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BM 1997-06-04 EcDevCOPPELL ECONOMIC DEVELOPMENT PARTNERSHIP JUNE 49 1997 MINUTES The Coppell Economic Development Partnership met at 7:00 p.m. on Wednesday, June 4, 1997 at Coppell Town Center, 2nd Floor Conference Room, 255 Parkway Boulevard, Coppell, Texas 75019. The following were present: Chad Beach, Scarlett Hovland, Mary Ann Kellam, Isabelle Moro, Pat Murphy, Ron Pankey, Bill Rohloff, Doug Shaw, Kathryn Stephenson, Jay Turner, Councilmembers Chuck Sturges and Marsha Tunnell, City Manager Jim Witt, and Mayor Tom Morton. Also attending were Jeff Turner with Insignia Commercial Group, Inc. and John Leinbaugh with Industrial Developments International. 1. Call to Order Ron Pankey called the meeting to order at 7:05 P.M. 2. Approval of Minutes It was moved by Pat Murphy, seconded by Doug Shaw that the minutes of May 7, 1997 be approved as recorded. The notion passed unanimously. 3. Consideration of Request by Insignia Commercial Group for Tu Abatement for a 367, 000 s. f . Office/Warehouse Building located on Airline Drive Isabelle Moro presented synopsis of the Insignia Commercial Group Inc.,, with Chad Beach providing summary of the estimated valuation of the development. Mr. Jeff Turner made presentation of the development, stating that the Group would be making long term leasing agreements beginning at 10 years. Insignia has pre -leased approximately 142#700 s. f . of space to Briggs -Weaver, the nation's largest industrial supply distributor. Insignia is also working with other prospects, including GTE, Grinnell Sprinkler Systems and others to take the balance of the building which is 224,778 s.f. He also said the future growth of the Group could possibly entail a fourth building. Jeff provided brochures on design features and benefits of the facility. Much discussion followed debating issues that needed to be considered when deciding a tax abatement. After a lengthy discussion, it was moved by Ron Pankey and seconded by Bill Rohloff that the request by Insignia Commercial Group for tax abatement be granted. The motion passed unanimously. 4. Consideration of Request by Industrial Developments International for Tas Abatement for Two proposed office/Warehouse Buildings located at D/FW Trade Center Isabelle Moro explained that IDI was asking for tax abatement on two separate buildings, D & E. Building D does not meet criteria for tax abatement and Building E does meet the criteria. Chad Beach supplied copies of the estimated valuation of development for the two separate buildings. Isabelle introduced John Leinbaugh representing IDI. John made presentation on IDI and supplied a brochure on the DFW Trade Center development. Buildings D & E have only begun dirt work. Buildings D & E would have to be completed and on the tax roles before the abatement could begin. Lease contracts will begin at a five to ten year term. Lengthy discussion followed debating issues on each separate building. Jay Turner suggested that the Partnership be provided with the Guidelines and requirements for tax abatements along with the application for review. It was moved by Jay Turner, seconded by Doug Shaw that Building E be granted tax abatement requested by Industrial Developments International. The motion passed unanimously. It was than moved by Jay Turner, seconded by Bill Rohloff that Industrial Developments International request for tax abatement on Building D be denied. The motion passed by a 4 to 3 vote. 5. Consideration Of City of Reqensburq (Germany) proposal to Establish a Trade Relationship Betveen the Cities of Coppell and Regensburg Mayor Tom Morton introduced the trade relationship between the Coppell and Regensburg. This proposal would allow for a pair up with economic alliances. This would also be a means of developing neighbor relations for those businesses interested in expanding into Germany. There are already several businesses in Coppell that are interested in this program. Mayor Tom Morton will have available a distribution of details for the Partnership. 6. Update on Current & Potential Comseraial/Industrial Developments Isabelle Moro informed the Partnership with updates on several potential developments. The MEPC development will be presenting to the Planning & Zoning Committee this month to begin Phase I of their building located at the NW corner of Gateview and Royal Lane. The Alford Media Company is moving ahead in pursuing development on 14 acre track on the East side of State Rd. also known as the Gillcrest property. The Princeton Park development is considering location across from the Justice Center which would consist of a two story building totaling 27,000 sq. ft. A Mexican Restaurant is shopping for 3,000 sq. ft. of existing space in Coppell. The retail center space on Sandy Lake and McArthur is available for sale. A Hotel Development is considering property at Sandy Lake and Denton Tap. 7. General Discussion and Other Business Mary Ann Kellam reminded the Partnership of the Coppell Chamber Golf Classic on June 12, 1997. She also mentioned the Fourth of July festivities scheduled for the City. The next Partnership meeting will be held in the second week of July rather than the first week due to the July Fourth Holiday. The July meeting will be held July 9th at 7:00 in the Upstairs Conference Room. With no further business to discuss, it was moved by Ron Pankey, seconded by Doug Shaw that the meeting adjourn. By unanimous vote, the meeting was adjourned at 8:45 p.m. NOTICE OF MEETING COPPELL ECONONIIC DEV F11nW►H:NT PARTNERSHIP Wednesday, June 4, 1997 (k ,smaiuSod P)K-Af i M g, Time: 7:00 p.m. (Open to the Public) tJ-o TV fS Mount: 2nd Floor Conference Room � ( 1� Coppell Town Center 6 �C- Iy Notice is hereby given that the Economic Development Partnership will meet in regular sessionPE on Wednesday, June 4, 1997 at 7:00 p.m., in the 2nd Floor Conference Room at the Coppell Town Center, 255 Parkway Boulevard, Coppell, Texas. The purpose of the meeting is to consider the following items: F�O Item 1: Call to Order Item 2: Approval of Minutes: May 7, 1997 W M"Ra N SOW 2 Item 3: Consideration of Request by Insignia Commercial Group for Tax Amt for a 367,000 s.L Office/Warehouse Building located on Airline Drive UNI AN IM W (Sieb/Beach/Mora) Ilk rL"Z--YL A4 p p14(-0FF 2, Item 4: Conon of Request by industrial DeveJapnma International frac Tax Abatement for Two Proposed Office!'Warehouse Buildings located at D/F�W Trade Center (Sieb/Beach/Moro �i kQ*��. D X -ft- FA 7, '" _ 3 t)L'K - -Fu . k*)C m � 2 Item 5: Consideration of City of Regensburg (Germany) Proposal to Establish a Trade U01 AVOOK Relationship Between the Cities of Coppell and Regensburg (Mayor Morton) Ftdk"(Y,/ IAS _ M 'A- Item 6 Update on Current & Potential Commercial/Industrial Developments (Sieb) Item 7: General Discussion and Other Business AdjournmentPy CE ffirl A t Vvc((&-Pom OIL K f 6 I certify that the above notice of meeting was posted at 5:00 p.m. on the bulletin boned at the Town Center of the City of Coppell, Texas, on Friday, May 30, 1997. n&ftst-�- Scada HoObsid, Senior Administrative Secretary -opic. It,17D � StN � L 6'6�5S 54 /ODER 9 i