 9 of 40
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION
CHECKS WRITTEN REPORT
FOR THE MONTH OF OCTOBER 2018
• Promotion and Marketing Programs:
- American Program Bureau, Inc. $ 5,000.00
- Impact Data Source $ 6,615.00
- Infogroup Library Division $ 1,740.00
Page 10 of 40
APPROVED
BUDGET
CURRENT
PERIOD
YEAR TO DATE
(W/ENCUMB)
YEAR-END
PROJECTION
YEAR-END
VARIANCE
FAV(UNFAV)
% YEAR-END
VARIANCE
FAV(UNFAV)
BEGINNING FUND BALANCE 5,902,863 5,902,863 6,051,152 148,289 2.45%
OPERATING REVENUES
Interest 25,400 11,543 103,233 103,200 33 0.03%
Lease Revenue (Grape Creek)24,000 - 40,000 40,000 - 0.00%
Miscellaneous Revenue 61,100 - 60,991 61,000 (9) -0.01%
Sales Tax 1,643,750 431,425 1,703,425 1,693,750 9,675 0.57%
Sale of Property 128,090 128,090 128,090 (0) 0.00%
OPERATING REVENUES Total 1,754,250 571,058 2,035,739 2,026,040 9,699 0.48%
OPERATING EXPENDITURES
Debt Service 212,569 - 212,688 212,569 (119) -0.06%
Interest Expense 26,128 26,128 26,128 26,128 - 0.00%
Joint Services Allocation 221,328 18,444 221,328 221,328 - 0.00%
Miscellaneous Expense 11,108 - 10,991 11,040 49 0.44%
Principal Reduction 90,485 90,485 90,485 90,485 - 0.00%
Promotional & Marketing Program 81,000 7,625 76,942 81,000 4,058 5.01%
Special Services 57,500 10,000 55,647 57,500 1,853 3.22%
Supplies 300 - - - - 0.00%
Travel & Training 1,500 - - 500 500 100.00%
OPERATING EXPENDITURES Total 701,918 152,682 694,209 700,550 6,341 0.91%
TOTAL NET OPERATIONS 1,052,332 418,376 1,341,530 1,325,490 16,040 1.21%
NON-OPERATING EXPENDITURES
Catalyst 36,000 - 18,839 18,839 - 0.00%
DisperSol 60,000 - 40,000 40,000 - 0.00%
Economic Development Projects -Undetermined 6,308,518 - - 150,000 150,000 100.00%
Texas Life Sciences 139,740 - 139,740 139,740 - 0.00%
NON-OPERATING EXPENDITURES Total 6,544,258 - 198,579 348,579 150,000 43.03%
TOTAL NET NON-OPERATIONS (6,544,258) - (198,579) (348,579) (150,000) 43.03%
EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER
TOTAL REQUIREMENTS (5,491,926) 418,376 1,142,951 976,911 (133,960) -13.71%
ENDING FUND BALANCE 410,938 7,045,814 7,028,063 (133,959) -1.91%
RESERVED ENDING BALANCE 410,938 423,438
Georgetown Economic Development Corporation Fund
Preliminary Actuals to Year-End Projection: Sep FY2018
Page 11 of 40
GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION
CHECKS WRITTEN REPORT
FOR THE MONTH OF SEPTEMBER 2018
• Promotion and Marketing Programs:
- Austin Chamber of Commerce $ 5,000.00
- Brandcave, LLC $ 2,625.00
• Special Services:
- Farnum Enterprises, Inc. $ 10,000.00
Page 12 of 40
City of Georgetown, Texas
Georgetown Economic Development Corporation
November 19, 2018
SUBJECT:
Disc ussion and p o s s ib le ac tion regard ing the S taff Report —David Morgan, City Manager
-P erformance Agreement Report
-Activity Report
-Other Staff Items
ITEM SUMMARY:
The GEDCO Board has req uested that staff p ro vide a projec t p ro gress and s tatus report at eac h meeting
o n all of the ac tive p ro jects disc ussed b y the Bo ard .
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
David S. Morgan, C ity Manager
ATTACHMENTS:
Description Type
report Cover Memo
PA Cover Memo
Page 13 of 40
Economic Development
Activity Report
September 2018
Page 14 of 40
Strategic Goal 1
Support existing businesses
and industries
Page 15 of 40
0
5
10
15
20
25
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7
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Business Retention Activity
Visits Assistance Requests Touches
Page 16 of 40
Additional BRE Activity
•Working with chamber to refine
partnership
•16 of the active projects are existing
businesses (about 25%)
•Breakfast Bites (Sep. 12)
•Annual Lunch & Bowl Event (Sep. 28)
•Social Media Marketing Workshop (Oct. 1)
Page 17 of 40
Strategic Goal 2
Enhance targeted recruitment
of identified industries
Page 18 of 40
0
2
4
6
8
10
12
14
16
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Leads
FY17 FY18 FY19
Page 19 of 40
0
2
4
6
8
10
12
14
16
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Proposals Submitted
FY17 FY18 FY19
Page 20 of 40
0
1
2
3
4
5
6
7
8
9
10
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Site Visits
FY17 FY18 FY19
Page 21 of 40
0
10
20
30
40
50
60
70
Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18
Active Projects
Development Hot Warm Cold
Page 22 of 40
Additional Recruitment Activity
•Wolf Crossing Ground Breaking (Oct. 2)
•Opportunity Austin Recruitment –
Northern California (Sep.)
