2010-01-25 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, JANUARY 25,
2010 AT 5:00 P.M., CONFERENCE ROOM, PEDC OFFICE, 2947 BROADWAY, PEARLAND, TEXAS.
I. Call to order
The meeting was called to order at 5:00 p.m. with the following present:
BOARD MEMBERS
President
Ed Thompson
Vice President
Charles Gooden, Jr.
Secretary
Lucy Stevener
Board Member
Kurt Evenson
Board Member
Gary Idoux
Board Member
Mike O'Day
Board Member
Rushi Patel
EX -OFFICIO MEMBERS
City of Pearland Bill Eisen
Pearland Chamber of Commerce Carol Artz
STAFF MEMBERS
Matt Buchanan
Ramon Lozano
Kyler Cole
Jenny Brannon
Janice Vega
Minutes of a Regular Meeting
January 25, 2010
Page 2
At the President's request and the Board's concurrence, Items A, B, C and E under New Business and Items
A and B under the Financial Report were moved up on the agenda.
VI. New Business
E. Pearland Chamber of Commerce Quarterly Report: President Carol Artz President gave an
update on Chamber and BizConnect activities.
Board Member Rushi Patel arrived at the meeting at 5:24 p.m.
A. Bond Issuance: Rick Witte and Greg Jones with Andrews Kurth updated the board on the
sale of the bonds. Rick Witte stated that the bonds would not be tax exempt since the end
user is a private entity and will not agree to the capital expenditure. The bonds for Hooper
Road would remain tax exempt. Ryan O'Hara and John Robuck with RBC Capital Market
also addressed the board. Vice President Charles Gooden made the motion, seconded by
Board Member Rushi Patel to authorize staff to explore and get proposals from local banks
on a non -owner occupied real estate loan.
Motion Passed: 6 — 0
B. North Spectrum Drive Extension: Executive Director Matt Buchanan stated that development
agreements should be ready for the board review at the February board meeting. No action
was taken.
V. Financial Report
A. Quarterly Investment Report ending December 31, 2009: Claire Bogard, Rick Overgaard,
and June Ellis with the Finance Department were present. The Board requested a more
detailed report on the Cardiovascular Systems, Inc. project.
B. Monthly Financial Report ending November 30, 2009: Director of Finance Claire Bogard
gave the monthly report.
Approval of Minutes: Vice President Charles Gooden made the motion, seconded by Board Member
Kurt Evenson to approve the minutes of the Regular Meeting of December 14, 2009.
Motion Passed: 6 - 0
III, Monthly Activity Report: Executive Director Matt Buchanan gave an update on the CSI facility. He
also commented on his attendance at a portion of the NBCEA annual planning retreat.
IV. Public Comments: None
Board Member Mike O'Day arrived at the meeting at 6:15 p.m.
New Business Continued
C. Fiscal Year 2009 Carryovers: Board Member Rushi Patel made the motion, seconded by
Vice President Charles Gooden to amend the fiscal year 2010 budget to reflect additional
appropriations from fiscal year 2009 carryovers.
Motion Passed: 7 - 0
Minutes of a Regular Meeting
January 25, 2010
Page 3
VII. Other Business
Executive Session Under Texas Government Code
The meeting was adjourned to enter into Executive Session at 6:47 p.m.
1. Section 551.087 - Deliberations Regarding Economic Development Incentives -
MagtechlLingo Properties Infrastructure Project
2. Section 551.087 - Deliberations Regarding Economic Development Incentives -
Prospect #0914
The Board reconvened into Open Session at 7:25 p.m.
New Business Continued
D_ Old Townsite Redevelopment Incentive Program: Board Member Kurt Evenson made the
motion, seconded by Board Member Mike O'Day to adopt the Old Townsite Redevelopment
Incentive Program. Board Member Mike O'Day will represent PEDC Board on the selection
committee.
Motion Passed: 7 - 0
F. Annual Board Retreat/Meeting Dates: Board Member Rushi Patel made the motion,
seconded by Secretary Lucy Stevener to approve the PEDC Meeting Dates for the year
2010. The annual board and staff planning retreat will tentatively be Saturday, March 27,
2010.
Motion Passed: 7 - 0
G. Economic Development Incentives - MagtechlLingo Properties Infrastructure Project: Board
Member Kurt Evenson made the motion, seconded by Board Member Gary Idoux to change
the scope of work for an amount not to exceed $92,000.00 for the Magtech driveway project
for a cross access driveway and shared driveway on Magnolia.
Motion Passed: 7 - 0
Board Member Gary Idoux made a second motion, seconded by Board Member Rushi Patel
to transfer $8,149.53 to the City of Pearland for a curb -cut on the north side of Magnolia
Road across the street from MagtechlLingo Properties.
Motion Passed 7 - 0
H. Economic Development Incentives - Prospect #0914: No action was taken.
V. Adjournment: The meeting was adjourned at 8:00 p.m.
Minutes approved as submitted and/or corrected this
R A.D., 2010.
ATTEST:
-ti-O 6 day of
Ed Thompson, President