HomeMy WebLinkAboutAgenda_GEDCO_03.15.2021Notice 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
March 15, 2021 at 4:00 P M
at Virtual
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Page 1 of 34
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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 possible action to nominate and elect a P res ident, vic e president, and sec retary to fill
the current vacancy, c onsistent with S ec tion 3.02 of the G EDC O Bylaws — David Morgan, C ity Manager
B C ons ideration and approval of the O ctober 19, 2020 G EDC O minutes - S haron P arker, Board Liaison.
C C ons ideration of the preliminary financial report for period ending F ebruary 28, 2021 - Nathan P arras,
Assistant F inanc e Direc tor, C ity of G eorgetown
D Disc ussion regarding the S taff R eport - David Morgan, G eorgetown C ity Manager
E 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.
F 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 S tamp
Adjournment
Page 2 of 34
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 _________________, 2021, 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
Page 3 of 34
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 15, 2021
S UB J E C T:
C onsideration and approval of the O c tober 19, 2020 G EDC O minutes - S haron P arker, Board Liais on.
IT E M S UMMARY:
F IN AN C IAL IMPAC T:
N/A
S UB MIT T E D B Y:
S haron P arker
AT TAC H ME N T S:
Description Type
Minutes Backup Material
Page 4 of 34
GEDCO Minutes
October 19, 2020
Page 1 of 2
Minutes of the Meeting of the
Georgetown Economic Development Corporation
City of Georgetown, Texas
October 19, 2020
The Georgetown Economic Development Corporation of the City of Georgetown, TX, met virtuallyon Monday October 19,
2020.
Members
Present:
Steve Bohnenkamp, Hugh Brown, Steve Fought, Ron Garland, Kevin Cummins (Barrie Laing joined after the
meeting was called to order)
Members
Absent:
Staff
Present:
Michaela Dollar, Director of Economic Development; Nathan Paras, Assistant Finance Director; David
Morgan, City Manager; Laurie Brewer, Assistant City Manager; Conchita Gusman, Business Retention
Manager, Katherine Clayton, Budget Analyst, Sharon Parker, Administrative Assistant
Guest
Present:
MINUTES
Steve Bohnenkamp called to Order at 4:01 pm
A. Consideration and approval of the September 21, 2020 GEDCO minutes - Ron Garland, Secretary
Motion to approve by Ron Garland, 2nd by Hugh Brown. Approved 5-0 (Barrie Laing joined after the meeting was
called to order)
B. Consideration of the October 1, 2020 financial report - Nathan Parras, Assistant Finance Director
Nathan reviewed the financial report. No voting needed.
C. Presentation and discussion regarding the mobility bond program targeting the May 2021 election -
David Morgan, City Manager
Bridget provided an overview of the mobility bond program. No voting needed.
D. Discussion and possible action on the proposed first amendment to the Radiation Detection Company
July 23, 2013 performance agreement - Michaela Dollar, Economic Development Director
Michaela explained proposed amendment to performance agreement reflecting change in ownership and security of
performance. Motion to approve amendment to performance agreement by Ron Garland, 2nd by Kevin Cummins.
Approved 5-0 (Barrie Laing recused himself from the meeting for this agenda item)
E. Discussion and possible action regarding the Staff Report -- David Morgan, City Manager
• Performance Agreement Report
• Activity Report
• Other Staff Items
Michaela Dollar introduced Sharon Parker, Administrative Assistant to Finance and Economic Development
departments. Michaela reviewed the Performance Agreement report and the Activity Report. No voting needed.
----GEDCO entered into Executive Session at 4:48 pm and returned to Regular Session at 5:19 pm-----
F. Action out of Executive Session.
Motion to approve Project Door as discussed in executive session by Hugh Brown, 2nd by Ron Garland.
Approved 6-0
Motion to approve Project LTI as discussed in executive session by Kevin Cummins, 2nd by Hugh Brown.
Approved 6-0
Motion to approve Project Dazed as discussed in executive session by Steve Bohnenkamp, 2nd by Barrie Laing.
