03.12.12 PEDC Minutes1
pros er Minutes
p Meeting of the Prosper Economic Development Corporation
ECONOMIC 170 N. Preston Rd., Prosper, Texas 75078
DEVELOPMENT Wednesday, March 21, 2012 - 6:00 p.m.
CORPORATION
1. Call to Order 1 Roll Call
Board President Jim Wicker called the meeting to order at 6:03 p.m. Those present were Jim
Wicker, Mike Wadsworth, Reno Jones, Kevin Drown, Jordan Simms, and Ray Smith. Board
member Daniel Jones was absent. Mike Land interim Executive Director was present, Beth
Larsen PEDC Executive Assistant was also present.
2. Comments from citizens, the EDC may receive input from the public; however the topic may not be
discussed by the EDC unless the topic is specifically listed on the meeting agenda
3. Presentation from Ramiro Trevino from Dairy Manufacturing
Ramiro Trevino was unable to attend and requested to be on the PEDC April agenda.
4. Consider and act upon the minutes from the February 15, 2012 Prosper EDC board meeting
The minutes were approved with a motion from Ray Smith and 2"d from Mike Wadsworth
the motion passed unanimously.
5. Consider and act upon the February 2012 financial statements for the Prosper Economic
Development Corporation
The February financial statement was approved by Reno Jones and 2"d by Jordan Simms
the motion passed unanimously.
6. PEDC information update:
a. Discussion regarding potential Economic Development committee participation
Committee members who attended the regional meeting hosted by Frisco discussed
the agenda and comments that were discussed, Jordan Simms will represent the PEDC
at future committee meetings.
7. Discuss consideration and timing of hiring a Economic Development Director
Board discussed the timing of the EDC Director and the qualifications that
were expected.
8. Recess into closed session in compliance with Section 551.001 et. Seq. Texas Government Code,
to wit:
i. Section 551.087 to deliberate economic development prospects
The board recessed into closed session at 6:45 p.m. with a motion from Kevin Drown and
2"d from Mike Wadsworth.
9. Reconvene into regular session and take any action necessary as a result of the closed session
The board reconvened into regular session at 7:45 p.m. with a motion from Reno Jones
and 2"d from Ray Smith.
10. Adjourn
The board adjourned at 7:47 p.m. with a motion from Jordan Simms and 2"d from Kevin Drown.
Jordan Simms —Secretary Date
PROSPER ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO.
A RESOLUTION OF THE PROSPER ECONOMIC DEVELOPMENT
CORPORATION REVIEWING, UPDATING AND ADOPTING THE PROSPER
INVESTMENT POLICY AND INVESTMENT STRATEGY.
WHEREAS, Section 2256.005(e) of the Public Funds Investment Act (the "Act") states
that the governing body of an investing entity shall review its investment policy and investment
strategies not less than annually; and
WHEREAS, the governing body shall adopt a written instrument by rule, order, ordinance, or
resolution stating that it has reviewed the investment policy and investment strategies: and
WHEREAS, the Act requires the written instrument so adopted shall record any changes made to
either the investment policy or investment strategies.
NOW, THEREFORE, BE IT RESOLVED BY THE PROSPER ECONOMIC
DEVELOPMENT CORPORATION:
SECTION 1.
The Prosper Economic Development Corporation hereby confirms that it has reviewed the
Town's Investment Policy and Investment Strategy and adopts the Investment Policy dated March 27,
2012 attached hereto as Exhibit "A". Changes made to the Investment Policy, which have been
incorporated in Exhibit "A" are recorded for compliance in the document attached hereto as Exhibit `B."
SECTION 2.
This Resolution shall be effective immediately upon its passage.
RESOLVED THIS THE 181h day of April, 2012.
APPROVED:
Jiaf Wicker — President
ATTEST:
By: 4kv�) 4u,4Q
Beth Larsen — Prosper EDC Executive Assistant