HomeMy WebLinkAboutAgenda_GEDCO_09.21.2020Notice of Meeting for the
Georgetown Economic Dev elopment Corporation B oard of Directors
of the City of Georgetown
September 21, 2020 at 4:00 P M
at Virtual
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Page 1 of 63
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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 o nvene an Exec utive S es s ion for any purp o s e
authorized b y the O pen Meetings Ac t, Texas G o vernment C ode 551.)
A C ons id eratio n and ap p ro val o f the July 20, 2020 G E DC O minutes - R o n G arland , S ecretary
B C ons id eratio n o f the S ep tember 1, 2020 financ ial report - Nathan P arras , Budget Manager, C ity of
G eo rgetown
C S ales Tax P res entation - Nathan P arras, Bud get Manager, C ity o f G eorgetown
D Disc ussio n and p o s s ib le ac tion regard ing the S taff R eport - David Morgan, G eorgetown C ity Manager
E Ac tion out of Exec utive S es s io n
E xecutiv e Session
In c o mp lianc e with the O p en Meetings Act, C hap ter 551, G o vernment C od e, Vernon's Texas C o d es ,
Anno tated , the items lis ted b elo w will b e disc us s ed in c lo s ed session and are s ub ject to ac tion in the regular
s es s io n.
F Sec. 551.071: CON S ULTAT IO N WIT H AT TO R N E Y
C ons ultatio n with atto rney regard ing legal is s ues related to agend a items and o ther matters in which (1)
when the go vernmental body seeks the advic e o f its attorney ab o ut: (A) pend ing or contemplated
litigatio n; o r (B) a s ettlement offer; or (2) on a matter in whic h the duty o f the atto rney to the governmental
body under the Texas Disc ip linary R ules o f P rofes sional C ond uc t o f the S tate Bar o f Texas clearly
c o nflic ts with this chap ter - S kye Masson, C ity Attorney
G Section 551.072. D E LIB E R AT IO N R E GAR D IN G R E AL P R O P E RT Y
Disc ussio n and p o s s ib le ac tion to deliberate the purchas e, exc hange, leas e or value of real property for
purp o s es authorized b y the Develo p ment C o rp o ration 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.
H Section 551.087. D E LIB E R AT IO N R E GAR D IN G E C ON O MIC D E VE LO P ME N T
N E G O T IAT IO NS .
Page 2 of 63
Deliberation regard ing c o mmercial o r financ ial informatio n that the c o rporatio n has received from a
bus iness pros pec t that the G eo rgeto wn Ec ono mic Development C o rporatio n s eeks to have loc ate, stay,
or expand in o r near the territo ry o f the C ity o f G eo rgeto wn and with whic h the C o rp o ration is
c o nducting ec ono mic d evelopment negotiations ; and/o r deliberatio n regard ing the o ffer of a financ ial o r
other inc entive to a b usines s prospec t that the C o rp o ration seeks to have loc ate, s tay, o r exp and in or near
the territory of the C ity o f G eo rgeto wn.
P ro jec t Zeus
P ro jec t Dazed
Adjournment
Adjourn
Ce rtificate of Posting
I, R obyn Dens mo re, C ity S ec retary for the C ity of G eorgetown, Texas, do hereb y certify that this Notice of
Meeting was p o s ted at C ity Hall, 808 Martin Luther King Jr. S treet, G eorgeto wn, T X 78626, a p lace readily
acc es s ib le to the general p ublic as req uired by law, on the _____ day of _________________, 2020, at
__________, and remained so p o s ted fo r at leas t 72 c o ntinuo us hours prec eding the sc heduled time of s aid
meeting.
__________________________________
R o b yn Dens more, C ity S ecretary
Page 3 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
C o nsideration and approval of the July 20, 2020 G EDC O minutes - R o n 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:
D escription Type
7.20.2020 GEDCO Minutes Cover Memo
Page 4 of 63
GEDCO Minutes
June 15, 2020
Page 1 of 2
Minutes of the Meeting of the
Georgetown Economic Development Corporation
City of Georgetown, Texas
July 20, 2020
The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday July 20, 2020.
Members
Present:
Steve Bohnenkamp, Kevin Cummins, Hugh Brown, Steve Fought (virtual via Teams), Ron Garland,
Barrie Laing (virtual via Teams)
Members
Absent:
Staff
Present:
David Morgan, City Manager; Michaela Dollar, Director of Economic Development; 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 possible action to nominate and elect a President, Vice-President, and Secretary
consistent with Section 3.02 of the GEDCO Bylaws— David Morgan, City Manager
David Morgan facilitated the election of President. The group nominated Steve Bohnenkamp for President. Ron
Garland motioned to have Steve Bohnenkamp continue in his current role as President. 2nd by Hugh Brown.
