07.31.12 PEDC MinutesProsper
ECONOMIC
DEVELOPMENT
CORPORATION
MINUTES
SPECIAL CALLED MEETING
Meeting of the Prosper Economic Development Corporation
170 N. Preston Rd., Prosper, Texas 75078
Tuesday, July 31, 2012
6:00 p.m.
1. Call to Order / Roll Call
Board President Jim Wicker called the meeting to order at 6:04 p.m., those present were Jim
Wicker, Mike Wadsworth, Ray Smith, Reno Jones, Jordan Simms, Kevin Drown and board
member Daniel Jones was absent. Interim Town Manger Lyle Dresher was present, Executive
Assistant Beth Larsen was present.
2. EXECUTIVE SESSION
The board recessed into closed session at 6:04 p.m. Mike Wadsworth made the motion and 2"d by
Ray Smith.
Recess into closed session in compliance with Section 551.001 et. Seq. Texas Government Code,
As authorized by the Texas Open Meetings Act to deliberate regarding;
i. Section 551.074. To deliberate the appointment, employment and/or duties of the
Economic Development Corporation Executive Director.
The board reconvened into regular session at 7:38 p.m. with a motion from Ray Smith and 2"d from
Jordan Simms.
3. Reconvene into regular session and take any action necessary as a result of the closed session
The board reconvened into regular session at with a motion from Mike Wadsworth and 2"d from
Reno Jones, to authorize PEDC President Jim Wicker to negotiate an employment agreement with a
specific candidate.
4. Adjourn
The board adjourned at 7:40 p.m. with a motion from Jordan Simms and 2"d from Kevin Drown.
Jordan Simms PEDC Secretary
Date
Prosper
ECONOMIC
❑EVELOPMENT
CORPORATION
_
- --
END -OF -MONTH CASH OVERVIEW
July, 2012
CASH OVERVIEW
IndeA.. Bk
TexPool
TexSTAR
Totals
Beginning Balance
$ 2,131,017.56
$1,323.53
1,188.84
$ 2,131,452.20
Deposits
$ 56,499.49
$ -
$ -
$ 56,499.49
Interest
$ -
$ -
$ -
Withdrawals
$ 7,676.08
$ -
$ -
$ 7,676.08
Ending Balance
$ 2,179,840.97
$ 1,323.53
$ 1,188.84
$ 2,182,353.34
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W.1.01.0121.21
Z
THREE YEAR (3) COMPARISON
ECONOMIC DEVELOPMENT CORP. - SALES TAX
PROSPER, TEXAS
$80,000
$70,000
-7�.�J_`.
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
■ FY 09-10
■ FY 10-11 ■ FY 11-12�
$ Amount % of Change
Month
Inc / Dec
Inc /(Dec)
Oct
$
33,632.68
$
34,244.53
$
50,494.14
$
16,249.61
47.45%
Nov
$
29,107.51
$
21,036.53
$
41,443.55
$
20,407.02
97.01 %
Dec
$
30,413.05
$
24,351,72
$
38,800.96
$
14,449.24
59.34%
Jan
$
37,375.07
$
25,907.60
$
50,935.13
$
25,027.53
96.60%
Feb
$
22,402.85
$
25,422.31
$
38,930.17
$
13,507.86
53.13%
Mar
$
21,279.05
$
30,373.07
$
46,632.15
$
16,259.08
53.53%
Apr
$
61,918.11
$
44,809.83
$
53,551.26
$
8,741.43
19.51%
May
$
26,311.09
$
37,130.04
$
53,684.23
$
16,554.19
44.58%
June
$
24,940.11
$
40,706.63
$
56,499.49
$
15,792.86
38.80%
July
$
73,197.23
$
51,138.44
$
62,857.90
$
11,719.46
22.92%
Aug
$
38,796.93
$
43,008.76
Sept
$
35,207.68
$
44,256.65
YTD Totals
$
434,581.36
$
422,386.11
$
493,828.98
$
158,708.28
98.37%
$
376,667.00
Budgeted Sales Tax
-_j
