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BM 1990-03-21 EcDevMinutes of the ECONOMIC AND BUSINESS DEVELOPMENT BOARD March 21, 1990 Meeting The Economic and Business Development Board met in a special session on Wednesday, March 21, 1990, at 7:30 p.m. in the Rotary Room of the Coppell Town Center. The following Board members were present: Lee Richardson, Chairman Regina Johnson Richard Johnson Angelo Vaccaro City staff members and Councilmen present were: Alan Ratliff, City Manager Frank Trando, Finance Director Tom Morton, Councilman Ron Robertson, Councilman The following guests attended the meeting: Al Blaine, Prentiss Properties Weldon Davis, Santa Fe Pacific Realty Dr. Harold Gross, University of North Texas Center for Economic Development & Research Leona Allen, Coppell Gazette Camilla Dillon, Minyard Properties Item 1: Call to Order: The meeting was called to order by Chairman Richardson, noting that a quorum was present. Item 2: Presentation, discussion and consideration of recommending tax exemption of Freeport goods: Dr. Harold Gross, representative from the University of North Texas Center for Economic Development and Research, made a presentation to the Board summarizing the research he has done on the subject of Freeport goods exemption. Dr. Gross stated that the two main objectives companies look for when seeking relocation are "location" and "amenities." After addressing the Board at length and answering questions from the Board and various guests, Dr. Gross' advice to the City was that they reserve an option to be able to give to desirable companies seeking relocation in Coppell rather than issuing a blanket policy for all companies. Minutes of the Economic and Business Development Board March 21, 1990 Page Two The Board reviewed letters and listened to comments from Al Blaine representing Prentiss Properties, and Weldon Davis of Santa Fe Pacific Realty, both supporting adoption of the Freeport Bill/Goods-In-Transit Act. Both speakers indicated that Coppell would be the ideal City to take advantage of the Freeport bill, giving the City the edge in attracting firms to Coppell. After lengthy discussion, Lee Richardson stated that the Board needed to make a recommendation to City Council. Richard Johnson made a motion that the Board recommend to City Council that the City exempt from taxation certain tangible personal property referred to as "Freeport goods" as provided in Article VIII, Section 1-j, Subsection (a) of the Texas Constitution and Section 11.251 of the Texas Property Tax Code. Angelo Vaccaro seconded the motion. Regina Johnson, Richard Johnson, and Lee Richardson voted in favor of the motion. Angelo Vaccaro opposed the motion. The motion carried. There being no further business, the meeting be adjourned. Regina the meeting was adjourned. Respectfuly submitted, Regina L. Johnson Recording Secretary Angelo Vaccaro made a motion that Johnson seconded the motion, and