08.16.06 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
APPROVED MINUTES
Meeting of the Economic Development Corporation
121 W. Broadway Street, Prosper, Texas
Wednesday, August 16, 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 except for Director, Mike
Wadsworth and Treasurer, Jim Campbell. Also in attendance was PEDC Executive Director Karen Gandy.
2. Consider and act upon minutes of the July 12, 2006 Regular Meeting of the Prosper Economic Development Corporation.
Minutes were approved as submitted. Motion made by Bob Luckock; seconded by Dan Tolleson. Motion carried 3-0.
3. Consider and act upon financial statements of the Prosper Economic Development Corporation for the months ending
June 30, 2006 & July 31, 2006
Financial statements for the months ending June 30, 2006 & July 31, 2006 were approved as submitted. Motion made by Bob
Luckock; seconded by Dan Tolleson. Motion carried 3-0
4. Comments from Citizens. The EDC may receive input from the public; however, a topic may not be discussed by the
EDC unless the topic is specifically listed on the meeting agenda.
No citizens were present
5. Presentation by Pate Transportation Partners, L.P. to provide project development services for the development and
delivery of improvements to S.H. 289 (Preston Road) from U.S. 380 to F.M. 1461 (Frontier Parkway) and the grade
separated crossing at the intersection of S.H. 289 (Preston Road) and U.S. 380; discuss and provide direction to staff
regarding possible contract for development services.
The PEDC reviewed the proposal from Pate Transportation Partners, L.P. ("PTP") and recommended to the Town Council that it
consider approval of a contract for Phase 1 of project development services with PTP and the PEDC. Authorized funding of
Phase 1 of the contract (up to $50,000) from its FY 05-06 Budget.
6. Discuss and give direction to staff regarding processing of Tax Abatement applications for properties in Downtown.
The PEDC discussed the approval of Tax Abatement applications for the Downtown area, but felt there needed to be
some guidelines in place before they moved forward with any applications. The EDC would like to have all of the
Downtown rezoning complete, as well as a clear under standing of what the vision is for Downtown Prosper.
Supplemental Agenda Items on Tax Abatement Applications filed by local business owners.
No action was taken
Consider and act upon a resolution authorizing participation in the Texas Local Government Investment Pool
("TexPool") and designating authorized representatives.
The EDC Board approved Resolution No. 06-08-16 adopting the participation in the Texas Local Government Investment Pool
("TTexPool"). Motion made by Dan Tolleson; seconded by Bob Luckock. Motion carried 4-0
EDC Treasurer, Jim Campell and EDC Director Mike Wasdworth arrived
8. Discuss and provide direction to staff regarding the scope of services contained in the draft RFQ for a Strategic Plan for
the Town of Prosper.
The PEDC reviewed the draft RFQ for a Strategic Plan for the Town of Prosper and recommended that it be forwarded to the
Town Council for review and consideration.
9. Receive Staff updates on the following items discuss and take any necessary action:
A. Current and pending construction and utility projects and annexation, zoning and development applications
No updates
B. PEDC Activity Report
No updates
10. Recess 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 has received from business prospects that the Economic Development
Corporation seeks to have locate, stay, or expand in the Town and with which the Economic Development Corporation is
conducting economic development negotiations.
The Board recessed into executive session at 8:53 p.m. Motion made by Bob Luckock; second by Dan Tolleson.
Motion carried 5-0
11. Reconvene into regular session and take any action necessary as a result of the closed session.
The Board reconvened into regular session at 9:13p.m. Motion made by Ray Smith; seconded by Dan Tolleson. Motion carried
5-0
12. Possibly direct Prosper Economic Development Corporation staff to schedule topic(s) for discussion at a
future meeting
13. Adjourn.
Meeting adjourned at 9:15 p.m. Motion made by Mike Wadsworth; seconded by Dan Tolleson. Motion carried 5-0.
Bob Luck k, Secretary
Date