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HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC)-Minutes-8/24/2021City of Colleyville                                                                                    Page 1 City of Colleyville Colleyville Economic  Development Corporation  Board Agenda City Hall 100 Main Street Colleyville, Texas 76034 817.503.1000 www.colleyville.com Tuesday, August 24, 2021 4:30 p.m.                                  City Council Chambers Third Floor, City Hall 1.CALL TO ORDER 2.CONSENT: READING AND PUBLIC HEARING­ RESOLUTION R­21­ 158         2a Approval of the minutes of the Colleyville Economic Development  Corporation Board of Directors meeting of August 25, 2020    2b Approval of the minutes of the Colleyville Economic Development  Corporation Board of Directors Worksession of August 10, 2021 3.RESOLUTION(S): READING AND PUBLIC HEARING     3a Resolution R­21­159   Adopting the Economic Development Capital Improvement Program  (EDCIP) for the Fiscal Years 2022­2026 of the Colleyville Economic  Development Corporation    3b Resolution R­21­160   Adopting the Fiscal Year 2022 Budget     3c Resolution R­21­161   Electing a Colleyville Economic Development Corporation Board  President and Vice President 4.REPORTS     Annual Activity Report     Annual Investment Report 5.CITIZEN COMMENTS 6.ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards Friday, August  20, 2021 by 5:00 p.m. Colleyville Economic  Development Corporation Agenda August 24, 2021 City of Colleyville                                                                                    Page 2 Christine Loven, TRMC City Secretary A quorum of the Colleyville City Council and/or any other Colleyville Board,  Commission, or Committee may be in attendance at this meeting. Any matter on this agenda may, at the discretion of the governing body, be  opened for public comment and discussion. If you plan to attend this public meeting and have a disability that requires special  accommodations, please advise the City Secretary at least 48 hours in advance at  817.503.1130, and reasonable accommodations will be made to assist you.  City of Colleyville                                                                                    Page 1 City of Colleyville Colleyville Economic  Development Corporation  Board Agenda City Hall 100 Main Street Colleyville, Texas 76034 817.503.1000 www.colleyville.com Tuesday, August 24, 2021 4:30 p.m.                                  City Council Chambers Third Floor, City Hall 1.CALL TO ORDER 2.CONSENT: READING AND PUBLIC HEARING­ RESOLUTION R­21­ 158         2a Approval of the minutes of the Colleyville Economic Development  Corporation Board of Directors meeting of August 25, 2020    2b Approval of the minutes of the Colleyville Economic Development  Corporation Board of Directors Worksession of August 10, 2021 3.RESOLUTION(S): READING AND PUBLIC HEARING     3a Resolution R­21­159   Adopting the Economic Development Capital Improvement Program  (EDCIP) for the Fiscal Years 2022­2026 of the Colleyville Economic  Development Corporation    3b Resolution R­21­160   Adopting the Fiscal Year 2022 Budget     3c Resolution R­21­161   Electing a Colleyville Economic Development Corporation Board  President and Vice President 4.REPORTS     Annual Activity Report     Annual Investment Report 5.CITIZEN COMMENTS 6.ADJOURNMENT I hereby certify this agenda was posted on City Hall bulletin boards Friday, August  20, 2021 by 5:00 p.m. Colleyville Economic  Development Corporation Agenda August 24, 2021 City of Colleyville                                                                                    Page 2 Christine Loven, TRMC City Secretary A quorum of the Colleyville City Council and/or any other Colleyville Board,  Commission, or Committee may be in attendance at this meeting. Any matter on this agenda may, at the discretion of the governing body, be  opened for public comment and discussion. If you plan to attend this public meeting and have a disability that requires special  accommodations, please advise the City Secretary at least 48 hours in advance at  817.503.1130, and reasonable accommodations will be made to assist you.  City of Colleyville Page 1 City of Colleyville Colleyville Economic Development Corporation Board Minutes City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Tuesday, August 24, 2021 President Dodson called the Colleyville Economic Development Corporation Board meeting to order on August 24, 2021, at 4:30 p.m. ROLL CALL: President George Dodson, Vice President Richard Newton, and Directors Ralph Hunkins, Scotty Richardson, John Terhoeve, and Kathy Wheat. ABSENT: Director Bobby Lindamood Also present: Finance Director Kyle Lester, City Manager Jerry Ducay, Assistant City Manager Adrienne Lothery, Assistant City Manager Mark Wood, and City Secretary Christine Loven. 