Approved 6-0
Ron Garland moved to nominate Kevin Cummins for Vice President, 2nd by Hugh Brown. Approved 6-0.
Hugh Brown moved to nominate Ron Garland for Secretary, 2d by Steve Bohnenkamp. Approved 6-0
Newly elected officers:
PRESIDENT: Steve Bohnenkamp
VICE PRESIDENT: Kevin Cummins
SECRETARY: Ron Garland
B. Review and discussion regarding the Amended Bylaws for GEDCO approved by the City Council on April 23,
2019 - David Morgan, City Manager
Motion by Ron Garland to approve Amended Bylaws, 2nd by _________________. Approved 6-0
C. Consideration and approval of the June 15, 2020 GEDCO minutes--Hugh Brown, Secretary
Motion by Ron Garland, 2nd by Kevin Cummins to approve the minutes. Approved 6-0
D. Discussion and possible action to recommend the FY 2021 proposed GEDCO budget and administrative
services contract -- Laurie Brewer, Assistant City Manager
Laurie Brewer reviewed the financial report. Motion by Ron Garland to approve budget, 2nd by Barrie Laing,
Approved 6-0
E. Discussion and possible action regarding the Staff Report – David Morgan, City Manager
Michaela Dollar reviewed the performance agreement and activity report. No voting needed.
Page 5 of 63
GEDCO Minutes
June 15, 2020
Page 2 of 2
• Performance Agreement Report
• Activity Report
• Other Staff Items
F. Consideration and consent to assignment of the Motion Commercial Properties, LLC agreement to Titan
NorthPark35 -- Michaela Dollar, Economic Development Director
Motion by Kevin Cummins to assign the agreement from Motion Commercial Properties to Titan NorthPark35, 2nd
by Hugh Brown. Approved 6-0.
G. Action out of Executive Session.
----------There was no Executive Session held at this meeting-----
Motion to adjourn by Steve Bohnenkamp, 2nd by __________________________
Meeting adjourned at 5:15 pm
Attest:
Ron Garland, Secretary Steve Bohnenkamp, President
Page 6 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
C o nsideration of the S eptemb er 1, 2020 financ ial rep o rt - Nathan P arras, Bud get Manager, C ity o f
G eorgetown
IT E M S UMMARY:
T he c o rp o rate bylaws req uire the F inanc e Manager to p res ent the mo nthly financ ial rep o rts to the Bo ard.
Includ ed in thes e reports will be:
F inancial reports
S ales Tax revenues
Monthly exp enditures
Any other relevant financ ial info rmatio n
S ales tax revenue is two months in arrears; therefo re the revenues reflect only the amo unt received , not
actually earned, as o f the rep o rt d ate.
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:
D escription Type
GEDCO Financial Report September 2020 Cover Memo
Page 7 of 63
F GEDCO Monthly Report
GEDCO MONTHLY REPORT AS OF AUGUST 31, 2020
Please note the August 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 nine months of sales tax collection and totals
$1,550,856. The City was trending very strong for the first five months of the fiscal year. Year to date, sales tax is up
11.85% 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
$96,983.
Operating expense includes administrative charges, marketing costs, and special services. Administrative charges
spent year to date is 83.33% of budget. Marketing efforts total $75,904, or 69.94% of budget.
Non‐operating revenue This fund will not be issuing any debt in FY2020.
Non‐operating expense is budgeted at $8.93 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 $41,334.
