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Minutes EDC 4A 03/24/2008 - Joint SessionMINUTES OF REGULAR SESSION FOR THE ECONOMIC DEVELOPMENT CORPORATION 4A BOARD AND JOINT WORKSHOP SESSION WITH ECONOMIC DEVELOPMENT CORPORATION 4B BOARD LOCATION: 100 MUNICIPAL DRIVE, TROPHY CLUB, TEXAS Monday, March 24, 2008 6:30 PM STATE OF TEXAS COUNTY OF DENTON The Economic Development Corporation 4A and Economic Development Corporation 4B of the Town of Trophy Club, Texas, met in Regular Session and Joint Workshop Session on March 24, 2008. The meeting was held within the boundaries of the Town and was open to the public. EDC 4A DIRECTORS PRESENT: JD HaNey President DWight Morrow Vice President Neil Twomey Treasurer Richard Bell Director Leland Wilhelm Director Jim Moss EDC 4A Council Liaison EDC 4B DIRECTORS PRESENT: James Hicks President Damian Olthoff Secretary Larry E. Crosser Treasurer Dan Bishop Director Dave Glaser Director Rebecca Shuman Director arrived at 6:41 p.rn. DIRECTORS ABSENT: Philip Sterling EDC 4B Council Liaison STAFF AND GUEST(S) PRESENT: Stephen Seidel Assistant Town Manager Adam Adams Parks and Recreation Director Shannon DePrater Deputy Town Secretary Chief Danny Thomas Fire Chief Sakura Dedrick Finance Director Stephanie Golhke Finance Analyst Nick Sanders Mayor A. 1 EDC 4A to call to order and announce a quorum. President HaNey, noting a quorum of EDC 4A called the regular session to order at 6:30 p.m. A.2 EDC 4B to call to order and announce a quorum. President Hicks, noting a quorum of EDC 4B, called the regular session to order at 6:30 p.m. EDC 4A AND EDC 4 B TO CONVENE INTO WORKSHOP SESSION A.3 EDC 4A and EDC 4B to discuss current and future operations for planning. Director Crosser gave a presentation on EDC 4B's current financial standing and addressed questions. President HaNey stated he has no issue with administrative reimbursement, but the Boards may need to revisit the reimbursement process. The possibility of utilizing Hotel/Motel Tax was discussed as an option for administrative reimbursement. Director Shuman stated that the Board has created incentives and tax abatements to offer prospective retailers to aid in their start up costs. President HaNey asked if there is any documentation of how the street program is being utilized. Mayor Sanders shared an internal list of street repairs/projects is being kept. President Hicks reminded the EDC 4A of the large amount of funds needed to possibly aid bringing retail development to Trophy Club. Director Twomey reminded EDC 4B of EDC 4A's current obligation to pay the current pool bond payment in full is on a year to year basis. President Hicks gave a brief oveNiew of the history of the Pool Bond Payment and shared EDC 4B's future plans. Director Shuman shared that all entities need to create a list of all projects needed, what entity can pay for it and prioritize the items and proceed. The bottom line is what you do you want your budget to support. The Boards questioned what projects each entity could pay for and what would be needed to dissolve one Board versus the other. President Hicks reiterated the importance of all entities being on board with future development. EDC B recommends that it not reassume the pool bond payment. Director Twomey asked what level would EDC 4B like to keep their reseNes at. President Hicks shared EDC B has not determined a figure. Director Twomey also asked if EDC 4B is Willing to go to Council and ask for a commitment of funds in areas for future development. Director Shuman asked EDC 4A if they have discussed any revenue generating projects, such as user fees. Director Olthoff summarized that both Boards are looking at incremental revenue. Both Boards decided due to the time constraints imposed by the bUdgetary process that the FY08/09 budget needed to be mutually agreed upon and resolved at this meeting. The general consensus of both Boards is EDC 4B will continue to pay their portion of the pool bond payment and EDC 4A will hold in reseNe at least EDC 4B's pool bond payment amount and make those funds available in the event EDC 4B would need those funds. It was suggested that staff coordinate the handling of this matter and bring the other Board's budget to both Boards next meeting for approval. EDC 4A AND EDC 4 B TO RECONVENE INTO REGULAR SESSION A4 EDC 4B to adjourn. Director Crosser made a motion for EDC 4B to adjourn at 8: 17 p.m. Director Strother seconded; motion carried unanimously. EDC 4A reconvenes into regular session. President HaNey calls EDC 4A back into regular session. A5 Discuss and take appropriate action regarding funding the move of the outdoor warning siren equipment. Fire Chief Thomas explains the need for the outdoor warning system to be moved into Harmony Park as Beck properties has requested that it be removed from their property located adjacent to the park. Director Twomey and Director Morrow both objected to EDC funding this move as it is not a capital expense. No action is taken. A6 Discuss and take appropriate action on the expenditure of funds towards the temporary Harmony Park parking lot. President HaNey stated that this also is not a capital project in that it is temporary in nature. Director Twomey also stated that prior to any funding the Board would need to know what budgetary funds originally allocated to Beck Park remain unspent. Director Wilhelm concurred with Director Twomey in this matter. Director Twomey asked Parks Director Adams if there would be any expenses in this year's budget that would actually be a true capital expense. Parks Director Adams acknowledged the Town will make a payment in excess of five thousand dollars for both a truck payment and a tractor that was purchased this year. President HaNey made a motion that the Board turn down the request in its present form and that the Town could come back with a new funding request for the truck and tractor payment as-well-as an update to the amount of funds that remained unspent in the Beck Park operating budget. Director Wilhelm seconded the motion. The Board voted unanimously to deny the request for funding. A 7 Staff Update: A Effluent water system Director Adams explained that he will have all the information compiled by the Board's next meeting. B. Harmony Park update Director Adams informed the Board that he has talked with Tom Rutledge from Teague, Noll & Perkins, and that the bathroom and parking lot expansion project will be finished in August. C. Comprehensive Park Plan Update Director Adams informed the Board that the project remains on track and that Carter and Burgess hopes to have the plan finished sometime in June. D. Trophy Club Park Update Director Adams informed the Board that the motorized trail sections of the Park remain closed. A.8 Discuss and take appropriate action regarding the January 2008 financials. Vice-President Morrows made a motion to approve the 2008 financials. Director Twomey seconded the motion. The motion passes unanimously. A.9 Set next meeting date for April 28, 2008 A. 10 Adjourn Director Twomey makes the motion to adjourn at 8:43 p.m. Director Bell seconded. The motion passes unanimously.