10.19.05 PEDC Minutes1
Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Regular Meeting of the Economic
Development Corporation
121 W. Broadway Street, Prosper, Texas
Wednesday, October 19, 2005 - 7:00 p.m.
1. Call to Order/Roll Call
Meeting was called to order by PEDC President, Ray Smith, at 7:00 p.m.
All members were present, except Mike Wadsworth who arrived following Agenda Item #2.
Also present, Executive Director Karen Gandy.
2. Approval of Minutes:
Minutes were approved as submitted. Motion made by Dan Tolleson; seconded by Jim
Campbell. Motion carried 4-0.
3. Approval of Financial statements:
Financial statements for the month ending September 30, 2005 were approved as submitted.
Motion was made by Jim Campbell; seconded by Mike Wadsworth. Motion carried 5-0.
4. Comments from Citizens:
No citizens were present.
5. Staff updates and action taken
A. The Board had no questions or comments relating to the FY 2005-06 Work Plan update.
B. Ms. Gandy updated the Board on the Town Secretary's review of the petitions submitted
calling the Local Option Election for the Sale of Mixed Beverages for On -Premise
Consumption. Ms. Jennings' initial review indicated that 219 of the required 236
signatures appeared to meet the signing requirements. She indicated that she had
requested an opinion from the Secretary of State's Office regarding the necessity of
having the County name appear on the petition. The opinion could impact enough
signatures to impact the validity of the petition drive.
C. Ms. Gandy briefed the Board on her preparations for the ICSC Trade Show in San
Antonio, November 1 — 3, 2005. She discussed the four properties that would be
highlighted in her materials.
D. Ms. Gandy updated the Board on the candidates for the position of Economic
Development Assistant and salary requirements.
E. The Board reviewed the information regarding the taxation of Freeport goods and
recommended to the Council that they adopt an ordinance rescinding taxation of Freeport
goods and providing for the exemption of Freeport goods from ad valorem taxation. Ms.
Gandy pointed out that currently Prosper does not have any eligible Freeport goods being
taxed; that when approved, the exemption is always a 100% waiver of eligible inventory
taxes; that once adopted, the exemption could not be revoked; and given Council
approval, that all taxing units would then have the Freeport goods exemption —providing
the Town of Prosper a very valuable economic development tool.
F. Ms. Gandy reported that officials from the Town, EDC and Prosper Area Chamber of
Commerce had recently met to discuss each of their roles in economic development
efforts for the Town of Prosper. They had committed to work together in the
development of web pages that would provide links to important information rather than
trying to duplicate it on each site. The Chamber indicated that they were looking at
acquiring their own office space and had hired Judy Rucker for a few hours per week to
answer their phones, forward applications, etc. They also indicated that the Chamber
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would be changing their meeting format and would provide more networking
opportunities and would be initiating an Ambassador Program.
Recessed into Closed Session.
Motion made by Mike Wadsworth and seconded by Bob Luckock to recess into closed
session. Motion carried 5-0.
In compliance with Section 551, Texas Government Code, to wit: To discuss information that
the EDC has received from business projects that the EDC seeks to locate, stay or expand in
the Town and with which the EDC is conducting economic development negotiations.
Board reconvened into regular session at 8:05 p.m. No action taken as a result of closed
session.
Direction to staff to schedule topics for discussion at a future meeting.
The Board suggested discussing infrastructure at an upcoming meeting.
9. Adjourned at 8:10 p.m.
Bab uckock, S6cretary ate:
Minutes taken and written by: Karen Gandy, Executive Director