BM 1999-01-06 EcDevCOPPELL ECONOMIC DEVELOPMENT PARTNERSHIP
January 6, 1999
MINUTES
The Coppell Economic Development Partnership met at 7:00 p.m. on
Wednesday, January 6, 199 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, and Councilmembers
Doug Stover, Larry Wheeler and Jayne Peters.
1. Call to Order
Chairman Bill Rohloff called the meeting to order at 7:00 p.m.
2. Approval of Minutes
It was moved by Tim Brancheau and seconded by Gary Roden that
the minutes of November 18, 1998 be approved as recorded. The
motion passed unanimously.
3. Request by CFH-FTAX Limited Partnership for Tax Abatement
Mr. Richard Crow with Myers & Crow Company Ltd was present to
represent CFH-FTAX Limited Partnership in requesting a tax
abatement for the 117,260 sq. ft. Royal Business Center
project to be located at the Southeast intersection of Royal
Lane and Northpoint Drive in Coppell, Texas. Mr. Crow
provided pictures of the building and described it as a single
office/warehouse duplex building with rear loading, and a high
ratio of parking. He hopes to lease to one tenant, but will
welcome two tenants if need be. The lease term will be for a
5 - 10 year time period. This is the sixth project by Myers &
Crow Company in Coppell. He said that the previous tax
abatements have been critical to the success of the Coppell
projects and have been instrumental in attracting new
companies to Coppell. Mr. Crow departed the meeting and Chad
Beach reviewed a summary of the results of the econometric
model for CFH-FTAX Limited Partnership. He explained that
CFH-FTAX Partnerships total taxable assets are valued at $3.5
million. Chad suggested that the Partnership consider a 50%
abatement rather than a 75% abatement since the total assets
did not reach the recommended $5.5 million. Chad also
explained that each January 1 the taxable assets for a
building are appraised by the Dallas Central Appraisal
District. Discussion followed. Pamela Kurtzman offered the
motion that CFH-FTAX Partnership request for tax abatement is
granted based on the total taxable assets calculated each
January 1. If the total taxable assets are at $0 to $3.5
million, no abatement would be granted; if the total taxable
assets total $3.5 to $5.5 million, a 50% abatement be granted,
and if their total taxable assets total $5.5 million or over a
75% abatement be granted.
4. Request by the Industrial Group for Tax Abatement
Mr. Charles McClure and Mr. John Walsh with the Industrial
Group presented to the Partnership the proposed development of
a 290,000 square foot office park on a 21.6 acre site at the
corner of S.H. 121 and Corporate Park Blvd. in the City of
Coppell. The development will consist of 5 office buildings
including 4 single -story, multi -tenant office buildings
ranging in size from 27,500 to 55,550 square feet and one 4 -
story 126,400 square foot office building. With the
availability of fiber optics at this site and the proximity to
GTE, the typical tenant for this project will be both local
and national high-tech companies. The lease terms will be from
5 to 15 years. The building will have a campus like setting
with full landscaping, which will be cohesive to the GTE
building. The development will take approximately 24 months
to completion and will be built in two phases. Phase I will
consist of the 4 single -story buildings and Phase II will be
the construction of the 4 -story building. Mr. McClure and Mr.
Walsh departed the meeting and Chad Beach continued with the
review of a summary of the results of the econometric model
for the Industrial Group. Discussion followed. Karen Hunt
offered the motion that the Industrial Group receive a 5 -year,
75% abatement for both phases, as long as construction on
Phase II will commence within 30 months of the adoption of the
tax abatement agreement.
5. Update on the Impact of a Freeport Exemption
Mr. Bill Rohloff shared with the Partnership that he had a
telephone conversation with Mr. Buddy Echols, Superintendent
of Coppell ISD concerning the impact of a Freeport Exemption
on the Coppell ISD study by Moak, Casey & Associates, LLP.
Mr. Echols understood the importance and the urgency of the
issue. Mr. Echols shared with Bill that the study by Moak,
Casey & Associates had been given to the CISD's finance
advisor. He also stated that at the January school board
meeting the issue would be addressed, however the school bond
issue is first priority at this time for the school board. It
was doubtful that the triple freeport issue could be decided
before the FourSeasons deadline of January. Bill provided
copies of a second letter sent to the Coppell community
regarding a triple freeport exemption. Mr. Robert Key said
approximately six calls were received at the school
administrative offices concerning the letter. Bill mentioned
he had received only 2 calls. Discussion followed with the
question of how the developers could help convey the
importance of the triple freeport tax exemption issue to the
appropriate decision making boards. It was encouraged that
developers be heard through written communication to the
school board or to the Economic Development Partnership. Bill
will keep the partnership informed as the study is evaluated
by the school board.
6. General Discussion and Other Business
Gary Sieb gave update on development activity going on in
Coppell. 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 8:30
p.m.
Respectfully submitted,
Scarlett Hovland