Loading...
Agenda Packet EDC 4B 02/02/2015Economic Development Corporation 4B (EDC 4B) Trophy Club Entities Meeting Agenda 100 Municipal Drive Trophy Club, Texas 76262 Svore Municipal Building Boardroom7:00 PMMonday, February 2, 2015 CALL TO ORDER AND ANNOUNCE A QUORUM CITIZEN PRESENTATIONS Citizens are allowed three (3) minutes to address the Board regarding an item over which the Board has policy or oversight authority as provided by Texas law, the ethics order, or other policy order. REGULAR SESSION 1.2015-0096-T Discuss and take appropriate action regarding a Letter Agreement with Old Town Development (OTD). OTD Letter Agreement - January 30 2015.pdfAttachments: 2.2015-0097-T Discuss and take appropriate action regarding the EDC 4B Strategic Plan. EDC 4B Strategic Plan.pdfAttachments: 3.2015-0102-T Discuss and take appropriate action regarding the November 2014 Financials. November 2014 Financial Report.pdfAttachments: 4.2015-0103-T Discuss and take appropriate action regarding the December 2014 Financials. December 2014 Financial Report.pdfAttachments: 5.2015-0098-T Discuss and take appropriate action regarding the November 25, 2014 Minutes from the Joint Session Meeting. 011 November 25 2014 Minutes.pdfAttachments: 6.2015-0099-T Discuss and take appropriate action regarding the January 5, 2015 Minutes. 001 January 5 2015 Minutes.pdfAttachments: Economic Development Corporation 4B (EDC 4B)1 of 18 Monday, February 2, 2015 February 2, 2015Economic Development Corporation 4B (EDC 4B) Meeting Agenda 7.2015-0100-T Acting Town Manager Update: - The Plaza - The Village - Village Centre - The Commons - Trophy Wood - Wonderland Plaza - Trophy Club Town Center ADJOURN *THE BOARD MAY CONVENE INTO EXECUTIVE SESSION TO DISCUSS POSTED ITEMS AS ALLOWED BY THE TEXAS OPEN MEETINGS ACT, TEXAS LOCAL GOVERNMENT CODE 551.071. Notice is hereby given that a quorum of the Town Council may be in attendance at this meeting. CERTIFICATION I certify that the above notice was posted on the front window of the Svore Municipal Building, 100 Municipal Drive, Trophy Club, Texas, on February 2, 2015 by 6:00 P.M. in accordance with Chapter 551, Texas Government Code. _________________________________ April Reiling PIO & Marketing Manager If you plan to attend this public meeting and have a disability that requires special needs, please contact the Town Secretary’s Office at 682-831-4600, 48 hours in advance and reasonable accommodations will be made to assist you. I certify that the attached notice and agenda of items to be considered by this Board was removed by me from the front window of the Svore Municipal Building, 100 Municipal Drive, Trophy Club, Texas, on the __________ day of ______________________, 2014. ________________________________, Title: ___________________________ Economic Development Corporation 4B (EDC 4B)2 of 18 Monday, February 2, 2015 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0096-T Name: Status:Type:Agenda Item Regular Session File created:In control:1/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:2/2/2015 Title:Discuss and take appropriate action regarding a Letter Agreement with Old Town Development (OTD). Attachments:OTD Letter Agreement - January 30 2015.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding a Letter Agreement with Old Town Development (OTD). Economic Development Corporation 4B (EDC 4B)3 of 18 Monday, February 2, 2015 January 30, 2015 Chris Gordon & Justin Springfield Old Town Development, LLC 2241 Veranda Avenue Trophy Club, TX 76262 Re: Letter Agreement Dear Mr. Gordon and Mr. Springfield: The purpose of this letter is to set forth the terms under which the Town of Trophy Club 4B Economic Development Corporation (“EDC”) has agreed to make certain payments to Old Town Development, LLC (“OTD”) on a temporary basis while the EDC, OTD, Town of Trophy Club (“Town”) and Tax Increment Reinvestment Zone No. 1 (“TIRZ”) finalize the terms of a development agreement for the restaurant development project (“Project”) generally located in the Trophy Wood Plaza comprised of Lots 1, 2, & 3. This Letter Agreement shall obligate the parties in accordance with the provisions set forth below. On November 25, 2014, Town, EDC, and TIRZ approved a term sheet for the Project which outlined certain agreements between OTD, Town, EDC, and TIRZ which was subsequently executed by all parties. The executed Term Sheet for a Private – Public Partnership between Old Town Development (OTD) and the Town of Trophy Club, TIRZ #1, and EDC-4B (“Term Sheet”) states under Section 4.a. Payment Terms by EDC and Certificate of Occupancy Deadline that the EDC is obligated to make monthly payments of $11,731.08 to OTD when OTD has closed on the 3.37 acre tract of land located in the Trophy Wood Plaza Lots 1, 2, & 3 that is the subject of the Term Sheet (“Property”) and has executed a Developer’s Agreement. A copy of the executed term sheet is incorporated herein by reference. On January 22, 2015, OTD closed on the Property; however, the parties are in the process of finalizing the terms of the Developer’s Agreement and anticipate that the Agreement will be finalized within ninety (90) days of the date of this letter. The EDC recognizes that OTD has closed on the Property and has determined it appropriate to commence payments to the lender as agreed upon in the Term Sheet as specifically set forth herein. The EDC agrees to make monthly payments, not to exceed $11,731.08, for a period not to exceed ninety (90) days while the parties are finalizing the terms of the Developer’s Agreement. All other terms of the executed Term Sheet remain in effect during the term of this Letter Agreement. OTD understands that should the parties fail to negotiate and finalize a Developer’s Agreement for this Project by the ninety- first (91st) days following the date of EDC approval of this Letter Agreement, OTD shall be required to reimburse EDC for the monthly payments expended hereunder unless both EDC and OTD agree in writing to an extension of this Letter Agreement. Economic Development Corporation 4B (EDC 4B)4 of 18 Monday, February 2, 2015 By executing this Letter Agreement, the undersigned represents that he has the authority to execute this Agreement and to bind his respective entity. Regards, Stephen Seidel Acting Town Manager _________________________________________ Chris Gordon Old Town Development, LLC _________________________________________ Justin Springfield Old Town Development, LLC _________________________________________ Greg Wilson EDC-4B, President Economic Development Corporation 4B (EDC 4B)5 of 18 Monday, February 2, 2015 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0097-T Name: Status:Type:Agenda Item Regular Session File created:In control:1/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:2/2/2015 Title:Discuss and take appropriate action regarding the EDC 4B Strategic Plan. Attachments:EDC 4B Strategic Plan.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the EDC 4B Strategic Plan. Economic Development Corporation 4B (EDC 4B)6 of 18 Monday, February 2, 2015 TROPHY CLUB ECONOMIC DEVELOPMENT CORPORATION 4B STRATEGIC PLAN _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ EXECUTIVE SUMMARY: The mission of the Trophy Club EDC 4B is to proactively enact and support initiatives focused around specific key strategic priorities which will encourage and foster the future economic strength and diversity of the community through the economic vitality of local business. 