•WilCo EDP –NAI Global Show (Sep.)
•Working with available building owners to
identify leads for their space
•Identifying additional natural gas
improvements
Page 23 of 40
Strategic Goal 3
Diversify workforce development
and recruitment initiatives
Page 24 of 40
Workforce Development Activity
•Manufacturers Day (Oct. 5)
•Planning first Healthcare Alliance meeting
(Dec)
•Participating in Hospitality Alliance (Nov)
•“Georgetown Works” social media
campaign
•Continued participation in Georgetown
Young Professionals Group
Page 25 of 40
Strategic Goal 4
Encourage speculative
development
Page 26 of 40
Speculative Development Activity
•Working with Westinghouse Business
Center on groundbreaking date
•Eight of the active projects are
speculative development
•Also focusing on “shovel-ready” sites
Page 27 of 40
Overall Objective
Tell our story to a
broader local audience
Page 28 of 40
Other Activity
•Symposium Presentation & Video online
•Hosted regional partners in Georgetown
•Residential Realtors Twelve@12 (Nov)
Page 29 of 40
Economic Indicators
Page 30 of 40
-
200
400
600
800
1,000
1,200
1,400
$-
$50.0
$100.0
$150.0
$200.0
$250.0
$300.0
$350.0
$400.0
$450.0
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Construction Permit Applications
Valuation
(in millions)
# of Permits
Page 31 of 40
0
2
4
6
8
10
12
14
16
18
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Certificates of Occupancy Issued
Page 32 of 40
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
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Sales Tax Collections
FY 2017 FY 2018
Page 33 of 40
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Au
g
1
7
Se
p
1
7
Oc
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1
7
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v
1
7
De
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1
7
Ja
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1
8
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1
8
Ma
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1
8
Ap
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1
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Ma
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Ju
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Ju
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Au
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Unemployment Rate
Page 34 of 40
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
Average Annual Wage
Page 35 of 40
Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
Citigroup
Grant for wastewater infrastructure for
construction of datacenter. 12/12/2006 12/31/2018 $ 1,300,000 $ 1,300,000
DisperSol
Grant for job creation related to expansion of
manufacturing facilities.10/16/2014 2/15/2019 250,000$ $ 80,000
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 $ 50,000.00 $ 50,000.00
Holt Caterpillar
GEDCO to provide up to $185,000
infrastructure grant for the cost of
connecting to a new wastewater line run to the
property by the City. Approved by
Council on 1/24/17.1/24/2017 185,000.00$
Radiation Detection Corporation 2
Grant for job creation and reimbursement of
Qualified Expenditures related to the expansion of
the existing HQ corporate offices located in
Georgetown. 6/13/2018 6/1/2019 150,000$ $ -
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 500000
GEDCO - ACTIVE PERFORMANCE AGREEMENTS STATUS REPORT
November 19, 2018
Page 36 of 40
City of Georgetown, Texas
Georgetown Economic Development Corporation
November 19, 2018
SUBJECT:
Ac tion out of Exec utive S es s io n.
ITEM SUMMARY:
FINANCIAL IMPACT:
TBD
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 37 of 40
City of Georgetown, Texas
Georgetown Economic Development Corporation
November 19, 2018
SUBJECT:
Sec. 551.071: CONSULTATION WITH ATTORNEY
Cons ultation with atto rney regard ing legal iss ues related to agend a items and o ther matters in which (1)
when the go vernmental b o d y s eeks the advic e of its atto rney about: (A) p end ing or contemplated litigation;
o r (B) a settlement offer; or (2) o n a matter in whic h the duty of the attorney to the governmental b o d y
und er the Texas Dis c ip linary Rules o f Pro fes s ional C o nduct of the State Bar of Texas c learly conflicts with
this c hapter - C harlie McNab b , City Atto rney
ITEM SUMMARY:
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 38 of 40
City of Georgetown, Texas
Georgetown Economic Development Corporation
November 19, 2018
SUBJECT:
Section 551.072. DELIBERATIONREGARDING REAL PROPERTY
Disc ussion and p o s s ib le ac tion to deliberate the purchas e,exchange, leas e o r value o f real p ro p erty for
p urposes autho rized by the Develo p ment Corporatio n Act whic h d is cus s ion in open session wo uld have a
d etrimental effec t o n nego tiatio ns with third p ers o ns .
ITEM SUMMARY:
FINANCIAL IMPACT:
n/a
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 39 of 40
City of Georgetown, Texas
Georgetown Economic Development Corporation
November 19, 2018
SUBJECT:
Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT
NEGOTIATIONS.
Deliberatio n regard ing c o mmercial o r financ ial informatio n that the c o rp o ratio n has received from a
b usines s pros p ec t that the Geo rgeto wn Economic Development Corporation s eeks to have lo cate, s tay, o r
expand in or near the territo ry o f the City o f Geo rgeto wn and with whic h the Corporatio n is c o nducting
econo mic d evelo p ment negotiations ; and/o r d elib eration regard ing the o ffer o f a financial o r other inc entive
to a bus iness pros pec t that the Co rp o ration s eeks to have loc ate, stay, o r expand in or near the territory of
the City of Georgetown.
- Do wntown Infras tructure Imp ro vements
- P ro ject Offic e Spac e
- P ro ject Deliver
ITEM SUMMARY:
FINANCIAL IMPACT:
N/A
SUBMITTED BY:
Charlie Mc Nab b , City Atto rney
Page 40 of 40