2011-06-13 TAX INCREMENT REINVESTMENT ZONE NO. 2 BOARD MEETING MINUTESMINUTES OF A SPECIAL MEETING OF THE TAX INCREMENT REINVESTMENT
ZONE NUMBER TWO (TIRZ # 2), ALSO KNOWN AS SHADOW CREEK RANCH,
CITY OF PEARLAND TEXAS, HELD ON MONDAY, JUNE 13, 2411, AT 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 4:05 p.m. with the following present:
Chair
Vice Chair
Boardmember
Boardmember
Boardmember
Boardmember
Kenneth R. Phillips
Gary Cook
Donna Coleman
Herbert Fain
Jo Knight
Larry Loessin
Absent: Boardmembers Gary Davis, Mike Pyburn, and Ron Castillo.
Others in attendance: Bill Eisen City Manager City of Pearland; Claire Bogard Director
of Finance City of Pearland; Rick Overgaard Assistant Director of Finance City of
Pearland; Sonia Webb Deputy City Secretary City of Pearland; Tim Austin Allen Boone
Humphries Robinson LLP; James Ross LJA Engineering; Mark McGrath Null-Lairson;
Drew Pelter Shadow Creek Ranch Development Company Ltd.
NEW BUSINESS
BOARD ACTION - REGARDING THE APPROVAL OF THE SPECIAL MEETING
MINUTES OF THE JUNE 7, 2010, TAX INCREMENT REINVESTMENT ZONE
NUMBER 2 (TIRZ NO. 2) BOARD OF DIRECTORS MEETING.
TIRZ NO. 2 Board of Directors.
Boardmember Coleman made the motion, seconded by Boardmember Cook, to
approve the minutes of the June 7, 2010, Tax Increment Investment Zone Number 2
Board of Directors Meeting.
Voting "Aye„ Boardmembers Phillips, Cook, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
Motion Passed 6 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION - RESOLUTION NO. RTIRZ-2011-01 - A RESOLUTION OF THE
TAX INCREMENT REINVESTMENT ZONE NO. 2 (TIRZ), ACCEPTING THE
FINANCIAL REPORT FOR THE PERIOD ENDING APRIL 30, 2011. Ms. Claire
Bogard, Director of Finance.
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Boardmember Coleman made the motion, seconded by Boardmember Knight, to
approve Resolution No. RTIRZ-2011-01.
Director of Finance Claire Bogard provided the Board with a detailed report of the
Financial Report for the period ending April 20, 2011.
Voting "Aye" Boardmembers Phillips, Cook, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
Motion Passed 6 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION — RESOLUTION NO. RTIRZ-2011-02 — A RESOLUTION OF THE
TAX INCREMENT REINVESTMENT ZONE NO. 2 (TIRZ), ACCEPTING THE
INVESTMENT REPORT FOR THE QUARTERS ENDING JUNE 2010, SEPTEMBER
2010, DECEMBER 2010, AND MARCH 2011. Ms. Claire Bogard, Director of Finance.
Boardmember Cook made the motion, seconded by Boardmember Knight, to approve
Resolution No. RTIRZ-2011-02.
Assistant Director of Finance Rick Overgaard presented an overview of the four
Quarterly Investment Reports ending June 2010, September 2010, December 2010,
and March 2011.
Boardmember Loessin asked if the City has reviewed other options for more long-term
investments.
Assistant Director of Finance Rick Overgaard stated Staff does review investment
options regularly; however, the current short-term investment strategies have been the
best option in the current market.
Voting "Aye" Boardmembers Phillips, Cook, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
Motion Passed 6 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION — RESOLUTION NO. RTIRZ-2011-03 — A RESOLUTION OF THE
TAX INCREMENT REINVESTMENT ZONE NO. 2 (TIRZ), RATIFYING INVOICES
THAT WERE PAID FROM JUNE 2010 THROUGH MAY 2011 AND APPROVING
INVOICES FOR PAYMENT. Ms. Claire Bogard, Director of Finance.
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Boardmember Knight made the motion, seconded by Boardmember Loessin, to
approve Resolution No. RTIRZ-2011-03.
Director of Finance Claire Bogard stated this item is to approve invoices from June 2010
through May 2011. She stated Exhibit "A" includes invoices which were reviewed and
approved by the Invoice Review Committee and have already been paid. Exhibit "B"
includes pending invoices for the Board to approve.
Voting "Aye" Boardmembers Phillips, Cook, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
Motion Passed 6 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION — RESOLUTION NO. RTIRZ-2011-04 — A RESOLUTION OF THE
TAX INCREMENT REINVESTMENT ZONE NO, 2 (TIRZ), ADOPTING AN AMENDED
INVESTMENT POLICY, INVESTMENT STRATEGY AND APPROVED BROKERS IN
ACCORDANCE WITH CHAPTER 2256 OF THE GOVERNMENT CODE ("PUBLIC
FUNDS INVESTMENT ACT"). Ms. Claire Bogard, Director of Finance.
Boardmember Loessin made the motion, seconded by Boardmember Knight, to
approve Resolution No. RTIRZ-2011-04.
Assistant Director of Finance Rick Overgaard stated the Public Fund Investment Act
requires the Board approve an Investment Policy, Investment Strategy, and Broker List
annually. Mr. Overgaard continued to provide the Board with an overview of the
proposed changes to the documents.
Discussion ensued between the Board, Director of Finance Claire Bogard, and
Assistant Director of Finance Rick Overgaard regarding investment options.
Voting "Aye" Boardmembers Phillips, Cook, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
Motion Passed 6 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION — RESOLUTION NO. RTIRZ-2011-05 — A RESOLUTION OF THE
TAX INCREMENT REINVESTMENT ZONE NO. 2 (TIRZ), ACCEPTING THE 2010
ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING SEPTEMBER 30,
2010. Ms. Claire Bogard, Director of Finance.
Boardmember Loessin made the motion, seconded by Boardmember Coleman, to
approve Resolution No. RTIRZ-2011-05.
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Director of Finance Claire stated State Law requires the City to have an annual audit
performed by an independent auditor. Tax Increment Reinvestment Zone No. 2 is
considered a part of the City and therefore is subject to this requirement. Ms. Bogard
provided the Board with a detailed review of the Annual Financial Report.
Voting "Aye" Boardmembers Phillips, Cook, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
Motion Passed 6 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION — RESOLUTION NO. RTIRZ-2011-06 — A RESOLUTION OF THE
TAX INCREMENT REINVESTMENT ZONE NO. 2 (TIRZ), APPROVING THE 2010
ANNUAL REPORT. Ms. Sue Darcy, Marsh Darcy Partners, Inc.
Boardmember Coleman made the motion, seconded by Boardmember Knight, to
approve Resolution No. RTIRZ-2011-06.
Sue Darcy, Marsh Darcy Partners, Inc., provided the Board with the details of the 2010
Annual Report.
Voting "Aye" Boardmembers Phillips, Cook, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
Motion Passed 6 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION — RESOLUTION NO. RTIRZ-2011-07 — A RESOLUTION OF THE
BOARD OF DIRECTORS OF THE PEARLAND TAX INCREMENT REINVESTMENT
ZONE #2 (TIRZ #2) BOARD OF DIRECTORS, APPROVING REIMBURSEMENT OF
COMPLETED LETTER OF FINANCING AGREEMENTS. Mr. Mark McGrath, McGrath
& Co.
Boardmember Loessin made the motion, seconded by Boardmember Phillips, to
approve Resolution No. RTIRZ-2011-07.
Mark McGrath, McGrath & Co., stated he reviews the Letters of Financing based on the
guidelines in the Master Developer Reimbursement Guidelines. He reviews all of the
backup documentation and verifies the developer has paid for the projects within the
Letters of Financing.
Voting "Aye" Boardmembers Phillips, Coleman, Fain, Knight, and Loessin.
Voting "No" None.
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Motion Passed 5 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
BOARD ACTION — REGARDING A LEGISLATIVE UPDATE AND THE APPROVAL
OF LETTERS OF APPRECIATION FOR SPONSORSHIP OF HOUSE BILL NO. 2852.
Mr. Tim Austin, Allen Boone Humphries & Robinson, LLP.
Boardmember Knight made the motion, seconded by Boardmember Cook, to approve
to authorize the Chair to sign letters of appreciation to Senator Mike Jackson and
Representative John Davis.
Tim Austin, Allen Boone Humphries Robinson LLP, stated he drafted House Bill No.
2852 has been drafted to clean-up past legislation that has not been addressed as
changes have been made through the years. Mr. Austin provided the Board with a
detailed overview of the proposed changes. He stated the Bill is awaiting signature by
the Governor.
Voting "Aye" Boardmembers Phillips, Cook, Fain, Knight, and Loessin.
Voting "No" None.
Voting "Abstain" Boardmember Coleman.
Motion Passed 5 to 0, with Boardmembers Davis, Pyburn, and Castillo absent.
ADJOURNMENT
Meeting was adjourned at 5:20 p.m.
Minutes approved as submitted and/or corrected this the 14th day of November, A.D.,
2011.
ATTEST:
#114 C.-
Mike Pyburn
Secretary
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