05.06.2014 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd., Suite 50
Prosper, Texas 75078
Tuesday, May 6, 2014.6:00 p.m.
Call to Order and Announce a Quorum is Present
Board President Jim Wicker called the meeting to order at 6:04 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 first 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`" 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. T e i tion was passed unanimously.
Jackson — DC Secretary Date
Note: Agenda items were conducted in the above order per the Board President's discretion