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10.08.12 PEDC Minutesr Prosper ECONOMIC DEVELOPMENT CORPORATION Board Reno Jones Ray Smith Kevin Drown David Bristol Jordan Simms Jim Wicker — absent MINUTES Special Called Meeting of The Prosper Economic Development Corporation 170 N. Preston Rd., Prosper, Texas 75078 Monday, October8, 2012 . 6;00 p.m. Staff Gue Robert Winningham Trent Petty Lyle Dresher Pete Smith Joseph Drysdale — Project Double Call la Ordcr a nd Announce as Quoruala is 17 reseni With ai quorum of line Board present, [lie Special Called Nlesting of the Prosper Economics Development Corporation (PEIDC) was called to order by `rreasurer Rena Jones at b:CB p.m, on Monday October 8, ?t)]? at the Pf"I)c office. " Joe Drysdale anade a presentation to (lie Board regtarding the executive session item. 1: Cot iyerle intl! ('10 ed GxecuIiVe Sft-lion: Put -sun to ]'exals [roiyernniell1 0xle. S rtion 551.08 'I'I!e Beard convened into closed executive session on October 81, 2012 at 0:23 prat, pursuant to 'Foxa4 Government Code Section 551-087 to deliberate commercial and floanc:ial iltroni.iation and economic incentives regardinga. project within US Hwy 380, f M 1385, Frontier Nk► y and Custer Road. Itero1aF'ene inlo Oven S"'siOn; 1"he board reconvened into wgular session at 7:15 p.m. 2. lrtaota t�l'tillltial tr[!na I:xL'C!!t!F't' Sr'ysiafaa On as anotion by Jordan Sinanas, seconded by Kevin Drown, Elie Board authorized the PEDC President and 11K1DC F.XC01tiVL, Director to negotiate an economic development agreement for the property located within US Hwy 380, FXI 1385, Frontier Pk-.s,y and Custer Road for review and approval I v the Pr-1DC Board. 3. Adjourn 'The meting was officially adjourned on a motion by David Bristol and seconded by Kevin Drown at 7: 23 p.ni. Rem Jones - PEDC Treasurer Robert Minninglham - PEDC Executve Director 170 N. Preston Road • Suite 50 - P.O. Sax 1060 - Prosper, Texas 75078 Office.972-346.3397 - Fax:972-346-2009 - www,prDsporedc.com Prosper ECONOMIC - DEVELOPMENT CORPORATION I - END -OF -MONTH CASH OVERVIEW September, 2012 CASH OVERVIEW Indep. Bk TexPool TexSTAR Totals Beginning Balance $ 2,239,368.18 $1,323.66 1,188.99 $ 2,241,880.83 Deposits $ 63,796.00 $ - $ - $ 63,796.00 Interest $ - $ - $ - Withdrawals Ending Balance G $ 37,868.84 $ - $ - $ 37,868.84 $ 2,265,295.34 $ 1,323.66 $ 1,188.99 $ 22267,807.99 f� Town of Prosper Economic Development Corporation September, 2012 Financials Account Description Current Year Adopted Current Month Actual Current YTD Actual Current Remaining Budget % Budget Collected % Budget Remaining REVENUES 80-4120-65-00 :Sales Taxes - EDC (376,667.00) 67,326.53) (624,951.51) 248,284.51 165.92% 32.19% 80-4610-65-00 iInterest Income (20,000.00) (20,829.L31 829.63 104.15% 0.00% 80-4910-65-00 iOther Revenue - (6,920.56) 6920.56 0.00% 0.00% Total Revenues (396,667.00) (67,326.53) 1652,701.70) 256,034.70 164.55% -64.55% Account Description Current Year. Current Month Actual Current YTD Current Remaining % Budget Expended % Budget Remaining Adopted Actual Budget APPROPRIATIONS 80-5110-65-00 80-5115-65-00 :Salaries & Wages 55,000.00 12,748.72 37,293.16 17,706.84 67.81% 32.19% .Salaries - Overtime - - - 0.00% 0.00% 80-5140-65-00 Salaries - Longevity Pay - - 0.00%1 0.00% 130-5141-65-00 :Salaries - Incentive - 0.00%, 0.00% 130-5145-65-00 Social Security Expense 3,500.00 750.81 2,272.56 1,227.44 64.93% 35.07% 130-51SO-65-00 Medicare Expense 825.00 175.59 531.51 293.49 64.43% 35.57% 80-51S5-65-00 SUTA Expense 540.00 261.00 484.48 55.52 89.72% 10.28% 130-5160-65-00 Health insurance 1,000.00 398.72 578.72 421.28 57.87% 42.13% 130-5165-65-00 Dental Insurance 50.00 24.82 24.82 25.18 49AM 50.36% 130-5170-65-00 Life Insurance/AD&D 20.00 23.22 23.37 (3.37) 116.85% -16.85% IBO-5175-65-00 Liability (TML)/Workers' Com 200.00 56.92 143.08 