2018.01.23 TIRZ 2 Minutes2.
3.
I-SPER
OWN OF
Prosper is a place where everyone matters.
Call to Order/Roll Call.
The meeting was called to order at 6:10 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, January 23, 2018
Board Members Present:
Mayor Ray Smith
Mayor Pro-Tem Curry Vogelsang, Jr.
Deputy Mayor Pro-Tem Jason Dixon
Councilmember Mike Korbuly
Councilmember Meigs Miller
Councilmember Jeff Hodges
David Bristol, Prosper Economic Development Corporation Board Member
Collin County Commissioner Susan Fletcher
Board Members Absent:
Councilmember Kenneth Dugger
Consider and act upon approving the minutes from the April 11, 2017, TIRZ No. 2
Board Meeting.
Deputy Mayor Pro-Tem Dixon made a motion and Mayor Pro-Tem Vogelsang seconded
the motion to approved the minutes from the April 11, 2017, TIRZ No. 2 Board Meeting.
The motion was approved by a vote of 8-0.
Receive the 2017 Annual Report.
Hulon Webb, Executive Director of Development and Community Services, provided an
update on the TIRZ No. 2 (Matthews Southwest) projects. The TIRZ No. 2 area is located
at the northwest corner of US Highway 380 and Dallas Parkway, plus an area at the
northeast corner of US Highway 380 and Mahard Parkway. Current projects include the
Texas Health Resources Medical Center, and plans have been submitted for a four-story
office building and eight -story hotel. Mr. Webb provided an overview of the TIRZ funds
used for eligible infrastructure projects for the reporting year. Approximately $2 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, 2017. TIRZ No. 2 has received $477 in revenue this
reporting period. Approximately $153,000 of the $2 million in reimbursement requests has
been expended. The remaining fund balance is approximately $$25,000.
Responding to a question from the Board, Town Manager Harlan Jefferson stated that the
developer is underperforming on expected milestones, including taxable value, leasable
space, and roadway improvements. The developer has been notified to take appropriate
corrective action.
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Commissioner Fletcher made a motion and Councilmember Korbuly seconded the motion
to accept the TIRZ No. 2 2017 Annual Report. The motion was approved by a vote of
8-0.
4. Adjourn.
The meeting was adjourned at 6:17 p.m., on Tuesday, January 23, 2018.
These r 1'4 i?, the 22nd day of January 2019.
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