1. RETAIN & MAINTAIN EXISTING BUSINESS • Invest directly in existing businesses o Market availability of funds o Enact shop local promotions and initiatives o Provide broader regional marketing o Help existing businesses better utilize regional & State resources o Initiate direct interaction between the EDC 4B Directors and local businesses • Subsidize discounts and promotions • Create funding for Business Advisory Services • Utilize technology to support communications and marketing outreach with various audiences o Update ED page on Town website o Utilize social media o Create ED email listserv and newsletter o Business Programs: Business Spotlight • Focus on Town aesthetics and capital improvement opportunities o Examine needed infrastructure which could make doing business easier o Determine beautification enhancements o Enact signage changes and ongoing revisions 2. TARGET ECONOMIC DEVELOPMENT THAT REFLECTS TROPHY CLUB & THE REGION • Seek business opportunities that appeal to residents o Shops and stores that compliment Town demographics • Target businesses with regional appeal o Destination shopping o Entertainment venues o Unique goods & services • Uphold priorities of the Town o Consider reputation of businesses o Encourage local small business o Support economic development that aligns with the long-term vision of the Town 3. RECRUIT NEW ECONOMIC DEVELOPMENT • Develop TIF and/or other tax incentives • Provide or subsidize infrastructure • Encourage a business-friendly environment o Advocate and streamline development requirements and processes o Seek ways to become more user friendly o Analyze existing systems to determine more expedient and simpler options • Assist brokers and developers with recruitment o Provide merchandising analytics, trade area information, and other data o Plan meetings with brokers, developers, and management companies to build relationships • Provide and encourage a welcoming forum for potential economic development opportunities, initiatives, inquiries, and best practice information to be discussed KEY STRATEGIC PRIORITIES Economic Development Corporation 4B (EDC 4B)7 of 18 Monday, February 2, 2015 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0102-T Name: Status:Type:Agenda Item Regular Session File created:In control:1/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:2/2/2015 Title:Discuss and take appropriate action regarding the November 2014 Financials. Attachments:November 2014 Financial Report.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the November 2014 Financials. Economic Development Corporation 4B (EDC 4B)8 of 18 Monday, February 2, 2015 TOWN OF TROPHY CLUB NOVEMBER 2014 FINANCIAL REPORT ECONOMIC DEVELOPMENT COPORATION 4B YEAR TO DATE NOVEMBER 17% Revenue Original Budget Revised Budget Year to Date Variance % Received Sales Tax 327,272$ 327,272$ 58,939$ 268,333$ 18% Interest Income 300 300 88 212 29% Miscellaneous - - 1,000 (1,000) 100% Total Revenue 327,572$ 327,572$ 60,027$ 267,545$ 18% Expenditures Original Budget Revised Budget Year to Date Variance % Used Auditing 1,000$ 1,000$ -$ 1,000$ 0% Advertising 3,000 3,000 6,000 (3,000) 200% Printing 500 500 - 500 0% Schools & Training 2,120 2,120 - 2,120 0% Dues & Membership 1,050 1,050 - 1,050 0% Travel & Per Diem 1,533 1,533 - 1,533 0% Office Supplies 400 400 - 400 0% Miscellaneous Expense 7,100 7,100 608 6,492 9% Capital EDC Projects 11,850 11,850 - 11,850 0% Incentive Programs 140,773 140,773 - 140,773 0% Total Expenditures 169,326$ 169,326$ 6,608$ 162,718$ 4% Other Uses Original Budget Revised Budget Year to Date Variance % Used Transfer to General Fund 155,634$ 155,634$ -$ 155,634$ 0% Total Other Uses 155,634$ 155,634$ -$ 155,634$ 0% Fund Balance Original Budget Revised Budget Year to Date Beginning Fund Balance 167,530$ 167,530$ 167,530$ +Net Increase (Decrease)2,612 2,612 53,419 Ending Fund Balance 170,142$ 170,142$ 220,949$ Percent of Budget Year Transpired Advertising is $3,000 over budget, this is due to $6,000 expense for Trophy Club Magazine. This expense is off set by the prior years advertising revenue for the magazine of $6,300 From FY 2015 Budget Economic Development Corporation 4B (EDC 4B)9 of 18 Monday, February 2, 2015 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0103-T Name: Status:Type:Agenda Item Regular Session File created:In control:1/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:2/2/2015 Title:Discuss and take appropriate action regarding the December 2014 Financials. Attachments:December 2014 Financial Report.