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Home My WebLink AboutAgenda_GEDCO_12.04.2017Notice of Meeting for the Georgetown Economic Dev elopment Corporation and the Gov erning Body of the City of Georgetown December 4, 2017 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 Georgetown Ec o nomic Develo p ment Co rp o ration for the Regular Meeting held Mo nday, Oc tober 16, 2017--Bill Mateja, Secretary B Co nsideration of the Oc tober, 2017 financ ial rep o rts. Leigh Wallac e, Financ e Manager, GEDCO, Financ e Directo r, 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 20 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. - TLCC - Projec t Legac y 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 __________________, 2017, 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 20 City of Georgetown, Texas Georgetown Economic Development Corporation December 4, 2017 SUBJECT: Cons id eration and ap p ro val o f the minutes for Geo rgeto wn Econo mic Development Corporatio n fo r the Regular Meeting held Mond ay, Octo b er 16, 2017--Bill Mateja, Sec retary ITEM SUMMARY: ATTACHMENTS: 1. Draft Minutes FINANCIAL IMPACT: None SUBMITTED BY: Bill Mateja, C o rp o rate Sec retary ATTACHMENTS: Description Type Minutes Cover Memo Page 3 of 20 GEDCO Minutes October 16, 2017 Page 1 of 2 Minutes of the Meeting of the Georgetown Economic Development Corporation and the Governing Body of the City of Georgetown, Texas October 16, 2017 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday, October 16, 2017. Members Present: Jeff Parker, Kevin Kelly, Steve Klein, Bill Mateja, Hugh Brown, Steve Fought, Valerie Nicholson Staff Present: David Morgan, City Manager/General Manager; Michaela Dollar, Director of Economic Development; Conchita Gusman, Economic Development Program Manager; Elaine Wilson, Controller; Tina Dunbar, Marketing Coordinator 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, September 18, 2017--Bill Mateja, Secretary Motion by Brown, second by Mateja to approve the September 18, 2017 Minutes. (Approved 7-0) B Consideration of the August, 2017 financial reports. Leigh Wallace, Finance Manager, GEDCO, Finance Director, COG Wilson presented the report 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 Projects Morgan reported that the Performance Agreement Report had no changes but GISD item will be discussed later. Dollar presented the activity report and answered questions from the board. D Discussion regarding the Georgetown Economic Development Strategic Plan – Michaela Dollar Dollar presented the strategic planning process and she and Morgan answered questions from the board. Page 4 of 20 GEDCO Minutes October 16, 2017 Page 2 of 2 E Consideration and possible action to approve a Resolution authorizing the Georgetown Economic Development Corporation (GEDCO) to release surplus inventory to the Georgetown Independent School District (GISD) – Michaela Dollar, Director of Economic Development Motion by Kelly, second by Brown to approve the Resolution regarding the release of surplus equipment to Georgetown Independent School District. (Approved 7-0) GEDCO entered into Executive Session at 5:25 GEDCO returned to Regular Session at 5:35 E Action out of Executive Session. Motion by Nickolson, second by Mateja to approve staff recommendation as discussed in Executive Session regarding Project Coin. (Approved 7-0) Adjourn at 5:37 p.m. ATTEST: ______________________________ ___________________________________ Bill Mateja, Corporate Secretary Jeff Parker, President Page 5 of 20 City of Georgetown, Texas Georgetown Economic Development Corporation December 4, 2017 SUBJECT: Cons id eration o f the Octo b er, 2017 financial reports . Leigh Wallace, Financ e Manager, GEDCO, Finance Direc tor, 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 20 GEDCO Board Meeting Date: November 20, 2017 Item No. __________ GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM COVER SHEET _________________________________________________________________ SUBJECT: Consideration of the October 31, 2017 financial report. 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. Included in this report is the sales tax revenue collected in September for sales in July. Payments made to vendors in the month of October are also included. ATTACHMENTS: Monthly Financial Reports Sales Tax History SUBMITTED BY: Leigh Wallace Finance Manager, GEDCO Finance Director, COG Page 7 of 20 APPROVED BUDGET CURRENT PERIOD YEAR YO DATE (W/ENCUMB) YEAR-END PROJECTION BEGINNING FUND BALANCE 5,902,863 5,902,863 OPERATING REVENUES - Interest 25,400 2,015 2,015 25,400 Lease Revenue (Grape Creek)24,000 8,000 8,000 24,000 Miscellaneous Revenue 61,100 - - 61,100 Sales Tax 1,643,750 - - 1,643,750 OPERATING REVENUES Total 1,754,250 10,015 10,015 1,754,250 OPERATING EXPENDITURES - Debt Service 116,613 - - 116,613 Interest Expense 87,569 - - 87,569 Joint Services Allocation 221,328 18,444 18,444 221,328 Miscellaneous Expense 11,108 - - 11,108 Principal Reduction 125,000 - - 125,000 Promotional & Marketing Program 81,000 - - 81,000 Special Services 27,500 - - 27,500 Supplies 300 - - 300 Travel & Training 1,500 - - 1,500 OPERATING EXPENDITURES Total 671,918 18,444 18,444 671,918 TOTAL NET OPERATIONS 1,082,332 (8,429) (8,429) 1,082,332 NON-OPERATING EXPENDITURES - Catalyst 36,000 - - 36,000 DisperSol 60,000 - - 60,000 Economic Development Projects -Undetermined 6,478,258 - - 6,478,258 NON-OPERATING EXPENDITURES Total 6,574,258 - - 6,574,258 TOTAL