08.19.2015 PEDC Minutes1
Prosper MINUTES
Meeting of the Prosper Economic Development Corporation
ECONOMIC 170 N. Preston Rd., Suite 50
DEVELOPMENT CORPORATION Prosper, Texas 75078
Wednesday, August 19, 2015 - 6:00 p.m.
Call to Order and Announce a Ouorum is Present
Board President Jim Wicker called the meeting to order at 6:05 p.m. Board members present were Mayor
Ray Smith, Gary Jackson, Jim Wicker, Jordan Simms, Roger Thedford and Reno Jones. Board Vice
President David Bristol was absent. PEDC Executive Director Robert Winningham, Assistant Director
Garrett Weaver and Economic Development Assistant Sam Blatt were also present. Guests included Town
Manager Harlan Jefferson, Executive Director of Development and Community Services Hulon Webb, and
Director of Development Services John Webb.
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 July 22, 2015
Roger Thedford moved to approve the July 22, 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 July 2015 and Take Any Additional Action Necessary
Treasurer Reno Jones presented the July 2015 Financials. Jones noted a positive rebound from last month's sales
tax revenue numbers. Jones added that staff had kept expenditures low this month and that the fund balance was
approaching $3 million.
Ray Smith moved to approve the July 2015 Financial Reports. The motion was seconded by Roger Thedford
and was unanimously approved by all Board members present.
4. Approval of the PEDC Quarterly Investment Report for Period Ending June 30, 2015
Treasurer Reno Jones presented the PEDC Quarterly Investment Report to the Board. Jones noted there were no
changes since the last report.
Robert Winningham explained that he had spoken with Town Finance Director Cheryl Davenport and stated she
had reported that the EDC funds were combined with the Town's funds in TexStar accumulating an interest rate
of three quarters of a percent (.75%). Winningham added that Davenport had stated the Board could take a
portion of their fund out of TexStar and invest it differently if the Board so desired.
Jones questioned whether the money would receive a better rate invested somewhere else, and he noted that the
money would be tied up for a period of time if this action were taken. Jim Wicker requested Jones review
Davenport's information and report back to the Board.
Gary Jackson moved to approve the Quarterly Investment Report for Period Ending June 30, 2015. The motion
was seconded by Jordan Simms and was unanimously approved by all Board members present.
5. Consider and Adopt FY2016 Budget for PEDC
Robert Winningham noted the changes to the budget and added that Promotional Expenses were reduced from
$40,000 last fiscal year to $38,500 this fiscal year. Winningham stated that staff will approach the Board if it
needs additional funds for events or other promotional expenses as needed.
Jordan Simms moved to adopt the FY2016 Budget for PEDC. The motion was seconded by Roger Thedford
and was unanimously approved by all Board members present.
PEDC Minutes —page 2
August 19, 2015
6. Discussion of Process for Attracting New Business and Development and Expansion of Existing Business,
and Take Any Action Necessary
Jim Wicker thanked Town Manager Harlan Jefferson, Executive Director of Community and Development
Services Hulon Webb, and Director of Development Services John Webb for attending the PEDC Board
meeting. Wicker stated it was positive and helpful for the EDC and other departments to have open
communication with one another.
Harlan Jefferson thanked the EDC Board for the opportunity to meet and was receptive to the Board's input. He
added that he looks forward to the continued partnership with the EDC in bringing quality development and jobs
to Prosper.
7. 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 6:49 p.m. to discuss:
Retail Development
Office & Corporate Development
Business Retention & Expansion
Board President Jim Wicker reconvened the meeting into Open Session at 7:24 p.m.
8. Reconvene into Open Session and Take Any Action Necessary as a Result of Closed Session Deliberations
No action taken.
9. 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. Smith noted
ProBuild's sales were down from two years ago. Jordan Simms suggested that the weather could be responsible
and to revisit the sales numbers in a month or two.
10. 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.
11. Confirm Next Regularly Scheduled PEDC Board Meeting on September 16, 2015
It was determined that the next regularly scheduled Board meeting will be held on September 16, 2015, pending any
unforeseen circumstances.
12. Adjourn
The PEDC Board meeting adjourned at 7:27 p.m. with a motion from Gary Jackson and seconded by Reno
Jones. The motion was passed unanimously.
Jordan S' i s — PEDC Secretary Date