Approved 6-0
Page 5 of 34
GEDCO Minutes
October 19, 2020
Page 2 of 2
Motion to adjourn by Kevin Cummins, 2nd by Steve Bohnenkamp
Meeting adjourned at 5:25 pm
Attest:
Ron Garland, Secretary Steve Bohnenkamp, President
Page 6 of 34
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 15, 2021
S UB J E C T:
C onsideration of the preliminary financ ial report for period ending F ebruary 28, 2021 - 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:
S haron P arker
AT TAC H ME N T S:
Description Type
GEDCO Monthly Financial Report Backup Material
Page 7 of 34
F GEDCO Monthly Report
GEDCO MONTHLY REPORT AS OF FEBRUARY 28, 2020
Please note the February period is still open. These figures are preliminary and unaudited. This financial report
reflects the CIP Roll Forward amendment that was approved by Council in January.
Operating revenue is comprised of sales tax and allocated interest. Sales tax revenue is budgeted at $2.06 million and
is two months in arrears. Year-to-date, the City has received $649,433 in sales tax revenue. This amount is ahead of
the budget at this point in the year. Fall returns saw continued increases relative to the prior 12-month periods. Year-
to-date, sales tax is up 15.13% compared to the same period in FY2020. The increase in sales tax is a combination of
a one-time in nature payments, new businesses, and continued growth in our core sectors. Allocated interest totals
$20,331.
Operating expense includes administrative expenses, marketing costs, and special services. Marketing efforts total
$66,156, or 36.75% of budget. Expenses for special services such as contractual and legal services total $14,993, or
11.53% of budget for FY2021.
Non-operating revenue is budgeted at zero. It is anticipated this fund will not issue any debt in FY2021.
Non-operating expense is budgeted at $8.35 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. The debt service payment will be made in the spring as part of the City’s normal debt schedule.
Page 8 of 34
COG ‐ GEDCO Financial Report
Period: Feb‐21
Budget Period
FY2021 Feb‐21
YTD Actuals
w/Encumbrances Variance % Variance
Beginning Fund Balance 8,845,777 ‐ 8,845,777 ‐ 100.00%
Operating Revenue
40002:Sales Taxes 2,063,750 250,135 649,433 (1,414,317) 31.47%
42001:Interest Income 19,000 9,082 20,559 1,559 108.21%
Operating Revenue Total 2,082,750 259,217 669,992 (1,412,758) 32.17%
Operarting Expense
Operations 593,783 12,244 175,743 418,040 29.60%
Transfers 1,200,169 40,084 2,040,084 (839,915) 169.98%
Operating Expense Total 1,793,952 52,329 2,215,828 (421,876) 123.52%
Total Net Operations 288,798 206,888 (1,545,836) (1,257,038) ‐535.27%
Non‐Operating Revenue
Non‐Operating Expense
Capital 8,256,391 400,000 400,000 7,856,391 4.84%
Debt Service 90,572 ‐ ‐ 90,572 0.00%
Non‐Operating Expense Total 8,346,963 400,000 400,000 7,946,963 4.79%
Net Non‐Operations Total (8,346,963) (400,000) (400,000) (7,946,963) 4.79%
Excess (Deficiency) of Total Revenue over Total Requirements (8,058,165) (193,112) (1,945,836) (6,112,329) 75.85%
Ending Fund Balance 787,612 (193,112) 6,899,941 6,112,329 876.06%
Reserves
Contingency Reserve 505,468 505,468 ‐ 100%
Debt Service Reserve 413,087 413,087 ‐ 100%
Non‐Operational Reserve (210,318) (210,318) ‐ 100%
Reserves Total 708,237 708,237 ‐ 100%
Available Fund Balance 79,375 6,191,704 6,112,329 7800.57%
YTD Actuals Budget Vs. Actuals
Page 9 of 34
City of Georgetown, Texas
Georgetown Economic Development Corporation
March 15, 2021
S UB J E C T:
Dis cus s ion 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:
S haron P arker
AT TAC H ME N T S:
Description Type
Activity Report March 2021 Pres entation
Performance Agreement Report Backup Material
Page 10 of 34
Economic Development
Activity Report
March 2021
Page 11 of 34
Strategic Goal 1
Support existing businesses
and industries
Page 12 of 34
0
10
20
30
40
50
60
70
80
90
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
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Business Retention Activity
Visits Touches
Page 13 of 34
Strategic Goal 2
Enhance targeted recruitment
of identified industries
Page 14 of 34
0
2
4
6
8
10
12
14
16
18
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Leads
FY19 FY20 FY 21 Rolling 12-Month Average
Page 15 of 34
0
2
4
6
8
10
12
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Qualified Leads
FY19 FY20 FY21 Rolling 12-Month Average
Page 16 of 34
We have qualified for an average of 50% of leads over the last 12 months.
