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01.15.14 CAB MinutesProsper ECONOMIC DEVELOPMENT CORPORATION DRAFT MINUTES Meeting of the Prosper Economic Development Corporation 170 N. Preston Rd., Suite 50 Prosper, Texas 75078 Wednesday, January 15, 2014 - 6:00 p.m. Call to Order and Announce aQuorum is Present Board President Jim Wicker called the meeting to order at 6:02 p.m. Board members present were Mayor Ray Smith, Reno Jones, Jordan Simms, David Bristol and Roger Thedford. Board Secretary Gary Jackson joined the meeting in progress. PEDC Executive Director Robert Winningham, Economic Development Specialist Garrett Weaver and Economic Development Assistant Sam Blatt were also present. 1. Comments from Citizens (The EDC may receive input from citizens only on topics that are not listed on the meeting agenda) There were no comments from citizens. 2. Approval of Minutes from the Regular Meeting on December 18, 2013 Ray Smith moved to approve the December 2013 Regular Meeting Minutes. The motion was seconded by Jordan Simms and was unanimously passed. 3. Approval of the PEDC Financial Reports for December 2013 and Take Any Additional Action Necessary Reno Jones presented the December 2013 Financial Reports to the Board. Jones noted that revenues for the month were average for this time of year and that the PEDC paid $55,000 out of `Project Incentives" to satisfy the obligation for the Prosper Town Center retaining wall per the agreement made between the Town, PEDC and the developer in 2012. Ray Smith questioned if the developer had finished building the retaining wall yet as stipulated in the aforementioned agreement to which Jones replied negatively but added that the developer is actively working to get it completed. Robert Winningham noted that Town Accounting Manager Trish Featherston will combine the "Telephone" and "Cell Phone" expense line items for next month's Financial Report. Winningham added that the combination of the two line items would simplify bill paying and would better organize the monthly financial reports. Reno Jones moved to approve the December 2013 Financial Reports. The motion was seconded by Roger Thedford and was unanimously passed. 4. Discuss and Possibly Take Action on Promotional Video for Prosper EDC Robert Winningham explained to the Board that Town Council Member Danny Wilson inquired about doing a promotional video on Prosper. Winningham noted that this would be a good idea since the previous promotional video that was done is now almost two years old. Winningham also noted that the PEDC website needs to be updated and that staff has already met with website administrator Colby Nate on making revisions to the website that are within the PEDC's budget. Winningham added that staff would look into implementing a property database onto the website to help market available space in Prosper to prospects. Jim Wicker noted that staff presented similar ideas in the past but they never came into fruition. Wicker added that he agrees and supports the idea to produce a promotional video and to revamp the PEDC website. Winningham stated that post -marketing efforts for events such as the Hwy 380 Development Forum and other events that will occur in the future, the PEDC should have a more current and user- friendly website. In light of the fact that professionally produced videos can cost upwards of $10,000, Wicker gave the idea of utilizing students from Prosper High School to assist in production of a promotional video since they have access to state-of-the- art video equipment. The Board agreed that getting Prosper High School students involved in the production of a promotional video on Prosper would be beneficial to both the students and the PEDC. The Board could also make a contribution to a Prosper High School Broadcasting Department scholarship for the students' time and efforts. PEDC Alinules page 2 January IS, 2014 On the topic of the PEDC website, Reno Jones noted that websites today are like business cards and that the PEDC website needs an edge. Winningham displayed a website for the River Ridge Commerce Center www.riverridaecc.con ), based in Indiana, and all of its functions. David Bristol asked who is currently in charge of the PEDC website to which Winningham responded that the person overseeing the website is Colby Nate, who also works on other municipal websites in the area. Bristol added that the PEDC should move forward with updating news, photos and other items on the website. Wicker suggested that the PEDC consider hiring a web developer that could create a website that would help Prosper stand out above surrounding communities. The