10.21.24 PEDC MinutesPROSPERTEXAS
ECONOMIC DEVELOPMENT CORPORATION
Meeting of the Prosper
Economic Development Corporation
121 West Broadway Street
Prosper, Texas 75078
Monday, October 21, 2024, 6:00 P.M.
Call to Order anti Announce a Quorum is Present
Board Vice President David Blom called the meeting to order at 6:00 P.M. Board members present were
Treasurer Ray Smith, Secretary Don Perry and board members Mayor David F. Bristol, Chad Gilliland, Jeff
Yates and Grant Mendeljian. No board members were absent. Executive Director Mary Ann Moon and Sr.
Economic Development Specialist Susanne Barney were present. Roger Thedford was also present.
1. Comments from Citizens
Roger Thedford thanked the board and staff for a great team effort in successfully completing the sale of 201 S
Main and the purchase of 303 S McKinley. The board and staff in turn thanked Roger for his expertise and great
efforts in the whole long process.
2. Welcome the new members of the Board of Directors: Jeff Yates and Grant Mendeljian.
Board and staff welcomed the new members and congratulated Chad Gilliland and Don Perry on their
reappointment to the board. Everyone introduced themselves.
3. Election of officers to the PEDC Board of Directors.
David Bristol made a motion to nominate officers as follows:
David Blom — President
Chad Gilliland — Vice President
Don Perry — Secretary
Ray Smith — Treasurer
The motion was seconded by Ray Smith and approved 7-0 by all board members present.
4. Approval of Minutes from the September 16, 2024 board meeting.
David Bristol reminded the board that he had voted against the length of time proposed for the tenants to stay after
PEDC bought the property, which refers to the buyback time included in the overall deal. Ray Smith moved to
approve the minutes from the September 16, 2024 board meeting contingent upon the correction of the voting
approval from 5-0 to 4-1 in favor of approving the minutes. The motion was seconded by Don Perry and approved
7-0 by all board members present.
5. Consider and Act on approval of PEDC Financial Report for the month of September 2024. Take any
additional action necessary.
Ray Smith overviewed the financial reports, investments, interest rates and sales tax numbers with the board and
staff. Ray Smith made a motion to approve the financial report for the month of September 2024 as presented.
The motion was seconded by Chad Gilliland and approved 7-0 by all board members present.
6. New Businesses Update.
The board received a list of the newest businesses receiving their COs in Prosper, Tx.
7. Executive Director's Report: Administrative and Marketing Activities of the PEDC and Upcoming Events.
Mary Ann Moon presented her Administrative and Marketing report to the board and staff. The board was
reminded of the New Member orientation taking place on October 29t"
8. Confirm or Change the Next PEDC Board Meetings days/dates to suggested list. (see attached)
The next board meeting was changed to be held Monday, November 11, 2024. The attached list of tentative new
dates for subsequent meetings through the end of 2025 have been accepted by the board.
Board President David Blom recessed the regular meeting at 6:40 P.M.
PEDC Minutes —page 2
9. Convene into Closed Executive Session Pursuant to Texas Government Code:
• Section 551.087 —To discuss and consider economic development negotiations to deliberate commercial and
financial information and economic incentives 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.
Board President David Blom called the meeting into Closed Executive Session at 6:40 P.M.
The PEDC Board met in Closed Executive Session from 6:40 P.M. to 8:46 P.M.
10. Reconvene into Open Session and Take Any Action Necessary as a Result of Closed Session Deliberations.
Board President David Blom reconvened the meeting into Open Session at 8:46 P.M.
Ray Smith made a motion to approve the estimate from Steve Landers for demolition of a downtown
property. The motion was seconded by Chad Gilliland and approved 7-0 by all board members present.
11. Adjourn
Ray Smith made a motion to adjourn. The motion was seconded by Don Perry and approved 7-0 by all board
members present. The PEDC Board meeting adjourned at 8:47 P.M.
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