2011-06-30 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 TO BE HELD THURSDAY, JUNE 30, 2011, 5:00 P.M., BOARD ROOM, PEDC
OFFICE, 1200 PEARLAND PARKWAY, SUITE 200, PEARLAND, TEXAS.
I. Call to Order
The meeting was called to order at 5:09 p.m.
BOARD MEMBERS
Chair
Charles Gooden, Jr.
Vice Chair
Gary Idoux
Secretary
Lucy Stevener
Board Member
Jim Burnett
Board Member
Rushi Patel
Due to a conflict in schedule, Board Member Mike O'Day was unable to attend the meeting.
EX -OFFICIO MEMBERS
City of Pearland
STAFF MEMBERS
Matt Buchanan
Kyler Cole
Janice Vega
CITY OF PEARLAND STAFF MEMBERS
Rick Overgaard
June Ellis
Mayor Tom Reid
Minutes of a Regular Meeting
June 30, 2011
Page 2
II. Approval of Minutes: Board Member Patel made the motion, seconded by Vice Chair Idoux to approve the
minutes of the Regular Meeting of May 19, 2011 and the Special Meeting of May 23, 2011.
Motion Passed: 5 0
III. Public Comments: None
v. Financial Report
A. Monthly Financial Report ending April 30, 2011: Assistant Director of Finance Rick Overgaard gave a
summary of the report.
V. New Business
At the President's request and the Board's concurrence, Item F under New Business was moved upon the
agenda.
F. Adoption of Investment Policy and Strategy and Approval of Broker /Dealers: Rick Overgaard reviewed the
report. Board Member Patel will begin attending the investment committee meetings. Vice Chair Idoux
made the motion, seconded by Board Member Burnett to approve the Investment Policy and Strategy and
the Broker /Dealers as presented.
Motion Passed: 5 0
A. Excused Absences: Chair Gooden made the motion, seconded by Secretary Stevener to excuse the
absences of Board Member Patel from the Regular Meeting of April 29, 2011, Board Members Burnett
and O'Day from the Regular Meeting of May 19, 2011, and Vice Chair Idoux and Board Member O'Day
from the Special Meeting of May 23, 2011.
Motion Passed: 5 0
B. 2011/2012 Program of Work: President Buchanan presented the 2011/2012 Program of Work. Vice
Chair Idoux made the motion, seconded by Secretary Stevener to approve the 2011/2012 Program of
Work.
Motion Passed: 5 -0
C. Public Hearing on the Fiscal Year 2011/2012 Budget: The Public Hearing was opened at 6:05 p.m. to
discuss the Fiscal Year 2011/2012 PEDC Budget. There were no comments from the public. The Public
Hearing was closed at 6:05 p.m.
D. Amend the Fiscal Year 2010/2011 Budget: Board Member Burnett made the motion, seconded by Vice
Chair Idoux to approve the Amended Fiscal Year 2010/2011 Budget as presented and to adopt the Fiscal
Year 2011/2012 Budget as presented with the only change reflecting a 3% increase of sales tax revenue
from fiscal year 2010/2011 budgeted amount.
Motion Passed: 5 0
E Fiscal Year 2011/2012 Budget: Motion made with Item D.
G. Monthly Activity Report: President Buchanan summarized ongoing activity. Report submitted to file.
The meeting temporarily adjourned at 6:41 p.m.
The meeting reconvened at 6:51 p.m.
Minutes of a Regular Meeting
June 30, 2011
Page 3
VI. Other Business
Executive Session Under Texas Government Code
1. Section 551.087 Deliberations Regarding Economic Development Negotiations Update on
Business Attraction /Retention Projects
2. Section 551.087 Deliberations Regarding Economic Development Negotiations Prospect
#1102
3. Section 551.087 Deliberations Regarding Economic Development Negotiations Prospect
#1010
4. Section 551,087 Deliberations Regarding Economic Development Negotiations Prospect
#1101
5. Section 551.087 Deliberations Regarding Economic Development Negotiations Prospect
#1003
The Board reconvened into Open Session at 7:47 p.m.
New Business Continued:
H. Economic Development Negotiations Business Attraction /Retention Projects: No action was taken.
Economic Development Negotiations Prospect #1102: Vice Chair Idoux made the motion, seconded by
Secretary Stevener to approve the President to negotiate and enter into a loan agreement with Prospect
#1102.
Motion Passed: 5 0
J. Economic Development Negotiations Prospect #1010: Vice Chair Idoux made the motion, seconded by
Board Member Patel to amend the approved performance agreement with Prospect #1010 to extend the
required date of request for reimbursement to October 22, 2011.
Motion Passed: 5 0
K. Economic Development Negotiations Prospect #1101: Vice Chair Idoux made the motion, seconded by
Secretary Stevener to approve the President to execute, on behalf of the Corporation, a loan agreement
with Prospect #1101.
Motion Passed: 5 0
L. Economic Development Negotiations Prospect #1003: Vice Chair Idoux made the motion, seconded by
Board Member Burnett to approve the assignment of the agreement between PEDC and Prospect #1003
entered into on August 31, 2010 to Prospect #1101 subject to the purchase of the land by Prospect #1101.
Motion Passed: 5 0
Vice Chair Idoux made the motion, seconded by Secretary Stevener to approve the forgiveness of the
reimbursement agreement from Prospect #1101 to PEDC executed on August 31, 2010 subject to the
completion of the roadway.
Motion Passed: 5 0
Minutes of a Regular Meeting
June 30, 2011
Page 4
VII. Adjournment: The meeting was adjourned at 7:50 p.m.
—tY3
Minutes approved as submitted and /or corrected this day of
2011.
ATTES
y S vener, Secretary
1
Charles Gooden, Jr., Chair
A.D.,