2. CONSENT: READING AND PUBLIC HEARING- RESOLUTION R-21-158 2a Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors meeting of August 25, 2020 2b Approval of the minutes of the Colleyville Economic Development Corporation Board of Directors Worksession of August 10, 2021 President Dodson read Resolution R-21-158 in its entirety. There was no discussion. There were no speakers and President Dodson opened and closed the public hearing at 4:32 p.m. Director Wheat made a motion to approve Resolution R-21-158, seconded by Director Richardson. The motion was approved by the following vote: Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins, Richardson, Terhoeve, and Wheat. Absent: 1 – Director Lindamood Colleyville Economic Development Corporation Minutes August 24, 2021 City of Colleyville Page 2 3. RESOLUTION(S): READING AND PUBLIC HEARING 3a Resolution R-21-159 Adopting the Economic Development Capital Improvement Program (EDCIP) for the Fiscal Years 2022-2026 of the Colleyville Economic Development Corporation President Dodson read Resolution R-21-159 in its entirety. Finance Director Kyle Lester presented this item and the FY 2022 CEDC budget as one item. Finance Director Kyle Lester gave an overview of the CEDC, highlighted 2021 projects, which included continued operations (staffing, technology), re- aligning costs with funding sources, continuance of moving eligible expenses through the fund, special events, and parks projects. Director Lester also reviewed other projects being pursued and includes an interaction with the Tax Increment Financing District (TIF). He explained the TIF district, and noted the TIF is a large part of the City’s cash-funded capital projects plan, and the cash-flow for this plan is projected to be relatively tight. He stated the proposed budget provides for the CEDC to loan the TIF up to $5 million to assist with that cash flow. The TIF will then pay back the CEDC by 2026. Director Lester provided a review of the CEDC budget line items, noting projects planned throughout EDCIP. He stated the sales tax projections are conservative, but he is confident the projection will be surpassed. Director Richardson asked staff why there is such a large difference in the cost of repairs at Colleyville Center and the insurance payout for the damage. Assistant City Manager Adrienne Lothery noted stated other upgrades had been planned, but it was best to do the entire project at one time, therefore, incorporating an approximate $40,000 worth of upgrades to the building repairs. There were no speakers and President Dodson opened and closed the public hearing at 4:50 p.m. Director Richardson made a motion to approve Resolution R-21-159, seconded by Director Hunkins. The motion was approved by the following vote: Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins, Richardson, Terhoeve, and Wheat. Absent: 1 – Director Lindamood Colleyville Economic Development Corporation Minutes August 24, 2021 City of Colleyville Page 3 3b Resolution R-21-160 Adopting the Fiscal Year 2022 Budget President Dodson read Resolution R-21-160 in its entirety. There was no discussion as Finance Director Kyle Lester had presented the information in conjunction with Resolution R-21-159. There were no speakers and President Dodson opened and closed the public hearing at 4:54 p.m. Director Wheat made a motion to approve Resolution R-21-160, seconded by Vice President Newton. The motion was approved by the following vote: Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins, Richardson, Terhoeve, and Wheat. Absent: 1 – Director Lindamood 3c Resolution R-21-161 Electing a Colleyville Economic Development Corporation Board President and Vice President President Dodson read Resolution R-21-161 in its entirety. There was no discussion. There were no speakers and President Dodson opened and closed the public hearing at 4:57 p.m. Vice President Newton made a motion to approve Resolution R-21-161, electing George Dodson President, and Kathy Wheat Vice President, seconded by Director Richardson. The motion was approved by the following vote: Ayes: 6 – President Dodson, Vice President Newton, Directors Hunkins, Richardson, Terhoeve, and Wheat. Absent: 1 – Director Lindamood Colleyville Economic Development Corporation Minutes August 24, 2021 City of Colleyville Page 4 4. REPORTS Annual Activity Report Annual Investment Report Finance Director Kyle Lester gave a high-level review of both reports as they were provided in written form in the agenda packet. There was general discussion regarding the City’s investments and the proposed towers to be constructed in FY2022 and FY2023. 5. CITIZEN COMMENTS There was no one present wishing to speak. 6. ADJOURNMENT There being no further business President Dodson adjourned the meeting without objection at 5:12 p.m. APPROVED BY A VOTE OF 5 AYES, 0 NAYS, ON THIS THE 23RD DAY OF AUGUST 2022. Minutes taken and prepared by: Christine Loven, TRMC City Secretary