2011-09-12 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, SEPTEMBER 12,
2011, 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
Others in attendance: Bill Eisen City of Pearland, Claire Bogard, City Manager; Rick
Overgaard City of Pearland; Sonia Webb Deputy City Secretary; President of Economic
Development Matt Buchanan; Ryan O'Hara RBC Capital.
NEW BUSINESS
BOARD ACTION — APPROVAL OF THE DEVELOPMENT AUTHORITY OF
PEARLAND BOARD OF DIRECTORS MEETING MINUTES FOR OCTOBER 25, 2010,
SPECIAL MEETING HELD AT 4:00 P.M. DAP Board of Directors.
Boardmember Baker made the motion, seconded by Boardmember Pool, to approve
the minutes of the October 25, 2011, Special Meeting held at 4:00 p.m.
Voting "Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
Motion Passed 4 to 0.
BOARD ACTION - RESOLUTION NO. RDAP-2011-1 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), ACCEPTING THE FINANCIAL
REPORT FOR THE PERIOD ENDING AUGUST 31, 2011.
Ms. Claire Bogard, Director of Finance.
Boardmember Baker made the motion, seconded by Boardmember Sloan, to approve
Resolution No. RDAP-2011-1.
•
Director of Finance Claire Bogard provided the Board with an overview of the Financial
Report for the period ending August 31, 2011.
Voting "Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
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Motion Passed 4 to 0.
BOARD ACTION — RESOLUTION NO. RDAP-2011-2 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF , PEARLAND (DAP), ACCEPTING THE
INVESTMENT REPORT FOR THE QUARTERS ENDING DECEMBER 2010, MARCH
2011 AND JUNE 2011.
Ms. Claire Bogard, Director of Finance.
Boardmember Sloan made the motion, seconded by Boardmember Pool, to approve
Resolution No. RDAP-2011-2.
Director of Finance Claire Bogard provided the Board with the details of the Investment
Reports for the quarters ending December 2010, March 2011, and June 2011.
Voting "Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
Motion Passed 4 to 0.
BOARD ACTION — RESOLUTION NO. RDAP-2011-3 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), 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 Baker made the motion, seconded by Boardmember Pool, to approve
Resolution No. RDAP-2011-3.
Assistant Director of Finance Rick Overgaard stated each year the Board is required to
approve a Investment Policy, Investment Strategy, and Approved Broker List. He
continued to provide the Board with an overview of the proposed changes..
Voting "Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
Motion Passed 4 to 0.
BOARD ACTION — RESOLUTION NO. RDAP-2011-4 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), TEXAS APPROVING A CASH
PAYMENT TO SHADOW CREEK RANCH DEVELOPMENT COMPANY LTD TO
REIMBURSE FOR TIRZ INFRASTRUCTURE IMPROVEMENTS. Ms. Claire Bogard,
Director of Finance.
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Boardmember Pool made the motion, seconded by Boardmember Baker, to approve
Resolution No. RDAP-2011-4.
Director of Finance Claire Bogard stated this item is to approve a cash reimbursement
to the Developer for infrastructure improvements within Tax Increment Reinvestment
Zone No. 2 (TIRZ). To-date, the Board has issued $58,505,000 million in debt based on
supported value on the ground and reimbursed the Developer $67,513,830, of which
$14.5 million is interest. Of the total reimbursed, $16.9 million was made in cash
reimbursements. Cash contributions assist in paying off the obligations earlier as well
as reduce interest and carrying cost of the bonds. There is approximately $94.8 million
of improvements approved for reimbursement by the TIRZ board, but not yet
reimbursed.
Ryan O'Hara, RBC Capital Markets, provided the Board with a review of the current
financial state of affairs of the TIRZ.
Voting "Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
Motion Passed 4 to 0.
BOARD ACTION — RESOLUTION NO. RDAP-2011-5 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), RATIFYING CHECKS 1076
THROUGH 1079. Ms. Claire Bogard, Director of Finance.
Boardmember Sloan made the motion, seconded by Boardmember Pool, to approve
Resolution No. RDAP-2011-5.
Director of Finance Claire Bogard stated this item is for the Board to ratify checks 1076
through 1079 for services provided to the Board. These checks were reviewed and
approved by the Invoice Review Committee.
Voting "Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
Motion Passed 4 to 0.
BOARD ACTION — RESOLUTION NO. RDAP-2011-6 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), TEXAS APPROVING A
CONTRACT WITH ARBITRAGE COMPLIANCE SPECIALISTS, INC. FOR
ARBITRAGE COMPLIANCE SERVICES. Ms. Claire Bogard, Director of Finance.
Boardmember Baker made the motion, seconded by Boardmember Sloan , to approve
Resolution No. RDAP-2011-6.
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Director of Finance Claire Bogard stated this item is a contract with Arbitrage
Compliance Specialist, Inc. to calculate the annual arbitrage. The contract covers the
bond issuances for 2004, 2005, and 2009.
Voting"Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
Motion Passed 4 to 0.
BOARD ACTION — RESOLUTION NO. RDAP-2011-7 — A RESOLUTION OF THE
DEVELOPMENT AUTHORITY OF PEARLAND (DAP), ACCEPTING THE 2010
ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING SEPTEMBER 30,
2010. Ms. Claire Bogard, Director of Finance.
Boardmember Sloan made the motion, seconded by Boardmember Baker, to approve
Resolution No. RDAP-2011-7.
Director of Finance Claire Bogard provided the Board with a detailed overview of the
2010 Annual Financial Report for the Fiscal Year ending September 30, 2011.
Voting "Aye" Boardmembers Reid, Pool, Sloan, and Baker.
Voting "No" None.
Motion Passed 4 to 0.
ADJOURNMENT
Meeting was adjourned at 5:10 p.m.
Minutes approved as submitted and/or corrected this the 20th day of February, A.D.,
2012.
Tom Reid
Chair
ATTEST:
?:e
Ed Baker
Secretary
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