APPROPRIATIONS
F 1 2012
FY 2012
TY 2012
xY 2013
FY 2010
1"Y 2011
ADOPTED
AME(V1 EP
pROJEC"1E
1
PROPOSED
Cra�CEC:Oitl
ACTUAL
AC UAI
BuDC;1?T
BUDGET
ACTUAL
13L111GE't
I'crsonncl
145,072
38,941
31,475
31,475
69,595
228,475
Materials & Supplies
1,539
2,009
4,000
4,000
4,000
7,000
Town Services / Maintenance
33,466
29,002
37,300
37,300
40,100
38,200
Contractual / Professional Services
116,083
56,917
87,450
87,450
123,450
173,900
Capital
lBonds
Interfund Transfers Out
540
405
TOTAL S
296.700
S 126,069
$ 160,225
$ 160,225
$ 237.145
$ 447.980
11 Interfund Transfers Out
$450
■ Bonds $400
$350
M Capital $300
Contractual / Professional $250
Services $200
■ Town Services / $� 50
Maintenance - - - -
u Materials & Supplies $1 00
$50
0 Personnel $0 ,J
Thousands FY 2010 ACTUAL FY 2011 ACTUAL FY 2012 ADOPTED FY 2012 AMENDED FY 2012 FY 2013 PROPOSED
BUDGET BUDGET PROJECTED BUDGET
ACTUAL
PERSONNEL
'1101 I U Lfi
, TIME POSITIONS (FIE)
Executive Director
"TIME POS!TIONS
Executive Assistant
TOTAL
u►r►1 rl l.N:
V UL0 rv2011 777012 1�1_110� r",III.,
RIIA11,7G1] RLN'll AE :1:1J0']rlE.n 1'ti' ^ill?
] l I
1 1 l l
77
2 1 1 1 0 2
Fiscal Year 2012-2013 1 Proposed Budget
EDC FY 2012-2013 PROPOSED BUDGET DETAIL
% Increase or
(Decrease)
FY 13
FY 12 FYE
FY 12
FY 11
FY 10
.Account
Description
of FY 12 Budget
Proposed
Projection
Budget
Actual
Actual
EDC TOTAL
(38,687)
(289,776)
(236,442)
(332,066)
(228,250)
80-4120-6S-00
.Sales Taxes - EDC
1 23.9%
1 (466,667)
(500,000)
(376,667)
(438,636)
(434,581)
80-4610-65-00
Interest Income
(20,000)
(20,000)
(20,000)
(20,299)
(32,328)
80-4910-6S-60
Other Revenue
(6,921)
(58,041)
REVENUES
22.7%
(486,667)
(526,921)
(396,667)
(458,935)
(524,959)
80-5110-65-00
Salaries & Wages
538.7%
168,110
55,000
26,320
27,307
120,490
80-5115-65-00
Salaries - Overtime
48
80-5140-65-00
Salaries - Longevity Pay
265
80-5141-65-00
Salary -Incentive
5,500
80-5145-65-00
Social Security Expense
405.9%
8,600
3,500
1,700
1,724
7,404
80-5150-65-00
Medicare Expense
512.5%
2,450
825
400
476
1,732
80-5155-65-00
SUTA Expense
100.0%
540
540
270
72
236
80-5160-65-00
Health Insurance
4,650
1,000
457
2,348
80-5165-65-00
Dental Insurance
300
50
193
80-5170-65-00
Life Insurance/AD&D
100
20
66
80-5175-65-00
Liability (TML) Workers' Comp
1076.9%
765
200
65
125
330
80-5176-65-00
TML Prop. & Liab Insurance
33.3%
1,000
750
750
811
905
'0-5180-65-00
TMRS Expense
583.8%
18,600
5,900
2,720
3,281
11,664
b-5185-65-00
Long Term/Short Term Disability
360
60
296
80-5189-65-00
Administrative Fees
(83.3%)
2,400
12,400
14,400
14,400
8,000
80-5190-65-00
Contract Labor
2122.2%
40,000
1,800
1,800
2,160
2,025
80-5191-65-00
Hiring Cost
24,000
2,500
80-5210-65-00
Office Supplies
2,000
2,000
2,000
1,300
1,347
80-5212-65-00
Building Supplies
500
500
500
281
104
80-S220-65-00
Office Equipment
300.0%
4,000
1,000
1,000
283
80-S230-65-00
Dues,Fees,& Subscriptions
2,500
2,500
2,S00
2,633
2,230
80-5240-65-00
Postage and Delivery
500
500
500
144
88
80-5265-65-00
Promotional Expense
