2010-11-23 DEVELOPMENT AUTHORITY OF PEARLAND SPECIAL MEETING MINUTESMINUTES OF A SPECIAL MEETING OF THE DEVELOPMENT AUTHORITY OF
PEARLAND, CITY OF PEARLAND TEXAS, HELD ON MONDAY, NOVEMBER 23,
2009,4:00 P.M., IN THE FIRST FLOOR CONFERENCE ROOM AT PEARLAND CITY
HALL, 3519 LIBERTY DRIVE, PEARLAND, TEXAS.
Mayor Reid called the meeting to order at 4:11 p.m. with the following present:
Chairman
Secretary
Boardmember
Boardmember
Absent: Boardmember Tom Pool.
Tom Reid
Ed Baker
Bill Sloan
Brandon K. Dansby
Others in attendance: Claire Bogard City of Pearland Director of Finance; Rick
Overgaard City of Pearland Assistant Director of Finance; Sonia Webb City of Pearland
Deputy City Secretary; Ryan O'Hara RBC Capital Markets; Drew Pelter Shadow Creek
Ranch Development.
NEW BUSINESS
BOARD ACTION — APPROVAL OF THE DEVELOPMENT AUTHORITY OF
PEARLAND BOARD OF DIRECTORS MEETING MINUTES FOR MAY 18, 2009,
SPECIAL MEETING HELD AT 4:00 P.M. DAP Board of Directors.
Boardmember Dansby made the motion, seconded by Boardmember Sloan, to approve
the Development Authority of Pearland Board of Directors Meeting Minutes for May 18,
2009, Special Meeting held at 4:00 p.m.
Voting "Aye" Boardmembers Reid, Baker, Sloan, and Dansby.
Voting "No" None.
Motion Passed 4 to 0, with Boardmember Pool absent.
BOARD ACTION — RESOLUTION NO. RDAP-2009-08 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), TEXAS APPROVING A CASH
PAYMENT TO SHADOW CREEK RANCH DEVELOPMENT COMPANY LTD TO
REIMBURSE FOR TIRZ INFRASTRUCTURE IMPROVEMENTS. Ms. Claire Bogard,
Director of Finance.
Boardmember Baker made the motion, seconded by Boardmember Dansby, to approve
Resolution No. RDAP-2009-08.
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City of Pearland Director of Finance Claire Bogard stated the Development Authority of
Pearland (DAP) reimburses the Developer for infrastructure within the Tax Increment
Reinvestment Zone No. 2 (TIRZ) pursuant to the plan. The plan anticipated
infrastructure to be financed is $169 million. To date, the DAP has reimbursed a total of
$56 million with $62 million approved for reimbursement and $11 million waiting for
approval. This item requests approval from the DAP of a cash reimbursement to the
developer totaling $4.5 million.
Brief discussion ensued between the Board, City of Pearland Finance Director Claire
Manthei, and Ryan O'Hara RBC Capital Markets.
Voting "Aye" Boardmembers Reid, Baker, Sloan, and Dansby.
Voting "No" None.
Motion Passed 4 to 0, with Boardmember Pool absent.
BOARD ACTION — RESOLUTION NO. RDAP-2009-09 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), ACCEPTING THE DAP
INVESTMENT REPORT FOR THE QUARTER ENDING JUNE 2009 AND
SEPTEMBER 2009. Ms. Claire Bogard, Director of Finance.
Boardmember Sloan made the motion, seconded by Boardmember Baker, to approve
Resolution No. RDAP-2009-09.
City of Pearland Director of Finance Claire Bogard provided the Board with a detailed
review of the Investment Report for the Quarter ending June 2009 and September
2009.
Boardmember Dansby asked what process is utilized to shop rates.
City of Pearland Director of Finance Claire Bogard stated three quotes are received
from firms that are included in the authorized broker/dealers list for the DAP.
Voting "Aye" Boardmembers Reid, Baker, Sloan, and Dansby.
Voting "No" None.
Motion Passed 4 to 0, with Boardmember Pool absent.
BOARD ACTION — RESOLUTION NO. RDAP-2009-10 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), RATIFYING CHECKS 1052
THROUGH 1061. Ms. Claire Bogard, Director of Finance.
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Boardmember Sloan made the motion, seconded by Boardmember Reid, to approve
Resolution No. RDAP-2009-10.
Boardmember Reid stated the invoices included in this item have all been reviewed and
approved for payment by the DAP Invoice Review Committee. The checks presented
total $23,289.51
Voting "Aye" Boardmembers Reid, Baker, Sloan, and Dansby.
Voting "No" None.
Motion Passed 4 to 0, with Boardmember Pool absent.
BOARD ACTION — RESOLUTION NO. RDAP-2009-11 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), ACCEPTING THE FINANCfAL
REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 2009.
Ms. Claire Bogard, Director of Finance.
Boardmember Reid made the motion, seconded by Boardmember Baker, to approve
Resolution No. RDAP-2009-11.
City of Pearland Director of Finance Claire Bogard provided an overview of the
Financial Report for the period ending September 30, 2009.
Voting "Aye" Boardmembers Reid, Baker, Sloan, and Dansby.
Voting "No" None.
Motion Passed 4 to 0, with Boardmember Pool absent.
ADJOURNMENT
Meeting was adjourned at 4:35 p.m.
Minutes approved as submitted and/or corrected this the 3rd day of May, A.D., 2010.
To --m Reid
Chair
ATTEST:
Ed Baker
Secretary
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