Minutes EDC 4B 08/25/2015 - Joint SessionMINUTES FROM JOINT SESSION
TOWN OF TROPHY CLUB TOWN COUNCIL AND
ECONOMIC DEVELOPMENT CORPORATION 413; AND
REGULAR SESSION TOWN COUNCIL
LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS
Svore Municipal Building Boardroom
Tuesday, August 25, 2015 at 6:30 P.M.
The Town Council of the Town of Trophy Club, Texas, and the Economic Development Corporation (EDC) 413, met in
a Joint Session on Tuesday, August 25, 2015, at 6:30 p.m. and then the Town Council met in a Regular Session at
7:00 p.m. The meeting was held within the boundaries of the Town and was open to the public.
STATE OF TEXAS §
COUNTY OF DENTON §
COUNTY OFTARRANT §
TOWN COUNCIL MEMBERS PRESENT:
C. Nick Sanders
Mayor
Greg Lamont
Mayor Pro Tem, Place 5
Jim Parrow
Council Member, Place 1
Garrett Reed
Council Member, Place 2
Rhylan Rowe
Council Member, Place 3
Tim Kurtz
Council Member, Place 4
Philip Shoffner
Council Member, Place 6
STAFF AND GUEST(S) PRESENT:
Stephen Seidel
Town Manager
Patricia Adams
Town Attorney
Steven Glickman Assistant Town Manager/CFO
Holly Fimbres
Town Secretary/RMO
Adam Adams
Parks and Recreation Director
Patrick Arata
Police Chief
Pat Cooke
Development Services Manager
April Reiling
PIO/Marketing Manager
Ron Ruthven
Town Planner
John Zagurski
Strategic Services Coordinator
ECONOMIC DEVELOPMENT CORPORATION 413 MEMBERS PRESENT:
Gregory Wilson
President
Rebecca Shuman
Director
Sean Weaver
Director
Eric Jensen
Director
Sean Bone
Director
ECONOMIC DEVELOPMENT CORPORATION 4B MEMBERS ABSENT:
David Brod Vice President
Mayor Sanders and EDC 4B President Wilson announced the date of Tuesday, August 25, 2015, called the Joint
Session to order and announced a quorum of Council and EDC 4B at 6:31 p.m.
Town Council Joint and Regular Minutes August 25, 2015 Page 1 of 151
1. Consider and take appropriate action by EDC 4B to appoint a Treasurer/Secretary.
Motion:
Motion made by EDC 4B President Wilson, seconded by EDC 4B Director Bone, to appoint Eric Jensen as the EDC
4B Treasurer/Secretary.
Motion passed unanimously.
2. Consider and take appropriate action by the Trophy Club EDC 4B regarding authorizing the issuance and sale
of Trophy Club EDC 413 Sales Tax Revenue Bonds, Taxable Series 2015, in the approximate aggregate
principal amount of $2,675,000; prescribing the form of said bonds; providing for the security for and
payment of said bonds; approving execution and delivery of a Bond Purchase Agreement, authorizing the
execution and delivery of a Paying Agent/Registrar Agreement; approving an Engagement Letter and
Financial Advisory Services Agreement; approving the Official Statement; and containing other provisions
relating to the subject.
Attachment A — Partially Executed - Resolution No. 2015-16
EDC 4B President Wilson advised that he would be abstaining from the vote due to Corporation Compliance Policy
and he being a licensed security professional.
Town Manager Seidel provided an update regarding the item.
Motion:
Motion made by EDC 4B Treasurer/Secretary Jensen, seconded by EDC 4B Director Shuman, to approve Resolution
No. 2015-16, authorizing the issuance and sale of Trophy Club EDC 4B Sales Tax Revenue Bonds, Taxable Series
2015, in the approximate aggregate principal amount of $2,675,000; prescribing the form of said bonds; providing
for the security for and payment of said bonds; approving execution and delivery of a Bond Purchase Agreement,
authorizing the execution and delivery of a Paying Agent/Registrar Agreement; approving an Engagement Letter
and Financial Advisory Services Agreement; approving the Official Statement; and containing other provisions
relating to the subject.
Motion carried 4-1-0 with EDC 4B Treasurer/Secretary Jensen and EDC 4B Directors Shuman, Weaver, and Bone
voting for, and EDC 4B President Wilson voting against.
3. Consider and take appropriate action by the Trophy Club EDC 4B regarding a Concurrent Resolution
providing for the collection, handling and transfer of sales tax revenues due and owing to Trophy Club EDC
4B.
Attachment B — Partially Executed - Resolution No. 2015-17
Town Manager Seidel provided an update regarding the item.
Motion:
Motion made by EDC 4B Director Bone, seconded by EDC 4B Director Shuman, to approve Resolution No. 2015-17,
providing for the collection, handling and transfer of sales tax revenues due and owing to Trophy Club EDC 4B.
Motion passed unanimously.
4. Consider and take appropriate action by the Trophy Club EDC 4B regarding a Resolution of the Trophy Club
EDC 4B of the Town of Trophy Club, Texas, authorizing the expenditure of corporation funds for the
purchase of real estate and providing an effective date.
