2014-11-10 DEVELOPMENT AUTHORITY OF PEARLAND REGULAR MEETING MINUTES MINUTES OF A REGULAR MEETING OF THE DEVELOPMENT AUTHORITY OF PEARLAND,
CITY OF PEARLAND TEXAS, HELD ON MONDAY, NOVEMBER 10,2014,4:00 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 4:03 p.m. with the following present:
Chairman Tom Reid
Secretary Ed Baker
Boardmember Bill Sloan
Boardmember Tom Pool
Boardmember Anthony Carbone
Others in attendance: Claire Bogard City of Pearland Director of Finance; Rick Overgaard,
Assistant Finance Director, Maria E. Rodriguez City of Pearland Deputy City Secretary;
John Robuck BOSC Inc.; Rick Witte, Andrews Kurth LLP, Drew Pelter Shadow Creek
Ranch Development Company.
NEW BUSINESS:
Board Action — Approval of the Development Authority of Pearland Board of Directors
Meeting Minutes for September 29, 2014, Special Meeting held at 4:00 P.M. DAP Board of
Directors.
Boardmember Sloan made the motion, seconded by Boardmember Pool, to approve the
Minutes of the September 29, 2014, Development Authority of Pearland Meeting.
Voting "Aye" Boardmembers Reid, Baker, Sloan, Pool, and Carbone.
Voting "No" None.
Motion Passed 5 to 0.
Board Action — Resolution No. RDAP- 2014-09 — A Resolution of the Development
Authority of Pearland (DAP), accepting the Investment Report for the quarter ending
September 2014.
Boardmember Baker made the motion, seconded by Boardmember Carbone, to approve
the Resolution No. RDAP-2014-09.
Rick Overgaard Assistant Finance Director, provided the Board with an overview of the
Quarterly Investment Report ending September 2014.
Boardmember Sloan asked how the $922,340 jump to $1,932,931 from June 2014 to
September 2014.
Page 1 of 4— 11/10/2014 — DAP
Claire Bogard Finance Director stated pursuant to the Tri-Party Agreement between the
TIRZ No. 2, and the Development Authority of Pearland, each August any funds available
in the TIRZ No. 2 account get transferred to the Development Authority of Pearland. That
money then gets shipped out to Regions Bank. Regions Bank keeps the amount needed
to make the annual debt service payments and returns the remainder to the Development
Authority of Pearland. Regions Bank has $932,000 of the $1 million for the debt service
that is due in March. The$1 million is being kept as a safety net to allow the flexibility to go
towards the public market instead of private placement should the Board want to do so in
the future.
Voting "Aye" Boardmembers Reid, Baker, Sloan, Pool, and Carbone.
Voting "No" None.
Motion Passed 5 to 0.
Board Action — Resolution No. RDAP- 2014-10 — A Resolution of the Development
Authority Of Pearland (DAP), Texas authorizing a Developer Reimbursement to Shadow
Creek Ranch Development Company Ltd to reimburse for TIRZ infrastructure
improvements in the amount of$7,920,000.
Boardmember Baker made the motion, seconded by Boardmember Sloan, to approve the
Resolution No. RDAP-2014-10.
Claire Bogard Finance Director stated this item is to authorize a Developer Reimbursement
to Shadow Creek Development for TIRZ No. 2 infrastructure improvements. The amount
of the reimbursement is now being amended to $7,890,000 as a result of the bond sale.
To date there is approximately$183 million of audited and actual improvements approved
for reimbursement by the TIRZ No. 2 Board of which $98 million is left to be reimbursed
excluding accrued interest. Payment of $7,890,000 will be made to the developer upon
closing of the Series 2014 bonds anticipated around December 9, 2014.
Voting "Aye" Boardmembers Reid, Baker, Sloan, Pool, and Carbone.
Voting "No" None.
Motion Passed 5 to 0.
Board Action—Resolution No. RDAP-2014-11 —A Resolution Authorizing the issuance
of$8,60,000 Development Authority Of Pearland Tax Increment Contract Revenue Bonds,
Series 2014; approving documents relating to the Series 2014 Bonds; and containing other
provisions related thereto.
Boardmember Pool made the motion, seconded by Boardmember Carbone,to approve the
Resolution No. RDAP-2014-11.
Page 2 of 4 — 11/10/2014— DAP
ADJOURNMENT
Meeting was adjourned at 4:30 p.m.
Minutes approved as submitted and/or corrected this the 14th day of September, A.D.,
2015.
Pgal
07�
Tom Reid
Chair
ATTEST:
4
Ed Baker
Secretary
Page 4 of 4 — 11/10/2014— DAP