2024-06-25 CEDC Minutes '^-! CITY OF
at SOUTHLAKE
l ) TEXAS
SOUTHLAKE COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION
BOARD MEETING MINUTES: Tuesday, June 25, 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, Jeff Wang
Member, Eric Wang (Arrived late)
COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION BOARD
MEMBERS ABSENT:
None
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 6:01 p.m.
ti
April 23, 2024 CEDC Minutes
2. Consider approving the minutes from the April 23, 2024, Community
Enhancement and Development Corporation meeting:
A motion was made to approve the minutes from the April 23, 2024, CEDC meeting.
Motion: J. Wang
Second: C. Sturtevant
Ayes: M. Schelling, M. Pazera, J. Kolb, B. Mundlin
Nays: None
Abstain: None
Vote: 6-0-0
Motion Carried —APPROVED
(Board member E. Wang was not yet present and therefore did not vote).
3. Economic Development:
a. Discussion of FY 2025 Economic Development and Capital Improvement
Program budget items.
Director Cortez provided the board a review of standard items CEDC funds are
spent followed by a detailed review of two proposed economic development and
capital improvement budget expenditures for FY 2025: 1) Business Recruitment
Brand Development, Media Strategy, Creative Messaging Development, and
Media Execution, in an amount not to exceed $117,000 and, 2) Business
Recruitment Paid Marketing, in an amount not to exceed $158,000.
Board questions were fielded by Director Cortez regarding the two proposed
budget items. Follow up inquiries which will be addressed at the next regular
CEDC meeting include: 1) Obtaining proof of performance data from the selected
vendor, and 2) Obtaining a list of paid media options provided by the vendor for
the business recruitment and paid marketing phase of the project.
4. The Marq:
a. Discussion of FY 2025 The Marq Southlake budget items.
Deputy Director McGrail provided the board with a comprehensive review of The
Marq's FY 2025 budget including budget amendments, updates to The Marq's fee
schedule, and all requests for adjustments to the base budget.
5. Staff reports:
a. Financial Reports
i. The Marq Southlake financial highlights and membership sales report
CFO and Board Treasurer Jackson provided an overview of The Marq's
financial highlights and membership sales report.
Currently the net revenue remains below the previous year's, while continuing
to trend up since its lowest point in February 2024.
2
April 23, 2024 CEDC Minutes
ii. Sales tax report
CFO and Board Treasurer Jackson provided an overview of The Marq's
financial highlights and membership sales report.
Although YTD the collections are below FY23, since conservative estimates
were made for the FY24 budget, the end of year balance is still expected to
exceed the budgeted amount.
b. Economic and development activity report
Director Cortez provided the Board with an overview of recent Economic
Development activity including the opening of The Capital Grille at 1201 E. State
Hwy 114 Suite #100 and the City's upcoming, 25th annual, Stars & Stripes
Independence Day celebration.
6. Adjourn
a. Board President, Martin Schelling, adjourned the meeting at 7:15 p.m.
Tie f c1�erq Bo q rct Vi,C� �f�S l,GteA-F
Community Enhanc ment and Development Corporation Board
azinr,„64,
Craig Sturtevant, Board Secretary
Community Enhancement and Development Corporation Board
3