Board agreed that any opportunity to get ahead of the competition should be pursued. After discussion it was determined that no action was necessary at this time. 5. Convene into Closed Executive Session: Pursuant to Texas Government Code, Section 551.087; Deliberation of Economic Development Negotiations: To Deliberate Commercial and Financial Information and Economic Incentives for the following: Board President Jim Wicker called the meeting into executive session at 6:22 p.m. to discuss: • Grocery Store(s) Update • Retail Update • Prosper Business Park and Office Parks Update Board President Jim Wicker reconvened the meeting into regular session at 8:07 p.m. 6. Take Any Action Necessary as a Result of Executive Session No action was taken at this time. 7. Town of Prosper Report Mayor Ray Smith gave an update on various projects and issues for the Town of Prosper. 8. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events PEDC Executive Director Robert Winningham presented updates on projects on which the PEDC staff is working. Winningham added that he will be participating in the Town Council's strategic planning workshop with the Town Manager and department heads on January 29`h. 9. Determine PEDC Board Meeting Date for February, 2014 After deliberation, it was determined and agreed upon that the next PEDC Board Meeting would be held on Wednesday, February 19, 2014. 10. Adjourn The PEDC Board meeting adjourned at 8:13 p.m. with a motion from Reno Jones and seconded by David Bristol. The motion was unanimously passed. ecretary Date Prosper MINUTES Meetin of the Pros Prosper Economic Development Corporation ECONOMIC 9 P P P DEVELOPMENT 170 N. Preston Rd., Suite 50 DEVE OR MEN Prosper, Texas 75078 CORWednesday, February 19, 2014 - 6:00 p.m. Call to Order and Announce a Ouorum Is Present Board President Jim Wicker called the meeting to order at 6:05 p.m. Board members present were Mayor Ray Smith, Reno Jones, Jordan Simms, David Bristol and Gary Jackson. Board member Roger Thedford was absent. PEDC Executive Director Robert Winningham, Economic Development Specialist Garrett Weaver and Economic Development Assistant Sam Blatt were also present. 1. Comments from Citizens (The EDC may receive input from citizens only on topics that are not listed on the meeting agenda) There were no comments from citizens. 2. Approval of Minutes from the Regular Meeting on January 15, 2014 Jordan Simms moved to approve the January 2014 Regular Meeting Minutes. The motion was seconded by Ray Smith and was unanimously passed. 3. Approval of the PEDC Financial Reports for January 2014 and Take Any Additional Action Necessary Reno Jones presented the January 2014 Financial Reports to the Board. Jones commented that the report was accurate and that the Town Finance Director has greatly improved the quality of the Financial Reports. He noted that the PEDC has collected $283,029 in sales tax plus interest in this fiscal year and that the cash balance is a little over $2.1 million. Gary Jackson questioned if it is possible to pro rate the available budget on the Financial Reports to account for encumbered funds and if we can update liabilities and future commitments to reflect this. Robert Winningham responded that this might be possible but will check with the Town Finance Director and staff. Ray Smith moved to approve the January 2014 Financial Reports. The motion was seconded by David Bristol and was unanimously passed. 4. Approval of PEDC Quarterly Investment Report for Period Ending December 31, 2013 Reno Jones presented to the Board the Quarterly Investment Report -EDC Portfolio as submitted by the Town of Prospe: Finance Department. Gary Jackson moved to approve the PEDC Quarterly Investment Report -EDC Portfolio and to grant Board Treasurer Reno Jones permission to sign the document on behalf of the Board. The motion was seconded by Ray Smith and was unanimously approved. 5. Discuss and Possibly Take Action on PEDC Strategic Plan for 2014 Robert Winningham presented the PEDC Strategic Plan for 2014 and printed objectives distributed by the Town Secretary during the Town's recent strategic planning session. Winningham noted that the PEDC's Strategic Plan dovetails with the Town's. Jim Wicker noted that the PEDC's goals and objectives in the Town's Strategic Plans appear to differ slightly from the PEDC's Strategic Plan that was adopted by the Board. Jordan Simms questioned the degree of difference there was between the two plans. David Bristol requested that two documents be presented to the Board in the form of a redline comparison. Wicker summarized by asking Staff to highlight and summarize