09.17.2014 PEDC Minutes1
Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd., Suite 50
Prosper, Texas 75078
Wednesday, September 17, 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 members Jordan Simms and Gary
Jackson were absent. PEDC Executive Director Robert Winningham, Economic Development Specialist
Garrett Weaver and Economic Development Assistant Sam Blatt were also present. Guest John Herring was
also in attendance.
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. Recognize Incoming Prosper EDC Board Members Appointed by the Prosper Town Council
The Board recognized Board Vice President David Bristol and Mayor Ray Smith on their reappointment to the
Prosper EDC Board. Jim Wicker congratulated both Bristol and Smith and gave thanks for their hard work and
service as Prosper EDC Board members to help make the Town of Prosper a better community for its citizens.
3. Approval of Minutes from the Regular Meeting on August 20, 2014
Ray Smith moved to approve the August 2014 Regular Meeting Minutes. The motion was seconded by Roger
Thedford and was unanimously approved by all Board members present.
4. Approval of PEDC Financial Reports for August 2014 and Take Any Additional Action Necessary
Reno Jones presented the August 2014 Financials. Jones noted that the PEDC had a record month of nearly
$100,000 in sales tax revenue and the month was the fourth record -breaking month in the 2014 fiscal year. Jones
also noted that the PEDC has accumulated approximately $2.45 million to date. Jones pointed out that the Legal
Fee expense saw an increase due to ongoing negotiations that the PEDC and counsel are working. Ray Smith
added that the significant increase in sales tax revenue was likely due to increasing construction activity.
Ray Smith moved to approve the August 2014 Financial Reports. The motion was seconded by Reno Jones and
was unanimously approved by all Board members present.
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 6:03 p.m. to discuss:
Retail Development
Office Development
Road Improvements in West Prosper
Board President Jim Wicker reconvened the meeting into regular session at 7:39 p.m.
6. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations
No action taken.
PEDC Minutes —page 2
September 17, 2014
7. Consider and Take Action on Blue Star Amended and Restated Development and Financing Agreement
Reno Jones moved to approve the Blue Star Amended and Restated Development and Financing Agreement, and
authorized the President of the Prosper Economic Development Corporation to execute the Agreement provided
there are no material changes. Roger Thedford seconded the motion. The motion passed unanimously by all
Board members present.
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. Jim Wicker
congratulated board members on their efforts in passing the Blue Star Agreement, one of the most significant
projects ever in Prosper. Wicker displayed the Toyota Gulf States presentation that was shown to the Prosper
Planning and Zoning Commission. Wicker added that the Toyota Gulf States project is going before the Town
Council for consideration of a Special Use Permit on September 23, 2014 that would allow the project to be
developed. Smith asserted that approval for the permit would require a super majority vote of the Council
members present.
9. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events
PEDC Executive Director Robert Winningham presented updates on projects in which the PEDC staff is working.
10. Confirm Next Regularly Scheduled PEDC Board Meeting on October 15, 2014
It was determined that the next regularly scheduled Board meeting will be held on October 15, 2014.
11. Convene into Closed Executive Session: Pursuant to Texas Government Code, Section 551.074;
Deliberation of Personnel Matters related to the following:
Board President Jim Wicker called the meeting into executive session at 7:48 p.m. to discuss:
• Annual Review of PEDC Executive Director
Board President Jim Wicker reconvened the meeting into regular session at 7:55 p.m.
12. Take Any Action Necessary as a Result of Executive Session
No action taken.
13. Adjourn
The PEDC Board meeting adjourned at 7:57 p.m. with a motion from Ray Smith and seconded by David Bristol.
The motion was passAunanimously.
/0_/S_ Z-
Gary Ja son — PEDC S retary Date