Economic Development Corporation

FINAL - MINUTES OF THE NEW BRAUNFELS ECONOMIC DEVELOPMENT CORPORATION REGULAR MEETING OF THURSDAY, AUGUST 15, 2024 AGENDA 1. CALL TO ORDER President Meurin called the meeting to order at 5:01PM. 2. ROLL CALL Present: Kristen Carden, Shane Hines, Tera Thompson, Kathy Meurin, Don Austin, and Larry Hammonds. Absent: Jason Hurta Also in Attendance: Mayor Neal Linnartz 3. APPROVAL OF MINUTES A) Approval of the July 18, 2024 regular meeting minutes President Meurin introduced this item. Director Austin motioned to approve, Director Hines seconded the motion, and the July 18, 2024 regular meeting minutes were unanimously approved. B) Approval of the August 1, 2024 special called meeting minutes President Meurin introduced this item. Director Austin motioned to approve, Director Thompson seconded the motion, and the August 1, 2024 special called meeting minutes were unanimously approved. 4. CITIZENS' COMMUNICATIONS This time is for citizens to address the Board on issues and items of concerns not on this agenda. There will be no Board action at this time. None. 5. TREASURER'S REPORT A) Presentation and discussion on the August 2024 Treasurer’s Report President Meurin introduced this item. Jared Werner, Assistant City Manager, presented on this matter. Mr. Werner identified a 4.8% decrease in sales tax collections for June 2024; with adjustments removed, the current to current collections decreased by 0.6%. Through the first nine months of the fiscal year, sales taxes are still up Thursday, August 15, 2024 New Braunfels Economic Development Corporation Regular Meeting  4.1% and remain above the FY24 budget projection. Mr. Werner shared additional graphs indicating projected revenues, current commitment projections, infrastructure investments, the projected capacity for additional expenditures, and the proposed ending fund balances to FY26. 6. DISCUSSION AND POSSIBLE ACTION A) Presentation and discussion on proposed project expenditures to advance three pedestrian improvement projects President Meurin introduced this item. Garry Ford, Director of Transportation and Capital Improvements, presented on this matter. Mr. Ford outlined three pedestrian projects which will require next step funding to advance. These projects are final design of the AAMPO Citywide Pedestrian Project, final design of Citywide Pedestrian Improvements Phase 2, and the construction of Dry Comal Creek Trail Segment 1. Mr. Ford provided project scopes, locations, prior funding, funding summaries, and next steps for each. Plans are to bring back the AAMPO and Pedestrian Improvements projects for potential action and final design funding at the September 2024 NBEDC regular meeting. The Dry Comal Creek Trail project will be brought back for funding consideration in the near future. Mr. Ford answered questions from the Board. B) Presentation and update on the Last Tuber’s Exit project This item was not discussed. C) Presentation and discussion on a proposed economic development incentive to 210 S. Castell, LLC for the Co-Op Marketplace project President Meurin introduced this item. Jeff Jewell, Director of Economic and Community Development, presented on this matter. Mr. Jewell provided a background on the history of the property, the overall development plan, site plans for phases one and two, photographs of the project concepts, and an analysis on the cost breakdown between the public elements and private elements of the project. Additional details on return estimates were provided in an economic impact analysis which also addressed the primary sales tax and secondary community benefits. Mr. Jewell indicated that several past studies on the Downtown have indicated a need for programmed events at a public space and opportunities for increased food, music, and art. Additionally, the 2010 Downtown Implementation Plan identified this area of Downtown as under-utilized with potential to generate pedestrian-friendly economic activity. Mr. Jewell reviewed Thursday, August 15, 2024 New Braunfels Economic Development Corporation Regular Meeting  the terms of the proposed incentive; plans are to bring the item back for potential action at the September 2024 regular meeting. Mr. Jewell answered questions from the Board. Members of the Board and Mayor Linnartz offered comments in support of this project and the benefits it could bring to Downtown. D) Presentation, discussion, and possible action approving a proposed administrative support and professional services contract for FY25 with the City of New Braunfels President Meurin introduced this item. Mr. Jewell presented on this matter and outlined the administrative support and professional services provided to the Board by City staff. The FY25 contract includes a $50,000 increase with $25,000 earmarked for asset management costs and the other $25,000 for feasibility studies, appraisals, etc as determined by the NBEDC. Mr. Jewell provided additional details around financial transparency, performance management, project management, and annual compliance efforts by City staff. Mr. Jewell answered questions from the Board. Director Austin motioned to approve the FY25 contract with the City, Director Hammonds seconded the motion, and the contract was unanimously approved. 7. EXECUTIVE SESSION In accordance with the Texas Government Code, Section 551.071, the Board reserves the right to retire into executive session concerning the items listed on this agenda to consult with its attorney. In addition, the Board may convene in executive session on any of the following items, with any final action being taken in open session: A) Deliberate issues regarding economic development negotiations in accordance with Section 551.087 of the Texas Government Code: 1. Project Shoot 2. Project Texas 3. Project Madeline 4. Project Pine Tree 5. Project Tech 6. Project Fiber Source 7. Project Nemo 8. Project Icon President Meurin introduced this item. The Board entered into Executive Session at 5:41PM. The items were discussed in the Thursday, August 15, 2024 New Braunfels Economic Development Corporation Regular Meeting  following order: Project Texas, Project Madeline, Project Pine Tree, Project Tech, Project Fiber Source, Project Icon, Project Nemo, and Project Shoot. No action was taken. B) Deliberate and consider the purchase, exchange, lease, contract terms, due diligence, or value of real property, in accordance with Section 551.072 of the Texas Government Code: 1. A-1 SUR-1 AM Esnaurizar, up to 100 acres This item was discussed and no action was taken. C) Deliberate pending/contemplated litigation, settlement offer(s), and matters concerning privileged and unprivileged client information deemed confidential by Rule 1.05 of the Texas Disciplinary Rules of Professional Conduct in accordance with Section 551.071, of the Texas Government Code, specifically: 1. A-1 SUR-1 AM Esnaurizar, up to 100 acres This item was discussed and no action was taken. The Board returned to open session at 6:24PM. 8. ADJOURNMENT President Meurin adjourned the meeting at 6:24PM. By: ______________________________ KATHY MEURIN, PRESIDENT Thursday, August 15, 2024 New Braunfels Economic Development Corporation Regular Meeting