28.46% 71.540% IBO-5176-65-00 TML-Prop. & Liab Insurance 750.00 79S.71 (45.71) 106.09% -6.09% 80-5180-65-00 TMRS Expense 5,900.00 1,274.88 3,729.33 2,170.67 63.21% 36.79% 80-5185-65-00 Long Term/Short Term Disability 60.00 60.00 0.00% 100.00% 30-5189-65-00 .Administrative Fees 12,400.00 200.00 11,900.00 500.00 9S.97% � 4.03% Page 1 of 2 .ti Account Description _ Current Year. Current Month Actual Current YTD Current Remaining e ud t % Budget Expended % Budget Remaining Adopted Actual _ 180-5190-65-00 Contract Labor 1,800.00 212.50 2,212.50 (412.50) 122.92% -22.92% IBO-5210-65-00 Su lies Building Supplies 2,000.00 506.49 1,493,51 25.32% 74.68% 80-5212-6S-00 500.00 678.86 178.86 13S.77% 35.77% 80-5220-65-00 Office Equipment 4,000.00 2,765.26 2,814.25 1,185,7S 70.36% 29.64% ;BO-5230-6S-00 Dues, Fees & Subscriptions 2,500.00 132.99 2,355,29 144,71 94.21% 539% 80-5240-65-00 Postage and Delivery 500.00 186.12 313.88 37,22% 62.78% 80-5265-65-00 Promotional Expense 20,000.00 12,208,09 7,791.91 61.04% 38.96% 80-5305-65-00 Chapter 380 Program Grant 9,500.00 6,898.00 2,602.00 72.61% 27.39% 1BO-5310-65-00 Rental Ex ense 27,500.00 76.65 27,508.61 (8.61) 100.03% -0.03% 33.71% 130-5330-65-00 Copier Expense 1,000.00 662.9S 337.05 66.30% B-S340-65-00 Building Repairs 3,300.00 3,243.12 56.88 98.28% 1.72% 80-5410-65-00 Professional Services 22,000.00 12,820.00 12,855.00 9,145.00 _ 58,43% 41.57% 80-5412-65-00 Audit Fees 1,500.00 - 1,500.00 0.00% 100.00% 180-5418-65-00 IT Fees 4,000.00 54.00 824.50 3,175.50 20,61% 79.39% l.0-5430-65-00 Legal Fees f 10,000.00 2,237.23 3,608.73 6,391.27 36.09% 63.91% 130-5520-65-00 Telephones 4,800.00 413.33 4,986.18 (186.18) 103.88%4 -3.88% I30-5521-65-00 Cell Phone Expense - - - 0.00%i 0.00% 130-5524-65-00 Gas Building 500.00 13.93 244.85 255.15 48.97% 51.03% 80-5525-65-00 Electricity 2,000.00 216.65 1,723.05 276.95 86.15% 13.85% IBO-5530-65-00 Travel/Lodging/meals 4,000.00 708.58 3,291.42 17.71% 82.29% 130-5533-65-00 Mileage Expense 2,000.00 85.47 865.81 1,134.19 43.29% 56.71% 130-5536-65-00 Training/Seminars 2,500.00 1,459.00 1,041.00 58.36% 41.64% 130-6015-65-00 Leverage Fund Principal 28,500.00 28,433.00 67.00 99.76% 0.24% 80-7143-65-00 Transfer to Internal Serv. Fd - - - - 0.00% 0.00% Total Appropriations 234,645.00 34,885.77 172,673.56 61,971.44 73.59% 26.41% NOTE: Flnancia s prepared before all AP transactions entered & patted due to timing of EDC Board meetings each month. These Financial. will differ from the EDC Financials prepared and presented to the Town Council with the Town EOM Financials. Page 2 of 2 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 THREE YEAR (3) COMPARISON ECONOMIC DEVELOPMENT CORP. - SALES TAX PROSPER, TEXAS 06 pec le cep lac EDC for EDC for Month FY 09-10 FY 10111 Oct $ 33,632.68 $ 34,244.53 Nov $ 29,107.51 $ 21,036.53 Dec $ 30,413.05 $ 24,351.72 Jan $ 37,375.07 $ 25,907.60 Feb $ 22,402.85 $ 25,422.31 Mar $ 21,279.05 $ 30,373.07 Apr $ 61,918.11 $ 44,809.83 May $ 26,311.09 $ 37,130.04 June $ 24,940.11 $ 40,706.63 July $ 73,197.23 $ 51,138.44 Aug $ 38,796.93 $ 43,008.76 Sept $ 35,207.68 $ 44,256.65 YTD Totals $ 434,581.36 $ 422,386.11 FY 09-10 FY 10-11 vo cA EDC for Current Year $ Amount % of Change inc 1 nc 1 Dec $ 50,494.14 $ 16,249.61 47.45% $ 41,443.55 $ 20,407.02 97.01 % $ 38,800.96 $ 14,449.24 59.34% $ 50,935.13 $ 25,027.53 96.60% $ 38,930.17 $ 13,507.86 53.13% $ 46,632.15 $ 16,259.08 53.53% $ 53,551.26 $ 8,741.43 19.51 % $ 53,684.23 $ 16,554.19 44.58% $ 56,499.49 $ 15,792.86 38.80% $ 62,857.90 $ 11,719.46 22.92% $ 63,796.00 $ 20,787.24 48.33% $ 67,326.53 $ 23,069.88 52.13% $ 624,951.51 $ 202,565.40 125.56% $ 376,667.00 Budgeted Sales Tax PEDC Board Meeting October 17, 2012 7. (EXECUTIVE SESSION ITEM) - CONFIDENTIAL Project within U.S. HM 380 FM 1385 Frontier PIM and Custer Road HISTORY The PEDC has been working with a private -sector developer to potentially create new value and jobs in Prosper. This project would include a mixture of office, retail and possibly other types of development on approximately 124 acres in Prosper that the EDC Board and City Council have determined would be in the best interest of the community. UPDATE Several meetings have been held in recent weeks between the PEDC, Town and developer. At last week's Special Called PEDC Board meeting, staff presented the specifics of this project in Executive Session. Once in Open Session, the PEDC Board passed the following motion: On a motion by Jordan Simms, seconded by Kevin Drown, the Board authorised the PEDC President and PEDC Executive Director to negotiate an economic development agreement for the property located within US Hwy 380, FM 1385, Frontier Pkwy and Custer Road for review and approval by the PEDC Board. The following day, the Town Council met on this project in Executive Session. Once in Open 1 Session, the Council passed the following motion: As a result of Executive Session, Deputy Mayor Pro Ten? Dugger made a motion to authorize the Interim Town Manager to negotiate on behalf of the Town, in conjunction with the Prosper Economic Development Corporation, one or more economic development agreements regarding property located north of Hwy 380, east of Teel Parkway, south of West First Street, and west of the Dallas North Tollway. Motion seconded by Council Member Dixon. Motion approved by vote of 6-0. Today, PEDC staff will recommend to the Board for its consideration and approval an Economic Development Agreement that would potentially fulfill the creation of value and jobs within U.S. Highway 380, FM 1385, Frontier Parkway and Custer Road. PEDC and Town staff will ask the Board to recommend the creation of a Tax Increment Reinvestment Zone (TIRZ) to the Town Council for approval. CONSIDERATION After deliberation in Executive Session, it is recommended that the Board consider and approve an Economic Development Agreement, as well as recommend creation of a Tax Increment Reinvestment Zone (TIRZ), for the creation of new value and jobs within U.S. Highway 380, FM 1385, Frontier Parkway and Custer Road. Attachments (all Confidential Information): • Proposed Schematic & Site Plan • Proposed Incentive Bullets for Economic Development Agreement • Spreadsheets of Values and Revenues • Revenues Generated within TIRZ over 33 Years About our President/CEO I Texas Economic Development Council Page 1 of 1 About Our President/CEO Carlton Schwab carlton@texasedc.org Carlton Schwab has been President/CEO of the Texas Economic Development Council (TEDC) since February 1st, 1999. During that time, the 900-member TEDC has developed into a recognized leader in the professional development of its members and a powerful voice for economic development policy in the state of Texas. Prior to his tenure at the TEDC, Mr. Schwab was Director of Development at the LBJ School of Public Affairs at the University of Texas at Austin (1996-1999). From 1989 to 1996, Schwab was a Director with Deloitte Touche offices in Austin and Chicago, specializing in corporate site location analysis and economic development strategic planning. Mr. Schwab has also spent time working in economic development at the local level, having served as Vice President of the Lubbock Board of City Development from 1986 to 1989. Lie began his career in Austin in legislative analyst positions at the Texas State Treasury, the Texas Comptroller of Public Accounts and the Texas Senate, Mr. Schwab holds a Master's degree from the LBJ School of Public Affairs at the University of Texas at Austin (1983), and a Bachelor's degree from Austin College in Sherman, Texas (1981). 