03.19.2014 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
11YAQ1111111*1
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.
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 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 9.80 o 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 Minittes 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