[00:00:03]
SEE YOU LATER. OKAY. ALL RIGHT, 601.
[A. CALL TO ORDER]
WE'LL CALL TO ORDER THE REGULAR MEETING OF THE PRINCETON ECONOMIC DEVELOPMENT CORPORATION FOR MONDAY, JANUARY 6TH, 2025.IT'S IT'S FIRST ORDER OF BUSINESS.
I'LL CALL TO ORDER, THEN. ROLL CALL.
MIKE THOMPSON, PRESENT JAMES MILLER.
EXCUSE ME. PRESENT. MARCUS BINGHAM, NOT HERE, RIGHT NOW. ALBERT LOTT PRESENT.
AND OUR INVOCATION WILL MOVE ON TO THAT.
WE GATHER TODAY WITH A SHARED COMMITMENT TO FOSTER GROWTH, OPPORTUNITY AND PROGRESS FOR THE COMMUNITY.
COMMUNITY MAY APPROACH OUR DISCUSSIONS WITH WISDOM, COLLABORATION, AND A SPIRIT OF SERVICE.
LET OUR DECISIONS REFLECT INTEGRITY, INCLUSIVITY, AND A VISION FOR A BRIGHTER FUTURE.
MAY THIS MEETING INSPIRE INNOVATIVE IDEAS AND MEANINGFUL ACTIONS THAT BENEFIT ALL OF THOSE WE AIM TO SERVE. AMEN.
ALL RIGHT. WE'LL MOVE TO PUBLIC APPEARANCE.
MEMBERS OF THE PUBLIC ARE ALLOWED THREE MINUTES TO SPEAK.
THE ECONOMIC DEVELOPMENT CORPORATION IS UNABLE TO RESPOND OR TO DISCUSS ANY ISSUES THAT ARE BROUGHT UP DURING THIS SECTION THAT ARE NOT ON THE AGENDA, OTHER THAN TO MAKE STATEMENTS OF SPECIFIC FACTUAL INFORMATION IN RESPONSE TO PUBLIC INQUIRY, OR TO RECITE EXISTING POLICY IN RESPONSE TO ANY INQUIRY.
[F. PUBLIC REPORT ITEMS]
WE'LL MOVE ON TO NEXT ITEM IS PUBLIC REPORT ITEMS. GOOD EVENING, MR. CHAIR.MR. VICE CHAIR, DISTINGUISHED BOARD MEMBERS.
THE NEXT REGULAR PDC MEETING WILL BE HELD ON MONDAY, FEBRUARY 3RD AT 6 P.M..
YOUR CITY COUNCIL MEETINGS FOR JANUARY WILL BE HELD ON MONDAY, JANUARY 13TH AND MONDAY, JANUARY 27TH, BOTH AT 6:30 P.M., AND FIRE CHIEF TOM HARVEY'S RETIREMENT PARTY WILL BE HELD HERE AT THE MUNICIPAL CENTER ON THURSDAY, JANUARY 23RD, FROM 1 P.M.
UNTIL 3 P.M. AND WE'LL MOVE TO STAFF REPORT ITEMS PDC FINANCIAL REPORT SUMMARY OF THE PDC
[G. STAFF REPORT ITEMS]
FINANCIAL STATEMENT AND SALES TAX REPORT PRESENTED BY EDC CDC COORDINATOR DESHAWN WALKER.MR. VICE CHAIR, DISTINGUISHED BOARD MEMBERS.
THIS REPORT IS GOING TO BE VERY SHORT BECAUSE YOU'RE STILL JUST A FEW MONTHS INTO YOUR NEW FISCAL YEAR. THERE HAS NOT BEEN MUCH ACTIVITY AS OF RIGHT NOW.
SO IT'S JUST GOING TO BE AN UPDATE.
AND THEN YOUR EDC, CDC CEO IS GOING TO GIVE YOU A FURTHER BREAKDOWN AND A NEW BUDGET FORMAT FOR THE COMING YEAR.
