04.03.2025 EDC MinutesEDC Meeting Minutes - April 3, 2025 Page 2
accountability, and proposing a new timeline. (Tamara Smith, Assistant to the Town
Manager).
Tamara Smith, Assistant to the Town Manager, presented proposed updates to the Thrive
Business Grant program based on board feedback and staff recommendations. Key revisions
include:
•Grant Requirements:
o Equipment purchased with grant funds must remain in Trophy Club for the lifespan
of the business.
o Grant amounts may be adjusted by up to 10% for unforeseen circumstances.
o Exterior improvements (e.g., painting, additions) must receive Town approval prior
to implementation.
o Three quotes are required for purchases, with at least one from a local business
(either based in or owned by a Trophy Club resident). If a local quote is not
available, documentation must be provided.
o International shipping and customs fees will not be reimbursed.
•Monitoring & Accountability:
o Performance agreements must be signed within 60 days of receipt, or the grant
will be rescinded and require reapplication.
•Timeline:
o Application opens in April, reviewed by Economic Development Corporation (EDC)
in July, approved by Town Council in August, with agreements signed in September.
Projects begin after EDC approval and must be completed within one year.
Director Longo moved to approve Resolution No. EDC 2025-01 amending the Thrive
Business Grant program, which provides revisions to sections regarding grant requirements,
monitoring and accountability, and proposing a new timeline. Vice President Pedersen seconded
the motion.
VOTE ON THE MOTION
AYES: Addington, Pedersen, Longo, Fox, Hinshaw
NAYES: None
ABSENT: Wallace, Calaway
VOTE: 5-0-2
ADOURN
President Addington adjourned the meeting "o/�
Teri Addington, President
EDC Meeting Minutes - April 3, 2025 Page 3
ATTEST: