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BM 2000-02-02 EcDevCOPPELL ECONOMIC DEVELOPMENT COMMITTEE February 2, 2000 MINUTES The Coppell Economic Development Partnership met at 7:05 p.m. on Wednesday, February 2, 2000 at the Coppell Town Center, 2nd Floor Conference Room, 255 Parkway Boulevard, Coppell, Texas 75019. The following were present: Tim Brancheau, Bruce Bradford, Mary Ann Kellam, Pamela Kurtzman, Isabelle Moro, Stan Morton, Gary Roden, Bill Rohloff, Gary Sieb, Jay Thompson, City Manager Jim Witt, and Councilmember Jayne Peters. Call to Order Chairman Bill Rohloff called the meeting to order at 7:05 p.m. 2. Approval of Minutes It was moved by Stan Morton and seconded by Tim Brancheau that the minutes of the January 5, 2000 meeting be approved. The motion was passed unanimously. 3. Presentation by Duke -Weeks Realty Corporation Jeff Turner of Duke -Weeks Realty Corporation, introduced himself and his colleague Paul Brown to the Economic Development Committee. Jeff Turner explained that Duke -Weeks is the nation's largest office and industrial developer. The company has a broad presence in a number of metropolitan areas, including the Dallas/Fort Worth area. In Coppell, Duke -Weeks has a prominent presence in the Freeport North Industrial Park. Their company has under contract a 140 -acre tract of land that is bounded by Ruby Road to the north, Coppell Road to the east and Bethel Road to the south. They intend to build 2,000,000 square feet of industrial and flex tech space, a $72 million investment. In order to develop this site as a first class industrial park with proper amenities, landscape buffers and design features the building coverage of the project goes down which affects their financials. 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 be able to develop the 140 -acre site. The City would benefit to have Freeport Parkway extended because it will provide additional access to the City's Wagon Wheel Park presently under construction. Jeff Turner explained that the cost burden to extend Freeport Parkway should be offset by the $72 million investment Duke -Weeks Corporation will be making in the community. A member of the partnership posed the question if tax abatements will be sought for tenants of this development. Jeff responded tax abatements play a pivotal role in trying to attract quality tenants. Another question posed to applicant related to the project's time line. According to the representative, this project will be phased, and anticipated built -out will be in the year 2004 or possibly 2005. Currently all of Duke -Weeks space is 100% leased in the Dallas area. Duke -Weeks strategy is to build either speculative space, build -to -suit or build for a fee. Mr. Turner then distributed to the Committee a summary sheet detailing the total cost to extend Freeport Parkway to State Road. He requested that the Partnership study the $1.8 million figure and possibly make a recommendation this evening so it could be forwarded to City Council on February 22nd Tim Brancheau mentioned that the Bond Committee had the extension of Freeport Parkway from Bethel Road to State Road in the bond package because it gave additional access to Wagon Wheel Park. The bond committee at the last minute dropped the extension of Freeport Parkway and opted instead to include the extension of Creekview Drive eastward in the bond package. City Manager Jim Witt mentioned that he would like the City Engineer to review the cost summary submitted by Duke -Weeks. Based on a ve cursory review, staff could, at best, only support up to 40% city participation. He did reiterate that the extension of Freeport Parkway could provide the City another access to Wagon Wheel Park and it would spur economic development. Pam Kurtzman stated if the City decided to participate in the cost of extending Freeport Parkway, she recommends the Economic Development Committee to consider a 50% tax abatement rather than a 75% tax abatement should Duke - Weeks apply for any tax abatements. City Manager Jim Witt suggested the Committee may want to consider calling a special meeting prior to the February 22nd City Council. Members of the Committee agreed that a special meeting was necessary and it was set for February 16, 2000 at 6:00 p.m. in the second floor conference room. It was moved by Gary Roden and seconded by Mary -Ann Kellam that the City might participate up to 40% of the cost to extend Freeport Parkway from Bethel Road to State Road. 4. Discussion of Cornerstone Contract Gary Sieb informed that Committee that the subcommittee had met last week with Scott Williams and reviewed the final contract with him. Yesterday, Gary received a redlined contract from Scott that had a number of changes that the City Attorney has not had time to review. Bill Rohloff stated that the subcommittee expected to present a final negotiated document for the Committee's review and adoption. Unfortunately it was not the case. Gary