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the December 2014 Financials. Economic Development Corporation 4B (EDC 4B)10 of 18 Monday, February 2, 2015 TOWN OF TROPHY CLUB DECEMBER 2014 FINANCIAL REPORT ECONOMIC DEVELOPMENT COPORATION 4B YEAR TO DATE DECEMBER 25% Revenue Original Budget Revised Budget Year to Date Variance % Received Sales Tax 327,272$ 327,272$ 87,096$ 240,176$ 27% Interest Income 300 300 140 160 47% Miscellaneous - - 5,250 (5,250) 100% Total Revenue 327,572$ 327,572$ 92,487$ 235,085$ 28% Expenditures Original Budget Revised Budget Year to Date Variance % Used Auditing 1,000$ 1,000$ -$ 1,000$ 0% Advertising 3,000 3,000 6,000 (3,000) 200% Printing 500 500 - 500 0% Schools & Training 2,120 2,120 270 1,850 13% Dues & Membership 1,050 1,050 - 1,050 0% Travel & Per Diem 1,533 1,533 30 1,503 2% Office Supplies 400 400 15 385 4% Miscellaneous Expense 7,100 7,100 1,411 5,689 20% Capital EDC Projects 11,850 11,850 - 11,850 0% Incentive Programs 140,773 140,773 - 140,773 0% Total Expenditures 169,326$ 169,326$ 7,726$ 161,600$ 5% Other Uses Original Budget Revised Budget Year to Date Variance % Used Transfer to General Fund 155,634$ 155,634$ -$ 155,634$ 0% Total Other Uses 155,634$ 155,634$ -$ 155,634$ 0% Fund Balance Original Budget Revised Budget Year to Date Beginning Fund Balance 167,530$ 167,530$ 167,530$ +Net Increase (Decrease)2,612 2,612 84,761 Ending Fund Balance 170,142$ 170,142$ 252,291$ Percent of Budget Year Transpired Advertising is $3,000 over budget, this is due to $6,000 expense for Trophy Club Magazine. This expense is off set by the prior years advertising revenue for the magazine of $6,300 From FY 2015 Budget Economic Development Corporation 4B (EDC 4B)11 of 18 Monday, February 2, 2015 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0098-T Name: Status:Type:Agenda Item Regular Session File created:In control:1/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:2/2/2015 Title:Discuss and take appropriate action regarding the November 25, 2014 Minutes from the Joint Session Meeting. Attachments:011 November 25 2014 Minutes.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the November 25, 2014 Minutes from the Joint Session Meeting. Economic Development Corporation 4B (EDC 4B)12 of 18 Monday, February 2, 2015 MINUTES FROM SPECIAL SESSION JOINT MEETING FOR THE TOWN OF TROPHY CLUB ECONOMIC DEVELOPMENT CORPORATION 4B BOARD LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS Tuesday, November 25, 2014 at 6:00 P.M. Svore Municipal Building Boardroom STATE OF TEXAS § COUNTY OF DENTON § The Economic Development Corporation 4B Board (EDC 4B), Town Council and Tax Increment Reinvestment Zone No. 1 Board (TIRZ) of the Town of Trophy Club, Texas, met in Special Session Joint Meeting on November 25, 2014. The meeting was held within the boundaries of the Town and was open to the public. 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 ECONOMIC DEVELOPMENT CORPORATION 4B BOARD (EDC 4B) MEMBERS PRESENT: Dave Brod Vice President Rebecca Shuman Director Sean Weaver Director Eric Jensen Director ECONOMIC DEVELOPMENT CORPORATION 4B BOARD (EDC 4B) MEMBERS ABSENT: Gregory Wilson President Gerald Rapp Secretary/Treasurer TAX INCREMENT REINVESTMENT ZONE NO. 1 BOARD (TIRZ) MEMBERS PRESENT: Dave Brod Chair Darryl Howard Member Jared King Member TAX INCREMENT REINVESTMENT ZONE NO. 1 BOARD (TIRZ) MEMBERS ABSENT: Adam Broyles Vice Chair STAFF AND GUEST(S) PRESENT: Mike Slye Town Manager Stephen Seidel Assistant Town Manager Patricia Adams Town Attorney Tammy Ard Town Secretary Mayor Sanders