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BM 2004-12-01 EcDevCOPPELL ECONOMIC DEVELOPMENT COMMITTEE December 1, 2004 MINUTES The Coppell Economic Development Committee met at 6:00 p.m. on Wednesday, December 1, 2004 at Coppell Town Center, 2nd Floor Conference Room, 255 Parkway Boulevard, Coppell, Texas 75019. The following were present: Bill Rohloff, Gary Roden, Bill Lowery, Larry Kingsbury, Jason Crawford, John Durand, Marvin Franklin, Kris Fichtner, Ken Luttmer, Matt Hall, Allen Mushinski, Councilmember Billy Faught, Planning Director Gary Sieb, Parks Operations Manager John Elias, Asst. Finance Director, Chad Beach, and Andrea Roy. Call to Order Chairman Bill Rohloff called the meeting to order at 6:00 p.m. Consideration of a request by Sandy Lake, L.P. for tax abatement and economic development incentive agreement for an approximate 645,000 sq. ft. speculative office/warehouse project, located on 40 acres along the north side of Sandy Lake Road, immediately west of State Road. A1 Sorrels with the Holt Companies presented to the Committee. Mr. Sorrels provided background on the proposed project and outlined the development obstacles associated with the subject site. Discussion continued and Mr. Sorrels and his Landscape Architect Brian Adams (SMR) responded to the Committee's questions relating to the required tree mitigation. Planning Director Gary Sieb and Parks Operations Manager John Elias answered questions relating to the Tree Ordinance. Mr. Sorrels and his Landscape Architect Brian Adams were dismissed and discussion on the matter continued among members. After further discussion, it was moved by Marvin Franklin and seconded by Larry Kingsbury that the following incentive package be recommended for approval. The motion passed unanimously. A five-year seventy-five percent (75%) real property tax abatement for Bldgs. A-D. The commencement date will be January 1 of the calendar year immediately following the issuance of the first Certificate of Occupancy; any buildings that are not substantially under construction within five years of the commencement date will not be eligible for the tax abatement and the owner/developer will have to seek re-approval. 50% Credit to the City of Coppell Reforestation and Natural Areas Fund in the amount of $184,650. The retribution fee will be paid in three (3) phases of $61,550 each, to be paid prior to the issuance of the Certificate of Occupancy for each Phase, or in full with five (5) years. Gross Retribution (trees removed DBH) (Excludes trees located within the drainage channel) Preservation Credit (23%) Landscape Credit Net Retribution 50% Credit Balance due to the Reforestation & Natural Areas Fund 6,780" DBH -1,560" -1,527" 3,693" x $100 $369,300 -$184,650 $184,650 · 50% Waiver of Building Permit Fees for shell construction of Bldgs A-D (Estimated Savings of $42,084). All building permits must be obtained within five (5) years. · 50% Waiver of Roadway Impact Fees (Estimated Savings of $93,810) Discussion regarding the compilation of an Economic Development Strategic Plan. Discussion of the Strategic Plan will commence at the January 5, 2004 Economic Development Committee Meeting. General Discussion and update on commercial and industrial development projects. Andrea Roy briefed the Committee on the recent ICSC (International Council of Shopping Centers) Texas Conference in San Antonio. Several interested retailers were contacted during the Conference. The Committee was also informed that JP Morgan Chase (formerly Bank One) had announced their decision to locate their printing facilities in Coppell and will be moving into Duke Realty's 140,000 sq. ft. building on Freeport Pkwy, which is currently under construction. Texas Enterprise Zone Designation will be sought for the project. Adjournment With no further business to discuss, it was moved by Marvin Franklin and seconded by Ken Luttmer that the meeting adjourn. By unanimous vote, the meeting was adjourned at 8:15 p.m. Respectfully submitted, Andrea Roy Economic Development Coordinator