Minutes EDC 4B 04/10/2000MINUTES OF REGULAR SESSION
ECONOMIC DEVELOPMENT CORPORATION
TOWN OF TROPHY CLUB
April 10, 2000
STATE OF TEXAS
COUNTY OF DENTON
The Economic Development Corporation of the Town of Trophy Club, Texas, met in a
Regular Session April 10, 2000. The meeting was held within the boundaries of the Town and
was open to the public.
DIRECTORS PRESENT:
David Garlitz
President
James Hicks
Vice -President
John Carter
Treasurer
Scott Smith
Council Liaison
Terry Christlieb
Director
DIRECTORS ABSENT:
Paul Zigler Secretary
Pam Cates Director
STAFF AND GUEST(S) PRESENT:
Jim Buxton Staff Liaison
Renae Gonzales Recording Secretary
Jodi Ashby 4"' of July Committee
REGULAR SESSION
CALL TO ORDER AND ANNOUNCE A QUORUM:
President Garlitz called the meeting to order and announced a quorum at 6:40 p.m.
REVIEW AND APPROVE MINUTES:
Director Carter made a motion to accept the minutes as written. Director Hicks
seconded. Motion passed unanimously with Director Christlieb abstaining.
REVIEW AND APPROVE FINANCIAL REPORT:
Director Garlitz made a motion to accept the financial statements as written after questioning the
March beginning balance for interest income being different than February's ending balance.
The February interest was booked after financials were printed for the March 6 meeting. Director
Christlieb seconded. Motion passed unanimously.
JODI ASHBY, FOURTH OF JULY COMMITTEE, WILL UPDATE PROGRESS ON
THE FOURTH OF JULY CELEBRATION:
President Garlitz moved ahead to agenda item five so that Mrs. Ashby could make her
presentation. She stated that there would be low level fireworks, a laser show, and many family
oriented activities and games.
DISCUSSION AND APPROPRIATE ACTION REGARDING COVER LETTER/ROUGH
DRAFT FOR APPLICATION FOR FUND REQUESTS:
President Garlitz returned to agenda item four. Directors discussed rough draft cover letter for
application process. President Garlitz will go to Town Council meeting on April 18"' to update
Council on the new application process. No action taken
Page 2 ECONOMIC DEVELOPMENT CORP. April 10, 2000
DISCUSSION AND RECOMMENDATIONS REGARDING ACCOUNTING FOR
RESERVES/UNFUNDED PROJECTS ON FINANCIAL STATEMENTS:
Directors requested that the following general ledger accounts be set up to handle unfunded
projects and reserved cash for future major projects: Reserved Cash, Encumbered Unfunded
Commitments, and Reserved Fund Balance.
DISCUSSION AND APPROPRIATE ACTION REGARDING EDC'S ROLE IN
BRINGING NEW BUSINESS TO TROPHY CLUB:
Discussion ensued. No action taken.
OTHER BUSINESS:
No action taken.
ADJOURN:
Director Christlieb made a motion to adjourn the meeting at 8:43 p. in. Director Hicks seconded.
Motion passed unanimously.
04/11/00drg
-Jain s Hicks
Vice -President