07.23.2014 PEDC Minutes1
Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd., Suite 50
Prosper, Texas 75078
Wednesday, July 23, 2014 - 6:00 p.m.
Call to Order and Announce a Quorum is Present
Board President Jim Wicker called the meeting to order at 6:01 p.m. Board members present were Mayor
Ray Smith, Reno Jones, Roger Thedford, Gary Jackson, David Bristol and Jordan Simms. PEDC Executive
Director Robert Winningham, Economic Development Specialist Garrett Weaver and Economic Development
Assistant Sam Blatt were also present. Deputy Mayor Pro-Tem Kenneth Dugger joined the meeting in
progress as a guest.
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
Ray Smith moved to approve the June 2014 Regular Meeting Minutes. The motion was seconded by Roger
Thedford and was unanimously approved.
3. Approval of PEDC Financial Reports for June 2014 and Take Any Additional Action Necessary
Reno Jones presented the June Financials. Jones noted that June marked the highest sales tax revenue for one
month in PEDC history with over $87,000 and over $2.3 million in reserve.
Ray Smith moved to approve the June 2014 Financial Reports. The motion was seconded by Gary Jackson and
was unanimously approved.
4. Approval of the PEDC Quarterly Investment Report for Period Ending June 30, 2014
Reno Jones presented the PEDC Quarterly Investment Report for Period Ending June 30, 2014. Ray Smith noted a
significant bond yield increase of 75 basis points for the quarter.
Ray Smith moved to approve the PEDC Quarterly Investment Report for Period Ending June 30, 2014. The motion was
seconded by Reno Jones and was unanimously approved.
5. Review of Incentive Commitments
No action taken.
6. Approval of PEDC Budget for FY2015
Robert Winningham presented the proposed PEDC Budget for FY2015. Jim Wicker noted the flat rate fee of
$7,500 for Town Administrative Services, reduced costs for the Contract Labor line item and updated figures for
FY2014 actual costs. David Bristol complimented staff for its frugality with respect to operations of the PEDC.
David Bristol moved to approve the PEDC Budget for FY2015. The motion was seconded by Ray Smith and
was unanimously approved.
7. Convene into Closed Executive Session Pursuant to:
7.1. 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 6:08 p.m. to discuss:
PEDC Minutes —page 2
July 23, 2014
• Grocery Store(s) and Retail Update
• Office Development
7.2. Texas Government Code, Section 551.074; Deliberation Regarding Appointments to the Prosper
Economic Development Corporation Board
Board President Jim Wicker reconvened the meeting into regular session at 7:04 p.m.
8. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations
Roger Thedford moved to approve the Economic Development Incentive Agreement between the Town of
Prosper, Prosper Economic Development Corporation and Kroger Texas, L.P. The motion was seconded by
Jordan Simms and was unanimously approved.
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 noted the video that was created for the PEDC by Prosper High School students was now on display on the
PEDC website. PEDC Board and staff commended the students on doing an outstanding job in creating the video.
11. Confirm Next Regularly Scheduled PEDC Board Meeting on August 20, 2014
It was determined that the next regularly scheduled Board meeting will be held on August 20, 2014.
12. Adjourn
The PEDC Board meeting adjourned at 7:21 p.m. with a motion from Roger Thedford and seconded by Reno
Jones. The motion was passed unanimously.
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