20,000
20,000
20,000
16,303
15,529
80-5305-65-00
Chapt 380 Program Grant Exp
10,000
9,500
4,861
80-5310-65-00
Rental Expense
27,500
27,500
27,500
27,073
27,462
80-5330-65-00
Copier Expense
1,000
1,000
1,000
885
730
80-5340-65-00
Building Repairs
500
3,300
500
875
450
80-5410-65-00
Professional Services
25,000
25,000
25,000
500
2,313
80-S412-65-00
Audit Fees
1,500
1,500
1,500
1,500
1,500
80-5418-65-00
IT Fees
4,000
4,000
4,000
1,638
3,563
80-5430-65-00
Legal Fees
10,000
10,000
10,000
1,341
10,665
80-5520-65-00
Telephones
4,800
4,800
4,800
4,630
4,992
80-5521-65-00
Cell Phone Expense
900
885
80-5524-65-00
Gas -Building
500
500
500
306
474
80-5525-65-00
Electricity
2,000
2,000
2,000
2,234
1,967
80-5530-65-00
Travel/Lodging/Meals Expense
4,000
4,000
4,000
868
4,398
80-5S33-65-00
Mileage Expense
2,000
2,000
2,000
772
747
80-5536-65-00
Training/Seminars
2,500
2,500
2,500
2,130
3,295
80-6015-65-00
Leverage Fund Principal
50,000
28,500
57,419
80-7143-65-00
Transferto Internal Serv. Fd
405
540
1' APPROPRIATIONS
179.6%
447.980
237,145
160,225
126,869
296,700
r-•.. u.. ; .,a
J11 E 1. 1?b L.n9? 13r,: l(I', l,1Y) ISn ll3k r lckld f'rca `l1.1-,l ry Li—,.jl..�
tf01
SMI, Proswer
EGri'40MG
�' D�Y'El:1�z4p�T
l:y Ct3�P4RAiifJl3
Project Description — PART A
1. 1'hc Firam
P (og,rrF..hwrrrk Awkwmnrrr Corpvraion
1'rcxlxr, Texas 75078
P&w, 972.31633397 Fckv, 972346:D(V
mms, ogyrrdr,[vm
Nam cif C anrlian ~ .1JiYE71A -' �4g+G�]' ' - _v
Corponite Addie%A: _&05
1'ro i;ct Addrt::s: Af?. ��' � }, �► r `f�I• ,ILiT' i+fN CZ. ' IA44
SIC CtAu
('0111pali}'
Forin (if Bimines4 i7�vnet�l�; is � �c -.•�1 3 __ _�--- _ -...
II -a Coqxmition. Indicate Fcdcral'Tn
Pa'oject i'rineipal(II) Corilriel(s)
Name Address Telephone E-w;kil
TP.4Gts[r�7�C7�P�$
3.
Product or Stni�c ocscription:
t��ctnrs►r"c?r-�r�cu .• .5������ 5►r�'�&r �� �.� � _ � f�fJC��.
1i1wL i9l` iirkiject. _ _,Start=up _ � kixpansitii ____�Rsl4ntic�n
Oirreni Ntin leer of Emililoyees:
Piofe.ssional. ,^/�/,e�- A%,cmgc
Fuli Time: Avernge tlourly° Wag
Part Time: _. Average [Ifiuriy L'ngr: ' AJA
ProjectW ummal sales _NA _ Anrioat Taxable hike i _—�_
*FX)cm riot includo c%ociAlve, aas3rat a5istrati� ¢, salar4e-d or c9mmi;,it,nex1 cmployccs,
"' Jn� hick exccutivc, administrative. salaried or corn missionrd emptoyces
I I Fs U.. • .,r ;
.t'r1 :f-rr{I-lift wi tp! -le. C-.rr.
Vf
�C�Ir<FC
C�r'1Ltl'r�4E13'I
�' CC�isDItAiF(�!#
FUND APPLICATION — PART It
Praiper Emnoir:i: Ih-Map►r-mr Cogvrorr`arr
PC). Pktr 1(ki(1,1ION J-Yoon Rd., SuifrJO
Prosper, Texas 75078
Phone: 972.346.3397Fax-, 972J461W9
nuiv,pma Ft-adamn
C oIll altly 11311?c f lLti71'si� I1 Ft�C �r!$L!E" y7�115 _.�T_
Primirry con IFiCi:
IldniarY E-mail addrrss: ��I�IILiPl�l�
y'rinrnry Fi:rul. AreUtrnl,
O " y, 7X
Contpct Pcmint
Woikiag Copital Lfiic of Cm-dit:
CompaFiy,Altorn ry:
H. Project Fund Source/Use Statement
S-Ourcc Antouni/Fornt U.%C
TVIA
1 rs n»61 a` r.,l i
v111 ;,,-ctu_tib JY 'J:. 4C P. rl eleyl Ll':Y1 ;`Y'i±J .'. Y'. �.e• •lYx Yslis.ec leesi 1-.
