08.17.05 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES (Unapproved)
Regular Meeting of the Economic
Development Corporation
407 E. First Street, Prosper, Texas
Wednesday, August,17, 2005 - 7:00 p.m.
1. Call to Order and Roll Call:
Meeting was called to order by PEDC President, Ray Smith, at 7:00 p.m.
All members were present. Also present, Executive Director Karen Gandy and
Facilitator Judy Rucker. Visitor: John Harris.
2. Approval of Minutes:
Minutes were approved as submitted. Motion made by Dan Tolleson; seconded by
Jim Campbell. Motion carried 5-0.
3. Approval of Financial statements:
Financial statements for the months ending June 30. 2005 and July 31, 2005 were
approved. Recommendation for transferring $100,000 to TexPool was approved.
Motion made by Mike Wadsworth; seconded by Dan Tolleson. Motion carried 5 -0.
4. Comments from Citizens:
John Harris, owner/developer spoke to the board regarding the possibility of the
Town and EDC helping by making the necessary drainage improvements or
creating a retention pond with amenity features on the hard corner of East First
Street and Preston Road. Staff received no written proposal.
5. Election to fill unexpired term of Vice Presideut of Prosper EDC.
Mike Wadsworth nominated Dan Tolleson to fill the unexpired term of Vice
President of Prosper EDC, Jim Campbell seconded. Motion carried 5 — 0.
6. Revision of Mission Statement for the Prosper EDC.
Ms. Gandy proposed an alternative Mission Statement for the Prosper EDC.
The revised statement would read:
"To promote and sustain a diversified economy by implementing
programs and projects that assist in the location, retention and expansion
of commercial businesses, create employment opportunities and expand
the local tax base."
Motion was made by Bob Luckock and seconded by Dan Tolleson to approve the
alternative Mission Statement as presented by Karen Gandy. Motion carried 5-0.
7. Staff Updates:
A. Current pending construction and utility projects and annexation, zoning, and
development applications.
1. Staff directed members to Town Administrator's monthly update on
construction activities provided to Town Council at their last meeting.
2. Questions were addressed concerning the Water Storage Tanks and Pump
Station to receive water from NTMWD. (Page 4, Town Administrator's
report).
B. Karen Gandy, Executive Director of Prosper EDC shared her monthly
Activities Report with board members and responded to their questions
regarding future meetings with developers.
C. Update on status of Local Option Election for Sale of Mixed Beverages for
On -Premise Consumption petition.
1. A petition is being circulated at this time that would allow placement of
the issue before the voters at an upcoming election.
2. Deadline to obtain 300 signatures of registered voters is September 26,
2005.
3. Under (onsideration is the possibility of hiring an individual to 1 oelp
coordinate the project and that funding would be provided by local
developers.
8. Discussion on the following topics:
A. Karen Gandy directed the board to the information in the packet entitled,
Public Funds Investment Law Workshop. She will discuss the
information concerning the workshop at a later date.
B. The PEDC Board directed Ms. Gandy to set up a meeting at a later date for
the PEDC Finance Subcommittee to review the EDC Investment Policy and
Banking Services RFP.
C. State and Local Incentive Options were discussed. Staff provided a 7-page
handout of "Incentive Options" for board review. Two options were
discussed: "Triple Freeport Tax Exemption" and Low Interest Loans." No
action taken.
D. Content and design for PEDC website was discussed. Ms. Gandy will solicit
proposal from mundayMorning for design, hosting and maintenance of the
new website.
E. Two marketing advertisement options were discussed. The Board agreed with
Ms. Gandy's recommendation to place a 1/8-page advertisement in the Dallas
Business Journal six times during the upcoming fiscal year and a'/a-page ad in
the DBY s Book of Lists printed annually. Ms. Gandy updated the Board on
the status of the Cofer Haag & Thrasher Study, including the marketing piece.
According to Mr. Cofer the study and marketing piece are on schedule.
F. Board approved the Executive Director's request to utilize the remaining
capital expenditures balance of $5,250 in the FY 04-05 budget for office set
up and needed equipment, including a Dell laptop computer and Adobe
Creative Suite 2 software.
9. Recessed into closed session in compliance with Section 551, Texas
Government Code, to wit:
Section 551.087 (Economic Development Negotiations) --Deliberations regarding
commercial or financial information that the Economic Development Corporation
was received from business prospect that the EDC seeks to have locate, stay, or
expand in Town and with which the Economic Development Corporation is
conducting economic development negotiations.
Jim Campbell made motion to recess into closed session at 8:20p.m. Motion
seconded by Bob Luckock. Motion carried 5-0.
10. Board reconvened into regular session at 9:10 p.m.
No action necessary as result of the closed session.
11. Direction to staff to schedule topics of discussion at a future meeting.
The Board agreed to the future items listed in Ms. Gandy's memorandum.
12. Adjourned at 9:33 p.m
/I lee f 6 Vii Lor i
Bob LAckock, Secretary Date:
Minutes taken and written by: Judy Rucker
Appointed Secretary