02.18.2015 PEDC Minutes1
Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd., Suite 50
Prosper, Texas 75078
Wednesday, February 18, 2015.6:00 p.m.
Cali to Order and Annotmee a Ouorum is Present
Board President Jim Wicker called the meeting to order at 6:00 p.m. Board members present were Mayor
Ray Smith, Roger Thedford, Gary Jackson, David Bristol, and Reno Jones. Board member Jordan Simms
was absent. PEDC Executive Director Robert Winningham, Economic Development Specialist Garrett
Weaver and Economic Development Assistant Sam Blatt were also present. Guest Town of Prosper Interim
Finance Director Kim Galvin 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)
Robert Winningham introduced Town of Prosper Interim Finance Director to the PEDC Board. Winningham
noted that Galvin previously was employed by the City of Cleburne and joined the Prosper staff earlier in the
month.
2. Approval of Minutes from the Regular Meeting on January 21, 2015
Ray Smith moved to approve the January 2015 Regular Meeting Minutes. The motion was seconded by Roger
Thedford and was unanimously approved by all Board members present.
j 3. Approval of PEDC Financial Reports for January 2015 and Take Any Additional Action Necessary
Reno Jones presented the January 2015 Financials. Jones noted a minor seasonal decline in sales tax receipts,
however sales tax collected for the month was approximately sixteen percent (16%) higher than the previous
year. Jones added that PEDC collected $32,392 for the month net of expenses and that the PEDC currently has
$2.672 million in its cash reserves. Jones also made note of a few operating expenses for the month, including
updates to the PEDC aerial map as well as a housing study conducted by Residential Strategies, Inc.
Jim Wicker requested clarification on the housing study that was conducted to which Winningham explained that
the housing study was created to illustrate the strong residential development growth in Prosper's retail trade
area. Winningham added that feedback on the housing study from developers, retailers and brokers has been
very positive. Wicker asked that Winningham distribute the study to the Board. Wicker inquired about reasons
for the seasonal dip in sales tax. Ray Smith replied that there is a sixty (60) day reporting lag by the State that is
reflected in the Town's Financial reporting.
David Bristol moved to approve the January 2015 Financial Reports. The motion was seconded by Reno Jones
and was unanimously approved by all Board members present.
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 pertaining to the Town of Prosper.
7. 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. Winningham noted that the PEDC submitted two (2) applications to the Dallas Business Journal for
Best Real Estate Deals of 2014. Winningham added that should any of the submissions make it to the list of
finalists, the PEDC Board would be invited to attend the awards ceremony in April.
David Bristol inquired about a recent news article on a new Grace Academy campus and where it was locating in
Prosper. Ray Smith replied that Grace Academy is planning to locate south of First Street on Landplan's tract.
PEDC Minutes —page 2
February 18, 2015
Winningham concluded his report by inviting all Board members to attend the Bisnow "Platinum Corridor"
event that is occurring at the end of February.
8. Confirm Next Regularly Scheduled PEDC Board Meeting on March 18, 2015
It was determined that the next regularly scheduled Board meeting will be held on March 18, 2015.
4. 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 6:18 p.m. to discuss:
• Retail Development
■ Office Development
Board President Jim Wicker reconvened the meeting into Open Session at 6:56 p.m.
5. Reconvene into Open Session and Take Any Action Necessary as a Result of Closed Session Deliberations
No action taken.
9. Adjourn
The PEDC Board meeting adjourned at 6:56 p.m. with a motion from Gary Jackson and seconded by Ray Smith.
The motion was passed unanimously.
Jo dan Si s — PEDC Secretary
Date
Note: Agenda items were conducted in the above order per the Board President's discretion