F-
111. C orr°rrit and Projected lltmploymcni
C3iwing.Tr)s dtv, .4nnual kifarti dinrptc�►n��irt
(Lkffr Or Honriy Race l'r#ilr lez��u
.'1 ewr Year
NA
Mrinaiacrial
Skilled
Send -skilled
t:Jiysl:iEEc�l
Te�i:►E .y�Jy`1�'7�L� � �7JlL cIP�N�� _
Compaq 114nofits;
Provided by company: � /VX—
Purchased by cmpluycc:
All Applicanis
A. 1 itclose w,y other information, including key person is surance which may
ie ovailable to assist us in prop:: ming ymtr application efficiently a-5
po.gsible.
B, Y-mcslose infin-m ition concerning any pending or threatened litigation or
administrativc prucccding or anN outstanding administration orders,
judgments, or injunctions to include cunipany officials or any of the
principals involvt cd in bankruptcy (fur the Oast live ycrnrs)
Np, Specific Ncw lusiness Venture Requirements
A, list three professional and three personal
1. (1'roCeSsiou;►l)_ __zim:,m?-Nt.LIG�1�J
ra ` ��j
2e t,1'rofessic�I1:1E� �/�,-4, !_ /-'1..r7lCy-4WE
I f Nofessionid) J
6. (Verso► al)__ g L ..���.�.a..._,_-�._—__ -
B. A completed business plan to include three ycars pro fornm financial
state:t On LS. NA
C. Sigmcd personal financial %latemcnIs l r all principals who hold more than to
?p°Ea intor st its the vcmurc. M
c_, s•n,Tn �, �.r .' �.ii �.nri,si�a .�f :?,r, K� (r3 s,ii i aesr;n �s .-�f-.i�� t'..,... l.f.-„,..n.. ,....,, �i., �:
t'l. Specific Live of Itequired Attachments for Existing Business
(1W:spritasi(wriflte tentiorilltslocation)
A, A completed ITDC Project applim- tion find Fund appliellion
B. l rrrlosv financial statcnlent for the past three fist -al ycai s, including: blakinee
Sheets, meorne statenicim, statements of changes in linarrcinI posiliorr, fljtil
nores to financial siaternents_ If non
-audited, thew matc-rnomr, must i s signed
€ nd dacd by ,,in authorized financial officer of the husincss
C. 'llirtx Years of IRS %tatemenls.
D1 Hilo v most recem imcro n Pmancirtl smawmciits (balance slicct awed incon%c
"Weritents ).
1 . Enclose Federal tux returns filed by the business principals lravint=, a 20"0 or
more iriterest in the company for the previmis three yttar.:, if the applicmnt is it
.,Ole ploprietorstlip, partnership, or cot-Imalion that does not have its tiwariciA
Malement_ti audited or revimed.
F, Flielme a vollttiry capital PI an covering they cspansion. rclem ion, or retocat.ion.
Tnitiail(s) rr %� _ L The PEDC is subject to the Tevai Public. Information
Act, which genmdly requires release of docuruents in the PEDC"s control upon
rmquest from a member of the public. The -ire ex4ceptions to tho Texas Nblic
Information :Act that mnsy allow cortain irifornin ion to lair withbuld from the public,
+rich gas tat mliarris mid trade secrets, however i1FDC cannot and does; not gmartmice
whether arty creeption vvill ripply to dnctuneots you submit to IIEDC.
Initi.al(+O -:k,4 Hy signing; below, I heretty autbori.,e PEDC to oblain
one or more of my PERSONAL con_tiumerleredit reports in connection with this
,t[iltifieation. I further authorize the PEDC to obtain credit reports in the name of
the compau)' lhiq application 6 on behalf or Further, by° sit'smig below l herelay
nuthorize 11"EDC to make an independent investigation of mine and/or thin
company's background, references, character, pusi empiii) mexit. 4duc ation,
criminal and police records anti/or other information Ilse I'FDC dceliss material to
evaluating this oliphcnution.
