R2023-179_2023-08-14 RESOLUTION NO. R2023-179
A Resolution of the City Council of the City of Pearland, Texas, committing to
a collaborative effort with the Pearland Economic Development Corporation
(“PEDC”) to allocate twenty (20%) of the PEDC’s annual sales tax revenue on
qualified infrastructure recapitalization projects for redevelopment in targeted
areas of the City.
WHEREAS, the PEDC and the City (“Entities”) desire to proactively redevelop older areas
of the community to increase job opportunities and investment; and
WHEREAS, to diversify the City’s tax base, the Entities have targeted infrastructure
recapitalization investments to preserve existing value and encourage new investment; and
WHEREAS, the PEDC commits to allocate 20% of its annual sales tax revenue (“PEDC
Allocation”) on qualified infrastructure recapitalization projects to encourage redevelopment in
older areas of the community; and
WHEREAS, the PEDC Allocation will be calculated as a rolling average over a five (5) year
period beginning in FY 23, taking into consideration cost cycles associated with infrastructure
projects; and
WHEREAS, all PEDC Allocations shall meet the criteria of “projects” as defined in Texas
Local Government Code, Section 501.103, and shall include costs for professional services, right of
way acquisition and construction; and
WHEREAS, the PEDC Allocations shall focus on areas contained in the SH 35 Corridor
Redevelopment Strategy, Old Town and the Broadway Corridor Development Plan (“Targeted
Infrastructure”); and
WHEREAS, a collaborative partnership of the Entities focused on Targeted Infrastructure
will improve the community’s image, create market appeal, and provide opportunities for taxable
value increases.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City Council hereby commits to a collaborative effort with the PEDC
to allocate twenty (20%) of the PEDC’s annual sales tax revenue, as a five (5) year rolling average,
on qualified infrastructure recapitalization projects for redevelopment in targeted areas of the City.
DocuSign Envelope ID: 400032D9-2DAD-4015-895C-9F8133C766A2
RESOLUTION NO. R2023-179
PASSED, APPROVED and ADOPTED this the 14th day of August, A.D., 2023.
_____________________________
J.KEVIN COLE
MAYOR
ATTEST:
_____________________________
FRANCES AGUILAR, TRMC, MMC
CITY SECRETARY
APPROVED AS TO FORM:
________________________________
DARRIN M. COKER
CITY ATTORNEY
DocuSign Envelope ID: 400032D9-2DAD-4015-895C-9F8133C766A2
RESOLUTION
A Resolution of the Pearland Economic Development Corporation (“PEDC”)
committing to allocate twenty (20%)of the PEDC’s annual sales tax revenue
on qualified infrastructure recapitalization projects for redevelopment in
targeted areas of the City.
WHEREAS,the PEDC and the City (“Entities”)desire to proactively redevelop older areas
of the community to increase job opportunities and investment;and
WHEREAS,to diversify the City’s tax base,the Entities have targeted infrastructure
recapitalization investments to preserve existing value and encourage new investment;and
WHEREAS,the PEDC commits to allocate 20%of its annual sales tax revenue (“PEDC
Allocation”)on qualified infrastructure recapitalization projects to encourage redevelopment in
older areas of the community;and
WHEREAS,the PEDC Allocation will be calculated as a rolling average over a five (5)year
period beginning in FY 23,taking into consideration cost cycles associated with infrastructure
projects;and
WHEREAS,all PEDC Allocations shall meet the criteria of “projects”as defined in Texas
Local Government Code,Section 501.103,and shall include costs for professional services,right of
way acquisition and construction;and
WHEREAS,the PEDC Allocations shall focus on areas contained in the SH 35 Corridor
Redevelopment Strategy,Old Town and the Broadway Corridor Development Plan (“Targeted
lnfrastructure”);and
WHEREAS,a collaborative partnership of the Entities focused on Targeted Infrastructure
will improve the community’s image,create market appeal,and provide opportunities for taxable
value increases.
BE IT RESOLVED BY THE PEARLAND ECONOMIC DEVELOPMENT CORPORATION OF THE
CITY OF PEARLAND,TEXAS:
Section 1.That the PEDC hereby commits to a collaborative effort with the City to
allocate twenty (20%)ofthe PEDC’s annual sales tax revenue,as a five (5)year rolling average,on
qualified infrastructure recapitalization projects for redevelopment in targeted areas of the City.
",.§
PASSED,APPROVED and ADOPTED this the 27THday of July,A.D.,2023.
CHAD TH UMAIQJN
CHAIR
ATTEST:
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ROXANNELUNA—LAFé:SPPN
ASSISTANT SECRETARY