the differences between the Strategic Plan for the PEDC outlined by Town Council and the Strategic Plan for the PEDC outlined by the PEDC Board. The board decided to table this item and resume discussion at the next regularly scheduled PEDC Board Meeting. PEDC Minutes -page 2 February 19, 2014 6. Convene into Closed Executive Session Pursuant to: 6.1. Texas Government Code, Section 551.072; Deliberation Regarding Real Property to deliberate the purchase, exchange, lease, or value of real property relating to the development of a proposed Prosper Business Park 6.2. Texas Government Code, Section 551.087; Deliberation of Economic Development Negotiations to deliberate Commercial and Financial Information and Economic Incentives relating to the following: Board President Jim Wicker called the meeting into executive session at 6:26 p.m. to discuss: • Grocery Store(s) and Retail Update • RFP Updates: Project One Heart / Project Gympak Tee Board President Jim Wicker reconvened the meeting into regular session at 8:10 p.m. 7. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations No action was taken. S. Discuss and Possible Take Action on Won and Lost Projects No action was taken. 9. Town of Prosper Report Mayor Ray Smith gave an update on various projects and issues for the Town of Prosper. 10. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events PEDC Executive Director Robert Winningham presented updates on projects on which the PEDC staff is working. 11. Determine PEDC Board Meeting Date for March, 2014 After deliberation, it was determined and agreed upon that the next PEDC Board Meeting would be held on Wednesday March 19, 2014. 12. Adjourn The PEDC Board meeting adjourned at 8:22 p.m. with a motion from Ray Smith and seconded by David Bristol. The motion was passed on a majority. Date Prosper ECONOMIC DEVELOPMENT CORPORATION MINUTES Meeting of the Prosper Economic Development Corporation 170 N. Preston Rd., Suite 50 Prosper, Texas 75078 Wednesday, March 19,2014 - 6:00 p.m. Call to order and Announce a Quorum is Present Board Vice President David Bristol called the meeting to order at 6:03 p.m. Board members present were Mayor Ray Smith, Reno Jones, Jordan Simms, Roger Thedford and Gary Jackson. Board President Jim Wicker was absent. PEDC Executive Director Robert Winningham and Economic Development Specialist Garrett Weaver were also present. Comments from Citizens (The EDC may receive input from citizens only on topics that are not listed on the meeting agenda) There were no comments from citizens. 2. Approval of Minutes from the Regular Meeting on February 19, 2014 Gary Jackson moved to approve the February 2014 Regular Meeting Minutes. The motion was seconded by Jordan Simms and was unanimously passed. 3. Approval of the PEDC Financial Reports for February 2014 and Take Any Additional Action Necessary Reno Jones presented the February 2014 Financial Reports to the Board. Jones commented that the PEDC collected roughly $74,000 in revenue for the month, which is up 9.8% from the previous year, and that the PEDC is now up to approximately $2.2 million in reserves. Jordan Simms questioned the $3,000 listed as "Other Revenue" in the report. Garrett Weaver responded that it was revenue from deposited checks from six of the sponsors of the Hwy 380 Development Forum held in December 2013. Robert Winningham responded that the PEDC is still awaiting payment from one of the sponsors. David Bristol asked if the percentages on the Report looked correct to which Jones replied affirmatively. Winningham also added that an expense for an additional desk in the PEDC office should appear on next month's Financial Report. The desk, to be used by Weaver, will be approximately $2,500. Reno Jones moved to approve the February 2014 Financial Reports. The motion was seconded by Ray Smith and was unanimously passed. 4. Review of Incentive Commitments Robert Winningham opened the discussion by noting that there should only be one payment left on the Precision Landscaping economic development incentive agreement. Garrett Weaver added that the total remaining obligation for this agreement is approximately $1,778 and should be paid by the end of March. Winningham noted that after the Precision Landscaping incentive agreement expires, the only other financial commitment by the Board would be to Matthews Southwest. He added that Weaver is currently developing summaries of the PEDC's financial agreements which could be distributed or uploaded online. Gary Jackson asked if the summaries would be in the form of a spreadsheet with deal points and other pertinent information listed. Winningham responded