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2004-08-23 PEARLAND ECONCOMIC DEVELOPMENT CORPORATION REGULAR MEETING MINUTESMINUTES OF A REGULAR MEETING OF THE PEARLAND ECONOMIC DEVELOPMENT CORPORATION ("PEDC") BOARD OF DIRECTORS OF THE CITY OF PEARLAND, TEXAS, HELD MONDAY, AUGUST 23, 2004, 5:30 P.M., IN THE 2ND FLOOR CONFERENCE ROOM, CITY HALL, 3519 LIBERTY DRIVE, PEARLAND, TEXAS. I. The meeting was called to order at 5:03 p.m. with the following present: BOARD MEMBERS Chairman Randy Ferguson Secretary Lucy Stevener Board member Helen Beckman Board member Steve Saboe Board member George Sandars Board member Ed Thompson Not in attendance: Due to a conflict in schedule, Board Member Felicia Kyle was unable to attend the meeting. EX -OFFICIO BOARD MEMBERS City of Pearland Bill Eisen City of Pearland Mayor Tom Reid STAFF MEMBERS Executive Director Fred Welch Marketing Manager Will Benson Administrative Assistant Janice Vega Minutes of a Regular Meeting of August 23, 2004 Page 2 If. Approval of Minutes: Secretary Lucy Stevener made the motion, seconded by Board Member Ed Thompson to approve the minutes of the Regular Meeting of July 26, 2004. Motion Passed: 5 — 0 Abstained: Randy Ferguson III. Board Member Reports: None IV. Monthly Financial Report: Executive Director Fred Welch gave a report. V. Executive Director's Report: Plans are moving ahead for next year's budget. Finance should have the problem with the interest income resolved some time this week. We definitely have funds that were in the TEXPOOL account last year and this year. The city auditor is working on what that amount of money is and will be adjusting our records before the end of the fiscal year on September 30, 2004. The city version of the budget puts what I would call retained or unused funds into the industry development / incentive account. You will see $750,000 for industry incentives where we had originally forecast somewhere in the range of $300,000. The main thing to realize is that staff has prepared a fairly balanced budget with increases next year in marketing and industry recruitment to support the launching of The Spectrum project and initial studies for the property along the Bailey Oiler Road area. Our debt service has programmed in what would be due next year for the existing McHard Road and Kirby Road extension. Our financial advisor suggested in July that the board might refinance the old debt with the issuance of the $6.5 million for Kirby Road at The Spectrum. The debt service figure was used with that assumption in mind. Other activity Since our last meeting there has been a letter from the Chamber of Commerce to the City of Pearland seeking assistance from the city for a land donation by the library for a new chamber facility. A suggestion from that letter was to revisit the possibility of a joint facility shared by the chamber and the EDC. We will outgrow our space in city hall in the next three to five years, and we are in need of additional meeting space for prospects coming in from out of town. A preliminary meeting was held with chamber president Carol Artz and board member Gary Bucek on August 7, 2004. The results of that meeting are attached. No commitments have been made by anyone at this point in time. We are working on another prospect for The Spectrum. We have called this Project T -Bird. Joint work with the state, Harris County and PEDC has caused the firm to consider a manufacturing location within The Spectrum. The P&Z approved the PUD for Pauluhn Electric on Monday evening. This will allow the planned unit development to go to City Council for approval in September. When approved by Council the property that Trigon wants to take possession of will be available for their move in. PEDC approved a grant to Trigon at the July meeting. The completed water lines along West Industrial Drive have allowed Alinson Door Company to get their door Minutes of a Regular Meeting of August 23, 2004 Page 3 manufacturing operation running in Pearland. Ten new employees work from the location. The door framing operation is scheduled for move in during the month of September. The owner will then have sixteen employees working at that location and will apply to PEDC for the remainder of their grant. We offered somewhere in the range of $22,000 plus the water line to move the business from Houston to Pearland. Third Coast Packaging has made an application to the city for tax abatement on a new office facility. The firm will also be seeking some assistance through PEDC for a short water extension and some additional assistance. As the firm re -plats their property, there is potential for two new projects not related to Third Coast to move onto their unused parcels. This project will unfold this fall. Staff has done a great job working with the Pearland Chamber in preparing for this year's Salute To Industry luncheon. The event is scheduled for September 1, 2004 at the Hilton. The noon luncheon will feature a salute to Third Coast Terminals, this year's winner. The CEO Round Table is scheduled for September 8 at Jicama's Restaurant. VI. Public Comments: Cristy Edwards, 3115 Emory Oak, Pearland, TX. and Suewan Johnson, 11404 Island Manor St., Pearland, TX., both residents of Pearland, are interested in what is going on with the PEDC. VII. New Business A. Excused Absence: Board Member Steve Saboe made the motion, seconded by Board Member Helen Beckman to excuse the absence of Chairman Randy Ferguson and Board Member George Sandars from the Regular Meeting of July 26, 2004. Motion Passed: 4 — 0 Abstained: Randy Ferguson and George Sandars B. PEDC Budget: Secretary Lucy Stevener made the motion, seconded by Board Member Steve Saboe to approve the PEDC Budget for Fiscal Year 2004/2005. Motion Passed: 6 - 0 C. Financial Advisory Agreement: Board Member Ed Thompson made the motion, Seconded by Board Member Helen Beckman to approve the Financial Advisory Agreement with RBC Dain Rauscher. Motion Passed: 6 - 0 VIII. Other Business 1. EXECUTIVE SESSION UNDER TEXAS GOVERNMENT CODE A. Chairman Randy Ferguson adjourned the meeting at 5:54 p.m. to go into Executive Session to discuss Section 551.072 — Deliberations Regarding Economic Development Negotiations. Minutes of a Regular Meeting of August 23, 2004 Page 4 Board Member Steve Saboe excused himself from the meeting due to a previously scheduled appointment. NEW BUSINESS (continued) D. Real Property: The Board reconvened into Open Session at 6:25 p.m. Board Member Ed Thompson made the motion, seconded by Board Member George Sandars to appoint Secretary Lucy Stevener and Board Member Helen Beckman to a committee regarding real property and a joint PEDC and Pearland Area Chamber of Commerce building. Motion Passed: 5 - 0 IX. Adjournment: Board Member Ed Thompson made the motion, seconded by Board Member George Sandars to adjourn the meeting. Motion Passed: 5 — 0 Time: 6:27 p.m. Minutes ,approyed as submitted and/or i 1 , A.D., 2004. ATTEST: corrected this c>2 q � day of