EDC July 7 2021 TOWN OF TROPHY CLUB
ECONOMIC DEVELOPMENT CORPORATION-46(EDC-413)
July 7,2021 Minutes
The Trophy Club EDC-413 met on Wednesday,July 7, 2021 at Town Hall, 1 Trophy Wood Drive with the following
present:
EDC-46 MEMBERS:
Michael Richmond President
Chris Whipple Secretary/Treasurer
Michael Clarke Director
Travis Inge Director
ABSENT:
Cory McDonald Director
Scott Haro Director
TOWN COUNCIL MEMBERS PRESENT:
Greg Lamont Mayor Pro Tem, Place 1
STAFF PRESENT:
Wade Carroll Town Manager
Leticia Vacek Town Governance Officer/RMO
Mike Erwin Finance Manager
CALL TO ORDER AND ANNOUCE A QUORUM
President Richmond called the meeting to order and noted a quorum of the EDC-413 Directors were present at
7:02pm.
PUBLIC COMMENT
President Richmond asked if there were citizens that had registered to speak. Town Governance Officer Vacek
confirmed none had registered.
1. Take appropriate action regarding the minutes of April 12,2021.(L.Vacek)
Director Inge moved to approve the minutes of April 12, 2021 as submitted. Director Clarke seconded the motion.
The motion carried as follows:
AYE: Richmond,Whipple,Clarke,and Inge.
ABSENT: McDonald,Haro
2. Take appropriate action regarding the Fiscal Year 2022 EDC-46 Budget. (M. Erwin)
Mr. Mike Erwin presented the EDC-4B Fiscal Year 2022 Budget and made note of an obligation from 2014 that would
be taken care of. Additionally, he spoke to the addition of the 2021 Estimates in collections of$1.1 to$1.2M. He
explained the transfer to the General Fund that would equate to 7-10% of all contributing funds to cover staff's
salaries.
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Mr. Erwin also mentioned the Trophy Table Restaurant Loan in which$241,285 in checks had been written showing
a remainder balance of$58,715. He stated that he was hopeful that in January, re-payments begin to be made.
Chairman Richmond asked if the loan was all for Trophy Table Restaurant. Mr. Erwin replied yes.
Mr. Clarke asked of the extra revenue coming in and where it was derived. Mr. Erwin noted that many Trophy Club
residents have been utilizing online shopping and that was one of the sources. He added that the state tax collections
had been tightened-up to collect out of state tax on items sold. Mr. Inge asked of the miscellaneous amount of
$64,000. Mr. Erwin replied that said amount was for the Easement sold to the Municipal Utility District(MUD). A
brief discussion ensued concerning Advertising in which Mr. Carroll spoke to the annual video that is produced for
the Chamber to utilize. He added that staff also wanted to help kick-start the new TC Businesses. Mr. Inge asked
that staff also look at using said funds for retention of current businesses.
Chairman Richmond moved to approve the FY2022 EDC-413 Budget. Director Inge seconded the motion. The motion
carried as follows:
AYE: Richmond,Whipple,Clarke,and Inge.
ABSENT: McDonald, Haro
EXECUTIVE SESSION
3. Pursuant to the following designated section of the Texas Government Code,Annotated,Chapter 551(Texas
Open Meetings Act);the EDC 4B will recess into executive session to discuss the following:
a) Section 551.087 Economic Development—Deliberate negotiations regarding commercial prospects.
President Richmond recessed the meeting at 6:14 pm into executive session to address the foregoing item.
4. Reconvene Into Regular Session—Take appropriate action regarding Executive Session
President Richmond reconvened the meeting at 6:49 pm from executive session and stated that no action would be
taken.
ADJOURN
President Richmond adjourned the meeting.
Le 'cia acek,TRMC/CMC/MMC Michael chmond, DC-4B President
Town Go 6rnance Officer/RMO Town rophy Club,Texas
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