Attachment C— Resolution No. 2015-18
Town Council Joint and Regular Minutes August 25, 2015 Page 2 of 151
Julie Partain, Council with Bracewell & Giuliani LLP, provided an update regarding the item.
Motion:
Motion made by EDC 4B President Wilson, seconded by EDC 4B Treasurer/Secretary Jensen, to approve Resolution
No. 2015-18, authorizing the expenditure of corporation funds for the purchase of real estate, as revised on page 3
by correcting Gregory Wilson's title from Board Vice President to Board President, and providing an effective date
of August 25, 2015.
Motion passed unanimously.
5. Consider and take appropriate action by Town Council of the Town of Trophy Club, Texas, regarding a
Resolution approving and authorizing a project of the Trophy Club Economic Development Corporation 4B
to purchase land for authorized purposes (Second Reading).
Attachment D —Resolution No. 2015-12
Motion:
Motion made by Council Member Parrow, seconded by Council Member Rowe, to approve Resolution No. 2015-
12, approving and authorizing a project of the Trophy Club Economic Development Corporation 4B to purchase
land for authorized purposes.
Motion passed unanimously.
6. Consider and take appropriate action by Town Council of the Town of Trophy Club, Texas, regarding a
Concurrent Resolution providing for the collection, handling and transfer of sales tax revenues due and
owing to Trophy Club EDC 4B.
Attachment E— Partially Executed — Resolution No. 2015-17
Motion:
Motion made by Council Member Rowe, seconded by Council Member Shoffner, to approve Resolution No. 2015-
17, providing for the collection, handling and transfer of sales tax revenues due and owing to Trophy Club EDC 4B.
Motion passed unanimously.
7. Consider and take appropriate action by Town Council of the Town of Trophy Club, Texas, regarding
approving a Resolution adopted by the Board of Directors of the Trophy Club EDC 4B authorizing the
issuance of Trophy Club EDC 4B Sales Tax Revenue Bonds, Taxable Series 2015; approving the issuance of
the bonds and the plan of financing authorized thereby and the financing documents.
Attachment F— Partially Executed — Resolution No. 2015-19
Motion:
Motion made by Council Member Rowe, seconded by Council Member Shoffner, to approve Resolution No. 2015-
19, adopted by the Board of Directors of the Trophy Club EDC 4B authorizing the issuance of Trophy Club EDC 4B
Sales Tax Revenue Bonds, Taxable Series 2015; approving the issuance of the bonds and the plan of financing
authorized thereby and the financing documents.
Motion passed unanimously.
8. Consider and take appropriate action by Town Council of the Town of Trophy Club regarding permanent
waiver with the EDC 4B from the Pool Bond Defeasance.
Motion:
Motion made by Mayor Pro Tem Lamont, seconded by Council Member Kurtz, to defer the decision of the
permanent waiver with the EDC 4B from the Pool Bond Defeasance for one year.
Town Council Joint and Regular Minutes August 25, 2015 Page 3 of 151
Council Member Rowe stated that he believed that when EDC 4B was established, the hope was that the sales tax
allocation would go towards economic development opportunities as opposed to paying debt on a pool.
Mayor Pro Tem Lamont stated that he believed when EDC 4A was dissolved the liability went to EDC 4B.
The vote was taken.
Motion failed 3-4-0 with Mayor Sanders, Mayor Pro Tem Lamont, and Council Member Kurtz voting for, and
Council Members Parrow, Reed, Rowe, and Shoffner voting against.
Motion:
Motion made by Council Member Rowe, seconded by Council Member Reed, to grant permanent waiver with the
EDC 4B from the Pool Bond Defeasance.
Motion carried 4-3-0 with Council Members Parrow, Reed, Rowe, and Shoffner voting for, and Mayor Sanders,
Mayor Pro Tem Lamont, and Council Member Kurtz voting against.
Motion:
q1 made by EDC/B Treasurer/Secretary Jensen, seconded by EDC 46 Director Bone, to adjourn. Motion
jUn nimously om ession adjourned at 6:47 p.m.
v ii
ry Wilson, EDC 4B President Eric Jen, EDC 4B Treas er/Secretary
t
Mayor Sanders recessed the Town Council at 6:47 p.m.
CONVENE INTO REGULAR SESSION - START TIME — 7:00 P.M.
Mayor Sanders announced the date of Tuesday, August 25, 2015, called the Regular Town Council to order and
announced a quorum at 7:00 p.m.
The Invocation was offered by Council Member Parrow.
The Pledges were led by Council Member Shoffner.
CITIZEN PRESENTATIONS
This is an opportunity for citizens to address the Council on any matter whether or not it is posted on the agenda.
The Council is not permitted to take action on or discuss any presentations made to the Council at this time
concerning an item not listed on the agenda. The Council will hear presentations on specific agenda items prior to
the Council addressing those items. You may speak up to four (4) minutes or the time limit determined by the
Mayor or presiding officer. To speak during this item you must complete the Speaker's form that includes the
topic(s) of your statement. Topics of presentation should be limited to matters over which the Council has authority.
There were no citizen presentations.
CONSENT AGENDA
All matters listed as Consent Agenda are considered to be routine by the Town Council and will be enacted by one
motion. There will not be a separate discussion of these items. If discussion is desired, that item will be removed
from the consent agenda and will be considered separately.
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