08.04.04 PEDC MinutesTown of Prosper
Economic Development Corporation
Minutes
Regular Meeting of Prosper Economic Development Corporation
Wednesday, August 4, 2004. 7:00 p.m.
109 So. Main Street
Prosper Police Station
1. Call to Order
Meeting was called to order at 7:00 p.m. by Ray Smith, President of PEDC
Board.
Members present: Ray Smith, Bob Luckock, Dan Tolleson and Jim Campbell
(7:05).
Member not present: Lisa Dritschler.
Staff present included: EDC Executive Director, Doug Mousel and EDC
Facilitator and appointed assistant secretary, Judy Rucker.
2. Approval of Minutes from July 7, 2004 EDC Meeting
Motion was made by Dan Tolleson to accept July 7, 2004 Minutes as written,
Bob Luckock seconded the motion. There was no discussion. The motion
carried 3-0.
3. Discussion of financial statements of the PEDC.
Staff presented Balance Sheet and Reconciled Statement for financial
information concerning the Operating Budget and Tex Pool savings.
Discussion followed. It was suggested that the PEDC and Town of Prosper use
the same reporting system.
4. Review of current and pending construction projects and annexation,
Zoning and development applications.
Doug Mousel shared with group all the current and pending construction projects
and annexation, zoning and development applications. Informational questions
were asked about certain properties. Discussion followed.
Doug reminded the Board that each month the list of new applications is posted
on the Town's website at www.prospertx.org/pinr/pinr.htm The list is updated on a
regular basis. The Town also includes a construction update in its quarterly
newsletter.
No Action by the EDC is allowed.
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S. Permissible projects and expenditures of an economic development
corporation was discussed.
The State requires that the 1/2 cent sales tax that is used to support the
operation of the EDC be utilized in a in a specific manner. Prosper is a 4A
Corporation and can engage in or assist with projects involving the purchase of
land, buildings, equipment, facilities, and improvements related to :
manufacturing, industrial, research and development, recycling, small
warehouses, and corporate headquarters; distribution centers; closed or
realigned military bases; business airport facilities; port -related facilities to
support waterborne commerce; and job training and infrastructure assistance to
retail or commercial projects. The 1/2 cent sales tax may also be used by the
EDC to fund an administrative staff and for promotional purposes.
Ray Smith, EDC Board President, handed out an article published by Texas
Economic Development Council entitled The Texas Economic Development
Sales Tax . Board members were asked to review the article and become
knowledgeable concerning the 1/2 sales tax for 4A status. Ray asked the
question, 'What do you want to participate in as an EDC Board?" Discussion
followed. The EDC Board concluded that it is supportive of needed infrastructure
in future expansions that will bring in income for Town of Prosper.
The TEDC sponsors several day -long training sessions each year, designed to
ensure that the officers and staff of economic development corporations properly
and legally operate their corporations and administer the Economic Development
Sales Tax as it was created by the Development Corporation Act of 1979. One of
these sessions will be held from 8:30 a.m. to 3:00 p.m. on Tuesday, September
28t', 2004 at the Hilton Dallas Lincoln Centre. Bob Luckock of the local
corporation will attend this seminar.
Discussion item only, no action required.
6. Recommendation to the Town Council regarding the proposed 2004-2005
Fiscal year budget of the EDC.
The Executive Director of the EDC, Doug Mousel presented the proposed budget
for EDC for the fiscal year of 2004-2005. After discussion of several line items
on the proposed budget, the group voted to recommend the proposed budget to
be adopted by the Town Council. Motion was made by Jim Campbell to accept
the budget as presented, Bob Luckock seconded. Motion carried 3-0.
8. Recommendation to Town Council regarding the assessment of impact
fees.
Staff recommended that the EDC recommend the Council authorize Town staff to
adjust the Town's thoroughfare impact fee rates to 40% of the actual rate for
retail and commercial sales tax generating land uses. Motion was made by Jim
Campbell and seconded by Dan Tolleson that EDC accept Doug's
recommendation that the Council authorize Town staff to adjust the Town's
thoroughfare impact fee rates to 40% of the actual rate for retail and commercial
sales tax generating land uses. Motion carried 3-0.
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9. Board Recessed into Closed Session: 8:45 p.m.
10.Reg ular Session Reconvened at 9:15 p.m.
Motion was made by to reconvene to regular session by Dan Tolleson and
Second by Bob Luckock. Motion carried 3-0.
No action was taken from closed session.
11.Adjournment at 9:20 p.m.
Motion made by Dan Tolleson, seconded by Bob Luckock. Motion carried 3-0.
Approved-
1 ;4- A
Bob Luckock
/o
Date
Attest:
In -S -o
Date
ry - Prosper Economic Development Corporation
, Assistant Secretary
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