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10.23.2013 PEDC MinutesProsper ECONOMIC DEVELOPMENT CORPORATION MINUTES Meeting of the Prosper Economic Development Corporation 170 N. Preston Rd., Suite 50 Prosper, Texas 75078 Wednesday, October 23, 2013 - 6:00 p.m. Call to Order and Announce_a Quorum is Present Board President Jim Wicker called the meeting to order at 6:04 p.m. Board members present were Ray Smith, David Bristol, Gary Jackson, Jordan Simms and Roger Thedford. PEDC Executive Director Robert Winningham and PEDC Economic Development Specialist Garrett Weaver were also present. Guests included Town Finance Director Kent Austin. Board member Reno Jones joined the meeting in progress. 1. Recognition of Outgoing PEDC Board Member Kevin Drown Board President Jim Wicker announced that a plaque would be given to outgoing Board member Kevin Drown as a token of gratitude for his years of service to the Town. 2. Recognition of Incoming PEDC Board Member Roger Thedford Board President Jim Wicker announced that Roger Thedford had been sworn into office by the Town Secretary. Thedford briefed the Board on his upbringing in the area as well as his professional background. 3. Election of PEDC Board Officers The Board took nominations and made the following elections for PEDC Board officers. A motion was made by Ray Smith to elect Jim Wicker as Board President. The motion was seconded by David Bristol and was unanimously passed. A motion was made by Jordan Simms to elect David Bristol as Board Vice President. The motion was seconded by Ray Smith and was unanimously passed. A motion was made by Gary Jackson to elect Reno Jones as Board Treasurer. The motion was seconded by Jordan Simms and was unanimously passed. A motion was made by David Bristol to elect Gary Jackson as Board Secretary. The motion was seconded by Reno Jones and was unanimously passed. 4. 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. 5. Approval of Minutes from the Regular Meeting on September 18, 2013 Ray Smith moved to approve the September 2013 Regular Meeting Minutes provided that the last two (2) sentences in Item 4 are deleted. The motion was seconded by Jordan Simms and was unanimously passed. 6. Approval of the PEDC Financial Reports for August 2013 and September 2013 Reno Jones presented the August and September Financial Reports. Jones noted that the EDC had another record month and record quarter of sales tax revenue. Jones also stated that a large expenditure was made for the sewer line being installed on the west side of Town. Robert Winningham noted that the expenditure was made on for an agreement that was made with the Town in 2011. David Bristol asked if this expenditure was a one- time payment. Winningham confirmed that the expenditure was one-time only. PEDC Minutes —page 2 October 23, 2013 Town Finance Director Kent Austin introduced himself to the Board. Austin explained that the process by which the Town Finance Department generates reports for the PEDC and discussed with the Board on how some reporting methods could be improved. Jim Wicker asked when the Finance Subcommittee could begin meeting again. Reno Jones commented that the Committee could most likely meet before the next Board meeting. David Bristol noted that there were no cash deposits recorded for September. Kent Austin noted that there were cash deposits from sales tax revenue; however they did not appear in the report. Austin added that he and his staff are working to streamline the financial reporting process to prevent such omissions in the future. Jordan Simms suggested that there should be a liabilities section added to the Financial Report. Jim Wicker added that PEDC staff should track all of the contracts that are executed to which the Board agreed. David Bristol moved to approve the August 2013 Financials and the September 2013 Financials, subject to correcting the cash deposit section in the September Financial Report to reflect the correct amount. The motion was seconded by Gary Jackson and was unanimously passed. 7. Discuss and Possibly Approve Guidelines for Incentives Robert Winningham presented the Incentive Guidelines that the PEDC staff had generated. Winningham explained that these guidelines are created to give staff a mechanism for pursuing the type of prospects that the Board is willing to consider for financial assistance. Jim Wicker noted that the guidelines would provide further definition and direction for staff when determining what projects staff should present to the Board. Wicker added that the guidelines would also aid staff in their day-to-day operations. Ray Smith asked if the guidelines would be for internal use only. Winningham answered in the affirmative. Wicker asked if they would be helpful in communicating with prospects. Winningham answered that the guidelines would be looked at on a case -by -case basis and would provide a healthy discussion on what the Board seeks. Wicker concluded by noting that the Incentive Guidelines would be a useful tool for internal use. Winningham announced that he would be available to meet with Board members individually for any thoughts or suggestions. After deliberation, no action was taken on this agenda item. 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 on which the PEDC staff is working. 10. 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 7:15 p.m. Retail Update Office Lease(s) Board President Jim Wicker reconvened the meeting into regular session at 7:40 p.m. 11. Take Any Action Necessary as a Result of Executive Session No action was taken at this time. PEDC Minutes —page 3 October 23, 2013 12. 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 7:43 p.m. • Annual Review of PEDC Executive Director Board President Jim Wicker reconvened the meeting into regular session at 8:50 p.m. 13. Take Any Action Necessary as a Result of Executive Session Jim Wicker, on behalf of the Board of Directors, presented Robert Winningham with the Board's review of his performance for the last year, which included a spreadsheet of scores on a 0-5 system for each category the Board deemed important to the advancement of the organization. Wicker said that the Board would like to revise Winningham's employment contract with for meeting criteria outlined in the 2014 Strategic Plan that the Board will consider adopting at the November meeting. The Board would also consider adoption of a revised contract at the same meeting. Winningham thanked the Board for their support. 14. Adjourn The PEDC Board meeting adjourned at 9:08 p.m. Thedford. The motion was unanimously passed. Gary J Secretary with a motion from Ray Smith and seconded by Roger %(— Z,a — 2 c; Date