affirmatively and that this exercise would also establish a template for future use. David Bristol asked if the Matthews Southwest template has been created yet to which Weaver responded that he is in the process of creating it. Jackson questioned if there is possibly more than one outstanding commitment by the PEDC. Ray Smith answered that he believed that the Matthews Southwest agreement should be the only financial commitment remaining by the PEDC and that it is based on performance by the developer. No action was taken on this item. PEDC Minutes page 2 March 19, 2014 5. Convene into Closed Executive Session Pursuant to: 5.1. Texas Government Code, Section 551.072; Deliberation Regarding Real Property to deliberate the purchase, exchange, lease, or value of real property relating to the development of a proposed Prosper Business Park 5.2. Texas Government Code, Section 551.087; Deliberation of Economic Development Negotiations to deliberate Commercial and Financial Information and Economic Incentives relating to the following: Board Vice President David Bristol called the meeting into executive session at 6:16 p.m. to discuss: • Grocery Store(s) and Retail Update • Discussion of Potential Office Development(s) and Tenant(s) Board Vice President David Bristol reconvened the meeting into regular session at 7:24 p.m. 6. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations No action was taken. 7. Discuss and Possibly Take Action on PEDC Strategic Plan for 2014 Robert Winningham presented the PEDC Strategic Plan for 2014 and a list of Town Council objectives that were distributed by the Town Secretary during the Town staff and Council's recent strategic planning session. Winningham noted that the PEDC's Strategic Plan dovetails with the Town's and also highlighted a few differences between the two documents. David Bristol asked how the PEDC can expand the career tech center at the high school. Winningham gave examples of how other EDC boards have facilitated high school career centers in their community. Ray Smith emphasized that the Town's objectives are a guideline for the entire Town staff. He and the Board agreed that PEDC staff should continue to follow the PEDC Strategic Plan for 2014, which Council supports. No action was taken on this item. 8. Discuss and Possible Take Action on Won and Lost Projects Robert Winningham presented the Won and Lost Projects spreadsheet which lists all of the projects that the PEDC has won, lost or was not qualified to submit. No action was taken on this item. 9. Town of Prosper Report Mayor Ray Smith gave an update on various projects and issues for the Town of Prosper. 10. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events PEDC Executive Director Robert Winningham presented updates on projects on which the PEDC staff is working. 11. Determine PEDC Board Meeting Date for March, 2014 It was determined and agreed upon that the next PEDC Board Meeting would be held on Wednesday, April 16, 2014. 12. Adjourn The PEDC Board meeting adjourned at 7:57 p.m. with a motion from Roger Thedford and seconded by Ray Smith. The motion was passed unanimously. Gary Jackson — PEDC Secretary Date iPro ECONOMIC DEVELOPMENT 4 CORPORATION DRAFT MINUTES Meeting of the Prosper Economic Development Corporation 170 N. Preston Rd., Sulte 50 Prosper, Texas 75078 Wednesday, April 16, 2014.6:00 p.m. Call to Order and Announce a Quorum is Present Board President Jim Wicker called the meeting to order at 6:00 p.m. Board members present were Mayor Ray Smith, Reno Jones, Roger Thedford and David Bristol. Board member Jordan Simms was absent. PEDC Executive Director Robert Winningham, Economic Development Specialist Garrett Weaver, Economic Development Assistant Sam Blatt, Town Finance Director Kent Austin, Mayor Pro -Tem Kenneth Dugger and citizen Christina Grant were also present. Board Secretary Gary Jackson joined the meeting in progress. 1. Comments from Citizens (The EDC may receive input from citizens only on topics that are not listed on the meeting agenda) There were no comments from citizens. 2. Approval of Minutes from the Regular Meeting on March 19, 2014 Ray Smith moved to approve the March 2014 Regular Meeting Minutes. The motion was seconded by Roger Thedford and was unanimously approved. 