Page 8 of 63
COG - Georgetown Economic Development Fund Report
FY 2020 - Aug
Ledger Account Approved Budget Current Period Year to Date
(w/Encumbrance)
Year End Projections
Beginning Fund Balance 8,138,781 - 8,138,781 8,138,781
Operating Revenue
Interest 76,000 10,596 96,983 96,983
Sales Tax 1,984,375 207,139 1,550,756 1,993,750
Other Revenue - - - -
Operating Revenue Total 2,060,375 217,735 1,647,739 2,090,733
Operating Expenditures
Promotional & Marketing
Program
108,534 - 75,904 100,000
Contractual Services 30,000 - 20,580 20,580
Administrative Expenses 244,771 - 203,976 244,771
Travel & Training 500 - 92 500
Supplies - - - -
Operating Expenditures
Total
383,805 - 300,551 365,851
Total Net Operations 1,676,570 217,735 1,347,188 1,724,882
Non-Operating Revenue
Bond Proceeds - - - -
Bond Premium - - - -
Transfers In - - - -
Non-Operating Revenue
Total
- - - -
Non-Operating
Expenditures
Principal Reduction 83,695 - - 83,695
Debt Service 207,669 - 41,334 207,669
Interest Expense 20,516 - - 20,516
Strategic Partnership 8,803,855 - 804,551 804,551
Non-Operating Expenditures
Total
9,115,735 - 845,886 1,116,431
9,499,540
Total Net Non-Operations (9,115,735) - (845,886) (1,116,431)
Excess (Deficiency) of Total
Revenue over Total
Requirements
(7,439,165) 217,735 501,302 608,451
Ending Fund Balance 699,616 217,735 8,640,083 8,747,232
Reserves
Contingency Reserve 489,298 - 489,298 489,298
Non-Operational Reserve 210,318 - 210,318 210,318
Bond Proceeds Reserve - - - -
Total Reserved Fund
Balance
699,616 - 699,616 699,616
Available Fund Balance - 217,735 7,940,467 8,047,616
Page 9 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
S ales Tax P res entatio n - Nathan P arras , Budget Manager, C ity of G eorgeto wn
IT E M S UMMARY:
R eview of the s ales tax metho d o lo gy and pro jec tio ns .
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:
D escription Type
Sales Tax Pres entation Cover Memo
Page 10 of 63
FY2020 Annual Budget
Sales Tax Methodology
Page 11 of 63
FY2020 Annual Budget
Overview of Sales Tax
•$0.02
•$0.0625
•$0.082
5
Page 12 of 63
FY2020 Annual Budget
Sales Tax Break Down –The City
of Georgetown’s Two Cents
Page 13 of 63
FY2020 Annual Budget
Sales Tax Model
Page 14 of 63
FY2020 Annual Budget
Sales Tax Model
•Two Major Sources
of Data:
–Confidential Report
from the State
Comptrollers Office
(200,000 rows of
data per month)
–All Cities Data
(230,000 rows of
data annually)
Page 15 of 63
FY2020 Annual Budget
Sales Tax Model
Page 16 of 63
FY2020 Annual Budget
Sales Tax Model
North
American
Industrial
Classificatio
n
System
Page 17 of 63
FY2020 Annual Budget
Sales Tax Model
Page 18 of 63
FY2020 Annual Budget
Sales Tax Model
Page 19 of 63
FY2020 Annual Budget
Sales Tax Model
Page 20 of 63
FY2020 Annual Budget
Sales Tax Model
•FY2019 core sectors –
63%
•Food
•Retail
•Information
Page 21 of 63
FY2020 Annual Budget
Sales Tax Model
•Information
Subsector
Page 22 of 63
FY2020 Annual Budget
Forecasting
•Different trend analysis
–Regression types
–Different timeframes
•Correlation Models
–Aggregate
–Sector Based
Page 23 of 63
FY2020 Annual Budget
Forecasting
Page 24 of 63
FY2020 Annual Budget
Forecasting
Month Month %Running Month %Multiplier
01) Oct 7.28%7.28%13.74
02) Nov 7.25%14.53%6.88
03) Dec 10.36%24.89%4.02
04) Jan 7.18%32.07%3.12
05) Feb 6.77%38.84%2.57
06) Mar 9.65%48.49%2.06
07) Apr 7.83%56.32%1.78
08) May 8.06%64.38%1.55
09) Jun 9.80%74.18%1.35
10) Jul 8.18%82.35%1.21
11) Aug 8.34%90.69%1.10
12) Sep 9.31%100.00%1.00
Page 25 of 63
FY2020 Annual Budget
Forecasting
Player Average Points Per
Game
% of Total
Points
Projected Team
Total
Tim Duncan 19 40%87.5
Tony Parker 15.5 30%93.3
Manu Ginobili 13.3 27%88.9
Page 26 of 63
FY2020 Annual Budget
Forecasting
•Four Year Average of
Sectors
•Food
•Retail
•Information
Page 27 of 63
FY2020 Annual Budget
Forecasting
Sector Percentage Multiplier One-year
Trend
Aggregate
Forecast
Retail 44.12%2.27 $12,532,646 $28,402,795
Food 10.35%9.66 $2,952,346 $28,516,210
Information 7.65%13.08 $2,468,846 $32,288,264
Sector Percentage Multiplier Two-year
Trend
Aggregate
Forecast
Retail 44.12%2.27 $12,040,601 $27,287,671
