2018-09-27 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, SEPTEMBER 27, 2018, 5:00 P.M., BOARD
ROOM, PEDC OFFICE 3519 LIBERTY DRIVE, SUITE 350 PEARLAND, TEXAS.
CALL TO ORDER
The meeting was called to order at 5:00 p.m.
BOARD MEMBERS
Chair Brandon Dansby
Vice -Chair Hugh Patton
Secretary Mona Chavarria
Board Member Rushi Patel
Board Member Chad Thumann
Board Member Reid Wendell
Board Member Celeste Jefferson
EX-OFFICIO MEMBERS
PEDC Matt Buchanan
City of Pearland Tom Reid
City of Pearland Clay Pearson
PEARLAND ECONCOMIC DEVELOPMENT STAFF MEMBERS
Melissa Black
Roxanne Luna -Larsen
Brian Malone
Valerie Marvin
CITY OF PEARLAND
Tony Carbone
Darrin Coker
Rhonda Daugherty
Jai McBride
Minutes of a Regular Meeting
September 27, 2018
Page 2
II. APPROVAL OF MINUTES
Board Member Patel made a motion, seconded by Board Member Wendell, to approve the minutes of the
Regular Meeting of August 23, 2018 and Special Meeting of September 17 2018
Motion Passed: 7-0
111. PUBLIC COMMENTS
None
IV. FINANCIAL REPORT
A. Monthly Financial Report —July and August 2018
President Buchanan presented the June 2018 Financial Report. Rhonda Daugherty, City of
Pearland Finance Assistant Director, was present to address any questions.
Board Member Patel, made a motion, seconded by Secretary Chavarria, to approve the July and
August 2018 Financial Reports
Motion Passed: 7-0
V. NEW BUSINESS
A. Excuse the absence of Board Member Jefferson from the Special Meeting on September 17,
2018.
Board Member Patel, made a motion, seconded by Secretary Chavarria, to excuse the absence of
Board Member Jefferson from the Special Meeting on September 17, 2018
Motion Passed: 7-0
B. Economic Alliance Houston Port Region — Annual Report and Contract Renewal
Chad Burke President/ CEO and Fred Welch, presented a yearly update and contract renewal for
economic development service agreement between EAHPR and the PEDC.
Board Member Patel made a motion, seconded by Board Member Jefferson, to approve the
President enter into a new three year Economic Development Services Agreement with the
Alliance for a period beginning September 1, 2018 and ending August 31, 2021 for an amount not
to exceed $30,000 and appoint Mayor Reid as our voting member of the Economic Alliance Board
of Directors.
Motion Passed: 7-0
C. Business Retention and Expansion Program — Contract Renewal for Services with the Pearland
Chamber of Commerce
PEDC Staff requested a three month extension of the Business Retention and Expansion Program
Contract to finalize the program evaluation and to make revisions to the contract. The Board
requested staff sit down with the Chamber to negotiate a new contract before considering any
extension
No Action Taken
D. Reimbursement Agreement with the City of Pearland for Lower Kirby Beltway 8 Waterline Board
At the June 28, 2018 meeting, the Board approved entering into a loan and infrastructure
agreement that included public infrastructure to connect to existing waterlines on Hooper Road
and Kirby Drive via Beltway 8 Per the Agreement, the water line extension will need to be
complete within one year of execution of the agreement. A reimbursement agreement between
PEDC and the City was proposed for PEDC to provide the City all of the necessary funds to finance
the costs of the LKPMD implementing the project. PEDC will reimburse by the City once the
LKPMD refunds the cost of the project to the City via a Letter Financing Agreement.
Minutes of a Regular Meeting
September 27, 2018
Page 3
Secretary Chavarria made a motion, seconded by Board Member Thumann, to approve the
Chairman execute a Reimbursement Agreement with the City of Pearland to fund the design and
construction of Lower Kirby Beltway 8 Water Line Connection in an amount of $240,000 or the
actual cost.
Motion Passed: 7-0
E. FY 2018-19 Budget
An error in the meeting date was made on the Special Board meeting agenda of September 17,
2018. To remedy and satisfy posting requirements, this item has been added to this agenda for
reconsideration
Board Member Patel made a motion, seconded by Board Member Thumann, to approve revising
the FY 2018-19 budget to reflect payoff of outstanding debt approximately $12.9M and to
change interest income accordingly.
Approved: 7-0
F. Defeasance of the Pearland Economic Development Corporation sales tax revenue refunding
bonds, series 2016
PEDC Staff has been working with financial advisors and bond counsel on the steps necessary for
the Corporation to pay off our existing debt. Bond Counsel discovered that state law requires
corporations to have outstanding debt in order to continue to collect sales tax.
Secretary Chavarria made a motion, seconded by Board Member Patel, to have the financial
advisor come back next month with a partial payoff that left annual principal payment of
$250,000 to 2026.
G. 20/20 Community Strategic Plan Progress Update
The 20/20 Steering Committee meets quarterly and receives updates on 2-3 of the nine strategies
from the plan as well as providing written updates for each strategy every six months. President
Buchanan shared these updates with the Board.
N o Action Taken
H. Monthly Activity Report — President Buchanan summarized ongoing activity.
N o action taken.
The meeting went into recess at 6:29 p.m.
The meeting reconvened and went into Executive Session at 6:40 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 —
Project #1808
The Board reconvened into Open Session at 7:19 p.m.
VII. NEW BUSINESS CONTINUED:
G. Economic Development Negotiations — Business Attraction/Retention Projects
N o action taken.
Minutes of a Regular Meeting
September 27, 2018
Page 4
H. Economic Development Negotiations — Project #1808
No action taken.
VIII. ADJOURNMENT:
The meeting was adjourned at 7:19 p.m.
Minutes approved as submitted and/or corrected this
(D
A.D., 2018.
ATTEST:
Mona Chavarria, Secretary
i�
day of
Hugh Patton, ice -Chair