2015-04-30 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 HELD THURSDAY, APRIL 30, 2015, 5:00 P.M., BOARD ROOM,
PEDC OFFICE, 1200 PEARLAND PARKWAY, SUITE 200, PEARLAND, TEXAS.
CALL TO ORDER
The meeting was called to order at 5:04 p.m.
BOARD MEMBERS
Vice -Chair Lucy Stevener
Secretary Sheila Fischer
Board Member Brandon Dansby
Board Member Hugh Patton
Board Member Mona Chavarria
EX-OFFICIO MEMBERS
City of Pearland Mayor Tom Reid
City of Pearland Clay Pearson
PEDC Matt Buchanan
Pearland Chamber of Commerce Carol Artz-Bucek
PEARLAND ECONCOMIC DEVELOPMENT STAFF MEMBERS
Melissa Black
Roxanne Luna -Larsen
Brian Malone
Valerie Marvin
CITY OF PEARLAND STAFF MEMBERS
Claire Bogard
Rick Overgaard
Nghiem Doan
Minutes of a Regular Meeting
April 30, 2015
Page 2
II. Approval of Minutes
Board Member Dansby made the motion, seconded by Board Member Chavarria to approve the minutes
of the Regular Meeting of March 26, 2015.
Motion Passed: 5-0
III. Public Comments:
President Buchanan introduced new PEDC employee Valerie Marvin and noted that Assistant City
Attorney Nghiem Doan has taken a new position with the City of League City.
IV. Financial Report
A. Monthly Financial Report —February 2015
Director of Finance, Claire Bogard, gave an overview of the February 2015 report.
Chairman Patel arrived at 5:06 p.m.
Board Member Barry arrived at 5:10 p.m.
B. Quarterly Investment Report — March 2015
Assistant Director of Finance, Rick Overgaard, gave an overview of the March 2015 report.
V. New Business
A. Excused Absence
Board Member Dansby made the motion, seconded by Board Member Barry to excuse the
absence of Secretary Fischer from the meeting of March 26, 2015.
Motion Passed: 7-0
B. Calling and Defeasement of Series 2010 Bonds
John Robuck, Financial Advisor with BOSC, Inc. attended the meeting and gave a presentation
and overview of the callable PEDC Series 2010 Bonds. The total amount required to cash defease
the bonds is $6,460,000 in addition to the PEDC still being required to make its September 1,
2015 principal and interest payment in the amount of $444,498.06, for a total cost, with the
defeasance of $6,904,498.06.
Board Member Dansby made a motion, seconded by Vice Chair Stevener to pay-off the callable
PEDC Series 2010 Bonds on August 27, 2015 for a total cost of $6,904,498.06.
Motion passed: 7-0
C. Chamber of Commerce Quarterly Report, January — March 2015
Carol Artz-Bucek,President/CEO, of the Pearland Chamber of Commerce reviewed the Chamber
First Quarter Report and provided a presentation of events including BizConnect Luncheons,
Pearland Day in Austin, Merit Medical Community Benefits Fair, and the visit of Secretary of State
of Texas. Vice President of the Chamber, Jim Johnson provided a legislative update. A discussion
took place on the written report format and content. Staff will meet with the Chamber to work
on improvements.
No action taken.
Minutes of a Regular Meeting
April 30, 2015
Page 3
D. Cullen Landscape and Entry Feature Update and Bidding Process
President Buchanan provided an update of the project stating that construction drawings for the
portion of the project located between Clear Creek and McHard Road, which includes the
gateway feature, landscape and irrigation for one median and ROW, have been finalized. The
next step is to request bids. Staff discussed utilizing the competitive sealed proposal method.
Current estimate project costs are $405,027.
No action taken.
E. Monthly Activity Report: President Buchanan summarized ongoing activity
Report submitted to file.
VI. Other Business
The meeting went into recess at 5:45 p.m. and entered into enter into Executive Session at 6:05p.m.
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
#1407
3. Section 551.087 — Deliberations Regarding Economic Development Negotiations — Prospect
#1503
4. Section 551.087 — Deliberations Regarding Economic Development Negotiations — Prospect
#1505
5. Section 551.087 — Deliberations Regarding Economic Development Negotiations — Prospect
#1401
The Board reconvened into Open Session at 6:50 p.m.
New Business Continued:
F. Economic Development Negotiations — Business Attraction/Retention Projects
No action was taken.
G. Economic Development Negotiations — Prospect #1407
Board Member Barry by a motion seconded by Board Member Chavarria to approve that the
President negotiate and execute a Performance Agreement with Orr Commercial or affiliated
entity for an amount not to exceed $250,000.
Motion Passed: 7-0
H. Economic Development Negotiations — Prospect #1503
Board Member Dansby made a motion, seconded by Board Member Patton to approve that
the President negotiate and enter into a Loan Agreement with Prospect #1503 for an
amount not to exceed $1,000,000.
Motion Passed: 7-0
Minutes of a Regular Meeting
April 30, 2015
Page 4
I. Economic Development Negotiations — Prospect #1505
Board Member Barry made a motion seconded by Board Member Dansby to approve that
the President negotiate and enter into a loan agreement with Prospect #1505 for an amount
not exceed $70,000.
Motion Passed: 7-0
J. Economic Development Negotiations — Prospect #1401
Board Member Chavarria made a motion seconded by Board Member Barry to approve that
the President negotiate and enter into a loan agreement with Prospect #1401 for an amount
not exceed $500,000.
Motion Passed: 7-0
VII. Adjournment: The meeting was adjourned at 6:51 p.m.
Minutes approved as submitted and/or corrected this r day of
A.D., 2015.
ATTEST:
voC
Sheila Fischer, Secretary