0
2
4
6
8
10
12
14
16
18
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
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Qualified Leads Comparison
Leads Qualified
Page 17 of 34
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
FY19 FY20 FY 21 Rolling 12-Month Average
Page 18 of 34
0
10
20
30
40
50
60
70
80
90
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
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Active Projects
Development Hot Warm Cold
Page 19 of 34
Strategic Goal 3
Diversify workforce development
and recruitment initiatives
Page 20 of 34
Workforce Development Activity
•Worked with the SBDC to connect them with
manufacturers for potential defense contracts
Page 21 of 34
Strategic Goal 4
Encourage speculative
development
Page 22 of 34
Speculative Development Activity
•Continuing to work with prospective industrial
speculative developers and landowners
Page 23 of 34
Overall Objective
Tell our story to a
broader local audience
Page 24 of 34
Other Activity
•Held the Major Employers [virtual] Twelve@12
•Completing a quarterly e-newsletter
•Completed the economic development annual report
•Planning alternative Swirl event and Spring Fling
Page 25 of 34
Economic Indicators
Page 26 of 34
0
500
1000
1500
2000
2500
3000
3500
$-
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
$800.0
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
Oc
t
2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Construction Permit Applications
Valuation
(in millions)
# of Permits
Page 27 of 34
0
2
4
6
8
10
12
14
16
18
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
2
0
Ju
l
2
0
Au
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2
0
Se
p
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2
0
Oc
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2
0
No
v
2
0
De
c
2
0
Ja
n
2
1
Fe
b
2
1
Certificates of Occupancy Issued
COs Issued Rolling 12-Month Average
Page 28 of 34
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
Oc
t
No
v
De
c
Ja
n
Fe
b
Ma
r
Ap
r
Ma
y
Ju
n
Ju
l
Au
g
Se
p
Sales Tax Collections
FY 2018 FY 2019 FY 2020 FY 2021
Page 29 of 34
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Ja
n
2
0
Fe
b
2
0
Ma
r
2
0
Ap
r
2
0
Ma
y
2
0
Ju
n
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2
0
Ju
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y
2
0
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g
2
0
Se
p
t
2
0
Oc
t
2
0
No
v
2
0
De
c
2
0
Unemployment Rate
Unemployment Rate Rolling 12-Month Average
Page 30 of 34
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
$60,000
$65,000
20
1
7
Q
4
20
1
8
Q
1
20
1
8
Q
2
20
1
8
Q
3
20
1
8
Q
4
20
1
9
Q
1
20
1
9
Q
2
20
1
9
Q
3
20
1
9
Q
4
20
2
0
Q
1
20
2
0
Q
2
20
2
0
Q
3
Average Annual Wage
Page 31 of 34
0.00
20,000.00
40,000.00
60,000.00
80,000.00
100,000.00
120,000.00
140,000.00
160,000.00
180,000.00
Oct Nov Dec Jan Feb Mar April May Jun Jul Aug Sep
Hotel Occupancy Tax
FY2017 FY2018 FY2019 FY2020 FY2021
Page 32 of 34
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
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 $250,000 to
assist with improvements (utilities and access
points) for construction of 89,500 square feet of
commercial building space.3/26/2019 12/31/2023 250,000$
GEDCO - AGREEMENTS STATUS REPORT
March 15, 2021
Page 33 of 34
Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
GEDCO - AGREEMENTS STATUS REPORT
March 15, 2021
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 $2K per job up to 100 jobs in 5
years.11/12/2019 11/12/2024 200,000$
Titan NorthPark35, LLC
Infrastructure reimbursement grant for qualified
infrastructure costs related to the speculative
development of a master planned industrial
business park located at SH130 & I35.11/17/2020
Certificate of
Occupancy date $1,900,000
(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
$1,000,000
---------
Atmos Energy (Lakeway Extension)
Extension of natural gas line for any GEDCO
applicable project. Payment made 3/4/2021 12/10/2019 12/10/2024 400,000$ 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
Page 34 of 34