Food 10.35%9.66 $2,873,971 $30,262,922
Information 7.65%13.08 $2,197,657 $28,741,572
Sector Percentage Multiplier Three -year
Trend
Aggregate
Forecast
Retail 44.12%2.27 $11,886,490 $26,938,410
Food 10.35%9.66 $2,760,738 $26,655,510
Information 7.65%13.08 $2,100,276 $27,648,000Page 28 of 63
FY2020 Annual Budget
Forecasting
•Multi-Level Analysis
–Georgetown Data
–Austin MSA region
–Top Twenty cities in Texas
–Regions in Texas
–All Cities in Texas
Page 29 of 63
FY2020 Annual Budget
Forecasting
Fiscal Year Actual Projection Variance % Variance
FY2015 $20,984,850 $21,000,000 (15,150)-0.07%
FY2016 $23,437,496 $22,900,000 537,496 2.35%
FY2017 $25,102,936 $25,300,000 (197,064)-0.78%
FY2018 $27,254,787 $27,100,000 154,787 0.57%
FY2019 $29,478,587 $29,750,000 (271,413)-0.91
Total $126,258,657 $126,050,000 $208,657 0.17%
Page 30 of 63
FY2020 Annual Budget
Forecasting
•FY2019: all four-year end models are all in agreement.
–Aggregate Linear 6M 29,931,760
–Aggregate Linear 12 M 29,938,399
–Aggregate Linear 18M 29,954,560
–Correlation 30,052,209
–Spread of only $120,000 (5.72% -6.15% over budget)
–Standard deviation of less than $49,000.
Page 31 of 63
FY2020 Annual Budget
Forecasting
Fund FY2020 Projection FY2021 Budget
100 –General Fund $17,943,750 $17,859,375
203 –Street Maintenance
Fund
$3,987,500 $3,958,750
400 –GTEC Fund $7,975,000 $7,397,500
420 -GEDCO $1,993,750 $1984,375
Total Sales Tax $31,900,000 $31,750,000
Page 32 of 63
FY2020 Annual Budget
Questions
Page 33 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
Dis cus s io n and pos s ible actio n regarding the S taff R ep o rt - David Mo rgan, G eo rgeto wn C ity Manager
IT E M S UMMARY:
T he G E DC O Bo ard has reques ted that s taff provid e a p ro ject progres s and s tatus rep o rt at each meeting
o n all of the ac tive p ro jects disc ussed b y the Board.
Activity R eport
P erfo rmanc 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:
D escription Type
Activity Report Sept 2020 Cover Memo
Performance Agreement Update Cover Memo
Page 34 of 63
Economic Development
Activity Report
September 2020
Page 35 of 63
Strategic Goal 1
Support existing businesses
and industries
Page 36 of 63
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Business Retention Activity
Visits Touches
Page 37 of 63
Business Retention Activity
•Partnered with Chamber on a Shop Georgetown
Campaign through social media
–Over $18,000 in entries submitted, 1,700+ submissions
–Looking at a second campaign for the holiday season
•Breakfast Bites 9/17
•Drive Thru BBQ Business Appreciation Event 9/11
•Coordinated extended downtown dining and retail
•Partnering with Chamber on “More than a Business”
campaign
•Beginning to plan for Shop Small Saturday
Page 38 of 63
Strategic Goal 2
Enhance targeted recruitment
of identified industries
Page 39 of 63
0
2
4
6
8
10
12
14
16
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Leads
FY18 FY19 FY20 Rolling 12-Month Average
Page 40 of 63
0
2
4
6
8
10
12
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Qualified Leads
FY18 FY19 FY20 Rolling 12-Month Average
Page 41 of 63
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6
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14
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Qualified Leads Comparison
Leads Qualified
We have qualified for an average of 53% of leads over the last 12 months.
Page 42 of 63
0
1
2
3
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5
6
7
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9
10
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Site Visits
FY18 FY19 FY20 Rolling 12-Month Average
Page 43 of 63
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Active Projects
Development Hot Warm Cold
Page 44 of 63
Recruitment Activity
•Lots of project activity this month, but no site visits
•Completed virtual site visit videos to use in outreach
and landing page on the website
•Preparing direct targeting campaign outreach for late
summer
•Kicked-off small area retail study for recruitment in
southeast quadrant of the city
•Continued lead generation with ROI, Inc.