1 zs: czelis.Ta CS r1r �,^ `JC?1 �!-[lef.[ln -s) �%-. "-/:i ;C1l.lT i 1 G5Qls3T 11041, r�r.r++r PSrwT., �e,i � 1 rir•�.einy
The data that you supply to this PEDC %yill.be umd to assess your 11mri's ga4lilicatiou f6r
PEDC fustding. We Will tout W ablu lu prmcss your [iqutiaiul uppliCiadoo NOIhuut it. By
signing below you represent that -you 'arc duly autho'rimd to verify the foregoing
application, float you have read it, and that you tire familiar %%ith the sintt;mems c omaitsed
tliewin and that tlscyr arc true,
Signature ►� , ictIWAlC�' �r �YbS I J C 12' S7I J
Signature______
Titic
Company
Mite-. _ . - - - -- -- - —--�----- -
1 � e C. Hun dley, AIA
May 3, 2012
TO Whom It May Goncem.
RE: Authoti}ation for Representation
Donald E. Lookatloo, the sole Tmstcc and primly contact for the fay lain Look-ackej Revocable
Tnist ("Tnksl"), has authorized Sto ben C. Hondley, ALk, to represent the Trost and Mr. Lookadoo
in the matter of Nprmntatian beiorc the Town of Prosper. Planning Doparwent fm the Site Plan
Submitial and Planned lievelopagcnI appltcaIion-, witll rcgard to the property Im-mcd ai:
1_t_2,•$1 cic A, itt the J.R. Tunney Survey, Abstract 491 C, 'f omi of ProsNr, Collin Colo tty, Texas.
unnn)d I . L ookadoo, 'rr1stce -
liny Etta LwMtdoo Rcv=blc '1"rtast
$350 Meadow Road. Suite 163
+ Dallas, T'X 75231
214.232.8351) pbone
214.9$7.3807 fax
deloc3kadoo pol.com
Nupl{ ru {.' 1lvm&ry. A$A f ArcE uaN • W21 Dca TFO +rlttUU, T 'Y5!J1 • :14.691W }4 v Par. k3k-317-1 my
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517E CONSTPJCT ON PLAJ49
Lis)G
I t�cct A W�I-E%gtljv &n, 1,-,, 144
NLi Prosper
ECONOMIC
DEVELOPMENT
CORPORATION
Project Description — PART A
I. The Firm
Prosper Economic Development Corporation
P. O. Box 1060,170 N. Preston Rd., Suite 50
Prosper, Texas 75078
Phone: 972.346.3397 Fax: 972.346.2009
www.prosperedc.com
Name of Company: 7Sj�
Corporate Address: ` dolti iif l7r, Frisco, T� 7 W5_
Project Address: , TIC
Telephone: SIC Code
Company web address:
Form of Business Ownership: Y
If a Corporation, Indicate Federal 3 E
Project Principal(s) Contact(s)
Name Address Telephone E-mail
,?. Alarcos 6,01izalez, Vice-llvc;>itlent 169-55G-2iti3.3. iti icciti.4 �[rr.:l ti��lo1�,�I.itc1
�. John Galvan, Vice-Presidezit-2
H tad V ce r id t 442-2979; brsii-a il.���ntt.1)c-t
Product or Service description:
17Miond Se- e�demy (DSA) is a for -profit Texas corporanorl based in Collin
('aunty,-l_CXU4;. WC Will leatse an appf'oxinlately 20,000 sgliaw toot Facility" whei-e
we will offer a cenl:ral. indoor locanou for guests L6 ]care end practice their
baseball and softball skills. The facility will include batting g4gps, pitchinc
areas, tean) skills areas. nieeiinLj area, and rest area.
DSA will prov ide a. high quality indoor baseball and softbaIi trainii_ig facility acid
wrvices f'oi- the .SC60ti8 Minded and oonipetitive player and that pi-oinotes [tic
development of advanced baisebaII and sofehaII fianclainentatls and skills to prepare
pla i.,ers for the demands of liigIt schooI and beyond ' t:tli-n. WC will generate
posinvt� rep entie .l'or gro%v1h and f-aittire its
Phase of Project: _X Start-up Expansion Retention
Current Number of Employees:
Professional: _1 (projected)_ Average annual salary **
Full Time: _1 (projected)_ Average Hourly Wage *_
Part Time: _2 (projected)_ Average Hourly Wage
[This does not account for the owners'/principals' role in the development and operat' n
of the facility]
Projected annual sales Annual Taxable sales t$420,0..00
*Does not include executive, administrative, salaried or commissioned employees.
** Include executive, administrative, salaried or commissioned employees