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04.16.2014 PEDC MinutesProsper DRAFT MINUTES Meeting of the Prosper Economic Development Corporation ECONOMIC 170 N. Preston Rd., Suite 50 DEVELOPMENT Prosper, Texas 75078 CORPORATION 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 Wicker 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 improN,ements that have been made since his employment. PEDC Minutes page 2 April 16, 2014 5. Review of Incentive Commitments Robert Winningham distributed the cash flow sheet that was generated by staff. Winningham noted that Garrett Weavei 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 first 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. S-G zor'Ir Date