convened the Town Council into Joint Special Session at 6:12 p.m. and announced a quorum. Economic Development Corporation 4B (EDC 4B)13 of 18 Monday, February 2, 2015 Vice President Dave Brod convened the EDC 4B Board to order at 6:12 p.m. and announced a quorum. Chair Dave Brod convened the TIRZ Board to order at 6:12 p.m. and announced a quorum. SPECIAL SESSION JOINT MEETING WITH EDC 4B BOARD, TOWN COUNCIL AND TIRZ NO. 1 BOARD 1. Consider and take appropriate action to reaffirm the Incentive Term Sheet for Old Town Development, previously approved on March 24, 2014 and consider and take appropriate action regarding proposed amendments to the Term Sheet. Town Manager Mike Slye provided a broad overview of the previous action and introduced Old Town Development (OTD) representatives Chris Gordon and Justin Springfield. OTD is seeking to reaffirm the Term Sheet from a previously approved incentive package for different properties in the same area (Trophy Wood). Justin Springfield and Chris Gordon, owners of Old Town Development (OTD), provided a presentation of OTD’s commitments, history, future projects and answered questions from Town Council, EDC 4B and TIRZ Boards regarding the proposed amendments to the existing Term Sheet. The new property is currently under contract and the proposed deal would bring in two to three new destination restaurants to Trophy Club with a possible 2016 opening. The Town Council, EDC 4B Board and TIRZ Board reviewed the previous Term Sheet and suggested possible changes for an updated document. Motion by TIRZ Board Member Jared King to approve the Term Sheet as amended at the dais subject to any other changes based on clerical errors. Motion seconded by Board Member Darryl Howard. Motion passed unanimously. Motion by EDC 4B Board Vice President Dave Brod to approve the Term Sheet as amended at the dais subject to any other changes based on clerical errors. Motion seconded by Director Sean Weaver. Motion passed unanimously. Motion by Mayor Pro Tem Greg Lamont to approve the Term Sheet as amended at the dais subject to any other changes based on clerical errors. Motion seconded by Town Council Member Garrett Reed. Motion passed unanimously. Adjourn Motion by TIRZ Board Member Jared King to adjourn. Motion seconded by Board Member Darryl Howard. Motion passed unanimously. TIRZ Board meeting adjourned at 9:14 p.m. Motion by EDC 4B Director Sean Weaver to adjourn. Motion seconded by Director Rebecca Shuman. Motion passed unanimously. EDC 4B Board meeting adjourned at 9:14 p.m. TOWN COUNCIL ADJOURNED JOINT SESSION ______________________________ __________________________ Gregory Wilson, President Gerald Rapp, Secretary/Treasurer Economic Development Corporation 4B (EDC 4B)14 of 18 Monday, February 2, 2015 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0099-T Name: Status:Type:Agenda Item Regular Session File created:In control:1/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:2/2/2015 Title:Discuss and take appropriate action regarding the January 5, 2015 Minutes. Attachments:001 January 5 2015 Minutes.pdf Action ByDate Action ResultVer. Discuss and take appropriate action regarding the January 5, 2015 Minutes. Economic Development Corporation 4B (EDC 4B)15 of 18 Monday, February 2, 2015 MINUTES OF REGULAR SESSION FOR THE ECONOMIC DEVELOPMENT CORPORATION 4B BOARD LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS Monday, January 5, 2015 7:00 p.m. STATE OF TEXAS COUNTY OF DENTON The Economic Development Corporation 4B of the Town of Trophy Club, Texas, met in Regular Session on January 5, 2015. The meeting was held within the boundaries of the Town and was open to the public. EDC 4B DIRECTORS PRESENT: Gregory Wilson President Rebecca Shuman Vice President Gerald Rapp Secretary/Treasurer Sean Weaver Director Eric Jensen Director David Brod Director STAFF AND GUEST(S) PRESENT: Stephen Seidel Assistant