06.19.2013 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd.. Suite 50
Prosper, Texas 75078
Wednesday, June 19, 2013 - 6:00 p.m.
Call to Order and Announce a Quorum is Present
Board President Jim Wicker called the meeting to order at 6:12 p.m. Board members present were Jim
Wicker, Ray Smith, Reno Jones, David Bristol, and Jordan Simms. Board members Gary Jackson and Kevin
Drown were absent. PEDC Executive Director Robert Winningham and PEDC Economic Development
Specialist Garrett Weaver were present. Guests included Town Manager Harlan Jefferson and Town citizen
Logan Harvey.
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 22, 2013
The May 22, 2013 Minutes were approved with a motion from Ray Smith and seconded by David Bristol. The
motion passed unanimously.
3. Approval of May 2013 PEDC Financial Reports
Reno Jones presented the May, 2013 Financials. Jones noted that the past month brought the most sales tax
dollars for one month in the Town's history. Jones also noted there was a discrepancy between the ending cash
balance and beginning cash balance for the month. Jordan Simms said that such a discrepancy could be due to a
gap in timing but asserted that timing gap was rather large for a small operation. Jones agreed that the
discrepancy was most likely due to a timing gap. Board President Jim Wicker requested that Reno Jones
collaborate with Town Manager Harlan Jefferson and PEDC Executive Director Robert Winningham to figure
out the reason for the cash balance discrepancy.
Ray Smith made the motion to approve the Financials. The motion was seconded by Reno Jones and was
unanimously passed.
4. Report of the Finance Subcommittee and Any Action on Recommendations from the Subcommittee
David Bristol stated that the Finance Subcommittee was going to hold a meeting in June but due to the vacancy
of the Town Finance Director position, the meeting was postponed by the committee members. Robert
Winningham noted that the purpose of the Finance Subcommittee was to present ideas to the Board for budget
adjustments and ways to improve the method for keeping track of the PEDC's finances. Jim Wicker added that
attempts to reconcile financial issues have been ongoing since the previous calendar year and asserted that steps
need to be taken to understand the financial situation of the PEDC since the new budget year is approaching.
Bristol suggested that the Subcommittee set a mission or an agenda to better define its goals. Bristol inquired
about the specifics of the interlocal agreement between the Town and PEDC, and questioned if a new accounting
process should be created or if the current process should be evaluated and refined. Wicker offered that the
accounting process need not be completely reengineered but should become clearer and more detailed in its
approach. Jordan Simms contended that PEDC Staff should not devote too much time or resources focusing on
the finances.
Bristol stressed the need to locate and define the agreement that is in place between the Town and PEDC, and
suggested that not much accounting work should be involved since the PEDC's operation at this time is
relatively small. Town Manager Harlan Jefferson said that it is hard to accomplish the PEDC's requirements
when the Town is struggling to accomplish such requirements itself. Jefferson acknowledged that the current
PEDC Minutes -page 2
June 19, 2013
method of tracking the PEDC's and Town's commitments are inadequate, and agreed that the method to track
commitments needs to be improved. He added that implementing an encumbrances system is one way to
accomplish that. Jefferson also added that the Town is having similar challenges to what the PEDC is currently
having and that the Town is about one month or so away from hiring a Finance Director.
The Board agreed to not change the Finance Subcommittee's mission for the time being. As such, no action was
taken at this time.
5. Update on Recommendation of Tax Abatement Policy to the Prosper Town Council
Robert Winningham explained that the Tax Abatement Policy proposed and approved by the PEDC Board was
unanimously passed at the June 11, 2013 Prosper Town Council meeting and is now in effect.
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 for the following:
Board President Jim Wicker called the meeting into executive session at 6:49 p.m.
• Retail Development
• Project Star Gazer
Board President Jim Wicker reconvened the meeting into regular session at 7:54 p.m.
7. Take Any Action Necessary as a Result of Executive Session
No action was taken at this time.
8. Town of Prosper Report
Mayor Ray Smith gave an update on various projects and issues for the Town of Prosper.
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. Winningham indicated that staff is currently working on the budget for the upcoming fiscal year.
Winningham also noted that staff is developing a marketing strategy to attract office tenants to Prosper by way of
commercial real estate broker events and meetings, and possibly partnering with Matthews Southwest as well as
other development firms to assist with executing such marketing strategies.
10. Adjourn
The PEDC Board meeting adjourned at 8:21 p.m. with a motion from David Bristol and seconded by Ray Smith.
The motion was unanimously passed.
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David Bristol - PEDC Secretary Date