R2020-065 2020-04-13 RESOLUTION NO. R2020-65
A Resolution of the City Council of the City of Pearland, Texas, authorizing
the Lower Kirby Pearland Management District ("District") (no City of
Pearland bond obligation) to issue and sell road bonds, totaling
$1,880,000.00, for certain roadway and storm drainage projects (South
Spectrum Boulevard East at Promenade Shops Drive and preparation of
preliminary engineering reports for various projects) and to issue and sell
park bonds, totaling $ 1,870,000.00 for certain park projects (Lower Kirby
Trail along the west side of the North Central and South Detention
Facilities).
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That Chapter 375.207 of the Texas Local Government Code requires the
District to obtain approval of the City for bond issues that support improvement projects in the
District.
Section 2. That the Mayor is hereby authorized to sign the consent letter, attached
hereto as Exhibit "A," authorizing the issuance of road bonds and park bonds for certain
projects, the plans and specifications of which have been approved by the City Council.
PASSED, APPROVED, AND ADOPTED this 13th day of April, A.D., 2020.
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TOM REID
MAYOR
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CR TAL ROAN, TRMC, CMC i : �'
CITY SECRETARY
APPROVED AS TO FORM: i
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DARRIN M. COKER
CITY ATTORNEY
City of Pearland
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3519 Liberty Drive, Pearland, TX 77581
Pearland, Texas 77581
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April 13, 2020
The Honorable Leslie Brock
Office of the Attorney General of Texas
William P. Clements Building
300 West 15th Street, 7th Floor
Austin, Texas 78701
Re: Lower Kirby Pearland Management District Unlimited Tax Road Bonds, Series 2020 and
Unlimited Park Bonds, Series 2020A (the "Bonds")
Ladies and Gentlemen:
You are hereby notified that the City Council of the City of Pearland, Texas, has authorized
the Lower Kirby Pearland Management District to issue and sell the above-captioned bonds.
These Bonds are being issued for the purposes of funding certain road improvement projects and
park and recreation improvement projects, the plans and specifications for which have also been
approved by the City Council of the City of Pearland, Texas, each in compliance with Section
375.207 of the Texas Local Government Code. The approval was passed by the City Council at
a duly posted City Council meeting on April 13, 2020.
Sincerely,
CITY OF PEARLAND
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Tom Reid, Mayor
Lower Kirby Pearland Management District 23-Mar-20
Road Bond
TOTAL DISTRICT
CONSTRUCTION COSTS AMOUNT SHARE
1.South Spectrum Blvd East&Promenade Shops Drive' $ 989,152 $ 989,152
Subtotal Costs $ 989,152 $ 989,152
i.Engineering(15%)
a. South Spectrum Blvd East&Promenade Shops Drive $ 148,373 $ 148,373
c. Hooper Phase II and Fruge West of Kirby-PER $ 200,000 $ 200,000
d. Riley Road-PER $ 250,000 $ 250,000
Subtotal Engineering $ 598,373 $ 598,373
ii. Construction Testing(3%)
a. South Spectrum Blvd East&Promenade Shops Drive $ 29,675 $ 29,675
Subtotal Construction Testing Costs $ 29,675 $ 29,675
iii. Construction Legal Fees(0.5%)
a. South Spectrum Blvd East&Promenade Shops Drive $ 4,946 $ 4,946
Subtotal Construction Legal Fees Costs $ 4,946 $ 4,946
TOTAL CONSTRUCTION COSTS $ 1,622,145 $ 1,622,145
OF B.I.R. 86.3%
NON-CONSTRUCTION COSTS
A. Legal Fees(3%of the first$3,000,000,2.5%to$5,000,000,and 2%over$5,000,000) $ 56,400
B. Fiscal Agent Fees(2%) $ 37,600
C. Interest Expenses
1. Capitalized Interest(0 year @ 4.25%) $ -
2. Developer Interest(18 months @ 4.25%) $ 63,058
D. Bond Discount(3%) $ 56,400
E. Bond Issuance Expenses $ 22,516
F. Engineering Fees $ 20,000
G. Attorney General's Fee(0.10%) $ 1,880
TOTAL NON-CONSTRUCTION COSTS $ 257,855
%OF B.I.R. 13.7%
TOTAL BOND ISSUE REQUIREMENT $ 1,880,000
(1) This line item includes the paving and drainage from the associated project
W:\Land\2209\Draft Bond Summary of Costs(2020)\Paving Bond Summary Rev.xls
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Lower Kirby Pearland Management District 23-Mar-20
Park Bond
TOTAL DISTRICT
CONSTRUCTION COSTS AMOUNT SHARE
1.LK Trail west side of North,Central and South Detention $ 1,200,000 $ 1,200,000
Subtotal Costs $ 1,200,000 $ 1,200,000
i.Engineering(15%)
a. LK Trail west side of North,Central and South Detention $ 180,000 $ 180,000
Subtotal Engineering $ 180,000 $ 180,000
ii. Construction Testing(3%)
a. LK Trail west side of North,Central and South Detention $ 36,000 $ 36,000
Subtotal Construction Testing Costs $ 36,000 $ 36,000
iii. Construction Legal Fees(0.5%)
a. LK Trail west side of North,Central and South Detention $ 6,000 $ 6,000
Subtotal Construction Legal Fees Costs $ 6,000 $ 6,000
iv. Contingency(15%)
a. LK Trail west side of North,Central and South Detention $ 180,000 $ 180,000
Subtotal Contingency $ 180,000 $ 180,000
TOTAL CONSTRUCTION COSTS $ 1,602,000 $ 1,602,000
OF B.I.R. 85.7%
NON-CONSTRUCTION COSTS
A. Legal Fees(3%of the first$3,000,000,2.5%to$5,000,000,and 2%over$5,000,000) $ 56,100
B. Fiscal Agent Fees(2%) $ 37,400
C. Interest Expenses
1. Capitalized Interest(0 year @ 4.25%) $ -
2. Developer Interest(18 months @ 4.25%) $ 76,500
D. Bond Discount(3%) $ 56,100
E. Bond Issuance Expenses $ 20,030
F. Engineering Fees $ 20,000
G. Attorney General's Fee(0.10%) $ 1,870
TOTAL NON-CONSTRUCTION COSTS $ 268,000
OF B.I.R. 14.3%
TOTAL BOND ISSUE REQUIREMENT $ 1,870,000
W:\Land\2209\Draft Bond Summary of Costs(2020)\Park Bond Summary Rev.xls
Page 7 of 8
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