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BM 2000-02-16 EcDev *COPPELL ECONOMIC DEVELOPMENT COMMITTEE SPECIAL CALLED MEETING February 16, 2000 MINUTES The Coppell Economic Development Committee met at 6:00 p.m. on Wednesday, February 16, 2000 at Coppell Town Center, 2nd Floor Conference Room, 255 Parkway Boulevard, Coppell, Texas 75019. The following were present: Bruce Bradford, Bill Herries, Scarlett Hovland, Karen Hunt, Mary Ann Kellam, Isabelle, Moro, Stan Morton, Bill Rohloff, Gary Sieb, Jay Thompson, City Manager Jim Witt, and Councilmember Jayne Peters. 1. Call to Order Chairman Bill Herries called the meeting to order at 6:15 p.m. 2. Approval of Minutes It was moved by Bruce Bradford and seconded by Stan Morton that the minutes of the February 2, 2000 meeting be approved, except that the minutes need to reflect that Pam Kurtzman was uncomfortable approving the Cornerstone Contract the evening of February 2, 2000. The motion passed unanimously. 3. Discussion of a Loan under Local Government Code Chapter 380 to Duke -Weeks Realty Corporation Duke -Weeks Realty Corp. is requesting financial relief from the City with regards to the cost of construction of Freeport Parkway required by -the City to develop a 140 -acre tract of land located along the north side of Bethel Road. City Manager Jim Witt led the discussion and supplied copies of estimated costs of construction of Freeport Parkway. Discussion followed with regards to the benefits of extending Freeport Parkway. The extension could provide the City another access to Wagon Wheel Park and it would spur economic development. More discussion followed on the conditions of a loan to Duke -Weeks Realty. After much consideration to the conditions of the loan, it was moved by Jay Thompson and seconded by Bruce Bradford that the following conditions be included of a loan under local government code chapter 280 to Duke -Weeks Realty Corporation for the construction of the extension of Freeport Parkway: 1 The City of Coppell will contribute 43.75% of the cost of construction of the extention of Freeport Parkway not to exceed $670,000. 2. 50% of cost will be paid on the completion of the construction of the extension of Freeport Parkway. 3. The remainder of the cost of the extention of Freeport Parkway will be paid on the completion of the foundation for 150,000 sq. ft_ of building project. 4. The road construction must begin no later than October 1, 2000 and the building construction begun no later than October 1, 2001. The motion was passed unanimously. 4. Discussion of Possible Adoption of the Cornerstone Concept Gary Sieb provided copies of a new revised contract that the City Attorney had redrafted. At the time of the meeting Gary Sieb had not heard from Scott Williams on the changes that were made to the contract. Jay Thompson provided copies of notes that he had made concerning the contract. Discussion followed with outstanding concerns with the contract. The committee did not feel comfortable with the retainer fee given through the developers and the city. Other concerns that were mentioned was that the committee felt there could be a conflict of interest due to Mr. Williams being a real estate broker. It was noted that new development continues to come to Coppell, but that there is a need for business retention and that of finding tenants for the new buildings. After further discussion it was moved by Bill Heroes and seconded by Karen Hunt that the contract be denied however, the concept of an Economic Development representative should be pursued by the committee. The motion was passed unanimously. 5. Discussion and Update on Triple Freeport Tax Exemption City Manager Jim Witt shard with the committee that he, Bill Rohloff, Chad Beach and Scott Williams had met with Mr. Buddy Echols, CISD Superintendent the previous week. There is a discrepancy between the city and the CISD over the total revenue shortfall to the school district, but Mr. Witt believes that will be resolved. Mr. Williams continues to receive signed contracts from the developers. The CISD Board is scheduled to vote on the Freeport Tax Exemption at their February 28th meeting. Discussion followed with concern that Mr. Scott Williams contract with the developers ended in December 1999. The committee felt it was necessary to continue compensating Mr. Williams for his time spent on the Freeport Tax Exemption. It was decided that City Manager Jim Witt and Crary Sieb would contact Scott Williams this week to discuss his compensation to continue his efforts in support of the Freeport Tax Exemption. 6. General Discussion and lather Business With no further business to discuss it was moved by Bill Herries and seconded by Stan Morton that the meeting adjourn. By unani rnous vote, the meeting was adjourned at 8:00 p.m. RespecMy submitted, Scarlett Hovland COPPELL ECONOMIC DEVELOPMENT COMMITTEE SPECIAL CALLED MEETING Wednesday, February 16, 2000 Meetine Time: 6:00 p.m. (Open to the Public) Meetine Place: 2nd Floor Conference Room V ���► Coppell Town Center Notice is hereby given that the Economic Development Committee will meet in a ial ca se: Wednesday, February 16, 2000 at 6:00 p.m., in the 2nd Floor Conference Room at the Co 11 To 255 Parkway Boulevard, and Coppell, Texas. The purpose of the meeting is to consider the follo ii Item 1: Call to Order / �NAPM W tE J"10 D Item 2: Approval of Minutes: February 2, 2000 3T-470 Item 3: Discussion of a Loan Under Local Government Code Chapter 380 to Duke -Weeks Realty Corporation for the construction of the extension of Freeport Parkway (Witt/Sieb) Item 4: Discussion and Possible Adoption of Cornerstone Contract (Sieb) Item 5: Discussion and Update on Triple Freeport Tax Exemption (Sieb/Witt) Item 6: General Discussion and Other Business (Sieb) Adjournment CERTIFICATE I certify that the above notice of meeting was posted at 12:00 p.m. on the bulletin board at the Town Center of the City of Coppell, Texas, on Friday, February 12, 2000. 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 audio/visual 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 -800-73 52989) In Compliance with'City of Coppell Ordinance No. 95724 Carrying of a concealed handgun on these premises or at any official political meeting in the City of Coppell is illegal. Es ilegal Ilevar consigo un arma de fuego oculta, adentro de este edificio, o en cualquier junta official de politica en la eiudad de Coppell.