2017.04.11 TIRZ 1 Minutes2.
3.
ITOWN OFF
APE
Prosper is a place where everyone matters.
Call to Order/Roll Call.
The meeting was called to order at 6:00 p.m.
MINUTES
Meeting of the Town of Prosper Tax
Increment Reinvestment Zone (TIRZ) No.
Board of Directors
Prosper Municipal Chambers
108 W. Broadway, Prosper, Texas
Tuesday, April 11, 2017
Board Members Present:
Mayor Ray Smith
Mayor Pro-Tem Curry Vogelsang, Jr. (arrived at 6:04 p.m.)
Deputy Mayor Pro-Tem Jason Dixon (arrived at 6:04 p.m.)
Councilmember Michael Korbuly
Councilmember Kenneth Dugger
Councilmember Meigs Miller
Councilmember Mike Davis
David Bristol, Prosper Economic Development Corporation Vice -President
Collin County Commissioner Susan Fletcher
Staff Members Present:
Harlan Jefferson, Town Manager
Robyn Battle, Town Secretary/Public Information Officer
Terrence Welch, Town Attorney
Hulon Webb, Executive Director of Development and Community Services
Kelly Neal, Finance Director
Consider and act, upon approving the minutes from the January 26, 2016, TIRZ No.
1 Board Meeting.
Councilmember Dugger made a motion and Commissioner Fletcher seconded the motion
to approve the minutes from the January 26, 2016, TIRZ No. 1 Board Meeting. The motion
was approved by a vote of 7-0.
Receive the 2016 Annual Report.
Mayor Pro-Tem Vogelsang and Deputy Mayor Pro-Tem Dixon arrived at 6:04 p.m.
Hulon Webb, Executive Director of Development and Community Services, and Finance
Director Kelly Neal presented the annual report to the Board. Mr. Webb provided an overview
of the Request for Reimbursement No. 2, dated June 1, 2016, resulting from the Gates of
Prosper development. He reviewed a summary of the infrastructure projects related to the
development, which are eligible for reimbursement in the amount of approximately $58 million.
Reimbursements are made in accordance with the TIRZ No. 1 Development and Financing
Agreement.
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4.
Ms. Neal continued the presentation by providing an overview of the financial report as of
September 30, 2016. No expenditures have been paid out to date; however, impact fees from
the Walmart development have generated revenue. The current balance is approximately
$576 thousand. The captured appraised value for FY 2015-2016 is over $28 million, compared
to a base value of $4.5 million in 2008. Responding to a question from the Board, Ms. Neal
clarified a prior period adjustment that reflects impacts fees collected since September 30,
2016. The Board also requested that rollback tax information be included in future annual
reports.
No further action was taken.
Adjourn.
The meeting was adjourned at 6:09 p.m. on April 11, 2017.
These minutes approved on the 23rd day of January, 2018.
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APPROVED:
Ray Smith, IMayor
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