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2007-06-18 TAX INCREMENT REINVESTMENT ZONE NO. 2 BOARD MEETING MINUTESMINUTES OF THE BOARD OF DIRECTORS MEETING TAX INCREMENT REINVESTMENT ZONE NUMBER TWO CITY OF PEARLAND, TEXAS JUNE 18, 2007 A special meeting of the Board of Directors ("Board") of the Tax Increment Reinvestment Zone Number Two ("Zone"), City of Pearland, Texas, was held on Monday, June 18, 2007 at 3:00 p.m. in the First Floor Conference Room at Pearland City Hall, 3519 Liberty Drive, Pearland, Texas. The meeting was open to the public. Board Members in attendance: Nigel Harrison, Chair Gary Cook, Vice Chair Larry Loessin Gary Davis Jo Knight Donna Coleman and Members not in attendance: Mike Pyburn, Secretary Ron Castillo Ken Phillips Consultants in attendance: Lynne Humphries - Allen Boone Humphries Robinson LLP Mark McGrath - Null-Lairson, P.C. James Ross - LJA Engineering & Surveying, Inc. Patti Joiner - Knudson & Associates, LP John Havenstrite - Knudson & Associates, LP Sue Darcy - Marsh Darcy Partners, Inc. Developer representatives in attendance: Drew Pelter - Shadow Creek Ranch Development Company, Ltd. Citv of Pearland: Bill Eisen - City Manager Claire Manthei - Finance Director Rick Overgaard - Assistant Finance Director 1. Call the meeting to order, take attendance and verify that a quorum is present. The meeting was called to order and attendance was taken. The following directors were present: 1. Nigel Harrison, Chair 2. Gary Cook, Vice Chair 3. Larry Loessin 4. Gary Davis 146985 5. Jo Knight 6. Donna Coleman Those present constituted a quorum. Directors Phillips, Castillo and Pyburn were not in attendance. 2. Discuss and approve minutes of the March 12, 2007 Board meeting. The minutes of March 12, 2007 meeting were presented. Director Coleman moved that the Board approve the minutes of the March 12, 2007 meeting without revision. Director Knight seconded the motion. Following discussion, the Board unanimously approved the motion. Mr. Eisen stated Ms. Humphries is taking the minutes today due to some changes in staff at Knudson & Associates. He added this was a temporary situation and the City was considering taking on agenda preparation, meeting packet preparation and minutes preparation as part of its administrative duties since the City's administrative fees due from the Zone are increasing this next year. 3. Discuss and take necessary action regarding Auditor's Report on TIRZ Invoices Presented for Payment and approval of outstanding administrative invoices to date. Mark McGrath with Null-Lairson, Auditors for the Zone, reviewed the Report with the Board. Mr. McGrath stated the City would begin review and preparation of invoices to be submitted to the Board after this meeting. Director Knight moved that the Board approve the Auditor's Report on the TIRZ invoices and the outstanding administrative invoices to date for payment. Director Loessin seconded the motion. Following discussion, the Board unanimously approved the motion. 4. Discuss and take necessary action regarding approval of the Auditor's Report on Developer Reimbursement No. 9 and make recommendation to City for Reimbursement. Mark McGrath reviewed the Report with the Board and confirmed that the projects contained in Letter Financing Agreement Nos. 03-10-003 and 04-07-004 were completed within the budget stated in the respective Letter Financing Agreements. After review, Director Davis moved that the Board approve the Auditor's Report on Developer Reimbursement No. 9 and recommend to the City that the projects contained therein be reimbursed. Director Coleman seconded the motion. Following discussion, the Board unanimously approved the motion. In response to a question from Director Loessin, Mr. McGrath clarified that Null-Lairson, P.C. was remaining the Zone's auditor. 146985 2 5. Review and approve financial report Claire Manthei, Finance Director for the City of Pearland, reviewed the financial report with the Board. She stated she expected a cash reimbursement to the developer when the Alvin Independent School District suspense account cleared this fall, of approximately $2,000,000. After review, Director Knight moved that the Board approve the financial report. Director Davis seconded the motion. Following discussion, the Board unanimously approved the motion. 6. F.eview and discussion of March 31, 2007 Quarterly Investment Report Rick Overgaard reviewed the March 31, 2007 Quarterly Investment Report with the Board. After review and discussion, Director Coleman moved that the Board approve the P,/Iarch 31, 2007 Quarterly Investment Report. Director Knight seconded the motion. The Board then unanimously approved the motion. Director Cook then entered the meeting. 7. Review, discuss, and take necessary action to approve the 2006 Annual Report and recommend submitting Report to the City Ms. Humphries stated she and Knudson & Associates have worked the past several months to prepare the Annual Report. She said Knudson & Associates requested Ms. Darcy to review the report with the Board. Ms. Darcy then reviewed the 2006 Annual Report with the Board. Mr. Pelter then reviewed photographs and discussed development in the Zone in 2006. After review and discussion, Director Knight moved that the Board approve the 2006 Annual Report and recommend submitting the report to the City. Director Coleman seconded the motion. Following discussion, the Board unanimously approved the motion. 8. Approve Cost Sharing Agreement with Brazoria County Municipal Utility District No. 35 for Pipeline Relocation and Site Drainage Facilities Ms. Humphries reviewed the Cost Sharing Agreement between the Zone and Brazoria County Municipal Utility District No. 35 for Pipeline Relocation and Site Drainage Facilities. After review, Director Davis moved that the Board approve the Cost Sharing Agreement with Brazoria County Municipal Utility District No. 35 for Pipeline Relocation and Site Drainage Facilities. Director Coleman seconded the motion. The Board then unanimously approved the motion. 146985 3 9. New Business Mr. ''Loessin asked questions about the Zone budget versus actual expenditures and discussion ensued regarding the letter financing agreement, project approval and reimbursement process. Ms. Darcy stated she had left Knudson & Associates and was reducing her workload and she has enjoyed working with the Zone over the years. 10. Any other matters which may properly come before the Board There were no other matters brought before the Board. 11. Adjournment. There being no further business, the Board adjourned by unanimous consent. Approved: ) P4, � (' S 6) MME- Pj SUAA) Glair-ff �a SE imiAlf e Tax Increment Reinvestment Zone Number Two City of Pearland, Texas 146984 4