2012-03-29 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, THURSDAY, MARCH 29,2012,5:00 P.M., BOARDROOM, PEDC
OFFICE, 1200 PEARLAND PARKWAY, SUITE 200, PEARLAND, TEXAS.
1. Call to Order
The meeting was called to order
at 5:05 p.m.
BOARD MEMBERS
Vice Chair
Gary Idoux
Secretary
Lucy Stevener
Board Member
Jim Burnett
Board Member
Brandon Dansby
Board Member
Sheila Fischer
Board Member
Rushi Patel
Due to a conflict in schedule, Chair Charles Gooden, Jr. was unable to attend the meeting.
EX -OFFICIO MEMBERS
City of Pearland Bill Eisen
Pearland Chamber of Commerce Carol Artz-Bucek
STAFF MEMBERS
Matt Buchanan
Raman Lozano
Melissa Black
Janice Vega
CITY OF PEARLAND STAFF MEMBERS
Claire Bogard
Darrin Coker
Nghiem Doan
Minutes ofaRegular Meeting
March 29,2U12
Page
li Approval of Minutes: Board Member Dansby made the motion, seconded by Secretary 5tevener to
approve the Minutes ofthe Regular Meeting ofFebruary 23,2O12.
Motion Passed: 6-D
U|. Public Comments: None
IV. Financial Report
A. Monthly Financial Report — January 2UlZ: Claire Bogard, Director ofFinance, gave asummary of
the January Financial Report.
V. New Business
A. Excused Absence: Board Member Patel made the motion, seconded by Board Member Dansby
to excuse the absence of Vice Chair Idoux and Board Member Burnett from the Regular Meeting
of February 23,201I
Motion Passed: 3—O
Abstained: 2
B. 2010-2011 Audit: Board Member Burnett made the motion, seconded bySecretary SLevenerto
accept the 281O-2O11Audit.
Motion Passed: 6'O
C. Refinancing Option for Series 2D1OBonds: Frank ||debrandoand Ryan C/Hara,Financial Advisors
with 8OSC' Inc. presented the Board with a refinancing option proposal from Capital One for the
Series 2010 Bunds. The Board advised 8QS(, Inc. topresent additional proposals for a private
placement at the April board meeting.
D. Employee Compensation Adjustment: Board Member Patel made the motion, seconded by
Board Member Fischer to approve the two percent onetime payment adjustment for staff.
E. Old Townsite Fagade Grant: Board Member Burnett made the motion, seconded by Board
Member Patel to approve the President negotiating and entering into an OTS Fagade Grant
Agreement with Gale Grant LeRoy and Jim LeRoy in the amount not to exceed $31,000,located
at2217N.Park Avenue, with a five year lien toinsure property remains commercial.
Motion Passed: 6-0
Business [enter Drive Infrastructure Project: The Corporation discussed funding $33K8 in
improvements for the extension ofBusiness Center Drive with $2.2K8 repaid tothe Corporation
from the City through a possible assessment on the benefiting property owners. Staff will
workshop the issue with City Council.
G. Monthly Activity Report: President Buchanan summarized ongoing activity. Report submitted to
The meeting was temporarily adjourned at 6:17 p.m.
The meeting reconvened at626p.m.
V1. Other Business
The meeting was adjourned toenter into Executive Session at6:26p.m.
Minutes of a Regular Meeting
March 29, 2012
Page 3
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
#1203
3. Section 551.071— Consultation with City Attorney Regarding Potential Litigation.
The Board reconvened in to Open Session at 7:52 p.m.
New Business Continued:
H. Economic Development Negotiations — Business Attraction/Retention Projects: No action was
taken
I. Economic Development Negotiations — Prospect #1203: Board Member Patel made the motion,
seconded by Board Member Dansby to approve the President to negotiate and enter into the
Loan Agreement with Prospect #1203 for an amount not to exceed $100,000.
Motion Passed: 6 - 0
1. Consultation with City Attorney Regarding Potential Litigation: No action was taken.
VII. Adjournment: The meeting was adjourned at 7:50 p.m.
Minutes approved as submitted and/or corrected this (G day of APKIL
A.D., 2012. n
A