2015-10-12 DEVELOPMENT AUTHORITY OF PEARLAND SPECIAL MEETING MINUTES MINUTES OF A SPECIAL MEETING OF THE DEVELOPMENT AUTHORITY OF
PEARLAND, CITY OF PEARLAND TEXAS, HELD ON MONDAY, OCTOBER 12, 2015,
2015, 3:00 P.M., IN THE FIRST FLOOR CONFERENCE ROOM M 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 Carbone absent.
CALL TO ORDER and ROLL CALL: Chairman Reid, Secretary Baker, Boardmembers
Sloan, Pool, and Carbone.
Others in attendance: Claire Bogard Finance Director, Maria E. Rodriguez Deputy City
Secretary; Lynne Humphries, Allen Boone Humphries Robinson LLP; Gary Cook Shadow
Creek Ranch; Drew Pelter, Shadow Creek Ranch; Rick Witte.
PUBLIC COMMENTS
NEW BUSINESS:
Board Action — Approval of the Development Authority of Pearland Board of Directors
Meeting Minutes for September 14, 2014, Regular Meeting held at 4:00 P.M. DAP Board of
Directors.
Board Action — Resolution No. RDAP-2015-09 — A Resolution authorizing the issuance of
$65,995,000 Development Authority of Pearland Tax Increment Contract Revenue and
Refunding Bonds, Series 2015; approving documents relating to the Series 2015 Bonds;
authorizing the redemption prior to maturity of certain outstanding Bonds; and containing
other provisions related thereto.
John Robuck, stated the amount is a little different from the one listed on the agenda items
and if it will be amended to reflect the correct amount if approved by the Board. The
summary of bids are in the Boards packets. There were term sheets and bid sheets sent out
to 26 banks and financial institution across the area who expressed interest in Bank Bonds or
Private Placement Bonds. The winning bid is from Regence Bank BBVA Compass Bank
from their subsidiaries of a joint bid 50/50 with a rate of 2.4 percent which is very good in this
environment. This is a fixed rate, and a 10 year call and no reserve requirement. Mr.
Robuck continued to provide a brief overview of the Tax Increment Contract Revenue and
Refunding Bond, Bonds, Series 2015.
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Boardmember Reid moved_an amended motion to approve Resolution No. RDAP2015-09
second by Boardmember Baker.
Voting "Aye" Boardmembers Reid, Baker, Sloan and Pool.
Voting "No" None.
Motion Passed 4 to 0. Boardmember Carbone absent.
Board Action — Resolution No. RDAP-2015-10 —A resolution of the Development Authority
Of Pearland (DAP), Texas authorizing a developer reimbursement to Shadow Creek Ranch
Development Company LTD to reimburse for Tax Increment Reinvestment Zone Number
Two (TIRZ NO. 2) infrastructure improvements in the amount of$19,565,000.
Claire Bogard stated the Development Authority has sold their Bonds the Bonds will be
closing in about a month. Once the funds have been received we can proceed to reimburse
the Tax Increment Reinvestment Zone. To date there is about $69 million worth of
improvements that have been approved for reimbursement still outstanding excluding
interest. The Board is being asked to approve this Resolution authorizing a developer
reimbursement to Shadow Creek Ranch Development Company to reimburse for TIRZ
infrastructure improvements based on the Bond Sale in the revised amount of $19,575,000
as amended.
Boardmember Sloan made the motion to modify the amount of $19,565,000 to $19,765,000
and approve RDAP-2015-10 second by Boardmember Reid.
Voting "Aye" Boardmembers Reid, Baker, Sloan and Pool.
Voting "No" None.
Motion Passed 4 to 0. Boardmember Carbone absent.
ADJOURNMENT
Meeting was adjourned at 4:20 p.m.
Minutes approved as submitted and/or corrected this the 26th day of September, A.D.,.2016.
Tom Reid
Chair
ATTEST:
Ed Baker
Secretary
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