02.24.2004 Town Council, PEDC Joint Minutes�, ,... ')f Prosper
1. Call to Order 1 Roll Call.
Meeting was called to order at 5:51 p.m.
Roll call was taken by the Town Secretary
Minutes (approved)
Joint Meeting of the Prosper Town Council and the
Prosper Economic Development Corporation
601 South Church Street
Prosper f=irst Baptist Church Children's Building (S. Wing)
Tuesday, February 24, 2004 5:45 p.m.
Council present included: Mayor Charles Niswanger, Ane Casady, Lisa Dritschler, and Russell Kaker.
Karie Dalton arrived at 5:54 pm.
Mayor Pro -Tem Michael Perry arrived at 6:01 p.m.
EDC members present included: Jim Campbell; Glenn Gammons, Dan Tolleson, Jim Herblin and Russell Kaker;
Staff present included: Town Administrator, Doug Mousel; Director of Planning, Mitch Humble; Town Secretary, Shanae Jennings.
Others in attendance; Doug Hartman, First Southwest Financial Advisor; Richard Abernathy, Town Attorney
2. Discuss the use of Tax Increment Financing Districts, Municipal Utility Districts, and other economic development
tools.
Buzz Franklin spoke; he represents Blue Star Land and Angel Properties. He presented ideas relating to retail concepts and how
they might work in partnership with the Town to get some of these retail areas incorporated.
Terrell Palmer spoke regarding Tax Increment Reinvestment Zones (TIRZ), and stated that they are the same things as a Tax
Increment Financing Zone (TIF). Grapevine Mills is a good example of these, as well as Katy, an urban renewal in Houston.
TIRZ's must be entirely in the Town, and the current value of the property without exemptions cannot exceed 10% of the value of
the Town. They are created by Town ordinance.
Project plans must include a description of project planning existing uses and conditions, financing plans and board of directors.
The plan is fully funded by the developer. There is no money reimbursement to the developer until there is incremental growth at
the property that is created.
Julie Peak spoke regarding Municipal Utility Districts (MUDS). MUDS can only fund utilities such as water and sewer. She said
that she knows there has been a very bad stigma about MUDS, but that MUDS can be of great asset to TIRZ, and it takes about
6-9 months to get one created. MUD bonds are very marketable, and because of the TCEQ there are extremely rigid standards of
what can be done with them — you simply amortize the debt and figure out how much you can sale with the tax revenue that exists.
3. Dismissal of EDC members
EDC members were dismissed at 6:56 p.m. so that Council could convene into closed session.
4. Recess into Closed Session in compliance with Section 551.001 et. Seq. Texas Government Code, to wit:
Section 551.071, Consultation with Town Attorney regarding a settlement offer by Fishtrap Properties and
Mustang Special Utility District in regards to the issuance of Certificates of Convenience and Necessity for a
portion of Denton County.
Council recessed into closed session at 6:56 p.m.
Wage 3 or 2
S. Reconvene into regular session and take any action necessary as a result of the closed session.
Council reconvened into regular session at 7:20 p.m. No action was taken as a result of the closed session.
6, Adjourn
Motioned by Ane Casady, seconded by Russell Kaker to adjourn the meeting.
Town Council of Prosper and the Economic Development Corporation joint meeting was adjourned at 7:21 p.m.
Attest;
Shanae JenninretaV Charles Ni ager, Ma
Page 2 oil