01.21.2015 PEDC Minutes1
Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
J, I ILI I Ij>C�
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd., Suite 50
Prosper, Texas 75078
Wednesday, January 21, 2015 - 6:00 p.m.
Call to Order and Announce a Quorum is Present
Board President Jim Wicker called the meeting to order at 6:05 p.m. Board members present were Mayor
Ray Smith, Roger Thedford, Jordan Simms, Gary Jackson, and Reno Jones. Board member David Bristol
was absent. PEDC Executive Director Robert Winningham, Economic Development Specialist Garrett
Weaver and Economic Development Assistant Sam Blatt were also present. Guests Jacquie Patrick, John
Herring, and Rick McGrath were 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. Approval of Minutes from the Regular Meeting on December 17, 2014
Ray Smith moved to approve the December 2014 Regular Meeting Minutes. The motion was seconded by Gary
Jackson and was unanimously approved by all Board members present.
3. Approval of PEDC Financial Reports for December 2014 and Take Any Additional Action Necessary
Reno Jones presented the December 2014 Financials. Jones noted that the PEDC received $95,982 in sales tax
revenue for the month which is an all-time record for one month of sales tax collection. Jones added that the
PEDC currently holds approximately $2.6 million in its cash balance.
Jim Wicker added that the PEDC established a conservative sales tax collection budget prior to the 2015 Fiscal
Year and that current sales tax collection is significantly higher than what was projected. Wicker also credited
Town of Prosper Finance Director Kent Austin and his staff for the improved Financial Reports.
Roger Thedford moved to approve the December 2014 Financial Reports. The motion was seconded by Jordan
Simms and was unanimously approved by all Board members present.
4. Approval of the PEDC Quarterly Investment Report for Period Ending December 31, 2014
Reno Jones presented the PEDC Quarterly Investment Report. Jones noted that the ending par value on the
Quarterly Investment Reported differed from the cash balance on the December Financial Reports but attributed
the difference to a lag in sales tax receivables. Jones questioned if the lag should be notated on the Report.
Board members deemed that such notation was not necessary.
Reno Jones moved to approve the PEDC Quarterly Investment Report. The motion was seconded by Ray Smith
and was unanimously approved by all Board members present.
7. Town of Prosper Report: Update on Various Activities and Projects by the Town
Mayor Ray Smith gave an update on various projects and issues pertaining to the Town of Prosper.
8. 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.
9. Confirm Next Regularly Scheduled PEDC Board Meeting on February 18, 2015
It was determined that the next regularly scheduled Board meeting will be held on February 18, 2015.
PEDC Minutes —page 2
January 21, 2015
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 6:21 p.m. to discuss:
Retail Development
Office Development
Board President Jim Wicker called the meeting into Executive Session at 6:54 p.m. to discuss:
6. Reconvene into Open Session and take any action necessary as a result of Closed Session deliberations
No action taken.
10. Adjourn
The PEDC Board meeting adjourned at 6:55 p.m. with a motion from Roger Thedford and seconded by Reno
Jones. The motion was passed unanimously.
J
Jordan Sim — PEDC Secretary
Date
Note: Agenda items were conducted in the above order per the Board President's discretion