Page 45 of 63
Strategic Goal 3
Diversify workforce development
and recruitment initiatives
Page 46 of 63
Workforce Development Activity
•Planning Manufacturing Day with GISD and Chamber
–Combining with Future Readiness week
•Participated in the Rural Area Capital Workforce
Commission strategic planning focus groups with TIG
Strategies
Page 47 of 63
Strategic Goal 4
Encourage speculative
development
Page 48 of 63
Speculative Development Activity
•Continuing to work with industrial speculative
developers on identified properties
•Working with existing projects through development
process
•Looking for proactive infrastructure scenarios
Page 49 of 63
Overall Objective
Tell our story to a
broader local audience
Page 50 of 63
Other Activity
•Spoke at the Chamber’s Breakfast Links 8/18
•Presented at the City’s Breakfast Bites 9/18
•Planning Leadership Georgetown Economic
Development Day 10/14
•Planning a marketing video with the WilCo EDP
•Looking into alternative formats for the annual Swirl
event and VIP hosting
•Beginning to develop a quarterly e-newsletter
Page 51 of 63
Economic Indicators
Page 52 of 63
-
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
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Construction Permit Applications
Valuation
(in millions)
# of Permits
Page 53 of 63
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12
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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
Certificates of Occupancy Issued
COs Issued Rolling 12-Month Average
Page 54 of 63
$-
$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
Sales Tax Collections
FY 2017 FY 2018 FY 2019 FY 2020
Page 55 of 63
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Au
g
1
9
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
Unemployment Rate
Unemployment Rate Rolling 12-Month Average
Page 56 of 63
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 $250,000 to
assist with improvements (utilities and access
points) for construction of 89,500 square feet of
commercial building space.3/26/2019 12/31/2023 250,000$
GEDCO - AGREEMENTS STATUS REPORT
September 21, 2020
Page 57 of 63
Name Description
Start Date (Council
Approved)End Date $ Encumbered $ Expended
GEDCO - AGREEMENTS STATUS REPORT
September 21, 2020
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 $13M capital investment
where the company shall remain for at least 5
years..1/28/2020
within 5 years of
the certificate of
occupancy date 500,000$
Page 58 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
Actio n o ut of Exec utive S ession
IT E M S UMMARY:
F IN AN C IAL IMPAC T:
T B D
S UB MIT T E D B Y:
Mic haela Dollar
Page 59 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
S ec. 551.071: C O NS ULTAT ION WIT H AT TOR N E Y
C o nsultatio n with attorney regarding legal is s ues related to agenda items and other matters in whic h (1)
when the go vernmental b o d y s eeks the advic e of its atto rney about: (A) pending o r c o ntemp lated litigation;
o r (B) a s ettlement o ffer; o r (2) on a matter in which the d uty o f the atto rney to the go vernmental body
und er the Texas Dis ciplinary R ules o f P rofes s io nal C o nduct of the S tate Bar of Texas c learly conflicts
with this c hap ter - S kye Masson, C ity Attorney
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
Page 60 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
S ection 551.072. D E LIB E R AT ION R E G ARD IN G R E AL P R OP E RT Y
Dis cus s io n and pos s ible actio n to d elib erate the p urc hase, exchange, leas e o r value o f real p ro p erty for
p urposes autho rized by the Development C orporatio n Ac t which disc ussio n in o p en s es s io n would have a
d etrimental effec t o n nego tiatio ns with third p ers o ns .
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
Page 61 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
S ection 551.087. D E LIB E R AT ION R E G ARD IN G E C O N OMIC D E VE LO P ME N T
N E GOT IAT ION S .
Delib eration regarding commerc ial or financial info rmation that the corporation has rec eived fro m a
b usines s pros p ec t that the G eorgetown Economic Develo p ment C orporation s eeks to have lo cate, s tay, o r
expand in or near the territo ry o f the C ity of G eo rgeto wn and with whic h the C o rp o ration is cond uc ting
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 C orporatio n s eeks to have lo cate, s tay, or exp and in o r near the territo ry of
the C ity o f G eorgetown.
P ro ject Zeus
P ro ject Dazed
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
Page 62 of 63
City of Georgetown, Texas
Georgetown Economic Development Corporation
September 21, 2020
S UB J E C T:
Ad jo urn
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
Page 63 of 63