2024-03-26 CEDC Minutes I
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TEXAS
SOUTHLAKE COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION
BOARD MEETING MINUTES: March 26, 2024
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 Vice President, Mike Pazera
Board Secretary, Craig Sturtevant
Member, Jennifer Kolb
Member, Bob Mundlin
Member Eric Wang
COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION BOARD
MEMBERS ABSENT:
Member, Jeff Wang
STAFF PRESENT:
Director of Economic Development & Tourism, Daniel Cortez
Chief Financial Officer & Board Treasurer, Sharen Jackson
Deputy Director of Economic Development & Tourism, Robert Briggs
Deputy Director of Community Services, Ryan McGrail
1. Call to order
Board President, Martin Schelling, called the meeting to order at 6:02 p.m.
2. Consider approving the minutes from the February 27, 2024 Community
Enhancement and Development Corporation meeting
A motion was made to approve the minutes from the February 27, 2024 meeting.
Motion: C. Sturtevant
Second: J. Kolb
Ayes: All Present
Nays: None
Abstain: None
Vote: 6-0-0
Motion Carried — APPROVED
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March 26, 2024 CEDC Minutes
3. Economic Development:
a. City of Southlake — State of the Local Economy Presentation
Director of Economic Development&Tourism Daniel Cortez presented the annual
review of the City of Southlake's State of the Local Economy. Highlights of the
presentation included:
• Reviewing the four major areas that drive the local economy:
o Employment, Labor — The unemployment rate is slightly
increasing, at 4%, however full employment is considered 4.5%
so the City is still trending well. The City is trending positively with
a 3.5% daytime population estimate increase since 2022.
o Commercial Development & Occupancy — The trend for retail
occupation is healthy and trending upward. There was a slight dip
in overall occupancy with the addition of Granite II to the market.
However, now the City is trending back upwards. Southlake Town
Square, considered separately, is sitting at 96% occupied.
Additionally, 81 new businesses opened in the past quarter and
survivability is greater this year than the prior two years.
o Residential Development and Sales Market — About 395 homes
were sold in 2023 with an average time on the market of 2.5
months. Director Cortez explained this data indicates a return to
market stability.
o Consumer Spending Trends — Consumer spending in the past
quarter was higher than in 2023. It was noted that the Open
Rewards Program could have had a positive impact.
b. Southlake Open Rewards Program Update
Director of Economic Development & Tourism Daniel Cortez provided the Board
a brief update regarding the recent success of the Southlake Open Rewards
Program. Highlights of the presentation included:
• The City has issued $35k of the total $75k allocated for this program.
• There are over 1,600 registered users.
• Just under 8,000 transactions have been completed.
• 97% of the users are local, (Southlake residents).
4. Staff reports:
a. Financial Reports
i. The Marq Southlake financial highlights and membership sales report
Board Treasurer Sharen Jackson presented data and figures related to The
Marq's financial performance. These included membership and revenue
trends for both Champions Club and Legends Hall. Director Jackson informed
the Board:
• The Marq overall is trending above the target cost recovery goal.
• Champions Club is trending above the target cost recovery goal.
o Membership levels remain strong with over 3,600 memberships.
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March 26, 2024 CEDC Minutes
• Legends Hall is trending below the target cost recovery goal at 38%.
o There is already over $140k booked for the months of April and
May 2024 however, the trend is still lower than the target.
o Staff will continue to monitor and update the Board.
ii. Sales tax report
Board Treasurer Sharen Jackson presented the Board with the most recent
sales tax data. She stated that in the most recent sales tax collections for FY
2024. Thus far, as compared to the past year, the City saw a slight reduction
in sales tax for the months of October, November, and December 2023. There
is no data that would cause staff to attribute the reduction to a specific industry.
The most recent month for which we have data for, January 2024, showed a
6.73% increase from FY 2023.
b. Economic and development activity report
Director of Economic Development and Tourism Daniel Cortez provided the Board
with an update on recent Economic Development activities. Director Cortez
advised the Board there is development interest in a vacant property on S. Kimball
Ave. to build a destination steakhouse restaurant. Director Cortez also advised of
development interest in the vacant land located on the corner of Highway 114 and
N. White Chapel Blvd. for a multi-use development with a grocery store anchor.
5. Adjourn
Board President, Martin Schelling, adjourned the meeting at 6:38 p.m.
Martin Schelling, Boa resident
Community Enhancement and Development Corporation Board
Craig u evant, Board Secretary
Community Enhancement and Development Corporation Board
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