BM 1988-08-03 EcDevThe Economic and Development Board of the City of Coppell met
on Wednesday, August 3, 1988, at 7:30 pm in the Council
Chambers of the Coppell Town Center. The following
boardmembers were present:
Guests:
MEETING MINUTES
ECONOMIC AND BUSINESS DEVELOPMENT BOARD
CITY OF COPPELL
David Greer
Don Hodges
Regina Johnson
Lee Richardson
Angelo Vaccaro
Tom Morton - Coppell City Council Liaison
The purpose of the meeting is to consider the following items:
Item No. 1: Meeting Called to Order.
Item No. 2: Approval of Minutes: July 13, 1988 & July 15, 1988
Item No. 3: Presentation by Tom Tanner, Second Vice President
L & N Land Corporation - Vista Ridge Development
Item No. 4: Chairman's Report
Item No. 5: Consideration of Tax Abatement Policy
Item No. 6: Other Business
Item No. 1: Meeting Called to Order.
Meeting called to order by Chairman Richardson at 7:30 pm.
Item No. 2: Approval of Meeting Minutes.
The meeting minutes of the two previous meetings held on July
13 and 25 were reviewed and approved.
Item No. 3: Presentation by Tom Tanner, Second Vice President
L & N Land Corporation - Vista Ridge Development
Tom Tanner, Executive Vice President for Lomas and Nettleton
made an informative presentation about the new Vista Ridge
Development located on our northern most boundary. The
property was purchased in 1984 and began initial construction
which mainly was the flood control system in mid -1985. At this
Memorandum of Meeting
Economic and Business Development Board
City of Coppell
Page Two
time they are completing the roads and infrastructure.
Currently L & N is working with GTE on implementing a system
which will serve the development with state of the art
tele- communications system. L & N is also working with a major
user, International Television Systems, which is truly
international and requires a complicated telecommunication
system. Mr. Tanner presented a master plan development drawing
which shows the lake system, jogging trails, amphitheater, the
new Vista Ridge mall as well as the different land uses and
what they are zoned for. Land sales are moving along with
Center Development who has purchased 15 acre retail site and 23
acre site to I.T.S.
The 121 bypass bisects the development from east to west.
L & N has already constructed the service roads thru the
development.
The development will be subject to two additional tax
authorities which are related to the road development and the
flood control district and is equal to $1.00/$100.00 of value.
Sam's Wholesale Club and Toys 'R' Us have both contracted for
sites adjacent to the development.
Item No. 4: Chairman's Report
Chairman Richardson informed us that the survey was mailed last
week and the results will be in at the September meeting.
Don Hodges reported on the Martin Brower deal and informed the
group that he met again with their representative who told us
that they were very interested in the Coppell area. He
requested that we get back with them on the tax abatement rates
for their final analysis. Martin Brower is expected to make a
final decision in two weeks.
Item No. 5: Tax Abatement Policy.
Extensive discussion by the board regarding the specific
wording of the policy was conducted prior to formulating our
amendment to the motion passed in the previous meeting. Refer
to the attached policy as amended.
Recapture is provided for under the statute as an item to be
covered in our tax abatement agreement.
Item No. 6: Other Business
Memorandum of Meeting
Economic and Business Development Board
City of Coppell
Page Three
A motion was made and passed for adjournment.
END OF MEETING.
Respectfully Submitted:
Don C. Hodges
Recording Secretary
Economic and Development Board
City of Coppell
cc: Attendees
The purpose of this document is to establish a uniform policy
of tax abatement for qualified real property owner's willing to
execute tax abatement contract designed to provide long -term
significant positive economic impact to the community by
utilizing the area contractors and workforce to the maximum
extent feasible, and by developing, redeveloping and improving
real property.
Furthermore, an owner of real property requesting tax abatement
within a reinvestment zone must, prior to the inception of
project(s) subject to an abatement contract, agree to expend a
designated sum of money or provide a certain number of jobs, as
follows:
CAPITAL COST OF
THE PROJECT
Any project over
1,000,000 Dollars
THE CITY OF COPPELL
TAX ABATEMENT POLICY
DURATION OF PERCENT OF VALUE
ABATEMENT PROGRAM TO BE ABATED
Up to 1 to 2 years
Up to years 3 thru 5
Up to years 6 thru 15
Up to 75%
Up to 50%
Up to 25%
Only that increase in the fair market value of the real property
directly resultant from the development, redevelopment and improvement
specified in the contract will be eligible for abatement and then only.
The City Manager will create an advisory committee composed of one
member representing each affected taxing jurisdiction to inform and
concur in the review of applications for tax abatement. The City
Manager will recommend contract terms and adoption or rejection of all
such applications to the City Council.
