12.31.2012 Town Council Minutes SpecialITOWN OFF
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Minutes
Special Called Meeting of the Prosper Town Council
Prosper Municipal Chambers
108 W. Broadway
Prosper, Texas 75078
Monday, December 31, 2012
Meeting begins at 9:00 a.m.
Council Members present: Mayor Ray Smith, Mayor Pro Tem Meigs Miller, Deputy
Mayor Pro Tem Kenneth Dugger, Council Member Jason Dixon, Council Member
Danny Wilson, Council Member Mike Korbuly and Council Member Curry Vogelsang.
1. Convene Special Called Meeting by the Mayor.
2. Convene into Executive Session pursuant to Texas Government Code Section
551.087 Economic Development Deliberations: Discussion of Economic
Development incentives for Project Double J for 157 acres of mixed use development
located at Dallas North Tollway and Highway 380. Deputy Mayor Pro Tem Dugger
made a motion to recess into Executive Session at 9:05 a.m. Motion seconded by
Mayor Pro Tem Miller. Motion approved by vote 7-0.
3. Reconvene into open session.
Council Member Wilson made a motion to reconvene into open session at 11:40 a.m.
Motion seconded by Council Member Korbuly. Motion approved by vote of 7-0.
4. Consider and take action to approve a Development and Financing Agreement with
MSW PROSPER 380 LP, a Texas limited partnership for the reimbursement of the
cost of construction of public infrastructure to be constructed within Tax Increment
Financing Reinvestment Zone Number Two, Town of Prosper.
Mayor Pro Tem Miller made a motion to approve a Development and Financing
Agreement with MSW PROSPER 380 LP, a Texas limited partnership for the
reimbursement of the cost of construction of public infrastructure to be constructed
within Tax Increment Financing Reinvestment Zone Number Two with the following
stipulations: Item 4.1(b) under Phase 2 Private Improvements amount increased to
$29,000,000.00, and Phase 3 Private Improvements to the amount of $29,000,000.00.
Under Section 4.2, Article VI add (line 16).. the part of company, "contractors," its
officers...; Under Section 4.2 (f) add (xi) to read, each Construction Agreement shall
provide that the contractor shall indemnify the Town and Company for the negligence
acts or omissions of the Contractor. Under Article I, Section 1.2 Definitions,
Maximum Construction Payment, add, and (vi) shall be reduced by any credit the
Town is required to provide for Impact Fees assessed against the Land owned by the
Company for any Public Improvements consisting of roadway improvements in the
Capital Improvements Plan for Roadways. Motion seconded by Deputy Mayor Pro
Tem Dugger. Motion approved by vote of 7-0.
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5. Consider and take action to approve an interlocal agreement with Collin County for
Collin County to participate and contribute to Tax Increment Financing Reinvestment
Zone Number Two, Town of Prosper.
Mayor Pro Tern Miller made a motion to approve an interlocal agreement with Collin
County for Collin County to participate and contribute to Tax Increment Financing
Reinvestment Zone Number Two. Motion seconded by Council Member Vogelsang.
Motion approved by vote of 7-0.
6. Consider and take action to approve Infrastructure Reimbursement Agreement with
the Prosper Economic Development Corporation for the PEDC contribution to Tax
Increment Financing Reinvestment Zone Number Two, Town of Prosper.
Mayor Pro Tern Miller made a motion to approve, as presented. Motion seconded by
Council Member Korbuly. Motion approved by vote of 7-0.
7. Adjourn meeting. Deputy Mayor Pro Tern Dugger made a motion to adjourn the
meeting. Motion seconded by Mayor Pro Tern Miller. Motion approved by vote of
7-0.
Meeting adjourned at 12:05 p.m.
ATTEST:
Recording SEcr t
APPR VED-
Ray Smith, ayor
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