3. Approval of the PEDC Financial Reports for March 2014 and Take Any Additional Action Necessary Reno Jones presented the March 2014 Financial Reports to the Board. Jones commented that the PEDC has over $2.2 million in cash reserves and that the PEDC made its final incentive payment to Precision Landscape. Jones also added that PEDC staff acquired a laser projector for the purpose of giving presentations. Jones added that he is participating in the Prosper Open golf tournament benefitting the Prosper ISD Foundation later this month and asked if the PEDC should sponsor the event. David Bristol added that he believed it would be a good event to sponsor. Bristol also complimented Town Finance Director Kent Austin and his staff for doing a good job of improving the monthly Financial Reports for the PEDC. David Bristol moved to approve the March 2014 Financial Reports. The motion was seconded by Reno Jones and was unanimously passed. 4. Review of Investment Policy for Town of Prosper and Prosper EDC Town Finance Director Kent Austin presented the Investment Policy for the Town of Prosper and Prosper EDC. Austin noted that the Town Council approved the Investment Policy at the April 8, 2014 Town Council meeting. Austin added that, per State law, all government entities must have policies in place for investing funds. Austin suggested possibly having separate policies for the Town and EDC. Austin added that principal preservation is the highest priority for investment and that the Policy dictates that one or more investment officers must be designated to make investment decisions. The EDC Treasurer is automatically designated as an officer according to the Policy. One requirement of an investment officer is to complete a minimum of ten hours of training which must be renewed every two years, Austin added. Austin noted that most of the PEDC's cash is in a checking account because it is the safest and highest yielding option. Reno Jones stated that he completed an investment training course approximately two years ago and completed it online. Austin added that auditors will sometimes test officers to ensure that they have completed training. Jim Wickei questioned why the Policy was enacted in April and not at the beginning of the fiscal year or calendar year. Austin replied that the Policy is not required to be enacted within any certain timeframe. Wicker concluded the discussion by stating that approval of the Investment Policy would need to be presented at the May Board meeting. Wicker also commended Austin and his staff for the progress and improvements that have been made since his employment. PEDC Minutes - page 2 Apri116, 2014 5. Review of Incentive Commitments Robert Winningham distributed the cash flow sheet that was generated by staff. Winningham noted that Garrett Weaver reviewed the PEDC's documents and inserted all of the completed and future financial commitments into the cash flow sheet. Weaver noted that the only outstanding future financial obligation is to Matthews Southwest and the fust payment for that obligation is estimated to occur in or around April 2017. Winningham also noted that the actual costs for the Preston Road and First Street project exceeded $175,000 and that Town Executive Director of Development and Community Services Hulon Webb reported that the project is about 95% complete. Winningham concluded discussion by announcing that hard copies of the auditor's report of the PEDC are available to any Board member by request. 6. Convene into Closed Executive Session Pursuant to Texas Government Code, Section 551.087; Deliberation of Economic Development Negotiations to deliberate Commercial and Financial Information and Economic Incentives relating to the following: Board President Jim Wicker called the meeting into executive session at 6:24 p.m. to discuss: • Grocery Store(s) and Retail Update • Discussion of Potential Office Development(s) and Tenant(s) Board President Jim Wicker reconvened the meeting into regular session at 8:04 p.m. 7. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations No action was taken. 8. Discuss and Possibly Take Action on Won and Lost Projects Robert Winningham presented the Won and Lost Projects spreadsheet which lists all of the projects that the PEDC has won, lost or was not qualified to apply for. Winningham noted that not much has changed on the list other than Project California may not choose to relocate from its current location. No action was taken on this item. 9. Town of Prosper Report Mayor Ray Smith gave an update on various projects and issues for the Town of Prosper. 10. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events PEDC Executive Director Robert Winningham presented updates on projects on which the PEDC staff is working. Guest Christina Grant questioned Winningham on what type of prospects are being recruited to Prosper. Winningham responded that high tech, high wage and possibly some light manufacturing uses are main industry targets. Grant asked if a project similar to Hall Office Park is planned for Prosper. Winningham responded that Matthews Southwest has a similar project planned at the northwest corner of the Dallas North Tollway and Hwy 380. Grant noted that she works with several different CEOs and would like to assist in recruiting corporations to Prosper. Winningham replied that community ambassadors are important and that the PEDC would be interested in working with Grant on corporate recruitment. 11. Confirm Next Regularly Scheduled PEDC Board Meeting on May 21, 2014 It was determined that Board members would verify and report back to the Executive Director whether or not May 21, 2014 is a good date for the next regularly scheduled Board meeting. PEDC Minutes —page 3 April 16, 2014 12. Adjourn The PEDC Board meeting adjourned at 8:04 p.m. with a motion from Ray Smith and seconded by Roger Thedford. The motion was passed unanimously. _S6- Zo! Date N, Prosper ECONOMIC DEVELOPMENT CORPORATION MINUTES Meeting of the Prosper Economic Development Corporation 170 K Preston Rd., Suite 50 Prosper, Texas 75078 Tuesday, May 6, 2014.6:00 p.m. Call to Order and Announce a uorum is Present Board President Jim Wicker called the meeting to order at 6:04 p.m. Board members present were Mayor Ray Smith, Reno Jones, Roger Thedford, Gary Jackson and David Bristol. Board member Jordan Simms and PEDC Executive Director Robert Winningham were absent. PEDC Economic Development Specialist Garrett Weaver, Economic Development Assistant Sam Blatt were also present. Guests present were Robert Dorazil, David Blom, and citizens Jon Kundak and Mike Davis. 1. Comments from Citizens (The EDC may receive input from citizens only on topics that are not listed on the meeting agenda) There were no comments from citizens. 2. Approval of Minutes from the Regular Meeting on April 16, 2014 David Bristol moved to approve the April 2014 Regular Meeting Minutes. The motion was seconded by Roger Thedford and was unanimously approved. 3. Discuss and Possibly Take Action on Investment Policy for Town of Prosper and Prosper EDC Jim Wicker opened discussion by noting that Town Finance Director Kent Austin presented the Investment Policy to the PEDC Board at the April 16, 2014 Board meeting. Wicker gave a brief review of the details of the Policy and noted that the PEDC Treasurer would be the investment Officer, as designated by the Policy. No changes to the Policy that was presented by the Town Finance Director were necessary and the approval process of the PEDC Investment Policy should be conducted annually, Wicker concluded. Ray Smith moved to approve the Investment Policy for the Town of Prosper and Prosper EDC. The motion was seconded by Reno Jones and was unanimously passed. 4. Review of Incentive Commitments Garrett Weaver presented an overview of the PEDC's incentive commitments and explained that the only outstanding financial commitment by the PEDC is to Matthews Southwest. David Bristol asked how much the fust payment is estimated to be and when the first payment may occur. Weaver replied that the first incentive payment to Matthews Southwest is anticipated to occur in April 2017 in the estimated amount of $46,196. Weaver noted that this estimate was taken from the Project and Financing Plan for TIRZ No. 2 that was accepted and adopted by the Town Council. Discussion concluded with no action being taken. 7. Discuss and Possibly Take Action on Won and Lost Projects Garrett Weaver presented the Won and Lost Projects spreadsheet which lists all of the projects that the PEDC has won, lost or was not qualified to apply. Weaver noted the addition of Project Three Star to which the PEDC could not respond to the Request for Proposal (RFP) from the Office of the Governor Economic Development and Tourism because the project required existing space that exceeds the amount currently available in Prosper. No action was taken on this item. 8. Town of Prosper Report: Update on Various Activities and Projects by the Town Mayor Ray Smith gave an update on various projects and issues for the Town of Prosper. PEDC Minutes -page 2 May 6, 2014 9. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events PEDC Economic Development Specialist Garrett Weaver presented updates on projects on which the PEDC staff is working. Reno Jones added that his team, which included PEDC Executive Director Robert Winningham, Matt Rosenfeld of Weitzman and Joe Hickman of Blue Star, won the Foundation for Prosper Schools charity golf tournament that was recently held at Gentle Creek Golf Club which the PEDC co-sponsored. Roger Thedford asked if there were any updates on the status of upgrading the website. Weaver responded that staff has been working on implementing an interactive map on the PEDC website as an aid for developers, site selectors, commercial real estate brokers and any viewers of the site. David Bristol questioned if the pictures on the website were under staff control and that some pictures on the website should be changed. Sam Blatt responded that pictures on the website are revisable by staff and that staff would change the pictures in question as soon as possible. Jim Wicker commented that updates on the PEDC website should be added to future Board meeting agendas as a rolling agenda item. Weaver concluded the Report by reminding the Board of the PEDC sponsored Bisnow "State of the Dallas Market" event on May 29`h in which Mayor Ray Smith will be a panelist. 10. Confirm Next Regularly Scheduled PEDC Board Meeting on June 18, 2014 It was determined that Board members would verify and report back to staff whether or not June 18, 2014 is a good date for the next regularly scheduled Board meeting. 5. Convene into Closed Executive Session Pursuant to Texas Government Code, Section 551.087; Deliberation of Economic Development Negotiations to deliberate Commercial and Financial Information and Economic Incentives relating to the following: Board President Jim Wicker called the meeting into executive session at 6:27 p.m. to discuss: Road Improvements in West Prosper Board President Jim Wicker reconvened the meeting into regular session at 8:27 p.m. 6. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations No action was taken. 11. Adjourn The PEDC Board meeting adjourned at 8:27 p.m. with a motion from Ray Smith and seconded by Roger Thedford. Tl(e_ tiqtion was passed unanimously. Jackson — RDC Secretary Date Note: Agenda items were conducted in the above order per the Board President's discretion Prosper ECONOMIC DEVELOPMENT CORPORATION MINUTES Meeting of the Prosper Economic Development Corporation 170 N. Preston Rd., Suite 50 Prosper, Texas 75078 Wednesday, June 18, 2014 - 6:00 p.m. Call to Order and Announce a Ouorum is Present Board President Jim Wicker called the meeting to order at 6:00 p.m. Board members present were Mayor Ray Smith, Reno Jones, Roger Thedford, Gary Jackson and Jordan Simms. Board Vice President David Bristol was absent. PEDC Executive Director Robert Winningham, Economic Development Specialist Garrett Weaver and Economic Development Assistant Sam Blatt were also present. 1. Comments from Citizens (The EDC may receive input from citizens only on topics that are not listed on the meeting agenda) There were no comments from citizens. 2. Approval of Minutes from the Regular Meeting on May 6, 2014 Roger Thedford moved to approve the May 2014 Regular Meeting Minutes. The motion was seconded by Gary Jackson and was unanimously approved. 3. Approval of PEDC Financial Reports for April and May 2014 and Take Any Additional Action Necessary Reno Jones presented the April and May Financials. Jones noted a steady increase in revenue for April and a larger increase for May with over $85,000 in sales tax income. Jim Wicker added that May 2014 is the highest single income month in PEDC history. Jones questioned what caused such a large increase to which Ray Smith responded that it was likely an increase in concrete and lumber sales. Gary Jackson noted that the "Promotional Expense" line item was close to approaching the adopted budget and questioned what expenses have been made in that line item. Robert Winningham clarified that the Bisnow and Hwy 380 events were paid out of the "Promotional Expense" account as well as other promotional materials. Gary Jackson moved to approve the April and May 2014 Financial Reports. The motion was seconded by Jordan Simms and was unanimously passed. 4. Review of Incentive Commitments Robert Winningham presented the cash flow sheet of commitments to the Board. Garrett Weaver commented that the only significant changes to the cash flow sheet for the current month were the insertions of the cash flows for the April and May months. Jim Wicker requested that any month-to-month changes made to the cash flow sheet should be highlighted for clarity. Roger Thedford questioned if future proposed incentives to projects should be included on the cash flow sheet. Wicker added that it would be beneficial to add pending projects to the sheet. Ray Smith requested that staff use the corresponding month's revenues and expenditures from the previous year when projecting out the remaining months of the fiscal year. Jim Wicker seconded that idea and also requested that percentage annual growth from year-to-year be added to the cash flow sheet as well. Robert Winningham responded that staff will incorporate the aforementioned requests into next month's cash flow sheet. Discussion concluded with no action taken. 