1011 San Jacinto, Suite 650 Austin, Texas 78701 (512) 480.8432 Phone Copyright ©2010 (512) 472.7907 Fax www.texasedc.org tedcinfo@texasedc.org Powered by FDsuite EK https://www.texasede.org/node/347 10/5/2012 TEDC Fall 2012 Member Newsletter Member Newsletter MIJUROU'rAll}� EO Sales Tax Workshop Webinars 2013 Conference Schedule f i in I Tubb. View mg photoson fuckr The Overton Hotel in Lubbock, Texas was the site of the TEDC's 2012 Summer Meeting. The event included 17 sessions, the Texas Rural Innovators Forum, a golf tournament, committee meetings and networking events; including an off -site reception at the Jones AT&T Stadium at Texas Tech University. The Summer Meeting was sponsored by the 2011-2012 Annual Sponsors as well as local sponsors: Lubbock EDA, Amarillo EDC, Andrews EDC, Borger EDC, Levelland EDC, Midland Development Corporation, Sweetwater Enterprise for Economic Development, Big Spring EDC, Brownfield EDC, City Bank of Texas, High Ground of Texas, Perrytown Community Development Corporation and Fast GIS. http://archive.constantcontact.com/fs09l/1102668505463/archive/11112l3O36593.html (1 of 4) [10/12/2012 12:21:36 PM] TEDC Fall 2012 Member Newsletter Member News Headline News Post a News.ltem MEMBER SERVICES Member Directory Member Bloe Legislative Resource library Publications Past Conference Presentations Rural Economic Development Job Opportunities Post a Job YouTube TEDC Stith Anniversary Video Our Annual Conference, held September 25-27, 2012 in Austin, Texas, brought together over 300 economic developers and 18 exhibitors for the three- day event. Attendees heard from leading economic development experts in 22 sessions. The event also boasted several networking opportunities including a golf tournament, two receptions, a New Member Orientation, the CEDA luncheon, and the Annual PAC Auction. Presentations from the conference are now available on the TEDC website on our Annual Conference page and under "Past Conference Presentations". Photos from the conference are available on the TEDC's Flickr account and video clips from the conference are available on the TEDC's Youtube Channel TEDC conferences would not happen without the support of our Annual Sponsors and conference sponsors. Thank you to the sponsors and exhibitors for their support in making the 2012 Annual Conference a great success! Link to Annual C'nnfmranra TEXAS ECONOMIC DEVELOPMENT & ENERGY SUMMIT Learn more N► TEDC hosted its first -ever Summit exploring the critical linkages http://archive.constantcontact.com/fs09l/1102668505463/archive/11112l3O36593.html (2 of 4) [10/1212012 12:21:36 PM] TEDC Fall 2012 Member Newsletter GOLD iCenterPaint Energy Always Where SILVER FNUOY • WATM • COMM4NSn' SERVlCF5 BRONZE Adams Engineering Entergy Esri Government Capital Corporation The Retail Coach AAG between economic development and energy issues. The two-day event was held in San Antonio, Texas on August 23rd and 24th. Day one of the event included a job fair where over 2,000 job seekers met with companies looking to hire for various positions in response to the economic growth underway in the Eagle Ford Shale. The conference portion boasted several sessions where leading policy makers and state energy experts provided insight into the economic impact of the Eagle Ford Shale in Texas. The TEDC conducts a compensation and benefits survey every two years as a member benefit. The latest survey results are posted online for members only under "TEDC Publications". TEDC 2012 Compensation & Benefits Survey Thank you to Hunter Hilburn and the TEDC's Communications Committee for creating and implementing TEDC's Mentorship Program. The program matches TEDC members that are new to the economic development profession "Mentees" with seasoned economic development professionals "Mentors" in order to share their knowledge and expertise in the field. The program is off to a great start with a dozen mentor/mentee relationships facilitated. Applications for the program are being accepted on an ongoing basis. Mentorship Program Brochure. Each year TEDC honors members for their achievements in economic development through the Community Economic Development Award Program. Recipients and nominees of the 2012 CEDA were honored on September 26th at the Annual Conference in Austin. A total of 26 nominations were received. The five recipients in their respective population categories were: City of Westlake, Marble Falls EDC, Belton EDC, City of Missouri City and Fort Worth Chamber of Commerce. 