NET NON-OPERATIONS (6,574,258) - - (6,574,258) EXCESS (DEFICIENCY) OF TOTAL REVENUE OVER TOTAL REQUIREMENTS (5,491,926) (8,429) (8,429) (5,491,926) ENDING FUND BALANCE 410,938 410,938 RESERVES Contingency 410,938 410,938 RESERVES Total 410,938 - - 410,938 AVAILABLE FUND BALANCE - - Georgetown Economic Development Corporation Fund Year End Projection to Approved as of October 2017 Page 8 of 20 As of October 31, 2017 Georgetown Economic Development Corporation Sales Tax History Variance % Var. MONTH [a]2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 To FY 16 To FY 16 October 70,264$ 86,324$ 91,863$ 98,094$ 106,050$ 114,748$ 8,698$ 8.20% November 74,472 82,083 99,552 102,891 112,766 125,214 12,448$ 11.04% December 111,968 117,582 134,682 143,774 148,200 160,542 12,342$ 8.33% January 73,177 82,714 89,357 87,695 96,563 110,006 13,443$ 13.92% February 72,946 77,890 86,901 89,107 108,117 105,556 (2,561)$ -2.37% March 105,822 115,564 114,355 123,951 133,492 137,301 3,809$ 2.85% April 81,362 84,420 106,002 102,671 108,977 117,261 8,284$ 7.60% May 80,919 94,412 112,572 95,699 120,418 125,188 4,770$ 3.96% June 99,664 114,132 123,306 130,589 142,767 151,484 8,717$ 6.11% July 89,969 92,765 102,435 108,994 119,534 154,889 35,355$ 29.58% August 85,792 92,735 98,015 102,888 132,582 122,847 (9,735)$ -7.34% September 88,334 125,197 119,473 125,201 135,378 143,897 8,519$ 6.29% Total 1,034,688$ 1,165,819$ 1,278,513$ 1,311,554$ 1,464,844$ 1,568,933$ YTD 1,034,688 1,165,819 1,278,513 1,311,554 1,464,844 1,568,933 95,570 6.52% Notes: [a]Sales tax revenue from the State Comptroller is received two months in arrears. Sales tax for September is actually received in July. $- $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 2014-15 2015-16 2016-17 Page 9 of 20 • Economic Development Projects: - Catalyst Commerical, Inc. Page 10 of 20 City of Georgetown, Texas Georgetown Economic Development Corporation December 4, 2017 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 pa Cover Memo indicator Cover Memo activity Cover Memo Page 11 of 20 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 Grape Creek Grant for reimbursement of Qualified Expenditures for the lease/purchase and future site improvements at 101 E. 7th Street and 614 Main Street for the operation of a winery on the Downtown Square. 8/23/2011 3/1/2018 280,000$ 280,000$ Grape Creek GEDCO purchase of building. GCV currently under lease/purchase agreement with right to exercise purchase at end of PA for $447K.8/23/2011 3/1/2018 447,000$ 447,000$ Lone Star Circle of Care Grant for Qualified Expenditures for future site improvements at 205 East University Avenue, Georgetown, Texas. Loan Agreement and Promissory Note have been executed. Closed out in compliance with the terms of the agreement 11/30/17.6/28/2011 11/30/2017 387,000$ $ 387,000 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$ Radix BioSolutions, Ltd. Provided grant to assist with the work and future plans of Radix BioSolutions at the TLCC. Radix paid back $47K on 3/15/15. Radix paid back $50K 3/10/16. Radix paid back $50K on 3/10/2017 .3/9/2010 3/31/2018 250,000$ $ 103,000 GEDCO - ACTIVE PERFORMANCE AGREEMENTS STATUS REPORT December 4, 2017 Over Page 12 of 20 Economic Indicators Report Updated December 2017 - 200 400 600 800 1,000 1,200 $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 $3,000.0 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Construction Permit Applications Contract Value (in millions) Valuation (in millions) # of Permits 0 2 4 6 8 10 12 14 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Certificates of Occupancy Issued Page 13 of 20 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Unemployment Rate $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 Oc t 1 6 No v 1 6 De c 1 6 Ja n 1 7 Fe b 1 7 Ma r 1 7 Ap r 1 7 Ma y 1 7 Ju n 1 7 Ju l 1 7 Au g 1 7 Se p 1 7 Sales Tax Collections Page 14 of 20 Economic Development Activity Report December 2017 0 2 4 6 8 10 12 14 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Prospect Activity Proposals Site Visits Development Meetings 0 2 4 6 8 10 12 14 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Lead Activity Page 15 of 20 Other Activities: • Retail recruitment ongoing • TLCC Brand Transition • Breakfast Bites/Downtown Lowdown – December 6, 2017 • 2nd Annual Economic Development Symposium – December 11, 2017 • ABJ WilCo Growth Summit – December 14, 2017 • Present Strategic Plan to Council – January 9, 2017 • Holt Cat Groundbreaking – January 30, 2017 0 2 4 6 8 10 12 14 16 De c 1 6 Ja n 1 7 Fe b 1 7 Ma r 1 7 Ap r 2 0 1 7 Ma y 1 7 Ju n 1 7 Ju l 1 7 Au g 1 7 Se p 1 7 Oc t 1 7 No v 1 7 Business Retention Activity Visits Assistance Requests Touches 11 10 10 5 Active Projects Development Hot Warm Cold Page 16 of 20 City of Georgetown, Texas Georgetown Economic Development Corporation December 4, 2017 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 17 of 20 City of Georgetown, Texas Georgetown Economic Development Corporation December 4, 2017 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 18 of 20 City of Georgetown, Texas Georgetown Economic Development Corporation December 4, 2017 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 19 of 20 City of Georgetown, Texas Georgetown Economic Development Corporation December 4, 2017 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. - TLCC - P ro ject Legac y ITEM SUMMARY: FINANCIAL IMPACT: N/A SUBMITTED BY: Charlie Mc Nab b , City Atto rney Page 20 of 20