Minutes EDC 4B 03/24/2008 - Joint Session Approved as AmendedAPPROVED AS AMENDED ON MAY 12, 2008
MINUTES 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 4B DIRECTORS PRESENT:
JD Harvey
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.m.
Glenn Strother
Director
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 o quorum.
President Harvey, 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 o 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 8 TO CONVENE INTO WORKSHOP SESSION
A.3 EDC.4A and EDC 46 to discuss current and future operations for planning.
Director Crosser gave a presentation on EDC 4B's current financial standing and addressed questions.
President Harvey stated he has no issue with administrative reimbursement, but the Boards may need to
revisit the reimbursement process.
The possi bil ity.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. Harvey 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 4B's current obligation to pay the current pool bond
payment in full is on a year to year basis.
President Hicks gave a brief overview 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, prioritize the items, and proceed.. The bottom line is what 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 4B recommends that it not reassume the pool bond payment.
Director Twomey asked what level would EDC 4B like to keep their reserves at. President Hicks shared
EDC 4B 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 that due to the time constraints imposed by the budgetary process, the FY08/09
budget needed to be mutually agreed upon and resolved at the next 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 reserve at least EDC 4B's Pool Bond payment amount and make those
funds available in the event EDC 4B would need those funds..
EDC A and EDC B Joint Session Page 2 of 3
March 24, 2008 Minutes
It was suggested that staff coordinate.the handling of this matter and bring the other Board's budget to
their next meeting respectively.
EDC 4A. AND EDC 4 B TO RECONVENE INTO REGULAR SESSION.
A.4 EDC 413 to adjourn.
Director Crosser made a motion for EDC 4B to adjourn at 8:17 p.m. Director Strother seconded; motion
carried unanimously.
Jim Hi s, President Damian Olt hoff, Se ary.
EDC A and EDC B Joint Session Page 3 of 3
March 24, 2008 Minutes