11.14.23 WKWelcome to the November 14, 2023,
Prosper Town Council Work Session
Call to Order/Roll Call
Agenda Item 1.
Discuss development strategies for Economic Development. (MM)
121 W. Broadway St., Prosper, Texas 75078
972-569-1170 info@prosperedc.com prosperedc.com
is to promote, grow and sustain a strong
economy and quality of place for our
community.
OUR MISSION
1.
David Blom Ray Smith Don Perry
Mayor David F. Bristol Chad Gilliland
BOARD OF DIRECTORS
Jordan Simms
President Vice President Treasurer Secretary
Roger Thedford
Board Member Board Member Board Member
The original Board consisted of 5 members, in 2009, the Board was increased to a total of 7
members
jsimms@prospertx.gov dblom@prospertx.gov rsmith@prospertx.gov dperry@prospertx.gov
rthedford@prospertx.gov cgilliland@prospertx.govdbristol@prospertx.gov
2.
Susanne Barney Jordyn WilliamsMary Ann Moon
Executive Director Economic Development Specialist Director of Marketing
Maryann@prosperedc.com
972-569-1171
susanne@prosperedc.com
972-569-1173
jwilliams@prosperedc.com
972-569-1172
STAFF
3.
The PEDC was established November 12,
1996, filed by the TX Secretary of State
January 14, 1997.
Non-Profit, Type A Corporation
4.
The PEDC is funded by sales
and use tax of one half percent
(0.5%)
5.
Type A may utilize tax revenue to fund:
Land
Buildings
Equipment
Facilities Expenditures
Targeted Infrastructure
Improvements for Projects
TYPE A CORPORATION
6.
In 1999 the residents voted to expand
the PEDC’s ability to fund specific
projects, giving it a partial Type B status.
7.
As a Type A and Partial B entity, the PEDC
may also help fund:
Athletic, Entertainment, Tourist, Convention and Public Park
Projects.
Related Store, Restaurant, Concession, Parking and
Transportation, as well as the Maintenance and Operation of
the facilities.
This includes Stadiums, Ball Parks, Auditoriums, Concert Halls,
Parks and Park Facilities, Open Space Areas, Museums, and
Exhibition Facilities.
8.
Monthly Board Meeting
Annual Audit
Report to Council
Open Meeting Laws
RESPONSIBILITIES
9.
It is the responsibility of the PEDC to
conduct matters in an ethical and
transparent manner, being good stewards
of taxpayer money.
STEWARDSHIP
10.
Town Leadership
Elected Officials
The Chamber of Commerce
Prosper Independent School District
Developers
Businesses
Other Stakeholders
COLLABORATION
Establishing and nurturing relationships with:
11.
The PEDC must make available relevant
information to businesses regarding
workforce, legislation, available grants,
economic changes, and expansion
opportunities.
DISSEMINATION
12.
The PEDC is responsible for promoting a
vision and strategy for economic
sustainability and growth for the
community.
STRATEGY
13.
THANK YOU!
972-569-1170 info@prosperedc.com prosperedc.com
PRINCIPLES OF ECONOMIC DEVELOPMENT
A PRESENTATION
TO
PROSPER TOWN COUNCIL
MARY ANN MOON, CECD, FM, HLM
EXECUTIVE DIRECTOR
PROSPER ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS
PRESIDENT-JORDAN SIMMS, VICE PRESIDENT-DAVID BLOM, TREASURER-RAY SMITH,
SECRETARY-DON PERRY
ROGER THEDFORD, MAYOR DAVID F. BRISTOL, CHAD GILLILAND
MISSION
TO PROMOTE, GROW AND SUSTAIN A STRONG
ECONOMY AND QUALITY OF PLACE FOR OUR
COMMUNITY.
WHAT IS ECONOMIC
DEVELOPMENT?
PROCESS IN WHICH PEOPLE BECOME WEALTHIER, HEALTHIER,
BETTER EDUCATED AND HAVE GREATER ACCESS TO
EMPLOYMENT OPPORTUNITIES AND HOUSING
Literacy Rate Infrastructure Internet
Access
Academic
Level
Access to
Good, Quality
Housing
Standard of
Living
Access to
Good
Healthcare
COMMUNITY DEVELOPMENT:
Development activity that primarily
improves the overall quality of life
in a community.
BUSINESS DEVELOPMENT:
Development activity that primarily
adds jobs or increases the average
(mean) income in a community.
ECONOMIC DEVELOPMENT:
Activities that involve community
development, business
development or both.
