11.16.2004 Town Council, PEDC Joint Work Session Minutesi1Toflf Prosper
1. Call to Order ! Roll Gall.
Minutes (approved)
Joint Work Session of the Prosper Town Council
And the Prosper Economic Development Corporation
601 South Church Street
Prosper First Baptist Church Children's Building (S. Wing)
Tuesday, November 16, 2004 6:00 p.m.
Meeting was called to order at 6:07 p.m. Roll call was taken by the Town Secretary
Council present included. Mayor Charles Niswanger, Mayor Pro -Tem Lisa Dritschler, Ane Casady> and Mike Wadsworth. Kevin Drown
was absent. David Bristol arrived at 6:11 p.m.
Staff present included. Town Administrator, Doug Mousel; Director of Planning, Mitch Humble; and Town Secretary, Shanae Jennings.
2. Presentation and discussion of a development plan for the property on the north side of U.S. 380 at Preston Road (S.H.
289).
Joe Hickman, 1400 Preston Road, Suite 250, Plano TX. —Fie gave a general overview of the land that they would like to develop, and
indicated that most of the development was retail /commercial, with some of it being single family residential. They equate this area to
the Preston/S.H. 121 corridor. He stated that this is a concept pian only at this time, and it may take 5-10 years to develop; however,
they are committed to the development of the plan.
Steven Robinson, Allen, Boone and Humphries, 3200 Southwest Freeway, Houston, TX — This zone that has been put together would
0combine a TIRZ and a legislatively created special district called a Municipal Management District. According to Mr. Robinson, this
development will have an assessed value in excess of $690 million and will generate more than $200 million in sales taxes over a 20
ldbear period. It will cost approximately $85 million to build this type of a quality project. In order to build something such as this, there
'must be a partnership, and he believes the partnership would create a win/win deal.
Three main points Mr. Robinson suggested Council focus when they are taking into consideration their decision are the following:
1) In order to get this on the legislative docket, the Council must give consent so that a bill can be created for the TIRZ. A resolution
adopted by council saying Council consents to allowing them to create a Municipal Management District will get this to the legislature
for a bill to be created in this session.
2) They will not be creating a MUD in this development.
3) Because of concerns regarding single family housing they removed it from the Municipal Management District (MMD).
3. Recess into Closed Session in compliance with Section 551.001 et. Seq. Texas Government Code, to wit:
aj Section 551.087 (Economic Development Negotiations) — Deliberations regarding commercial or financial information that the
Prosper Town Council has received from business prospects that the Prosper Town Council seeks to have locate, stay, or
expand in the Town and with which the Prosper Town Council is conducting economic development negotiations for retail and
commercial development.
Motioned by Lisa Dritschler, seconded by Ane Casady to recess into closed session. Motion approved 4-0. Council recessed into
closed session at 6:52 p.m.
4. Reconvene into regular session and take any action necessary as a result of the closed session.
Motioned by Lisa Dritschler, seconded by Mike Wadsworth to reconvene from closed session. Motion approved 4-0. Council
the.developers
onvened from executive session at 7:27 p.m. No action was taken as a result of the executive session. However, Council directed
that they are committed to bringing a resolution forward for consideration to go before the legislature in a December
ting, but, would like to have some additional discussions amongst one another before moving forward with any specific direction to
the developers.
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Adjourn
o#finned by Lisa Dritschler, seconded by Mike Wadsworth to adjourn the meeting. Motion approved 4-0. The meeting was adjourned
t7,30
P.M.
Attest;
Shanae Jennings, T Secretary
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