06.22.05 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION Economic Development Corporation
Minutes (Unapproved)
Special Meeting of Prosper Economic Development Corporation
407 E. First Street, Prosper, TX.
June 22, 2005
1. Call to Order and Roll Call:
Meeting was called to order by PEDC Board President, Ray Smith, at 7:06 p.m.
All members, except Jim Campbell, were present. Executive Director Karen
Gandy was also in attendance.
2. Hear presentation by C. Kelly Cofer, CCIM and President/CEO of Cofer,
Haag & Thrasher on a proposal to perform select retail recruitment services
for the Town of Prosper.
Mr. C. Kelly Cofer, President/CEO of Cofer, Haag & Thrasher, presented a
PowerPoint presentation that described his company's retail recruitment and
coaching services. A copy of the presentation is attached at Exhibit `A.'
3. Consider and act on the Cofer, Haag & Thrasher proposal and authorize the
President and Secretary to execute the agreement for services.
Ms. Gandy presented to the Board her reasons for soliciting the proposal from
Cofer Haag & Thrasher ("CHT"). She indicated that as Prosper entered into the
retail recruitment phase of its economic development efforts, it was important to
determine how visible Prosper is on brokers' and retailers' radar screens and how
Prosper is perceived in the marketplace. Having that information would help her
determine and recommend a retail recruitment strategy as well as the type of
marketing campaign to wage during the upcoming year.
She further stated that since Prosper had not yet reached the 10,000 population
mark (touted by retailers as being the minimum population needed for a viable
marketplace) that the Town must rely on their trade area's population and its
demographics to attract retailers to Prosper now. This information could be
obtained by a drive -time analysis and through demographic research services
which Mr. Cofer's firm could provide.
PEDC Special Meeting. Minutes
June 22, 2005
Page Two
She concluded her presentation by saying that she felt that CHT met her four
criteria used to evaluate consulting firms —trust, credibility, reliability and value
and added that by hiring CHT she felt that Prosper's economic development
program would be strengthened by the partnership with respected professionals
having an in-depth knowledge of the retail industry and the available resources to
provide Prosper's clients with the assistance and reliable information necessary to
choose Prosper as their next location.
The Board discussed Mr. Cofer's presentation and proposal. Through their
deliberations, the Board Members were able to resolve their concern about
whether there were alternative information sources that could provide the same
information at less cost. The Board did discuss the possibility of teaming with the
school district in the future to share the cost of their demographer. Board Member
Mike Wadsworth raised a concern that the demographics and data obtained from
Mr. Cofer's study would be outdated in a year and Ms. Gandy responded that the
CHT contract provided for updates throughout the 16-month contt act period.
The Board also raised concern about whether the timing for the study was
premature given the infrastructure needs and the few development -ready sites.
Board President Ray Smith stated that although the timing might be a little
premature, he felt that it was important to get Prosper's name out in the
marketplace given the area competition and added that he would rather be a little
early than too late.
Motion was made by Board Member Mike Wadsworth and seconded by
Board Member Bob Luckock to approve the Cofer, Haag & Thrasher contract
for selected retail recruitment services for an amount not to exceed $16,500 as
presented, except to add that they would like to have two marketing pieces as Mr.
Cofer referenced in his presentation --one for retailers and one for developers.
Motic,n carried (4-0).
4. Adjournment.
Motion (4-0) to adjourn at 8:27 p.m.