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HOW ECONOMIC DEVELOPMENT IS CHANGING ITS
APPROACH TO GROWTH
TRADITIONAL
GROWTH OF JOBS IN
INDUSTRIAL ENTERPRISES OR
SECTORS
COLLABORATIVE
INTELLECTUAL/CAPITAL DRIVEN;
RESEARCH, TECHNOLOGY
INTEGRATED
BOTH TRADITIONAL AND
COLLABORATIVE
WHY HAVE WE BECOME MORE INTEGRATED?
RECENTLY
•Fierce competition with 3, 144 counties and over 12,000 taxing jurisdictions + global
competition
•Success in business attraction/marketing requires a comprehensive effort.
•Companies are risk averse in site selection and expansions.
POST COVID
❖25% of work is being conducted remotely (expected to increase to 35% by 2025)
❖Employees are in the driver’s seat due to shortage of people returning to work
❖Office occupancy is down – existing space being converted
❖Quality of Place has become crucial
*BUSINESS
ENVIRONMENT
TENETS OF
SUSTAINABILITY
LED BY A
SUCCESSFUL
ECONOMIC
DEVELOPMENT
ORGANIZATION
AND ITS
PARTNERS
EDUCATION
IMPROVED COMMUNITY ASSETS
POLICY
CONTINUITY
TRANSPARENCY/ACCOUNTABILITY
ETHICAL STANDARDS
TALENT AND INNOVATION
HOW DO WE BUILD A
SUCCESSFUL ECONOMY?
PRODUCT + MARKETING + EXECUTION
THE BASIC
FRAMEWORK
OF A LOGIC
MODEL
30
SOME BIG PICTURE THEMES
31
•Is our population growing? | Population
•Are we producing jobs? | Employment
•Are we generating income? | Income
This story, although helpful, only sets the stage
CHECKLIST OF QUANTITATIVE ANALYSIS
✓Demographic Indicators
✓Workforce Indicators
✓Business Indicators
✓Economic Base Analysis
✓Capacity Analysis
✓Benchmarking Competitors
32
WHY DO WE PLAN?
•Strategic Use of Resources
•Bring focus to our efforts
•Align assets to market demand
•Avoid mistakes
•Deal with short- and long-term
issues
•Steer away from quick fixes
•Include all voices in the
community
•Measurement and Evaluation
•Define Success
How do we become and
REMAIN economically
relevant when any thing that
can be automated,
decentralized, digitized,
disintermediated or virtualized
will be?
BEING PREPARED
Product
Improvement
Leadership
Sites
Infrastructure
Workforce
Education
Training
Taxes
Quality
of Place
Community
Assets
Product Marketing
•Customer knowledge
•Product Knowledge
•Communication
Vision and Strategic Plan
•Organizational and Financial
Design
•Staffing/HR
•Programs
COLLABORATION
TRANSPARENCY
ACCOUNTABILITY
CREDIBILITY
ENGAGEMENT
OVERALL
SATISFACTION
COMPETITIVEMENSS
MARKETING
PUBLIC RELATIONS
QUALITY METRICS VALUE CHAIN
1.Measuring Boosts Accountability
2.Reporting Boosts Transparency
3.Sustainability Boosts Credibility
4.Credibility Boosts Relevance
5.Relevance Boosts Success
•Strategic Planning
•Undertaking New
Programming
•Making the pieces fit
“Relevance is the currency of successful
economic development organizations.”
Business Support Inward Investment Land & Premises Training &
Employment
•Businesses
assisted
•Business start-
ups supported
•Jobs created/
safeguarded
•Customer
satisfaction
•Investments
•Companies
assisted
•Jobs created/
safeguarded
•Cost per job
•Customer
satisfaction
•Brownfield land
reclaimed
•Workspace occupancy
rate
•Leverage of external
funding
•Jobs supported
•Cost per job/ per sq.
meter of floor space
•Business survival
•Business growth
•Customer satisfaction
•Unemployed people
going into
employment/ full
time education
•Customer
Satisfaction
THE MOST IMPORTANT MEASURE
40
SWOT - Strengths,
Weaknesses, Opportunities
and Threats. Internal
factors are local and are
generally subject to
influence or change.
External factors are
typically beyond local
control despite their impact
on the local economy.
41
THANK YOU FOR YOUR ATTENTION, INTEREST
AND CONTINUED PARTNERSHIP
Executive Session
Section 551.087 – To discuss and consider economic development incentives and
all matters incident and related thereto.
Section 551.072 – To discuss and consider purchase, exchange, lease or value of
real property for municipal purposes and all matters incident and related thereto.
Section 551.074 – To discuss and consider personnel matters and all matters
incident and related thereto.
Reconvene into Work Session
Adjourn