2004-11-15 CITY COUNCIL SPECIAL MEETING MINUTESMINUTES OF A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, HELD ON NOVEMBER 15, 2004, AT 6:00 P.M., IN THE
COUNCIL CHAMBERS, CITY HALL, 3519 LIBERTY DRIVE, PEARLAND, TEXAS.
The meeting was called to order with the following present:
Mayor
Mayor Pro -Tem
Councilmember
Councilmember
Councilmember
Councilmember
City Manager
City Attorney
City Secretary
Tom Reid
Charles Viktorin.
Richard Tetens
Woody Owens
Larry Marcott
Kevin Cole
Bill Eisen
Darrin Coker
Young Lorfing
Others in attendance: Deputy City Manager Alan
Economic Development Corporation Fred Welch;
Planning Manager of Community Development Lata
Theresa Grahmann.
PURPOSE OF THE MEETING:
Mueller; Executive Director of
City Engineer Doug Kneupper;
Krishanarao; and Senior Planner
COUNCIL ACTION — RESOLUTION NO. R2004-186 — RESOLUTION OF THE CITY
OF PEARLAND, TEXAS, APPROVING THE ISSUANCE OF $13,995,000
DEVELOPMENT AUTHORITY OF PEARLAND TAX INCREMENT CONTRACT
REVENUE BONDS, SERIES 2004; APPROVING A BOND RESOLUTION,
INDENTURE OF TRUST, BOND PURCHASE AGREEMENT AND OTHER
DOCUMENTS RELATING TO THE BONDS; MAKING CERTAIN FINDINGS AND
CONTAINING OTHER PROVISIONS RELATED THERETO. Mr. Darrin Coker, City
Attorney.
Councilmember Tetens made the motion, seconded by Councilmember Owens, to
approve Resolution No. R2004-186.
City Manager Bill Eisen stated this item is related to the first reimbursement for Tax
Increment Reinvestment Zone No. 2. This particular reimbursement is to the developer
who funded all the cost for eligible infrastructure improvements. The Development
Authority met earlier and has approved all necessary documents associated with the
transaction.
Frank Ildebrando of RBC Dain Rauscher stated the City created the Development
Authority of Pearland to issue bonds on the City's behalf of Tax Increment
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Reinvestment Zone No. 2. The first bond issuance by Development Authority is being
presented at this time. The bond issuance size is $13,995,000 versus the $12,940,000
previously given in the preliminary official statement. The issuance size is larger
because a lower interest rate was given. More bonds within the limits of the
Development Authority were issued because of the low interest rate. A greater
reimbursement to the developer can be given and paid sooner. On the first page of the
analysis, uses are shown stating $13,995,000 have been issued. $1.2 million would go
into a reserve fund. The capitalized interest fund of $475,000 is also a fund available in
order to pay debt service next year. The project reimbursement fund is $11,283,000
and is the amount that will be reimbursed to the Shadow Creek Ranch Developers.
There will be both bond reimbursements to the developer and cash reimbursements.
The average rate on the bonds is approximately 5.1 %. Additional information was given
regarding the bond issuance. He briefly explained debt service and revenue that would
take place in the future years. Growth has to occur for the bond issuance to continue
and this will be determined each year.
Councilmember Cole asked for details regarding growth numbers within the Tax
Increment Reinvestment Zone No. 2.
Frank Ildlebrando of RBC Dain Rauscher stated a growth factor was not used to
determine the size of this bond issuance. It was determined by what was on the ground
as of October 1, 2004. Any future bond issuance will be determined by growth.
Discussion ensued among Council and Mr. Ildebrando regarding how the determination
is made for the bond issuance amount and bond insurance.
Rick Witte of Andrews Kurtz stated the resolution amount on Resolution No. R2004-186
needs to be amended to read $13,995,000.
Voting "Aye" Councilmembers Tetens, Owens, Marcott, and Cole.
Voting "No" None.
Motion Passed 4 to 0, with Mayor Pro -Tem Viktorin absent from the Council Chamber.
COUNCIL ACTION — APPOINTMENT OF MEMBERS TO SERVE ON THE OLD
TOWNSITE COMMITTEE. Mr. Nick Finan, Executive Director of Community Services.
Councilmember Owens made the motion, seconded by Councilmember Cole, to appoint
Stacey Adams, Justin Brantley, Luther Cunningham, Peggy Long, Mickey Mark,
Caroline McCoy, Jack McGuff III, Alma Nolan, Brenda Riggs, David Smith, Carl Talbot,
and one Planning & Zoning Commissioner to serve on the Old Townsite Committee;
Carol Artz, James Birdsong, Pearland College Center Board Member, Dr. Jerry
Pennington, Pearland Independent School District Board Member, Arts League
appointed to serve as the stakeholders.
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City Manager Bill Eisen stated this item is regarding the appointment of the Old
Townsite Committee members. Executive Director of Community Services Nick Finan
has completed a listing for Council regarding possible candidates to serve on the
committee that have an interest in the Old Townsite.
Executive Director of Community Services Nick Finan stated he spoke with the
consultant today regarding the list of twenty-two potential candidates. He asked the
consultant if there was any way to broaden the amount of members. The consultant
advised against increasing the amount and agreed that all possible candidates may be
excellent; however, the purpose of working with the committee is to have more one on
one discussion. The consultant stated meetings would take place with the stakeholders
and the committee members. If Council wants to place certain candidates as
stakeholders and appoint the others as part of the committee, then this could be a way
to stay with the current candidate list. The first meeting is scheduled for 6:00 p.m. on
December 7. Mr. Finan gave some additional information regarding the candidates'
contact information and location within the Old Townsite.
Discussion ensued about possible members that have been contacted.
Executive Director of Community Services Nick Finan stated the only person that could
not be reached was Dorothy Cook. Everyone else has been contacted and is willing to
serve. Those that are not able to serve were taken off the lista
Councilmember Owens stated in the beginning the forming of a committee was to focus
on the Old Townsite area. He does not want Council to lose site of the beginning idea.
He understood the committee to have an interest in creating a Downtown Business
District cohabitating with the residences within the area.
Additional discussion ensued among Council and Staff regarding the meetings of the
committee members with the consultant and the meetings of the stakeholders with the
consultant.
Executive Director of Community Services Nick Finan stated the stakeholders will be
given the chance to meet one on one with the consultant to give input regarding the Old
Townsite. The committee members will have group meetings to discuss the Old
Townsite.
Councilmember Marcott gave some comments regarding the initial plan. He stated it
will be difficult to make sure everyone is able to participate and is represented.
Executive Director of Community Services Nick Finan stated the Planning & Zoning
Commission will make an appointment from the Commission members to be a member
of the Old Townsite Committee during their meeting tonight.
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Councilmember Owens stated he does not think an elected official should be part of the
committee. This will allow more opportunity for the public to be a part of the committee.
Council and Staff briefly discussed candidates for the committee and stakeholders.
Voting "Aye" Councilmembers Tetens, Owens, Viktorin, Marcott, and Cole.
Voting "No" None.
Motion Passed 5 to 0.
EXECUTIVE SESSION UNDER TEXAS GOVERNMENT CODE
Executive Session was canceled.
Meeting was adjourned at 6:59p.m.
Minutes approved as submitted and/or corrected this the 13th day of December ,
A.D., 2004.
Tom Reid
Mayor
ATTEST:
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