SO YOUR JANUARY 2025 REPORT, JUST A REMINDER, YOU'RE TWO MONTHS BEHIND FROM THE CONTROLLER'S REPORT, SHOWS A STRONG FINANCIAL POSITION WITH 7.07 MILLION IN CASH AND CASH EQUIVALENTS.
YOUR TOTAL REVENUE IS AT 1.4% 4% OF YOUR $2.47 MILLION BUDGET.
YOUR EXPENSES ARE AT 26.17% AND YOUR FUND BALANCES AT 7.13 MILLION.
WITH 5.44 MILLION. UNASSIGNED.
YOUR KEY PROJECT COMMITMENTS INCLUDE YOUR SSD AT FRISCO, WHICH IS A LITTLE OVER 484,000 809,000 FOR YOUR CROSSROADS, PID, 170,000 GENERAL FUND TRANSFER.
AND YOU HAVE THE 125,000 GOING TOWARDS YOUR OLD DOWNTOWN.
YOU ALSO A LOT EVERY YEAR $25,000 FOR COMMUNITY EVENTS.
YEAR OVER YEAR SALES TAX REVENUE SHOWS SIGNIFICANT GROWTH AT 53.7% FOR NOVEMBER.
YOU GUYS ARE DOING GREAT WITH YOUR BUDGET, YOUR SPENDING.
SO WITH THAT, I WILL ALLOW JIM TO TAKE OVER.
[00:05:07]
AND I HAVE PLACED A COPY OF HIS REPORT AT YOUR STATION THERE.WITH Y'ALL'S PERMISSION, I WILL DO MY REPORT FROM OVER HERE INSTEAD OF GOING TO THE DAIS. A COUPLE OF THINGS.
ONE OF THE THINGS I HAVEN'T CHANGED ANY BUDGET FORMAT OR FINANCIAL REPORT FORMAT AS OF YET. BY NEXT MONTH, I THINK YOU'LL SEE SOME CHANGES.
I'M GOING TO BE MEETING WITH THE DIRECTOR OF FINANCE BECAUSE WE'VE GOT EDC AND CDC FINANCIALS THAT ARE, FOR LACK OF A BETTER WAY TO PUT IT, SPEAK IN DIFFERENT LANGUAGES THAN THE REGULAR CITY FINANCIALS.
AND IT'S DIFFICULT ON THE CITY'S END TO MAKE THOSE THINGS MATCH UP.
I MEAN, WE MAY HAVE AN EXPENSE, AND IF WE USE A DIFFERENT VERNACULAR, THEY'RE NOT SURE WHERE TO CODE IT.
AND SO WE'RE GOING TO TRY TO BRING THOSE TOGETHER A LITTLE BIT.
I APOLOGIZE I'LL BACK UP A LITTLE BIT.
IT'S GOOD TO SEE EVERYBODY AGAIN.
IT'S GOOD TO BE HERE TODAY, AND I LOOK FORWARD TO WORKING WITH YOU ALL.
THE ONE NEW REPORT THAT I AM GOING TO PROVIDE, AND WHAT'S IN FRONT OF YOU IS GOING TO BE IN EVERY ONE OF YOUR MONTHLY PACKETS MOVING FORWARD. AND I'VE ALWAYS DONE, I SAY ALWAYS FOR THE LAST 20 YEARS AT LEAST, I'VE DONE A SALES TAX TRACKING, WHICH IS ESSENTIALLY A FIVE YEAR RUNNING SALES TAX. AND WHEN YOU'RE LOOKING AT SALES TAX AND IT'S DOES EVERYBODY HAVE THAT IN FRONT OF YOU? IT'S GOT THE GREEN TYPE AND VERY LITTLE RED, WHICH IS GOOD NEWS. WHEN YOU'RE LOOKING AT SALES TAX, SALES TAX IS CYCLICAL.
SO AS YOU LOOK AT THE HEALTHIER SALES TAX YOU DON'T LOOK AT IT MONTH TO MONTH.
YOU LOOK AT SAME MONTH PREVIOUS YEAR.
