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12-09-2010 MinutesSS(C1H[1C1R~~C7L ECONOMIC DEVELOPMENT MINUTES CITY OF SCHERTZ ECONOMIC DEVELOPMENT CORPORATION BOARD OF DIRECTORS Regular Meeting December 09, 2010 The City of Schettz Economic Development Corporation (EDC) xaaet for a Regular Meeting on Tuesday, December 69, 2010 at G:00 pm. itt the City Council Chanxbers,1400 Schettz Patl~vay, Scltcrtz, Texas. Roll Call Board ofDitectots: Harry «~liitney, President Angelina Kiser, Vice President Ray Richard, Esq. Rosemary= Scott lbfarvin Thomas Staff: David Harris, Assistant City Manager Juan Santo]=a, Finance Director Erin i]~Iatlock, EDC Specialist Patty= Horan, Administrative .assistant Absent: Board Members Tiro Bro~vtt and I-Iolly II~1cBrcarty=, Interim EDC Director Don Ta}=ior, were all absent due to previous cotnn~ittnents. Others Present: Jim Fowler -City= Councilman Robert Brockman -Resident Chuck McCollough -Public Affairs Department Call to order President called the meeting to order at approsimatelg 6:44 p.m. 2. Public commexzt Nane 3. Approval of Regular Meetixtg Minutes dated: October 14, 2010 and Special Called Meeting dated November 15, 2010. A motion to approve tl~e Minutes for dte Regular 11~1eeting held on October 14, 2410 and for the Special Called 11~feeting held on November 15, 2414 vas rnade b}= Mt. R, Richard. Seconded by Ms, R. Scott. I14otion passed unanimously. Page 1 of 2 SEDC Hoard Eteg. A~ttg. Minutes f 2/09f2010 ~-. Discussion and action approving a budget adjushnent relating to an expenditure of ttp to $$0,000.06 in Sales Tax Funds to assist a tnanufach~ring project approved at the Special Called Meeting Held ott November 15, 2010. 1~Ir. Harris addressed the Board and proposed drat the amount of X80,000.00 comes out of the allocation set aside to go to reserve funds. This transfer of funds is to be made from one line to die odter. ~Lr. Farris expressed enthusiasm about the ltealdty trend in the economy. He reported that sales tales are up appro_~itnatelp 20 % over die December 2009 ntttubers and added drat if this pattern of uicrease revenue continues, eve ~vill be able to restore additional revenue back into reserves by die end of this Fiscal Year. The Board held a discussion. A motion to approve a budget adjustment to transfer funds relating to an expenditure of up to X80,000.00 in Sales Tax Funds from d;e :reserve fond to assist a mamtfactttring project approved at the Special Called Meetictg held an November 15, 2010 vas made by Ms. A. Kiser. Seconded by Mr. M. Tltotiias. I1~totion passed unanimously. 5. Adjourn. Dlr. Santoya rendered a brief update on dte Financial Statements. President adjourned the meeting at app> ositnatelp G:11 p.tn. PASSED AND APPROVED THIS 13TH DAY OF JANUARY, 2011. ' ~~ Attgeliit 'set -Vic Presider -- Tim otv -Secretary/Treasttret Page 2 of 2 SBDC Board t2eg. Mtg. Minutes 12!©912010