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BM 1998-11-04 EcDevCOPPELL ECONOMIC DEVELOPMENT PARTNERSHIP November 4, 1998 MINUTES The Coppell Economic Development Partnership met at 7:00 p.m. on Wednesday, November 4, 1998 at Coppell Town Center, 2nd Floor Conference Room, 255 Parkway Boulevard, Coppell, Texas 75019. The following were present: Chad Beach, Tim Brancheau, Scarlett Hovland, Karen Hunt, Robert Key, Pamela Kurtzman, Isabelle Moro, Pat Murphy, Gary Roden, Bill Rohloff, Gary Sieb, City Manager Jim Witt, and Councilmembers Doug Stover, Larry Wheeler and newly elected councilmember Jayne Peters. 1. Call to Order Chairman Bill Rohloff called the meeting to order at 7:05 p.m. Ms. Jayne Peters; newly elected councilmember was introduced to the Partnership. 2. Approval of Minutes It was moved by Pamela Kurtzman and seconded by Pat Murphy that the minutes of October 7, 1998 be approved as recorded. The motion passed unanimously. 3. Presentation on the Impact of a Freeport Exemption on the Coppell ISD Jim Witt introduced Mr. Lynn Moak representing Moak, Casey & Associates, LLP. Mr. Moak reviewed with the partnership the study that his firm prepared on the impact of a freeport exemption on the Coppell ISD. Mr. Moak provided copies of the report and a Texas School Finance revenue chart. The study suggests that CISD will face a potential freeport level of $120 million. At current tax rates, total tax relief of approximately $1.9 million will occur at the school district level. Of this amount, $.2 million will be for debt service payments and will have to be replaced by CISD. The remaining $1.7 million represents a potential reduction in general revenue funds of CISD. This amount will be offset by reduced requirements for payments to the state of $.3 million for the first year of adoption and $1.7 million for the subsequent year. Mr. Moak reported that over the past year, five suburban districts have adopted the exemption including Plano, Frisco, Fort Bend, and Lamar Consolidated ISDs. There are also several other school districts considering a freeport exemption, which includes Garland, Richardson, Mesquite, and Sherman ISDs. This is cause for concern as the surrounding areas begin to offer the tax exemption, the impact it may have on Coppell's ability to attract future developments and also retaining its current corporate base and the competition that brings for Coppell in bringing future developers here and also retaining business. Typically, cities that offer the tax exemption experience a 30% to 40% faster growth in their industrial sector. The economic impact of the freeport exemption is limited to specific commercial or industrial users with high levels of inventory destined for out-of-state sale. For these companies, the impact can be very significant. The projected impact of a freeport exemption on Coppell ISD is the result of six factors. These factors include the future growth of Coppell ISD, the operation of the current Texas public school finance system, the level of local taxes for operating purposes, the level of debt service requirements, the economic impact of the freeport exemption, and potential modification to the Texas public school finance system. Discussion followed after the presentation. The Partnership felt it important to proceed with discussion of, study with the school district. The Partnership would like to use an in-house example to present with the triple freeport tax exemption presentation to the school board. Bill Rohloff will draft a letter to the school board for consideration of a joint work session including Mr. Moak, and the Partnership to be scheduled. It was moved by Tim Brancheau and seconded by Gary Roden to call a special meeting of the Partnership on November 18, 1998 to further discuss the triple freeport study. The motion passed unanimously. 4. Review of Current & Potential Commercial/Industrial Developments Isabelle Moro informed the Partnership of several new developments. IDI in the D/FW Trade Center Industrial Park are ready to construct Buildings G & H. These buildings will be situated such that part of the building is in Grapevine and part in Coppell. Freeport North Addition located at the northwest corner of Creekview Drive and Royal Lane, which will consist of four separate office/warehouse facilities, is under review. The Lakeview center consisting of two single -story office facilities located at the northwest corner of Beltline Road and Wrangler Drive is under construction with Phase I. Miller Freeman, Inc. will be the main tenant for Building I. Pacific Realty has begun construction on the office/warehouse facilities