AND THAT'S HOW YOU COMPARE IT, BECAUSE EVERY YEAR YOU HAVE THE SAME BIG MONTHS AND THE SAME SMALL MONTHS, IT IT'S A VERY CONSISTENT CYCLE.
SO WHAT I'VE DONE IS GONE BACK TO 2019 AND SHOWED THE GROWTH TREND.
IF YOU'LL NOTICE OVER FIVE YEARS THERE'S ONE RED NUMBER ON THE ENTIRE SHEET.
THERE WAS ONE MONTH THAT DIDN'T SHOW GROWTH OVER THE SAME MONTH PREVIOUS YEAR, AND THAT IS VERY LIKELY THE REASON YOU DO MONTH TO MONTH AND REALLY IS YOU LOOK AT SALES TAX. I GET GRANULAR, BUT YOU REALLY NEED TO LOOK AT QUARTERLY AND THEN ANNUALLY BECAUSE THERE ARE A LOT OF THINGS THAT HAPPEN IN SALES TAX THAT CAN SKEW THE NUMBERS. THERE CAN BE AN AUDIT ONE MONTH WHERE THE COMPTROLLER HAS A DIFFERENT NUMBER THAN, SAY, WALMART. AND THEY WILL THEY WILL HOLD BACK REPORTING THAT MONTH UNTIL THEY GET IT RECTIFIED. WELL, IF WALMART DOESN'T REPORT THEIR NUMBERS ONE MONTH, THAT'S OBVIOUSLY GOING TO HAVE A MAJOR EFFECT ON YOUR.
SO MY GUESS IS THERE IS AN AUDIT OR SOME TYPE OF IRREGULARITY IN THE ONE MONTH THAT WAS READ ONLY BECAUSE THERE'S LITERALLY ONE MONTH IN FIVE YEARS, SO I DON'T EVEN SEE THAT AS A NEGATIVE.
THE GOOD NEWS IS YOU'RE AVERAGING 16% A YEAR INCREASE.
AND I THINK AS THINGS HAPPEN OVER THE NEXT YEAR TO TWO IN SPEAKING WITH CITY MANAGER MASHBURN, A LOT OF THE SALES TAX INCREASE BECAUSE OUR OUR RETAILERS HAVE BEEN FAIRLY STEADY FOR SEVERAL YEARS.
IT FOLLOWS THE GROWTH RATE, WHICH MAKES PERFECT SENSE.
MORE PEOPLE, MORE EXPENDITURES AT THE WALMART AND THE RETAILERS WE HAVE.
WELL, AS YOU KNOW, OVER THE NEXT COUPLE OF YEARS, THERE'S GOING TO BE PRETTY SIGNIFICANT RETAIL GROWTH. AND THAT'S WHEN YOU'RE GOING TO START SEEING SIGNIFICANT CHANGE IN THESE NUMBERS THAT WILL START BREAKING THIS, THESE TRENDS.
SO THE GOOD NEWS IS THAT THE TRENDS ARE VERY POSITIVE.
THE VERY GOOD NEWS IS WITHIN THE NEXT COUPLE OF YEARS ARE GOING TO GET EVEN BETTER.
SO WE'RE IN A GOOD FINANCIAL POSITION.
I THINK THIS IS GOOD FOR YOU ALL TO BE ABLE TO KIND OF DO YOUR OWN FORECAST ON WHAT YOU THINK WE'RE GOING TO DO. YOU LOOK AT THESE NUMBERS, YOU'RE NOT MAKING STUFF UP. THESE THESE ARE BOOKED NUMBERS.
SO YOU CAN LOOK AT THE TREND AND YOU CAN SAY, YOU KNOW, THIS YEAR WE OUGHT TO BRING IN ABOUT 2.3, 2.4. IF THE TRENDS HOLD UP ON THE AVERAGE.
SO JUST A LITTLE BIT MORE INFORMATION FOR YOU GUYS AND THE PUBLIC.
