PEDC Minutes - 05.19.10Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd, Suite 50, Prosper, Texas 75078
Wednesday, May 19, 2010 - 6:00 p.m.
Call to Order / Roll Call
PEDC Board president Mike Wadsworth called the meeting to order at 6:00 pm, no board members were
absent and EDC Executive Director Dan Tolleson was present.
2. Comments from citizens, the EDC may receive input from the public; however the topic may not be discussed by the
EDC unless the topic is specifically listed on the meeting agenda
3. Consider and act upon the minutes from the April 21, 2010 Prosper EDC board meeting
Ray Smith made the motion to approve the April minutes with a 2°d from Bob Luckock, the motion was
passed unanimously.
4. Consider and act upon the April 2010 financial statements for the Prosper Economic Development Corporation
Jim Wicker made the motion to approve the April financial statements with a 2°d from Jordan Simms, the
motion passed unanimously.
5. Consider and possibly act on the PEDC Investment Portfolio summary for the quarter ended March 31, 2010
Jordan Simms made the motion to accept the investment portfolio for the quarter ending March 31, 2010,
with a 2°d from Reno Jones, the motion passed unanimously.
6. PEDC information update:
A. Conferences and workshops that EDC staff / EDC board attend
B. Staff update on aerial map
C. Discuss Broadway street improvement project
Recess into closed session in compliance with Section 551.001 et. Seq. Texas Government Code, to wit:
Bob Luckock made the motion to recess into closed session with a 2°d from Ray Smith,
a. Section 551.087 to deliberate economic development prospects.
b. Section 551.074 to discuss the annual performance evaluation of the economic development corporation
Director.
Ray Smith made the motion to reconvene into regular session with a 2°d from Daniel Jones
8. Reconvene into regular session and take any action necessary as a result of the closed session
The following action was made by Mike Wadsworth and a 2nd from Daniel Jones:
The PEDC Board of Directors as a result of closed session:
The Board approves the elimination of the EDC Executive Director Position effective as of May 19, 2010, and
the authorizes the EDC President to take the following actions (with assistance as needed of the Prosper
Town Manager and the EDC Administrative Assistant):
1. Finalize and document a severance agreement with the EDC Executive Director;
2. Negotiate and document an early termination agreement with the landlord of the building lease for
the EDC offices;
3. Negotiate and arrange for either storage or disposition of the EDC office furniture and equipment;
4. Negotiate and document an interlocal agreement with the Town of Prosper covering the services of
Town staff on an interim basis and the use of the Town Facilities and resources by the EDC
Administrative Assistant and the EDC board; and
5. Prepare and issue a press release regarding the above referenced actions.
9. Adjourn
The meeting was adjourned at 7:45 pm with a motion from Daniel Jones and 2nd from Bob Luckock
— Secretary