2008-04-28 PEARLAND ECONOMIC 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, APRIL 28, 2008 AT 5:00 P.M., 2ND FLOOR CONFERENCE ROOM, CITY HALL, 3519
LIBERTY DRIVE, PEARLAND, TEXAS. CITY COUNCIL MEMBERS MAY ALSO BE ATTENDING.
I. Call to order
The meeting was called to order at 5:00 p.m. with the following present:
:0 _ : 9 1=&F-- 7G��
Chairman
George Sandars
Vice Chairman
Ed Thompson
Secretary
Lucy Stevener
Board Member
Gary Idoux
Board Member
David Stedman
Due to a conflict in schedule, Board Members Virgil Gant and Katheleen Hartin were unable to attend
the meeting.
EX -OFFICIO MEMBERS
City of Pearland
City of Pearland
Chamber of Commerce
STAFF MEMBERS
Fred Welch
Kyler Cole
Ramon Lozano
Janice Vega
Mayor Tom Reid
Bill Eisen
Carol Artz
Minutes of a Regular Meeting
April 28, 2008
Page 2
it. Approval of Minutes: Board Member Gary Idoux made the motion, seconded by Board Member
David Stedman to approve the minutes of the regular meeting of March 24, 2008.
Motion Passed: 5 - 0
III. Board Member Reports:
Chairman George Sandars — Attended the CEO Roundtable luncheon and a PEDC prospect
meeting.
Vice Chairman Ed Thompson —Attended the CEO Roundtable luncheon, Dare to Excel luncheon, the
monthly Chamber of Commerce luncheon, and the NBCEA board of directors meeting.
Board Member Gary Idoux — Attended the monthly Chamber of Commerce luncheon.
Board Member David Stedman — Attended the monthly Chamber of Commerce luncheon.
IV. Monthly Financial Report:
A. Reviewed and discussed the Pearland Economic Development Corporation Financial Statements
for the period ending March 31, 2008.
B. Reviewed and discussed the Pearland Economic Development Corporation Investment Report
for the period ending March 31, 2008.
V. Executive Director's Report: Executive Director Fred Welch discussed his recent trip to the
Biomedica conference in The Netherlands and the upcoming budget process.
VI. Public Comments: None
At the Chairman's request and the Board's concurrence, Items A and B under New Business
were moved up on the agenda.
VIII. New Business
A. Quarterly Report: President Carol Artz gave a quarterly report from the Pearland Area Chamber
of Commerce.
B. Investment Policy and Investment Strateav: Board Member David Stedman made the
motion, seconded by Secretary Lucy Stevener to approve the Investment Policy and
Investment Strategy.
VII. Other Business:
EXECUTIVE SESSION UNDER TEXAS GOVERNMENT CODE
The meeting was adjourned to enter into Executive Session at 5:58 p.m.
1. SECTION 551.087 — DELIBERATIONS REGARDING ECONOMIC
DEVELOPMENT INCENTIVES.
The Board reconvened into Open Session at 7:02 p.m.
Secretary Lucy Stevener left the meeting at 6:54 p.m.
Minutes of a Regular Meeting
April 28, 2008
Page 3
VIII. New Business (continued)
C. Economic Development Incentives: Board Member David Stedman made the motion, seconded
by Board Member Gary Idoux to advise Executive Director Fred Welch to draft a letter of intent to
Prospect #0615.
Motion Passed: 4 - 0
D. Economic Development Incentives: Vice Chairman Ed Thompson made the motion, seconded
by Board Member Gary Idoux to approve an economic development incentive grant in the
amount of $300,000.0 to Prospect #0806. Grant payable as follows: One-half payable when two
buildings are complete and receipt of certificate of occupancy. The remaining balance payable
when both buildings are 70% leased and a minimum of 80 jobs is achieved.
Motion Passed: 4 - 0
E. Agreement Amendment: Board Member Gary Idoux made the motion, seconded by Board
Member David Stedman to approve the Amendment to the Lease and Development
Agreement – Prospect #0711.
Motion Passed: 4 - 0
F. Lease Agreement: Vice Chairman Ed Thompson made the motion, seconded by Board Member
Gary Idoux to approve the Lease Agreement for Old Town Site Office.
Motion Passed: 4 - 0
G. Update: Kyler Cole gave an update on the Old Town Site.
IX. Adjournment: Vice Chairman Ed Thompson made the motion, seconded by Board Member David
Stedman to adjourn the meeting.
Motion Passed: 4 – 0
Time: 7:25 p.m.
Minutes approved as submitted and/or corrected this�N^ day of
A.D., 2008.
—George Sandars, Chairman
ATTEST:
99 Stevener, Secretary