QUITE HONESTLY, TO BE ABLE TO KIND OF SEE WHERE WE ARE SO WE CAN APPRECIATE WHERE WE'RE GOING. BECAUSE I CAN TELL YOU THREE YEARS FROM NOW, IT'S GOING TO BE A COMPLETELY DIFFERENT BALL GAME IN PRINCETON THAN IT IS TODAY.
AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS ABOUT THIS REPORT.
CHAIRMAN THOMPSON, MAY I INTERRUPT? YES. FIRST, I'D LIKE TO WELCOME JIM PROPERLY.
WE SPENT MONTHS TRYING TO FIND HIM, AND HE HADN'T LEFT YET.
HE SHOWED UP FOR THREE DAYS IN A ROW.
AND IT'S JUST AN INTERNAL JOKE.
BUT ANYWAY, THANK YOU TO ALL WHO ARE A PART OF THE PROCESS TO GET THEM HERE.
AND I'M GLAD YOU'RE HERE, JIM.
THANK YOU. IT'S GOOD TO BE HERE. AND THANK YOU ALL FOR EXTENDING THE OFFER AND WORKING THINGS OUT. I THINK THERE'S WE HAVE A UNIQUE OPPORTUNITY.
[00:10:03]
I'VE BEEN DOING THIS FOR 25 YEARS, AND EVERY COMMUNITY I'VE BEEN IN HAS BEEN A LITTLE DIFFERENT AND HAD DIFFERENT DIFFERENT CHALLENGES AND THEN DIFFERENT OPPORTUNITIES.THIS IS UNIQUE, A UNIQUE OPPORTUNITY TO NOT ONLY ADDRESS REALLY RAPID GROWTH BECAUSE THAT'S A CHALLENGE. I MEAN, IT'S EXCITING, BUT YOU CAN DO IT WRONG.
DEVELOPMENT JUST FOR THE SAKE OF DEVELOPMENT IS NOT NECESSARILY A GOOD THING.
BUT WE HAVE AN OPPORTUNITY TO REALLY BUILD SOMETHING SPECIAL.
AND WE'RE ON THE VERY FRONT END OF A VERY RAPID GROWTH TREND THAT THREE YEARS FROM NOW, PEOPLE THAT I USED TO RUN THE PROGRAM IN MCKINNEY FROM 12 TO 15, I DIDN'T RECOGNIZE PRINCETON WHEN I CAME OUT HERE TO INTERVIEW WITH YOU ALL AND MEET YOU ALL THREE YEARS FROM NOW, AND THAT WAS TEN YEARS AGO.
THREE YEARS FROM NOW, PEOPLE ARE GOING TO BE DOING THE SAME THING.
YOU WON'T RECOGNIZE THIS PLACE THREE YEARS FROM NOW.
AND IT IT'S BOTH EXCITING AND A CHALLENGE, BUT WE'LL DO IT TOGETHER.
I AGREE. THANK YOU. THANK YOU. ALLISON, I THINK THAT'S SUMS UP WHAT WE ALL THINK, AND WE'RE LOOKING FORWARD TO YOUR YOUR EXPERTISE TO HELP US.
AND I THINK YOU'LL FIND THIS THIS BOARD, THIS GROUP HAS DIFFERENT AREAS OF EXPERTISE.
AND THAT'S WHAT MAKES US AS GOOD IN OUR ROLES.
SO LOOK FORWARD TO THE COMING YEARS.
THANK YOU. THE NEXT ITEM IS THE BOARD REPORT ITEMS D EDC BOARD OF DIRECTORS REPORT ABOUT ITEMS OF COMMUNITY INTEREST IN WHICH NO ACTION WILL BE TAKEN.
DOES ANYBODY HAVE ANYTHING? NO. OKAY, WE'LL MOVE TO THE CONSENT AGENDA.
[I. CONSENT AGENDA]
ALL CONSENT AGENDA ITEMS LISTED ARE CONSIDERED TO BE ROUTINE BY THE ECONOMIC DEVELOPMENT CORPORATION, AND WILL BE ENACTED BY ONE MOTION.THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS A BOARD MEMBER.
SO REQUEST IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED IN ITS NORMAL SEQUENCE ON THE AGENDA.