5. Discuss and Possibly Take Action on FY2015 Budget Robert Winningham distributed the proposed FY2015 Budget to the Board. Winningham noted that this was the first draft of the budget and that it ultimately needed to be passed at the Board meeting in July in order to present it to the Town Council in time for the next fiscal year. Winningham described the overall layout of the proposed budget. Ray -Smith noted that health insurance increased significantly. Winningham responded that the health insurance numbers presented were provided and generated by the Town Human Resources Department. PEDC Minutes —page 1 June 18, 2014 Winningham assured that staff would revisit with the Human Resources Department to ensure that the numbers provided were correct. Gary Jackson noted that some of the numbers appeared to add up incorrectly and attributed the incorrect calculations errors in the spreadsheet cells. Winningham acknowledged the errors and assured that any such errors would be corrected in the next draft of the budget. Jordan Simms noted an increase in the "Admin. Fees to Town" line item and inquired the reason for the increase. Winningham responded that the increase was to cover Town staff's support of accounting, payroll and administrative services for the PEDC. After discussion, the Board came up with recommendations for changes to the proposed budget including: adjusting the formulas for salaries and benefits; adding subtotals for the revenue, salary, benefits and expense categories; show revenues versus expenses to illustrate a surplus or deficit; update sales tax revenue and interest on investments; add percentage column to compare projected FY2014 expenses to budgeted FY2014 expenses, and to compare proposed FY2015 Budget to projected FY2014 expenses. Winningham responded that the Board's recommended changes would be implemented and redistributed. No action was taken on this item. 8. Discuss and Possibly Take Action on Won and Lost Projects Garrett Weaver presented the Won and Lost Projects list to the Board. Weaver noted the additions of Project Torch and Project Bullseye. PEDC submitted a Request for Proposal (RFP) for Project Torch but was unqualified to submit an RFP on Project Bullseye due to a lack of existing sufficient space in Town, as the Project required. Jordan Simms recommended to reduce the size of the report and to delete some of the older, less relevant projects from the list. Jim Wicker echoed Simms' comment and suggested that the report be updated and distributed on a quarterly basis. Discussion concluded with no action taken. 9. Town of Prosper Report: Update on Various Activities and Projects by the Town Mayor Ray Smith gave an update on various projects and issues for the Town of Prosper. 10. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events PEDC Executive Director Robert Winningham presented updates on projects on which the PEDC staff is working. Winningham also noted that the Windsong Ranch ribbon cutting event will occur later in June and that all Board members are invited to attend. 11. Confirm Next Regularly Scheduled PEDC Board Meeting on July 16, 2014 It was determined that July 16, 2014 is a good date for the next regularly scheduled Board meeting. 6. Convene into Closed Executive Session Pursuant to: 6.1. Convene into Closed Executive Session Pursuant to Texas Government Code, Section 551.087; Deliberation of Economic Development Negotiations to deliberate Commercial and Financial Information and Economic Incentives relating to the following: Board President Jim Wicker called the meeting into executive session at 7:24 p.m. to discuss: • Grocery Store(s) and Retail Update Road Improvements in West Prosper • Discussion of Potential Office Development(s) and Tenant(s) m Project GT -California Project Lab 25 PEDC Minutes — page 3 June 18, 2014 6.2. Texas Government Code, Section 551.072; Deliberation Regarding Real Property to discuss the purchase, exchange, lease, or value of real property relating to the development of a proposed business park Board President Jim Wicker reconvened the meeting into regular session at 9:15 p.m. 7. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations No action was taken. 11. Adjourn The PEDC Board meeting adjourned at 9:16 p.m. with a motion from Ray Smith and seconded by Reno Jones. The motion waspassed unanimously. —PEDC Secretary Date Note: Agenda items were conducted in the above order per the Board President's discretion