05.04.2005 Town Council, PEDC Joint Minutes0 ..
TOWN OF
SPE
1. Call to Order / Roll Call.
Meeting was called to order at 7:04 p.m.
Roll call was taken by the Town Secretary
Minutes (approved)
Joint Meeting of the Prosper Town Council and
Prosper Economic Development Corporation
601 South Church Street
Prosper First Baptist Church Children's Classrooms (Upstairs)
Wednesday, May 4, 2005 at 7:00 p.m.
Council present included: Mayor Charles Niswanger, Mayor Pro -Tem Lisa Dritschler, Kevin Drown, and David Bristol. Mike
Wadsworth arrived at approximately 7:19 p.m. Ane Casady was absent. Dave Turley, who is the unopposed candidate for Place 1
in the May 7, 2005 General Election sat in on the meeting.
Staff present included: Town Administrator, Doug Mousel and Town Secretary, Shanae Jennings.
2. Hear presentations and discuss matters related to creation of Reinvestment Zone Number One, Town of Prosper,
Texas.
a. Overview of the meeting objectives and introduction of participants/speakers by Douglas C. Mousel, Town
Administrator.
Doug Mousel gave a brief overview of the individuals in the room and indicated that the Town would be discussing the idea of a
TIRZ tonight.
b. Overview of Tax Increment Financing ("TIFs") and Tax Increment Reinvestment Zones ("TIRZs") by Peter G.
Smith, Attorney at Law, Nichols, Jackson, Dillard, Hager & Smith, L.L.P.
Peter Smith, who is serving as the legal representative for the Town of Prosper, gave a brief overview of how a TIRZ works and the
steps that will be taken in implementing the TIRZ, both financially and functionally.
c. Presentation of Preliminary Project Plan by Frank Abbott, P.E., Kimley-Horn and Associates.
Frank Abbot proposed a conceptual Master Plan of the proposed project and also suggested that an idea for the name of the TIRZ
could be the "Gates of Prosper".
d. Presentation of Reinvestment Zone Financing Plan by Jason Hughes, First Southwest Company.
David Medanich spoke regarding the finance plan and aspects of financing that will need to be addressed to make something such
as this work. He indicated the Council will need to decipher in the end what kind of projects they are willing to finance as their
bottom line, and go from there.
e. Questions and answers.
Council did not have any questions at this time. Joe Hickman indicated this is a project they are very interested in, and
look forward to working on this project in the future.
Motioned by Mike Wadsworth, seconded by David Bristol to move to item 4, then move back to item 3 for discussion. Motion
approved 5-0.
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3. Discuss Prosper Economic Development Corporation Work Plan for FY 2005-06.
Prosper Economic Development Corporation Executive Director Karen Gandy briefly discussed the work plan for the Prosper EDC
for FY 2005-06.
4. Recess into closed session in compliance with Section 551.001 et Seq. Texas Government Code, to wit: Section
551.087 - Deliberations Regarding Economic Development Negotiations:
Council moved into executive session at 8:09 p.m. The Mayor requested that the upcoming new council member Dave Turley sit in
on the executive session for discussion. The Council had no objections to this request. David Bristol had to leave at approximately
8:18 p.m. during the executive session.
a) Consider economic incentive for business.
5. Reconvene into regular session and take any action necessary as a result of the closed session.
Council reconvened from executive session at 9:11 p.m. No action was necessary as a result of the executive session.
6. Adjourn
Motioned by Mike Wadsworth, seconded by Kevin Drown to adjourn the meeting. Motion approved 4-0. The meeting was
adjourned at 9:25 p.m.
Attest:
S nae Jennings, T Sec17
retary
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Charles Nis nger, M r