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4A Wichita Falls Economic Development Minutes - 08/20/2014MINUTES OF THE WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION August 20, 2014 PRESENT: Dick Bundy § Members Reno Gustafson § Dave Lilley § Leo Lane § Glenn Barham, Mayor § Mayor Kevin Hugman, Assistant City Manager § City Staff Jim Dockery, Asst. City Manager /CFO § Miles Risley, City Attorney § Julia Vasquez, First Asst. City Attorney § Linda Merrill, Recording Secretary § Jim Heiman § Pride in the Falls Henry Florsheim § Kevin Pearson § Chamber of Commerce and Industry Michael Paris, Workforce Development § Jeff Stambaugh § MSU /Idea WF Tom Whaylen § Sheppard Military Affairs Committee Linda Yeager § Cynthia Laney § Downtown WF Development Clayton Lane § ABSENT' Darron Leiker § Member 1. CALL TO ORDER Dick Bundy called the meeting to order at 8:00 a.m. He welcomed Leo Lane as the Board's newest member. 2. APPROVAL OF MINUTES (JULY 11, 2014) Reno Gustafson moved for approval. Seconded by Dave Lilley, the motion carried. 3. ELECTION OF OFFICERS Dick Bundy was elected to serve as president; Reno Gustafson was elected to serve as vice - president /secretary- treasurer by unanimous votes. 1 4. BUDGET PROPOSALS Mr. Hugman presented the draft budget to the Board. The projected end -of -year cash balance for FY 2014 is used as the beginning balance for FY 2015. On annual programs, all funds not expended are disencumbered and returned to the unencumbered fund balance. Project funds are encumbered and rolled over each year. Revenues include: - Reimbursements of $649,096 (including Ulm Corporation reimbursements for sale of property) - Sales of assets $367,420 (land in Business Park for FedEx operation) - Sales tax revenues (projected for FY 15 at $3,798,949, 3.31% above last year. There are three more months of revenues for this fiscal year still remaining.) - Rents (ATCO) - Interest ($5,000) - Project Repayment (Travel Center; second of three years' repayment by City to 4A and 4B funds.) Projected revenues of $4,021,826 for FY 2015. Expenditures include: - Ad valorem taxes (reimbursed by ATCO for property at 2400 Burkburnett Highway) - Professional fees - Chamber of Commerce contract, Regional Marketing Task Force, SMAC, Pride in the Falls, Downtown Wichita Falls Development, Lalani School - Business Park Maintenance — 4A is responsible for 40% of the maintenance of the Business Park, MPEC, and Coliseum - Administrative expenses — 4A pays a portion of the time the City staff spends on 4A- related duties Debt service for regional airport construction (expires in 2033) - Second year of Phase 2 of Pride in the Falls; 4A committed $250,000 per year for three years to match community contributions. Total expenditures: $1.3 million Revenues less expenditures: $2.7 million Unreserved Fund Balance: $12.8 million, projected for end of FY 15. As projects are approved, that unreserved fund balance drops and the budget is amended. Chamber of Commerce Henry Florsheim said the Chamber had decided to more narrowly target its business recruitment efforts. Its first effort is toward aerospace manufacturing -- Wichita Falls has the service companies to provide the parts, and the workforce to provide the labor. Kevin Pearson is managing this project. When plans are perfected, they will add a second target. They will have a targeted marketing campaign. The Chamber is developing promotional materials for the Business Park, and placing a much heavier emphasis on the existing business community. Most job creation is there, and there is more of a guarantee when working with local 2 businesses. Michael Paris works mostly with local businesses. Part of that involves working with key employers and visiting with their higher -ups to make sure they know who we are. Mr. Florsheim said this is his first time through the budget process with this board. The groups come once a year with specific budget requests, but there is no strategic conversation regarding what the Board may want. It is permissible to spend 4A funds on strategic planning as long as it is aimed at direct job creation. He would be happy to find a facilitator and schedule a session to plan out multiple years ahead of time, should the Board so desire. Mr. Bundy said he believes the Board has been reactionary, and it would be helpful to be proactive. Mr. Hugman said he could budget some funding for such a meeting. Pride in the Falls Jim Heiman said they were finishing up the first year of Phase 2. Some of the larger ticket items included the wayfinding signage at a cost of about $600,000. Those larger bills will be coming in toward the end of Phase 2. They continue to push extreme sports to draw people to the city, including Thor and the Zombie Crawl. In addition, Pride in the Falls focuses on business retention and quality of life, and reminding people of the things Wichita Falls has to offer. They are working on a 90180 second commercial for CVB. Leo Lane asked where he saw Pride in the Falls five years from now. Mr. Heiman said he thinks it will be an independent organization, much like SMAC and Downtown Wichita Falls Development. Downtown Wichita Falls Development (DWFD) Cynthia Laney stated that DWFD's economic impact upon the community last year was $3.158 million. The group is getting more into community development. They purchased trash cans at the request of downtown business owners and will pick up the trash, as the City does not have sufficient manpower. They are also promoting the Zales building on a local and national level. The Farmers' Market is being reserved for events such as wedding receptions and showers. The City, DWFD, and the 413 Sales Tax Corporation are joining together to do a major renovation of the Market. DWFD's Facebook page has a section that highlights a downtown merchant each week, averaging between 1,300 to 2,000 views per business. Clayton Lane said they are going to create another webpage that will advertise the vacant buildings and properties downtown, including photos, square footage, and realtor information. Sheppard Military Affairs Committee (SMAC) Tom Whaylen said the Committee is again asking for $100,000. Every community in Wichita County, and Wichita County, is supporting the Committee. It also gets financial support from Frederick, Oklahoma and Cashion Community. They make trips to Washington and are known and welcomed into the offices of Texas representatives and at the Pentagon. They work to raise the awareness level of the needs of our community. On October 22, Kay Yeager will bring the Chief of Staff of the Air Force to Wichita Falls. This is the type of exposure that most communities do not get, and will show the community support for the Air Force. The best to hope for at each base installation is to hold on to what is there. Since medical training left in 2005, Sheppard has not lost any missions. SMAC's strategy is to bring in small missions. He thinks a small mission will come to the base in the next month or so. In early July, four delegates from the Romanian Air Force came to Sheppard. SMAC members took them to dinner at the Coyote Ranch, to breakfast at the Kemp at the Forum, and on a tour of the city. MSUAdea Wichita Falls Jeff Stambaugh said their request is again $30,000, which is just under one-third the cost to administer this contest. The winners continue to be successful. The greatest success is Midwest Waste, and they have creative winners such as this year's nurses from United Regional who invented a parental pouch that promotes skin-to-skin contact between parents and newborns. They have legal, marketing, and accounting firms that donate services. Mr. Pearson said it was premature to discuss this item. 6. EXECUTIVE SESSION Mr. ]Bundy adjourned the meeting into executive session at 3-55 p.m. pursuant to TEXAs GOVERNMENT CODE I and 551.087. He closed the executive session and announced the meeting back into regular session at 5:00 P.M. li ZTENUIMM Dave Lilley moved for adjournment. Seconded by Mr. Gustafson, t e motion unanimously carried. The meeting was adjourned at 5.03 p.m. 8