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BM 2002-08-07 EcDevCOPPELL ECONOMIC DEVELOPMENT COMMITTEE August 7, 2002 MINUTES The Coppell Economic Development Committee met at 6:00 p.m. on Wednesday, August 7, 2002, at Coppell Town Center, 2nd Floor Conference Room, 255 Parkway Boulevard, Coppell, Texas. The following were present: Chairman Bill Rohloff, Gary Roden, Bruce Bradford, Jay Thompson, Ron Hansen, Mohamed Elmougy, Mary Ann Kellam, Mayor Candy Sheehan, Councilmember Dave Herring, Councilmember Bill York, City Manager Jim Witt, and Andrea Roy. Call to Order. The meeting was called to order at 6:05 p.m. Approval of Minutes It was moved by Mary Ann Kellam and seconded by Bruce Bradford that the minutes of the April 29, 2002 and June 6, 2002 meetings be approved as recorded. The motion passed unanimously. Request by Washington Mutual for tax abatement and economic development agreement for a 50,000 square-foot National Operations Center located at 555 Dividend Drive (Reinvestment Zone #28), at the request of Washington Mutual. Stuart Miles and Kyle Beaty, representatives of Washington Mutual presented to the Committee. The gentlemen briefed the Committee on the workings of their company and the operations that will be conducted at the Coppell facility. The purpose of Washington Mutual's relocation to Coppell is to consolidate five separate locations into one central operations center. Mr. Miles indicated that Washington Mutual is currently the #1 Commercial Loan Servicer in the Nation, with an anticipated portfolio of $130 billion. The new facility in Coppell will initially be occupied by approximately 250 employees, growing to 350-400 within a few years. Washington Mutual will open it's doors this September, with an official grand opening in mid-January 2003. Mr. Miles & Mr. Beaty exited the meeting and staff further briefed the Committee on the personal property Tax Abatement and Economic Development Agreement offered to Washington Mutual, which includes a sales tax rebate and permit fee waiver. It was recommended by Bruce Bradford and seconded by Gary Roden that the request for tax abatement and economic development agreement for Washington Mutual be approved. The motion passed unanimously. 4. Update on Marketing Materials and Marketing Options A) The Real Estate Council & ICSC (Int'l. Council of Shopping Centers) Jay Thompson reviewed his findings regarding the City hosting a Real Estate Council meeting, attending a Real Estate Council roundtable discussion, attending an International Council for Shopping Centers (ICSC) conference, and attending an ICSC panel discussion. After further discussion on these potential marketing avenues, the Committee determined that the most definitive opportunities at this point were to attend the ICSC conference, which will be held in San Antonio, November 6-8, 2002. Staff will research the cost of attending this conference, including a display booth and a small City sponsored reception. Page 1 of 2 B) NAIOP (National Association of Industrial & Office Properties) Staff indicated that the next available NAIOP breakfast is October and sponsorships are still available. It was recommended that the City attempt to partner with our area developers to co-sponsor the NAIOP event. Member Ron Hansen volunteered to attend the September NAIOP meeting to provide City representation before the City hosts this event. Involvement in both the ICSC conference and NAIOP breakfast will provide coverage in both the retail/shopping center and industrial/office brokerage communities. C) Coppell Video/CD Staff briefed the Committee on the status of the video, indicating that the script had been written and aerial footage was scheduled to be done next week. The Video is estimated to be complete by mid-September and CDs would then have to be burned from the video for distribution. 5. Discussion regarding the creation of an Economic Development SWAT/Red Team. Staff informed the Committee on the status of the creation of a SWAT/Red Team, which will be formed to address possible incentives to potential relocating companies, which require an expedited response. A draft of the Committee bylaws will be provided in next month's packet and discussed at the September Meeting. Discussion regarding Dallas County's current tax abatement policy and correspondence to County Commissioner Kenneth Mayfield. Staff informed the Committee of Dallas County's current tax abatement policies in comparison to the surrounding counties. Some of the recent potential relocating companies have mentioned the difference between Dallas County's incentives and other counties, putting Coppell at a disadvantage against communities like Lewisville, where a significant county incentive is available with less stringent requirements. A letter will be drafted to County Commissioner Kenny Mayfield from the Committee. The Committee also discussed the possibility of including other Dallas County municipalities to strengthen our cause. It was suggested to invite several other communities to a luncheon to discuss this issue. Staff will initiate discussions with other Dallas County communities. Discussion regarding tax abatement policy revisions. Discussion on this item was postponed until the September 4, 2002 Economic Development Committee meeting. Update on Commercial and Industrial development within the City. Staff updated the Committee on companies relocating to Coppell, including DHL Worldwide Express, D & H Distribution, NEC America, and Exel. Adjournment With no further business to discuss, it was moved by Bruce Bradford and seconded by Mohamed Elmougy that the meeting adjourn. By unanimous vote, the meeting was adjourned at approximately 8:00 p.m. Respectfully submitted, Andrea L. Roy Page 2 of 2