2012 CEDA Recinient Descriptions_ Link to CEDA Luncheon Photos http://archive.constantcontact.com/fs09l/1102668505463/archive/11112l3O36593.html (3 of 4) [10/12/2012 12:21:36 PM] Memorandum 1 TO: PEDC Board of Directors FROM: PEDC Staff DATE: 10-18-12 RE: PEDC Staff & Marketing Report DEVELOPMENT ACTIVITY CONFIDENTIAL Windsong Ranch — Terra Verde officials sent a news release to the Dallas Business Journal with assistance from the PEDC and Town staff regarding construction of residential and commercial development on this 2,000-plus acre site on the west side of Prosper. Terra Verde has met with Johnny Warren of Prosper ISD about dedicating land for an elementary school. Terra Verde will dedicate land to the Town for a new fire station as well. Terra Verde hopes to have home lots available for sale within the next 12 months. Retail Development — PEDC staff met with the principals of a nationally -recognized retail development company that has been seeking to develop a major retail center on Hwy. 380 in Prosper. This company had been talking with landowners in 2007 but had put the project `on hold' once the Great Recession hit. The market is improving for financing, however, retailers are looking to develop smaller footprints in fewer markets. Project Double J — PEDC and Town staff have been meeting regularly with Jim Wicker and Mayor Smith and officials from the development company on this project regarding this 124-acre project. Last week, this project was discussed in Executive Session at the PEDC meeting as well as the regular Town Council meeting. It is hopeful that an economic development agreement (EDA) will be presented to the PEDC Board for their consideration at an upcoming meeting. } 15-Acre Data Center — PEDC staff is still awaiting word from Oncor to determine if a data center can be developed within Prosper city limits. Typically, while data centers do not create more than approximately 100 high-tech jobs, they do bring much ad valorem value and sales tax to a community. Data centers typically like to locate on sites with redundant power, fiber, water and sewer. Locating in a community that provides low-cost and low taxes is also an important factor. Blue Star — The PEDC director continues to work with Blue Star Development on their residential and commercial development plans in Prosper. It is hopeful that PEDC staff will bring a proposal to the PEDC board for consideration within the next 3-6 months. PARTNERSHIPS Prosper Independent School District (PISD) — Robert and Drew Watkins met to discuss various education and business related issues, as well as ways in which the PEDC and PISD can partner on training students, our future workforce. It is anticipated that the PEDC will assist in creating a PISD-Business event where business leaders can interact with PISD leaders on issues related to developing a stronger workforce in Prosper through PISD schools. PEDC has purchased a foursome at the Prosper Open benefitting scholarships with PISD. Prosper Chamber of Commerce — Robertjoined board member Kevin Drown at the recently held Business Expo hosted by the Prosper Chamber of Commerce. Robert will present a PowerPoint presentation at a Chamber breakfast at Gentle Creek Golf Club on October 23`d. The PEDC will sponsor the breakfast and staff