Town Manager April Reiling Public Information Officer & Marketing Manager President Gregory Wilson called the meeting to order and announced a quorum at 7:00 p.m. CITIZEN PRESENTATIONS REGULAR SESSION 1. Interview EDC 4B Board Applicants and take appropriate action regarding a recommendation to the Town Council to appoint one (1) Director position. - Robert McEwan - Sean Bone Each applicant introduced themselves and provided an overview of their background and interest in volunteering on the EDC 4B Board. The Board asked various questions of each applicant. Motion by Director Eric Jensen to recommend Sean Bone to fill the vacant EDC 4B Director position to the Town Council. Motion seconded by President Gregory Wilson. Motion failed 5-1 with President Gregory Wilson, Vice President Rebecca Shuman, Secretary/Treasurer Gerald Rapp, Director Dave Brod, Director Sean Weaver and Director Rebecca Shuman voting against. The Board discussed both applicants and the skills each could bring to the board. Motion by President Gregory Wilson to nominate Robert McEwan to fill the vacant EDC 4B Director position to the Town Council. Motion seconded by Director Dave Brod. Motion passed 5-1 with Director Eric Jensen voting against. 2. Receive an ICSC update regarding the recent conference and discussion of the same. Economic Development Corporation 4B (EDC 4B)16 of 18 Monday, February 2, 2015 Assistant Town Manager Stephen Seidel provided an overview regarding the ICSC conference in November and answered various questions from the board. 3. Old Town Development (OTD) update and discussion of the same. Assistant Town Manager Stephen Seidel updated the Board regarding Old Town Development (OTD) progress related to the recently approved partnership for restaurants at the Trophy Wood area. OTD anticipates closing on the property soon and the next step is working towards completion of the developer’s agreement. 4. Discuss and take appropriate action regarding the October 2014 Financials. Assistant Town Manager Stephen Seidel provided an overview of the Financials and answered questions from the Board. Motion by Director Sean Weaver to approve the Financials as presented. Motion seconded by Director Eric Jensen. Motion passed unanimously. 5. Discuss and take appropriate action regarding the November 3, 2014 Minutes. Motion by Vice President Rebecca Shuman to approve the Minutes as presented. Motion seconded by Director Sean Weaver. Motion passed unanimously. 6. Assistant Town Manager Update: - Discover Trophy Club Magazine - The Plaza - The Village - Village Centre - The Commons - Trophy Wood Assistant Town Manager Stephen Seidel and Public Information Officer & Marketing Manager April Reiling provided updates and answered questions related to the topics above. The Board requested to add the EDC 4B Strategic Plan to the next agenda for review. Adjourn Director Dave Brod motioned to adjourn. Motion seconded by Director Eric Jensen. Motion passed unanimously. The Board adjourned at 8:12 p.m. ______________________________ __________________________ Gregory Wilson, President Gerald Rapp, Secretary/Treasurer Economic Development Corporation 4B (EDC 4B)17 of 18 Monday, February 2, 2015 100 Municipal Drive Trophy Club, Texas 76262Trophy Club Entities Legislation Details (With Text) File #: Version:12015-0100-T Name: Status:Type:Agenda Item Regular Session File created:In control:1/30/2015 Economic Development Corporation 4B (EDC 4B) On agenda:Final action:2/2/2015 Title:Acting Town Manager Update: - The Plaza - The Village - Village Centre - The Commons - Trophy Wood - Wonderland Plaza - Trophy Club Town Center Attachments: Action ByDate Action ResultVer. Acting Town Manager Update: - The Plaza - The Village - Village Centre - The Commons - Trophy Wood - Wonderland Plaza - Trophy Club Town Center Economic Development Corporation 4B (EDC 4B)18 of 18 Monday, February 2, 2015