reviewed the proposed changes of the contract. Some discussion followed with regards to the role of an Economic Development Consultant. The Committee also expressed some concerns with the changes made to the contract. Pam Kurtzman mentioned she was becoming uncomfortable with the contract. Gary Roden expressed a concern for lack of performance standards. Tim Brancheau had trouble with Section 3A of the contract and also mentioned the need for some performance measures to be included in the contract. Jay Thompson stated some concern that the fiduciary duty to the CEDC and Cornerstone had been eliminated from the contract. He expressed the need for it and suggested the document be refined. He volunteered to discuss the changes to the contract with the City Attorney. 5. Discussion and Update on Triple Freeport Tax Exemption Gary Sieb reported that the City is still hoping to get the CISD Board to pass the freeport tax exemption in February. Next week, Jim Witt, Gary Sieb, Chad Beach and Bill Rohloff will be meeting with Buddy Echols the CISD Superintendent to discuss the issue. The development community has told staff that if Coppell does not pass the school's portion of the freeport tax exemption by the early part of this year it will be loosing its competitive edge. 6. Update on Current Commercial and Industrial Projects Isabelle Moro reported on several development projects. Burger King restaurant is proposing to build a 4,000 square foot drive-through restaurant along the west side of Denton Tap Road, approximately 135' from SH 121 Bypass. A retail center is being proposed at the southwest corner of Denton Tap Road and W. Town Center Blvd. immediately south of the Sonic restaurant. A daycare facility is also being proposed directly to the west of the retail center. The owner of Bruno's restaurant in Valley Ranch is looking to lease 3,000 sf of space in the Riverchase Plaza at the northeast corner of MacArthur Blvd. and Beltline Road. The request is also for a private club to serve beer and wine. Dr. Tom Sherill is proposing a veterinary hospital along the south side of Beltline Road immediately east of Blooming Colors Nursery. A 12,500 square foot office/warehouse facility is also being proposed on the backside of the veterinary hospital. PSInet is proposing to build a service yard behind the vacant office building at the southeast corner of Lakeshore and Crestside Drives. 7. General Discussion and Other Business With no other business to report, the meeting was adjourned at 9:05 p.m. by unanimous vote. espectfully submitt , Isabelle Moro COPPELL ECONOMIC DEVELOPMENT Wednesday, February 2, 2000 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 Committee will meet in regular session on Wednesday, February 2, 2000 at 7:00 p.m., in the 2nd Floor Conference Room at the Coppell Town Center, 255 Parkway Boulevard, and Coppell, Texas. The purpose of the meeting is to consider the following items: Item 1: Call to Order 7: 0 � FM Item 2: Approval of Minutes: January 5, 2000 %�iDTI f31r! Item 3: Presentation by Duke -Weeks Realty Corporation (Jeff Turner) Item 4: Discussion of Cornerstone Contract (Sieh) Item 5: Discussion and Update on Triple Freeport Tax Exemption (Sieb) Item 6: Update on Current Commercial and Industrial Projects (Moro) Item 7: General Discussion and Other Business (Sieb) Adjournment' co . .,X. IIrA' '� y fr 6'.. A';' 1. civ^,.✓'�«- 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, January 28, 2000. % L17 A, ► IV Scarlett Hovland, Secretary �R e 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 ibi 01, 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,1-800-7352989) 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 llevar consigo un arma de fuego oculta, adentro de este edificio, o en cualquier junta oficial de politica en la eiudad de Coppell. FFA 016x r l ? S) 6#F -/F �W-05 OFF C1 - r J (C - 4-1 v 7) 7`04a k / 6E,07714 — R 7 -l�.. /3, q D D SW P4c1 iD, 3 COPPELL ECONOMIC DEVELOPMENT CO Wednesday, February 2, 2000 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 Committee will meet in regular session on Wednesday, February 2, 2000 at 7:00 p.m., in the 2nd Floor Conference Room at the Coppell Town Center, 255 Parkway Boulevard, and Coppell, Texas. The purpose of the meeting is to consider the following items: Item 1: Call to Order Item 2: Approval of Minutes: January 5, 2000 Item 3: Presentation by Duke -Weeks Realty Corporation (Jeff Turner) Item 4: Discussion of Cornerstone Contract (Sieb) Item 5: Discussion and Update on Triple Freeport Tax Exemption (Sieb) Item 6: Update on Current Commercial and Industrial Projects (Moro) Item 7: 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, January 28, 2000. 5 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,1-800-7352989) 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 llevar consigo un arms de fuego oculta, adentro de este edificio, o en cualquier junta official de politica en la eiudad de Coppell.