03.22.06 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
APPROVED MINUTES
Regular Meeting of the Economic
Development Corporation
121 W. Broadway Street, Prosper, Texas
Wednesday, March 22, 2006 - 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. Also in attendance was PEDC Executive Director Karen Gandy.
2. Approval of Minutes.
Minutes were approved as submitted. Motion made by Jim Campbell; seconded by Dan
Tolleson. Motion carried 5-0.
3. Approval of Financial Statements.
Financial statements for the month ending January 31, 2006 and February 28, 2006 were
approved as submitted. Motion was made by Mike Wadsworth; seconded by Dan Tolleson.
Motion carried 5-0.
4. Comments from Citizens.
No citizens were present.
5. Consider and act upon 1 j an Economic Development Incentive Agreement with Centex
Homes dtb/a CTX Builders Supply and 2 Resolution No. 06-03-22 authorizing the
Board President to execute the same.
Due to previous discussions regarding CTX Builders Supply Incentive Application and
Agreement, there were no further items that needed to be discussed. Motion was made by
Mike Wadsworth; seconded by Ray Smith. Motion carried 5-0.
6. Consider and act on Resolution No. 06-02-15 adoption an Investment Policy as
required under Chapter 2256, Government Code ("The Public Funds Investment Act")
and designating Investment Officers for the Corporation.
The EDC Board approved Resolution No. 06-02-15 adopting an Investment Policy. The
Policy designated the EDC President, EDC Treasurer and EDC Executive Director as the
Board's Investment Officers. Motion was made by Mike Wadsworth; seconded by Bob
Luckock. Motion carried 5-0.
7. Staff Updates.
A. Current and pending construction and utility projects.
No discussion occurred regarding the staff updates provided in the Board packets.
B. PEDC Activity Reports.
The board elected to donate $500.00 to the Prosper Area Chamber of Commerce -sponsored
Music and Arts Festival being held on Sunday, April 23`d
Ms. Gandy will forward the PEDC 2006-2007 Work Plan to the Prosper Town Council.
8. Recessed into Closed Session.
The Board recessed into closed session at 7:25 p.m.
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.
Minutes for Prosper EDC Meeting — March 22, 2006 Page 1
9. Board reconvened into reQuiar session.
The Board reconvened into regular session at 7:35 p.m. No action taken as a result of closed
session.
10. Direction to staff to schedule topics for discussion at a future meeting.
No new topics for future discussions were given to staff.
11. Ad_ mourned.
The Board adjourned at 8:50 p.m.
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Minutes for Prosper EDC Meeting — March 22, 2006 Page 1