2024-07-23 CEDC Minutes TeCITY OF
SOUTH LAKE
TEXAS
SOUTHLAKE COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION
BOARD MEETING MINUTES: Tuesday, July 23, 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 Vice President, Mike Pazera
Board Secretary, Craig Sturtevant
Member, Jennifer Kolb
Member, Bob Mundlin
Member, Jeff Wang
Member, Eric Wang •
COMMUNITY ENHANCEMENT AND DEVELOPMENT CORPORATION BOARD
MEMBERS ABSENT:
Board President, Martin Schelling
STAFF PRESENT:
Director of Economic Development & Tourism, Daniel Cortez
Chief Financial Officer & Board Treasurer, Sharen Jackson
Deputy Director of Economic Development & Tourism, Robert Briggs
Director of Community Services, David Miller
Deputy Director of Community Services, Ryan McGrail
1. Call to order:
Board Vice President, Mike Pazera, called the meeting to order at 6:00 p.m.
July 23, 2024 CEDC Minutes
2. Consider approving the minutes from the June 25, 2024, Community
Enhancement and Development Corporation meeting:
A motion was made to approve the minutes from the June 25, 2024, CEDC meeting.
Motion: C. Sturtevant
Second: B. Mundlin
Ayes: M. Pazera, J. Kolb, J. Wang, E. Wang
Nays: None
Abstain: None
Vote: 6-0-0
Motion Carried —APPROVED
3. Consider the adoption of the Fiscal Year FY 2025 Southlake Community
Enhancement and Development Corporation Operating Budget and Capital
Improvement Plan.
Staff presentations were provided to the board by Director Cortez, Deputy Director
Briggs, Deputy Director McGrail, and Board Treasurer & CFO Jackson.
Once staff presentations were complete, a motion was made to approve the adoption
of the Fiscal Year FY 2025 Southlake Community Enhancement and Development
Corporation Operating Budget and Capital Improvement Plan.
Motion: J. Wang
Second: J. Kolb
Ayes: M. Pazera, C. Sturtevant, B. Mundlin, E. Wang
Nays: None
Abstain: None.
Vote: 6-0-0
Motion Carried —APPROVED
4. Economic Development:
a. Quarterly Economic and Hospitality Reports.
Director Cortez provided the board with a review of the FY24, Q3 Economic and
Hospitality reports.
For the Economic report, the retail occupancy rate is sitting at a healthy level of
96.9%, slightly higher than the previous quarter(96.5%) and the office occupancy
has risen from 80.6% in Q4, FY23 to 83.1%. This was attributed to the new spaces
(e.g. Granite II) beginning to see tenants move in. The hospitality report was also
covered, with a highlight being a spike in room rentals in April of 2024. This being
attributed to the Solar Eclipse and City's Solar Eclipse event that brought in
thousands of people to the community to observe the celestial event.
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July 23, 2024 CEDC Minutes
5. 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.
6. 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. However, they are
still experiencing an upward trend in the total number of memberships. Now
The Marq has the most memberships it has since starting operation. Now
there are a greater number of single memberships versus family
memberships. The latter brings a greater amount of revenue for the operation.
ii. Sales tax report
CFO and Board Treasurer Jackson provided an overview of the Community
Enhancement and Development Corporation's 3/8 cent sales tax report and
advised, due to some auditing adjustments that were required, there was an
overall decrease in the tax revenue for this fund this past month. She added
that she does not expect that to continue, as the auditing was complete, and
no further adjustments should need to be made.
She added, although the YTD collections remain 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 advised the board with there being no construction permits having
been submitted and the absence of City Council meetings for the entire month of
July, there was no activity to report.
7. Adjourn
a. Board Vice Pre ident, Mike Pazera, adjourned the meeting at 6:47 p.m.
7Z
M in chelling, Board President
Community Enhancement and Development Corporation Board
(t4464114111,704144--
Craig Sturtevant, Board Secretary
Community Enhancement and Development Corporation Board
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