AND OUR FIRST ONE IS THE MINUTES. CONSIDER APPROVE APPROVING THE MINUTES OF THE DECEMBER 2ND, 2024 FOR EDC REGULAR MEETING.
AND ANY DISCUSSION THERE? QUESTIONS? WE'LL JUST ENTERTAIN A MOTION AND A SECOND.
MR. CHAIR. I'LL MAKE THE MOTION TO APPROVE THE CONSENT AGENDA.
YEAH. OKAY. AND WE'LL DO A ROLL CALL.
VOTE. JAMES MILLER. MARCUS BINGHAM.
JOSHUA. HARRELL. AYE. MICHAEL.
MORRISON. AYE. AND MIKE THOMPSON AS WELL.
SO WE PASS UNANIMOUS. AND ALSO, I WANT TO DOCUMENT THAT MARCUS BINGHAM ARRIVED AT 606. WE HAVE THAT AND WE WILL MOVE TO THE REGULAR AGENDA.
[J. REGULAR AGENDA]
J1 2020 5-01P DC FINANCIAL STATEMENT AND SALES TAX DISCUSSION AND POSSIBLE ACTION REGARDING THE PDC FINANCIAL STATEMENT AND SALES TAX FOR THE MONTH OF JANUARY 2025.MR. CHAIR, MR. VICE CHAIR, DISTINGUISHED BOARD MEMBERS, THIS IS YOUR REPORT FROM THE FINANCE DEPARTMENT.
WE JUST PRESENTED A SUMMARY TO YOU AND THE STAFF REPORT ITEMS. JUST NEED A MOTION TO APPROVE, PLEASE.
ANY QUESTIONS? I'LL MAKE A MOTION TO APPROVE.
I SECOND. ALL RIGHT, WE'LL TAKE A ROLL CALL.
AYE. AND MIKE THOMPSON, I AS WELL.
PASSES UNANIMOUSLY. AND NOW WE'LL MOVE TO EXECUTIVE SESSION.
[K. EXECUTIVE SESSION]
EXECUTIVE SESSION IN ACCORDANCE WITH CHAPTER FIVE FIVE, ONE OF THE TEXAS GOVERNMENT CODE AND ECONOMIC DEVELOPMENT CORPORATION MAY ENTER INTO CLOSED SESSION FOR EXECUTIVE OR EXECUTIVE SESSION TO DISCUSS ANY OF THE FOLLOWING.SECTION 551.071 TEXAS GOVERNMENT CODE CONSULTATION WITH THE CITY ATTORNEY OR ON PENDING OR CONTEMPLATED LITIGATION, A SETTLEMENT OFFER, OR A MATTER IN WHICH THE DUTY OF THE ATTORNEY OR THE GOVERNMENTAL BODY UNDER THE TEXAS DISCIPLINARY RULES, THE PROFESSIONAL CONDUCT OF THE STATE BAR OF TEXAS CLEARLY CONFLICTS WITH THIS CHAPTER OR ANY OTHER, ANY ITEM LISTED ELSEWHERE WITHIN THE AGENDA AND OR SUBJECT MATTER.
LISTED BELOW IN OUR TOPIC IS PROJECT KHAKI AND TEXAS GOVERNMENT CODE 551.072, AND TEXAS GOVERNMENT CODE 551.087, AND WE'LL MOVE TO EXECUTIVE SESSION AT 616.
[00:15:09]
THANK YOU.ALL RIGHT. IT'S 638. WE RETURN FOR FROM EXECUTIVE SESSION.
AND THERE'S NO ACTION FROM EXECUTIVE SESSION.
I JUST NEED A MOTION TO ADJOURN.
I'LL MAKE A MOTION TO ADJOURN.
AYE. THANK YOU. SECOND WITH JOSHUA.
SPIRIT OF TANGENCY. THAT'S RIGHT.
THAT'S RIGHT SIR. THANK YOU SIR.
THANK YOU. OKAY. WE HAVE A MOTION AND.
* This transcript was compiled from uncorrected Closed Captioning.