03.18.2015 PEDC Minutes1
Prosper MINUTES
Meeting of the Prosper Economic Development Corporation
ECONOMIC 170 N. Preston Rd., Suite 50
DEVELOPMENT Prosper, Texas 75078
CORPORATION Wednesday, March 18, 2015 - 6:00 p.m.
Call to Order and Announce a Quorum is Present
Board President Jim Wicker called the meeting to order at 6:00 p.m. Board members present were Mayor
Ray Smith, Roger Thedford, Gary Jackson, David Bristol, Jordan Simms and Reno Jones. 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 February 18, 2015
Roger Thedford moved to approve the February 2015 Regular Meeting Minutes. The motion was seconded by
Ray Smith and was unanimously approved by all Board members present.
3. Approval of PEDC Financial Reports for February 2015 and Take Any Additional Action Necessary
Reno Jones presented the February 2015 Financials. Jones noted a sharp increase in sales tax receipts for the
month over the previous month. Jones added that sales tax receipts and the cash balance are on an upward trend
for the fiscal year compared to last fiscal year.
Ray Smith noticed that some line items had greater percentage expenditures than the indicated year-to-date
benchmark of roughly fifty -percent (50%) noted on the report. Robert Winningham clarified that some accounts
are one time payments or have been paid early. Jones concluded the discussion by noting that overall expenses
have been kept to a minimum.
Reno Jones moved to approve the February 2015 Financial Reports. The motion was seconded by Gary Jackson
and was unanimously approved by all Board members present.
4. Review of Incentive Commitments and Take Any Action Necessary
Jim Wicker presented the Incentive Commitments spreadsheet. The spreadsheet included commitments to the
recently executed Prosper West Road Improvements project agreement. Wicker also noted that the spreadsheet
illustrates the trailing twelve (12) months of revenue and expenses for the PEDC. David Bristol questioned
where the figure for the Matthews Southwest commitment projection was derived. Garrett Weaver responded
that the figure was taken from Schedule 11 of the Project Plan and Financing Plan for TIRZ No. 2.
No action was taken.
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 6:11 p.m. to discuss:
• Project Dovetail
■ Retail Development
• Office Development
PEDC Minutes —page 2
March 18, 2015
Board President Jim Wicker reconvened the meeting into Open Session at 6:34 p.m.
6. Reconvene into Open Session and Take Any Action Necessary as a Result of Closed Session Deliberations
No action taken.
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. Winningham noted that the Bisnow "Platinum Corridor" event in February was a success and that
Prosper was highlighted by the forum panelists during their discussions at the event, which created very positive
press for the Town.
9. Confirm Next Regularly Scheduled PEDC Board Meeting on April 15, 2015
It was determined that the next regularly scheduled Board meeting will be held on April 15, 2015.
10. Adjourn
The PEDC Board meeting adjourned at 6:38 p.m. with a motion from Roger Thedford and seconded by Ray
Smith. The motion was passed unanimously.
4
ordan Sin — PEDC Secretary Date