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BM 2003-01-08 EcDevCOPPELL ECONOMIC DEVELOPMENT COMMITTEE January 8, 2003 MINUTES The Coppell Economic Development Committee met at 6:00 p.m. on Wednesday, January 8, 2003, at Coppell Town Center, 2nd Floor Conference Room, 255 Parkway Boulevard, Coppell, Texas. The following were present: Chairman Bill Rohloff, Gary Roden, Jay Thompson, Ron Hansen, Kris Fichtner, Mary Ann Kellam, Robert Key, City Manager Jim Witt, Chad Beach, Gary Sieb, 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 Kris Fichtner that the minutes of the December 4, 2002, meeting be approved as recorded. The motion passed unanimously. Request by Product Support Services for tax abatement for a 70,000-sq. fl. office/warehouse building on 5.6 acres of land located at the southwest corner of Gateview Boulevard & Royal Lane. Robert Cook, President and CEO of Product Support Services presented to the Committee, mentioning that PSS repairs and refurbishes cellular telephones and communication systems. PSS' clients include Verizon, Nokia, Motorola, and Cingular, to name a few. Mr. Cook indicated that he bought the company in 1999 and has since tripled sales, as well as the number of employees, which is currently at 240 employees. Product Support Services is currently leasing approximately 80,000 sq. ft. in the DFW Trade Center, which will be up for renewal in August of 2004. Mr. Cook expressed his desire to construct a facility within 3-4 miles of PSS' existing facility that would provide a customized layout and the needed level of parking. Mr. Cook also indicated that he is purchasing the entire 12-acre parcel along the south side of Gateview but only developing half at this time, with the intention of future expansions. PSS is scheduled to be operational in their new Coppell facility by August 15th. Based on the type of operations and estimated values, PSS has requested a 5-year, 50% tax abatement for both real and personal property. Mr. Cook exited the meeting and Chad Beach presented the cost-benefit analysis. It was discussed that estimated improvement values were below the minimum $5.5 million; however, sales tax from the annual equipment purchases would bring the values to a recommended level, warranting staff support. It was moved by Jay Thompson and seconded by Mary Ann Kellam that the request for a 5-year, 50% tax abatement for both real and personal property for Product Support Services be approved. The motion passed unanimously. Page 1 of 3 Discussion regarding financing opportunities for targeted uses in Old Coppell. Mr. Witt spoke to the Committee regarding Mr. Paul Vinyard's proposed restaurant use in Old Coppell, including possible financing and land purchase options. It was indicated to the Committee that a series of actions will have to occur in order for this endeavor to be possible. The Committee indicated their support to continue pursuit of this restaurant use. Staff will again report back to the Committee at the next meeting to provide an update. Discussion regarding update on proposed marketing events. A. NAIOP Breakfast Meeting Staff informed the Committee that the speaker at the January National Association of Industrial and Office Properties (NAIOP) breakfast meeting will be a DFW Airport representative, presenting current and future construction plans. It was discussed that this would be a good opportunity for the City to sponsor this breakfast, as the airport is a topic of interest to so many. The cost to the City will be $2,750, which will include a table of eight individuals, allowance of 3-5 minutes to speak to the group, presence of the City logo on all printed materials and the opportunity to set out marketing materials at the event. Staff will coordinate the sponsorship and e-mail the Committee with details. It was moved by Ron Hansen and seconded by Kris Fichtner that the City sponsor the January National Association of Industrial and Office Properties Monthly Breakfast Meeting. The motion passed unanimously. Dallas Business Journal Ad Staff informed the Committee that a special edition of the Dallas' Business dournal, which presents the development deal awards for the past year will be published on February 28th. Two development deals done in Coppell have been nominated, providing an ideal opportunity to place an advertisement in this issue. The possibility of doing a joint ad with the broker, developer, city, and Allegiance Title, welcoming The Container Store, was discussed. The Committee requested that staff attempt to coordinate a joint advertisement, sharing advertising costs. Coppell Marketing Video Options The City's video contractor, DFW Video, indicated that reproduction of the marketing video on a CD-ROM would cost $2.95 per disk, with a minimum order of 250 diskettes. This amount includes all labels and sleeves. Staff discussed the cost and indicated that the minimum order well exceeded the needed amount and that we would simply purchase 10- 20 at a time, on an as-needed basis. 6. General Discussion and Other business. Staff informed the Committee that all incentive agreements for The Container Store had been approved by City Council and Duke Realty, The Container Store's developer, will be submitting for building permit approval within the next couple of weeks. Staff also informed the Committee that Somera Communications was a done deal and the contract has been signed for approximately 250,000 sq. ft. of Page 2 of 3 the first speculative building at AmberPoint Business Park. Staff also informed the Committee of the upcoming development projects. The ribbon cutting for Washington Mutual is tomorrow morning. Mr. Sieb and Mr. Witt further briefed the Committee on staff's visit to Wichita Falls, Texas to view a potential Coppell grocery tenant. The owner of the Towne Oaks retail center is recruiting this grocery tenant for the space that was vacated by Minyard's. Staff was impressed with the facility, which offers shoppers a large selection of products, including an extensive prepared foods section. The City has offered their support to the developer in recruiting this tenant and will report back to the Committee as things progress. Adjournment With no further business to discuss, it was moved by Kris Fichtner and seconded by Ron Hansen that the meeting adjourn. By unanimous vote, the meeting was adjourned at approximately 7:45 p.m. Respectfully submitted, Andrea L. Roy, Secretary Page 3 of 3