05.17.06 PEDC Minutes1
Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
APPROVED MINUTES
Regular Meeting of the Economic
Development Corporation
121 W. Broadway Street, Prosper, Texas
Wednesday, May 17, 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 Mike Wadsworth; seconded by Dan Tolleson. Motion
carried 5-0.
3. Approval of Financial Statements.
Financial statements for the month ending March 31, 2006 and April 30, 2006 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. Consider and act upon Resolution No. 06-05-17 approving the Application for Participation in the Texas
Short Term Asset Reserve Program (TexSTAR).
Ms. Gandy made a recommendation to the board to establish a second investment pool with TexSTAR. The EDC
Board approved Resolution No. 06-05-17 adopting the participation in the Texas Short Term Asset Reserve
Program (TexSTAR). Motion was made by Bob Luckock; seconded by Mike Wadsworth. Motion carried 5-0.
6. Discussion regarding possible downtown revitalization / redevelopment.
Ms. Gandy presented a report to the Board updating them on the EDC subcommittee's efforts to date. The
subcommittee will continue to explore options regarding the revitalization of downtown Prosper.
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.
No discussion occurred regarding the PEDC Activity Report.
8. Recess into Closed Session.
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.
The Board did not recess into executive session.
9. Reconvene into regular 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. Adjourned.
The Board adjourAa.2p.
Bob ckock, S r tary Date:
Minutes for Prosper EDC Meeting — May 17, 2006 Page 1