2019.01.22 TIRZ 1 Minutes1.
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PIOSPER
WNOF
Prosper is a place where everyone matters.
Call to Order/Roll Call.
The meeting was called to order at 6:15 p.m.
MINUTES
Meeting of the Town of Prosper Tax
Increment Reinvestment Zone (TIRZ) No.
Board of Directors
Prosper Town Hall
200 S. Main Street, Prosper, Texas
Tuesday, January 22, 2019
Board Members Present:
Mayor Ray Smith
Mayor Pro -Tern Curry Vogelsang, Jr.
Deputy Mayor Pro-Tem Jason Dixon (arrived at 6:22 p.m.)
Councilmember Mike Korbuly
Councilmember Craig Andres
Councilmember Meigs Miller
Councilmember Jeff Hodges
David Bristol, Prosper Economic Development Corporation Board Member
Collin County Commissioner Susan Fletcher
Invocation, Pledge of Allegiance and Pledge to the Texas Flag.
Mayor Pro-Tem Vogelsang led the invocation. The Pledge of Allegiance and the Pledge
to the Texas Flag were recited.
Consider and act upon approving the minutes from the January 23, 2018, TIRZ No.
1 Board Meeting.
Commissioner Fletcher made a motion and Councilmember Korbuly seconded the motion
to approved the minutes from the January 23, 2018, TIRZ No. 1 Board Meeting. The
motion was approved by a vote of 8-0.
Deputy Mayor Pro-Tem Jason Dixon arrived and took his place at the Council dais.
Receive the 2018 Annual Report.
Hulon Webb, Executive Director of Development and Community Services, provided an
update on the TIRZ No. 1 (Gates of Prosper) project. The TIRZ No. 1 area is comprised
of the northeast and northwest corners of Preston Road (SH 289) and US Highway 380.
Mr. Webb reviewed some of the businesses within the District that received Certificates of
Occupancy in 2018, representing 435,000 square feet of space. Mr. Webb provided an
overview of the TIRZ funds used for eligible infrastructure projects for the reporting year,
which totaled approximately $2.8 million. This is the fourth annual reporting period.
Approximately $11.9 million in project reimbursements have been requested from
developers to date.
Finance Director Kelly Neal continued the presentation with an overview of the financial
report ending September 30, 2018. TIRZ No. 1 has received approximately $1.95 million
in revenue this reporting period through property tax, sales tax, and impact fee revenue,
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and earned interest. Approximately $1.8 million of the $11.9 million in reimbursement
requests has been expended during this reporting period. The remaining fund balance is
approximately $293,000, and the outstanding balance owed on approved reimbursement
requests to date is approximately $8.8 million.
This item was informational only, and required no action.
5. Adjourn.
The meeting was adjourned at 6:27 p.m., on Tuesday, January 22, 2019.
These minut?ts approved on the 28'h day of January 2020.
e P P, �` APPROVED:
Ray Smith, FAayor
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ATITE • T` • - • '
Robyn Bfiiftle, Town
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