2018-10-25 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, OCTOBER 25, 2018, 5:00 P.M., BOARD ROOM,
PEDC OFFICE, 3519 LIBERTY DRIVE, SUITE 350, PEARLAND, TEXAS.
I. CALL TO ORDER
The meeting was called to order at 5:03 p.m.
BOARD MEMBERS
Vice -Chair Hugh Patton
Secretary Mona Chavarria
Board Member Rushi Patel
Board Member Chad Thumann
Board Member Reid Wendell
EX-OFFICIO MEMBERS
PEDC
City of Pearland
Matt Buchanan
Tom Reid
PEARLAND ECONCOMIC DEVELOPMENT STAFF MEMBERS
Melissa Black
Brian Malone
Valerie Marvin
CITY OF PEARLAND
Tony Carbone
Trent Epperson
Jai McBride
II. APPROVAL OF MINUTES
Board Member Patel made a motion, seconded by Board Member Wendell, to approve the minutes of the
Regular Meeting of September 27, 2018.
Motion Passed: 5-0
III. PUBLIC COMMENTS
Carol Artz-Bucek stated that the Chamber had received the request for letters for support for the TIP
projects being submitted by the City and that the Chamber was in support of those projects.
Minutes of a Regular Meeting
October 25, 2018
Page 2
IV. FINANCIAL REPORT
A. Monthly Financial Report — September 2018
President Buchanan presented the September 2018 Financial Report.
Board Member Patel, made a motion, seconded by Board Member Thumann, to approve the
September Financial Report
Motion Passed: 5-0
V. NEW BUSINESS
A. Pearland Chamber of Commerce Quarterly Biz Connect Report and Business Retention and
Expansion Program Contract Renewal
President of the Pearland Chamber of Commerce, Carol Artz-Bucek, presented the fourth quarter
Report for Business Retention and Expansion from the Pearland Chamber of Commerce. Brian
Malone presented a revised contract for Business Retention and Expansion services. The new
contract will include an increased number of targeted employer visits/surveys, BizConnect and
Industry Appreciation luncheons, while business tours have been removed from the contract.
Board Member Patel made a motion, seconded by Board Member Wendell, to approve of the
President entering into a contract for services with the Pearland Chamber of Commerce for
business retention and expansion assistance for an amount not to exceed $113,936.00 or
$9,494.66 per month, beginning October 1, 2018.
Motion Passed: 5-0
B. Partial 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 a portion of our existing debt. John Robuck with BOK Financial
Securities, Inc. presented a recommendation to pay-off all of the callable maturities (Years 2027 —
2030) and leave $250,000 in principal amount outstanding in each of the remaining maturities
(Years 2019 — 2026). After the defeasance, the Corporation will have $2,000,000 in debt
outstanding with a final maturity of September 1, 2026.
Board Member Patel made a motion, seconded by Secretary Chavarria, to resolution to partially
defease the 2016 Sales Tax Revenue Refunding Bonds in the amount of $10,845,000.
C. Budget Carryovers and Amendments to the Fiscal Year 2018-19 Budget
The approved FY 2018-2019 Budget must be amended to carryover unspent funds from FY 2017-
2018 items budgeted in last fiscal year to the current fiscal year which began October 1st for
projects still in progress. Amendments have also been made to line items that need to be
increased or decreased.
Board Member Patel made a motion, seconded by Board Member Thumann, to approve
amending the FY 2018-2019 budget.
Motion Passed: 5-0
D. HGAC Transportation Improvement Program - Letters of Support
President Buchanan requested approval to sign letters of support for Bailey Road, Max Road,
Harkey Road, Kinglsey Drive, Phase IV of the Trail Connectivity Project, one Brazoria County
project for the expansion of Pearland Parkway and one TxDOT project for the widening of FM
518. These projects were submitted for funding to the Transportation Improvement Program
(TIP). Part of the TIP process includes a 30-day public comment period by which letters of
support may be submitted for each project.
Board Member Patel made a motion, seconded by Board Member Thumann, to approve the
President to sign letters of support.
Motion Passed: 5-0
Minutes of a Regular Meeting
October 25, 2018
Page 3
E. Lower Kirby Zoning Review Update
Staff will make a presentation on this item at the December meeting.
No action taken
F. 2019 Board of Directors Meeting Dates
President Buchanan presented the Board with meeting dates for 2019.
Board Member Patel made a motion, seconded by Secretary Chavarria, to approve the 2019
Board Meeting Dates
Motion Passed: 5-0
G. PEDC Procurement Process
President Buchanan provided an overview of the processes the Corporation follows for
purchasing and contracting. This process involves both state laws and the Corporation's bylaws.
No action taken
H. Monthly Activity Report — President Buchanan summarized ongoing activity.
No action taken.
The meeting went into recess at 6:40 p.m.
The meeting reconvened and went into Executive Session at 6:48 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 #1805
3. SECTION 551.087 — DELIBERATIONS REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS —
Project #1809
The Board reconvened into Open Session at 7:15 p.m.
VII. NEW BUSINESS CONTINUED:
G. Economic Development Negotiations — Business Attraction/Retention Projects
No action taken.
I. Economic Development Negotiations — Project #1805
Board Member Thumann made a motion, seconded by Board Member Wendell, to approve the
President to negotiate and enter into a loan agreement with Prospect #1805 and related entities
for an amount not to exceed $80,000.
Motion Passed 5-0
J. Economic Development Negotiations — Project #1809
No action taken.
Minutes of a Regular Meeting
October 25, 2018
Page 4
VIII. ADJOURNMENT:
The meeting was adjourned at 7:16 p.m.
Minutes approved as submitted and/or corrected this
A.D., 2018.
ATTEST:
Hugh Patton, Vice -Chair
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