located at the northeast and northwest corners of Wrangler and Enterprise Drive. G & K Services, a laundry facility has begun construction on an 80,000 s.f. building on Airline Drive. Lucent Technologies has begun construction on their office facility located along the West Side of Freeport Parkway; east of Interstate 635 in the Gateway Business Park. 5. General Discussion and Other Business Gary Sieb introduced Mr. Robert Key to the Partnership who is replacing Doug Shaw as the CISD representative. Gary will update the list of members for the Partnership.Jim Witt shared the letter from Four Seasons concerning Coppell offering the triple freeport exemption. Mr. Gordon Foster was present at the meeting as their representative. The Four Seasons lease will be up in January. The triple free -port exemption is of great importance in deciding whether they stay in Coppell or re -locate to benefit from the tax advantage. Bill Rohloff expressed his appreciation of being invited to Primera°s open house. Some of the City Staff did attend the event, which was very nice. Gary Sieb said that GTE would update the Coppell video with Grapevine Mills for a minimal cost. GTE will be offering a $1000.00 grant to the Partnership in the near future. With no further business to discuss it was moved by Tim Brancheau and seconded by Karen Hunt that the meeting adjourn. By unanimous vote, the meeting was adjourned at 9:00 p.m. Respectfully submitted, Scarlett Hovland COPPELL ECONOMIC DEVELOPMENT PARTNERSHIP Wednesday, November 4,1998 Meetine Time: 7:00 p.m. (Open to the Public) Meetine Place: 2nd Floor Conference Room Coppell Town Center_ LOCT J u i�yd Notice is hereby given that the Economic Development Partnership will meet in regular session on Wednesday, November 4, 1998 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 nems: , AA 11IV IT /Mo Item 1: Call to Order -- 17 "Ca PA Item 2: Approval of Minutes: October 7, 1998 M 0 Tl 0 lV n ►J Item 3: Presentation on the Impact of a Freeport Exemption on the Coppell ISD by Moak, Casey & Associates, LLP (Witt) MOT10 q : $ 2�3b : Item 4: Review of Current & Potential Commercial/Industrial Developments (Moro) Item 5: General Discussion and Other Business (Sieb) Adjournment vcgw r� 11 I/ MM �rj t3fi1�1 i o � CERTII+7CATE I certify that the above notice of meeting was posted at 5:00 p.m. on the bulletin board at the Town Center. of the City of Coppell, Texas, on Friday, October 30, 1998. Scarlett Hovland, Secretary Public Notice Statement for ADA Compliance The City of Coppell acknowledges its responsibility to comply with the Americans with Disabilities Act of 1990. Thus, in order to assist individuals with disabilities who require special service (i.e., sign interpretative services, alternative audiovisual devices, and amamrenses) for participation in or access to the City of Coppell sponsored public programs, services and/or meetings, the City requests that individuals make requests for meeting. To make arrangements, contact Vivyon V. Bowman, ADA Coordinator, or other designated official at (972) 462-0022 or (TDD 1-800-RELAY,TY,14100-7352989) 1 OCT COPPELL ECONOMIC DEVELOPMENT PARTNERSHIP Wednesday, November 4,1998 Meeting Time: 7:00 p.m. (Open to the Public) Meeting Place: 2nd Floor Conference Room Coppell Town Center Notice is hereby given that the Economic Development Partnership will meet in regular session on Wednesday, November 4, 1998 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: Item 1: Call to Order Item 2: Approval of Minutes: October 7, 1998 Item 3: Presentation on the Impact of a Freeport Exemption on the Coppell ISD by Moak, Casey & Associates, LLP (Witt) Item 4: Review of Current & Potential Commercial/Industrial Developments (Moro) Item 5: General Discussion and Other Business (Sieb) Adjournment CERTIFICATE I certify that the above notice of meeting was posted at 5:00 p.m. on the bulletin board at the Town Center, of the City of Coppell, Texas, on Friday, October 30, 1998. Scarlett Hovland, Secretary Public Notice Statement for ADA Compliance The City of Coppell acknowledges its responsibility to comply with the Americans with Disabilities Act of 1990. Thus, in order to assist individuals with disabilities who require special service (i.e., sign interpretative services, alternative audiovisual devices, and amanuenses) for participation in or access to the City of Coppell sponsored public programs, services and/or meetings, the City requests that individuals make requests for meeting. To make arrangements, contact Vivyon V. Bowman, ADA Coordinator, or other designated official at (972) 462-0022 or (TDD 1-800-RELAY,TX,1-800-7352989)