08.20.2014 PEDC Minutes(
Call to Order and Announce a Quorum is Present
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd ., Suite 50
Prosper, Texas 75078
Wednesday, August 20, 2014 ·6:00p.m.
Board Vice President David Bristol called the meeting to order at 6:00 p.m. Board members present were
Mayor Ray Smith, Reno Jones, Roger Thedford and Gary Jackson. Board President Jim Wicker and Board
member Jordan Simms were absent. PEDC Executive Director Robert Winningham, Economic Development
Specialist Garrett Weaver and Economic Development Assistant Sam Blatt 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 July 23,2014
Ray Smith moved to approve the July 2014 Regular Meeting Minutes. The motion was seconded by Gary
Jackson and was unanimously approved.
3. Approval of PEDC Financial Reports for July 2014 and Take Any Additional Action Necessary
Reno Jones presented the July 2014 Financials. Jones noted that sales tax income for the month was slightly
lower than previous months and that the cash balance was now up to around $2.39 million. Robert Winningham
noted that he was in the process of conducting budget adjustments to account for over-budget line items such as
Rental Expense which increased unexpectedly earlier in the fiscal year. Roger Thedford questioned the rent per
square foot cost for the PEDC office. Garrett Weaver replied that rent for the PEDC office is approximately $22
per square foot. David Bristol asked if the PEDC Executive Director has the authority to move money within
budget. Winningham replied affirmatively. Bristol asked if there is room to move money from Legal Fees.
Winningham responded that the PEDC is currently spending money out of Legal Fees for work on agreements
for other projects and that it may not prudent to move too much money from Legal Fees at the moment.
Jones commented that Promotional Expenses was a little higher due to staff traveling to the International Council
of Shopping Centers (ICSC) annual convention in May. Winningham added that a new order of USB drives for
distribution to brokers, developers and prospects also contributed to the higher expense. Winningham also noted
that money could possibly be moved from Project Incentives to cover overages, if any, should the Board allow it.
Bristol commented that the Executive Director has authority over the entire budget and such transfers within
different line items should not require Board action.
Reno Jones moved to approve the July 2014 Financial Reports. The motion was seconded by Roger Thedford
and was unanimously approved.
4. Convene into Closed Executive Session Pursuant to:
4.1. 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 Vice President Dav id Bristol called the meeting into executive session at 6:09p.m. to discus s:
• Retail Update
• Office Development
Board Vice President David Bristol reconvened the meeting into regular session at 6:58p.m.
PEDC Minutes -page 2
August 20, 2014
5. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations
No action taken.
6. 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. Board Vice President
David Bristol commended the hard work and efforts of the volunteers of the PEDC Board and PEDC staff.
7. 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,
including the collaboration with the Prosper Chamber of Commerce, Town ofProsper and the Prosper Independent
School District (PISD) on the efforts to attract Toyota corporate employees who are relocating to North Texas from
California, Kentucky (Ohio) and New York City.
8. Confirm Next Regularly Scheduled PEDC Board Meeting on September 17,2014
It was determined that the next regularly scheduled Board meeting will be held on September 17, 2014.
9. Adjourn
The PEDC Board meeting adjourned at :12 p.m. with a motion from Reno Jones and seconded by Roger
Thedford. Th motion animously.
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