2016-06-30 PEARLAND ECONOMIC DEVELOPMENT CORPORATION REGULAR MEETING MINUTES
MINUTES OF A REGULAR MEETING OF THE PEARLAND ECONOMIC DEVELOPMENT CORPORATION (“PEDC”) BOARD
OF DIRECTORS OF THE CITY OF PEARLAND, TEXAS HELD THURSDAY, JUNE 30, 2016 5:00 P.M., BOARD ROOM, PEDC
OFFICE, 1200 PEARLAND PARKWAY, SUITE 200, PEARLAND, TEXAS.
I. CALL TO ORDER
The meeting was called to order at 5:03 p.m.
BOARD MEMBERS
Chair Rushi Patel
Vice-Chair Lucy Stevener
Secretary Brandon Dansby
Board Member Hugh Patton
Board Member Reid Wendell
EX-OFFICIO MEMBERS
City of Pearland Clay Pearson
PEDC Matt Buchanan
PEARLAND ECONCOMIC DEVELOPMENT STAFF MEMBERS
Melissa Black
Brian Malone
Valerie Marvin
CITY OF PEARLAND STAFF MEMBERS
Darrin Coker
Cynthia Pearson
Tara Kilpatrick
Rick Overgaard
Clarence Sirmons
Minutes of a Regular Meeting
June 30, 2016
Page 2
II. Approval of Minutes: Vice-Chair Stevener, seconded by Secretary Dansby to approve the minutes of the
Regular Meeting of April 28, 2016.
Motion Passed: 5 – 0
III. Public Comments:
None
IV. Financial Report
A. Monthly Financial Report – April 2016
Tara Kilpatrick, Budget Officer, and Rick Overgaard, Assistant Director of Finance presented the
April 2016 monthly financial and investment report.
Secretary Dansby, made a motion, seconded by Board Member Wendell, to approve the April
2016 Monthly Financial Report.
Motion Passed: 5-0
V. New Business
A. Refunding of Series 2005 and Series 2006 Sales Tax Revenue Bonds
John Robock, BOSC Financial, presented an overview of refunding opportunities for PEDC to
refinance Series 2005 and 2006 sales tax revenue bonds at a lower interest rate to receive cost
savings.
Board Member Patton made a motion, seconded by Secretary Dansby, to approve PEDC’s
financial advisor to prepare private placement bid and solicit bids to refinance the Series 2005
and 2006 Sales Tax Revenue Bonds at a lower interest rate.
Motion Passed: 5-0
B. 288 Enhancement Reimbursement Agreement with the City of Pearland and Interlocal
Agreement
President Buchanan outlined the series of actions that n eed to be taken in the coming months as
progress is made towards the first construction milestone for the SH 288 Corridor Master
Improvements Plan. Multiple agreements will be needed between the City, PEDC, Pearland
Municipal Management District #2 (PMMD#2), TxDOT BTG and Brazoria County to fund and
construct the improvements and to identify the maintenance responsibilities. The Board will
consider a reimbursement agreement with the City and for the first phase of hardscape
enhancements at its July meeting.
No action taken
C. Conveyance of an Electrical Easement to CenterPoint Energy Houston Electric, LLC
As work continues on the phased extension of underground electric utilities in the Lower Kirby
area, the only remaining location to place the electrical duct bank underground is in the City’s
existing Water/Sewer easement on Kirby Drive. The easement was granted to the City when the
property was platted for the construction of the CSI Building and City Council approved the
transfer of the easement at its June 27th meeting. President Buchanan presented an agreement
authorizing the conveyance of the electrical easement to CenterPoint Energy.
Vice Chair Stevener made a motion, seconded by Secretary Dansby, to authorize the conveyance
of an electrical easement to CenterPoint Energy Houston Electric, LLC at 14740 Kirby Drive.
Motion Passed: 5-0
Minutes of a Regular Meeting
June 30, 2016
Page 3
D. Program of Work 2016-17
President Buchanan provided the Board with an update of the 2015-16 Program of Work and
presented the 2016-17 Program of Work.
Secretary Dansby made a motion, seconded by Board Member Wendell, to approve the
proposed 2016-17 Program of Work.
Motion Passed: 5-0
E. Public Hearing – FY 2016-2017 Budget and Related Projects
The Public Hearing was opened at 5:51 p.m. by Chairman Patel. There were no public comments.
The Public Hearing was closed at 5:51 p.m.
F. Amending of the FY 2015-16 Budget and Adoption of the FY 2016-17 Budget
President Buchanan presented the proposed amendments to the FY 2015-16 Budget and the
proposed FY 2016-17 Budget.
Board Member Wendell made a motion, seconded by Board Member Patton, to amend the FY
2015-16 budget and adopt the proposed FY 2016-17 Budget.
Motion Passed: 5-0
G. Monthly Activity Report
President Buchanan summarized ongoing activity and introduced Clarence Sirmons, the City’s
new Development Coordinator, to the Board.
The meeting went into recess at 6:14 p.m.
The Board reconvened and went into Executive Session at 6:42 p.m.
VI. Other Business
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
#1600
3. Section 551.087 – Deliberations Regarding Economic Development Negotiations - Acquisition
of Property
The Board reconvened into Open Session at 7:22 p.m.
New Business Continued:
H. Economic Development Negotiations – Business Attraction/Retention Projects
No action taken
I. Economic Development Negotiations – Prospect #1600
Board Member Patton made a motion, seconded by Secretary Dansby, to approve the President
to negotiate and enter into a loan agreement with Prospect #1600 for an additional amount not
to exceed $750,000.
Motion Passed: 5 – 0
Minutes of a Regular Meeting
June 30, 2016
Page 4
J. Economic Development Negotiations – Acquisition of Property
No action taken
VII. Adjournment: The meeting was adjourned at 7:23 p.m.
Minutes approved as submitted and/or corrected this ____________________ day of ______________________,
A.D., 2016.
____________________________________
Rushi Patel, Chair
ATTEST: _____________________________________
Lucy Stevener, Vice Chair