2023-04-25 CEDC Minutes 0 1 _ITY OF
SOUTHLAKE
TEXAS
SOUTHLAKE COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION
BOARD MEETING MINUTES: April 25, 2023
LOCATION: The Marq Southlake
Legends Hall — Boardroom
285 Shady Oaks Drive
Southlake, Texas 76092
TIME: 6:00 p.m.
COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION BOARD
MEMBERS PRESENT: Board President Martin Schelling, Board Secretary Craig
Sturtevant. Jennifer Kolb, Bob Mundlin and Jeff Wang
COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION BOARD
MEMBERS ABSENT: Board Vice President Mike Pazera, Eric Wang
STAFF PRESENT: Chief Financial Officer & Board Treasurer Sharen Jackson, Director
of Economic Development & Tourism Daniel Cortez, Director of Community Services
Chris Tribble, and Economic Development Specialist Stephanie Bernard
1. Call to order
Board President Martin Schelling called the meeting to order at 6:00 p.m.
2. Consider approving the minutes from the March 29, 2023 Community
Enhancement and Development Corporation meeting
A motion was made to approve the minutes from the March 29, 2023 meeting.
Motion: Sturtevant
Second: J. Wang
Ayes: Kolb, Schelling, Mundlin, Sturtevant, J. Wang
Nays: None
Abstain: None
Vote: 5-0-0
Motion Carried — APPROVED
3. Economic Development
a. Review and make recommendations on the Commercial Site Assessment for
Suntree Square
April 25, 2023 CEDC Minutes
Economic Development Specialist Stephanie Bernard presented the draft
Commercial Site Assessment for Suntree Square. The Board provided the
following feedback for Suntree Square:
• More signage would not impact center success as visibility of tenants is
adequate.
• Grocery store anchor for center is ideal, if Tom Thumb ever left, the Board
would want a similar tenant to occupy that space.
• Full-service restaurant option may be considered, taking into consideration
traffic impact.
b. Review and provide feedback on the quarterly economic and hospitality
reports
Director of Economic Development and Tourism Daniel Cortez provided the Board
with the first iterations of the economic and hospitality reports that will be presented
to the Board quarterly. Mr. Cortez asked the Board members to review the reports
and to provide feedback on what would be most helpful for them to be able to make
informed decisions.
4. Staff Reports
a. Financial Reports
i. The Marq Southlake financial highlights and membership sales report
Chief Financial Officer & Board Treasurer Sharen Jackson provided
information about Champions Club membership trends and revenue. She
informed the Board that the Marq overall is currently exceeding the target
annual cost recovery at 75%, with a budget anticipated target of just under 60%
for the year. She stated that the post-pandemic cost recovery target for the
entire center was anticipated to be 71% and she is confident we will meet that
by the end of this fiscal year. Champions Club and Legends Hall both are above
target annual cost recovery for the year with Champions Club at 82% cost
recovery with a target of 67% and Legends Hall at just under 49% cost recovery
with a target of 33%. She also noted Legends Hall currently has $270,000 of
events on the books through September. She expects to see $570,000 in rental
revenue this fiscal year, a new record. Champions Club continues to see
increases in memberships, with 3,413 in the month of March. She noted the
largest increases in membership types are in the adult and family categories.
ii. Sales Tax Report
Chief Financial Officer& Board Treasurer Sharen Jackson presented the Board
with the most recent sales tax data. She stated sales are trending favorably
and year to date FY 2023 collections are 4.6% above FY 2022 and 39.2%
above FY 2021. Most recent sales tax collections for sales in the month of
February 2023 are 3.4% above collections for the month of February 2022 and
46.8% above February 2021 collections. She anticipates CEDC projected
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April 25, 2023 CEDC Minutes
budgeted collections at $7.5 or $7.6 million by the end of the fiscal year. She
also noted that while collections are up it may be due in large part to the impact
of inflation.
b. Economic and development activity report
Director of Economic Development and Tourism Daniel Cortez provided the board
with an update on Capital Grille.
5. Adjourn
Board President Martin Schelling adjourned the meeting at 6:55 p.m.
Martin Schelling, rd President
Community Enhancement and Development Corporation Board
Craig S rtevant, Board Secretary
Community Enhancement and Development Corporation Board
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