member Beth Larsen will attend. Board members wanting to attend should RSVP with Beth atheth@tprosperedc.com Legislative — Former PEDC board member Mike Wadsworth has scheduled a meeting between Robert, Carlton Schwab of the Texas Economic Development Council (TEDC), and Scott Sanford, candidate for State Representative on Thursday, October 18`h to discuss economic development issues in the upcoming Texas Legislative session. Baylor Hospital — Robert is scheduled to tour the new Baylor Hospital in McKinney on October 25`h. PEDC Activity Update — Page 2 October 17, 2012 1 Prosper Developers Council —Robert gave an economic development update to this group of developers last week. Much was learned during the Q&A session he conducted with the developers who focus primarily on residential construction. Among topics was the PEDC's interest in supporting the `Prosper Awareness Campaign' (PAC). This will be included in the PEDC marketing plan in November. MARKETING / PUBLIC RELATIONS Aerial Map —Beth has begun the process of developing a new aerial map for the PEDC. It is expected that new maps will be printed by the end of this year, including name changes of several developments Marketing Plan — PEDC staff meets weekly to discuss the ongoing marketing efforts for the PEDC for FY 2012-13. Staff hopes to present a Marketing Plan to the Board for its review in the coming weeks. Print and Web Media — As part of the marketing plan, PEDC staff is continuing to review existing publications and marketing opportunities to pursue for FY 2012-13. Press Release — PEDC Staff met with the Terra Verde Group (Craig Martin and Project Manager David Blom) who hired Dallas -based public relations firm Anderson -Hanson -Blanton to produce marketing and PR for the Terra Verde Development. Staff assisted by providing statistics on the Town of Prosper and quotes from Mayor Smith. RETAIL ICSC "Texas Deal Making" Show — The PEDC will participate in this event aimed at attracting retailers to Prosper. ICSC will be held in Dallas this November 7-8. PEDC staff will attend and will also conduct some side meetings with prospective retail developers. ADMINISTRATIVE Copier/Printer — After five really good years with our current Xerox copier/printer, it's time to get a new one. Staff has researched the cost of leasing a new copier that would be an upgrade to the one we have. The new copier will be much more functional for our increasing printing needs and should arrive in two (2) weeks. Finance Documents — Robert has created several financial forms that document PEDC expenses, including a Travel Authorization Form and more recently, a Cash Flow for Incentives Spreadsheet. This spreadsheet will be ready to present to the Board at its November meeting. PEDC Activity Update — Page 3 October 17, 2012 1 Prosper ECONOMIC DEVELOPMENT CORPORATION Calendar Prosper EDC Meeting & Board Photo Shoot (special guest: Carlton Schwab, Pres./CEO, October 17 6:00 pm Texas Economic Development Council) Board & Staff Prosper ISD Golf Tournament at Gentle Creek October 22 All Day (PEDC Board members interested in playing PEDC should contact Beth at beth prosperedc.com) October 23 6:00 pm Prosper Town Council Meeting Town Council 3`d Annual Dallas Retail Real Estate Summit October 24 7 —10 am (PEDC Board members interested in attending Board &Staff should contact Beth at Beth@pr-osperedc.com) International Council of Shopping Centers November 7-8 All Day (ICSC) Texas Conference at Dallas Convention Board & Staff Center(if interested in attending, contact Beth at Meth@prosperedc.cal71) November 13 6:00 pm Prosper Town Council Meeting Town Council November 14 6:00 pm PEDC Board of Directors Meeting Board & Staff November 22-23 6:00 pm PEDC Office Closed for Thanksgiving Holiday Staff November 27 6:00 pm Prosper Town Council Meeting Town Council