This policy is effective as of July 26, 1988, and shall at all times be
kept current with regard to the needs of the City of Coppell and
reflective of the official views of the City Council and shall be
reviewed annually.
MEETING PLACE:
Adjournment
Debbie Cravey
0803.ECO
Economic and Business Development Board
Notice of Meeting
August 3, 1988
MEETING TIME: 7:30 p.m.
Notice is hereby given that the Economic and Business
Development Board of the City of Coppell will meet in a
regular session on Wednesday, August 3, 1988 in the City
Council Chambers of the Town Center, 255 Parkway Boulevard,
Coppell, TX. The purpose of the meeting is to consider the
following items:
Item 1: Call to Order
Item 2: Approval of Minutes - July 13, 1988
July 25, 1988
Item 3:
Presentation by Tom Tanner, Second Vice President,
L &N Land Corporation - Vista Ridge Development
Item 4: Chairman's Report
Item 5: Consideration of Tax Abatement Policy
Item 6: Other Business
I certify that the above notice of meeting was posted on the
bulletin board at the Town Center of the City of Coppell, TX
on the 29th day of July, 1988 at 2:00 p.m.
Town Center
255 Parkway
Coppell, TX
CERTIFICATE
(Open to the Public)
- City Council Chambers
Boulevard
75019
MEETING MINUTES
ECONOMIC AND BUSINESS DEVELOPMENT BOARD
CITY OF COPPELL
The Economic and Development Board of the City of Coppell met
on Wednesday, August 3, 1988, at 7:30 pm in the Council
Chambers of the Coppell Town Center. The following
boardmembers were present:
Guests:
David Greer
Don Hodges
Regina Johnson
Lee Richardson
Angelo Vaccaro
Tom Morton - Coppell City Council Liaison
The purpose of the meeting is to consider the following items:
Item No. 1: Meeting Called to Order.
Item No. 2: Approval of Minutes: July 13, 1988 & July 15, 1988
Item No. 3: Presentation by Tom Tanner, Second Vice President
L & N Land Corporation - Vista Ridge Development
Item No. 4: Chairman's Report
Item No. 5: Consideration of Tax Abatement Policy
Item No. 6: Other Business
Item No. 1: Meeting Called to Order.
Meeting called to order by Chairman Richardson at 7:30 pm.
Item No. 2: Approval of Meeting Minutes.
The meeting minutes of the two previous meetings held on July
13 and 25 were reviewed and approved.
Item No. 3: Presentation by Tom Tanner, Second Vice President
L & N Land Corporation - Vista Ridge Development
Tom Tanner, Executive Vice President for Lomas and Nettleton
made an informative presentation about the new Vista Ridge
Development located on our northern most boundary. The
property was purchased in 1984 and began initial construction
which mainly was the flood control system in mid -1985. At this
Memorandum of Meeting
Economic and Business Development Board
City of Coppell
Page Two
time they are completing the roads and infrastructure.
Currently L & N is working with GTE on implementing a system
which will serve the development with state of the art
tele- communications system. L & N is also working with a major
user, International Television Systems, which is truly
international and requires a complicated telecommunication
system. Mr. Tanner presented a master plan development drawing
which shows the lake system, jogging trails, amphitheater, the
new Vista Ridge mall as well as the different land uses and
what they are zoned for. Land sales are moving along with
Center Development who has purchased 15 acre retail site and 23
acre site to I.T.S.
The 121 bypass bisects the development from east to west.
L & N has already constructed the service roads thru the
development.
The development will be subject to two additional tax
authorities which are related to the road development and the
flood control district and is equal to $1.00 /$100.00 of value.
Sam's Wholesale Club and Toys 'R' Us have both contracted for
sites adjacent to the development.
Item No. 4: Chairman's Report
Chairman Richardson informed us that the survey was mailed last
week and the results will be in at the September meeting.
Don Hodges reported on the Martin Brower deal and informed the
group that he met again with their representative who told us
that they were very interested in the Coppell area. He
requested that we get back with them on the tax abatement rates
for their final analysis. Martin Brower is expected to make a
final decision in two weeks.
Item No. 5: Tax Abatement Policy.
Extensive discussion by the board regarding the specific
wording of the policy was conducted prior to formulating our
amendment to the motion passed in the previous meeting. Refer
to the attached policy as amended.
Recapture is provided for under the statute as an item to be
covered in our tax abatement agreement.
Item No. 6: Other Business
Memorandum of Meeting
Economic and Business Development Board
City of Coppell
Page Three
A motion was made and passed for adjournment.
END OF MEETING.
Respectfully Submitted:
Don C. Hodges
Recording Secretary
Economic and Development Board
City of Coppell
cc: Attendees