2017.04.11 TIRZ 2 Minutes1.
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ITOWN OFF
S PER
Prosper is a place where everyone matters.
Call to Order/Roll Call.
The meeting was called to order at 6:09 p.m.
MINUTES
Meeting of the Town of Prosper Tax
Increment Reinvestment Zone (TIRZ) No. 2
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.
Deputy Mayor Pro-Tem Jason Dixon
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.
2 Board Meeting.
David Bristol made a motion and Commissioner Fletcher seconded the motion to approve
the minutes from the January 26, 2016, TIRZ No. 2 Board Meeting. The motion was
approved by a vote of 9-0.
Receive the 2016 Annual Report.
Hulon Webb, Executive Director of Development and Community Services, and Finance
Director Kelly Neal presented the annual report to the Board. Mr. Webb began the
presentation with a summary of the infrastructure improvement projects related to the
development, which are eligible for reimbursement in the amount of approximately $29 million.
The total due for Reimbursement Request No. 1 and No. 2 is approximately $1.3 million.
Ms. Neal further explained the reimbursement process, as outlined in the Development and
Financing Agreements. She 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, thoroughfare impact fees from the Texas Health Resources development have
generated revenue. The current balance is approximately $178 thousand. Ms. Neal will clarify
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with the county the amount of improvement value in the TIRZ compared to the previous year,
and whether a construction sales office is required to be maintained as part of the TIRZ
agreement. Ms. Neal provided an overview of the revenue sources for the TIRZ.
No further action was taken.
4. Adjourn.
The meeting was adjourned at 6:19 p.m. on April 11, 2017.
These minutes approved on the 23rd day of January, 2018.
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APPROVED:
Ray Smith, Mayor
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