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HomeMy WebLinkAbout2007-03-12 TAX INCREMENT REINVESTMENT ZONE NO. 2 BOARD MEETING MINUTES MINUTES OF THE BOARD OF DIRECTORS MEETING TAX INCREMENT REINVESTMENT ZONE NUMBER TWO CITY OF PEARLAND, TEXAS MARCH 12, 2007 A special meeting of the Board of Directors (“Board”) of the Tax Increment Reinvestment Zone Number Two (“Zone”), City of Pearland, Texas, was held on Monday, March 12, 2007 at 3:00 p.m. in the First Floor Conference Room at Pearland City Hall, 3519 Liberty Drive, Pearland, Texas. The meeting was open to the public. Board Members in attendance: Board Members not in attendance: Nigel Harrison, Chair Mike Pyburn, Secretary Gary Cook, Vice Chair Larry Loessin Gary Davis Ron Castillo Jo Knight Ken Phillips Donna Coleman Consultants in attendance: Lynne Humphries - Allen Boone Humphries Robinson, LLP Chris Johnson – Huitt-Zollars Mark McGrath – Null-Lairson James Ross – LJA Engineering & Surveying, Inc. Sue Darcy – Knudson & Associates, LP Charles Knight – Knudson & Associates, LP Developer representatives in attendance: Drew Pelter - Shadow Creek Ranch Development Company, Ltd Mark Miller - Transwestern 1. Call the meeting to order, take attendance and verify that a quorum is present. The meeting was called to order at 3:01 p.m. and attendance was taken. The following Directors were present: 1. Nigel Harrison, Chair 2. Gary Cook, Vice Chair 3. Gary Davis 4. Jo Knight 5. Donna Coleman Those present constituted a quorum. Directors Mike Pyburn, Larry Loessin, Ron Castillo and Ken Phillips were not in attendance. 2. Discuss and approve minutes of the October 23, 2006 Board meeting. The minutes of October 23, 2006 were presented. Director Cook moved that the Board approve those minutes without revision. Director Knight seconded the motion. Following discussion, the Board unanimously approved the motion, with Director Harrison abstaining. 3. Discuss and take necessary action regarding Auditor’s Report on TIRZ Invoices Presented for Payment and approval of outstanding administrative invoices to date. Mark McGrath with Null-Lairson, Auditors for the Zone, reviewed the Report with the Board and stated that the TIRZ was over the estimate of administrative and management costs during calendar year 2006, while noting that such overruns required the approval of the full Board. Director Davis moved that the Board approve the Auditor’s Report on the TIRZ invoices and the outstanding administrative invoices to date for payment. Director Knight seconded the motion. Following discussion, the Board unanimously approved the motion. 4. Review and approve financial reports. Due to a scheduling conflict that precluded Claire Manthei, Finance Director for the City, from attending the meeting and reporting on these items, the Board agreed to defer action on agenda items 4, 5 and 6. 5. Review and discussion of December 31, 2006 Quarterly Investment Report. 6. Review and discussion of results of Fiscal Year 2006 audit. 7. Discuss and take necessary action regarding Huitt-Zollars, Inc.’s construction audit work authorization and report for the following project. a. Village 7, Phase 1 and Broadway Extension Phase 1, Project Number 07-03-001. Chris Johnson presented the work authorization and report to the Board. James Ross explained the project engineering for the first phase of the FM 518 widening. Director Knight moved that the Board approve the work authorization and report for Village 7, Phase 1 and Broadway Extension Phase 1. Director Davis seconded the motion. Following discussion, the Board unanimously approved the motion. 8. Engineering Report on the following projects by LJA Engineering & Surveying, Inc.: a. Village 7, Phase 1 and Broadway Extension Phase 1, Project Number 07-03-001; b. Landscaping, Detention/Drainage, Relocation of Overhead Utilities and Plan Amendment Costs, Project Number 07-03-002; James Ross with LJA Engineering, engineers for the Zone, reviewed the projects with the Board, describing them as perhaps the last remaining projects to be completed per the Project Plan. Director Davis moved that the Board approve the reports as listed in agenda items 8.a and 8.b. Director Knight seconded the motion. Following discussion, the Board unanimously approved the motion. 9. Discuss and take necessary action regarding approval of Letter Financing Agreements for the following projects. a. Village 7, Phase 1 and Broadway Extension Phase 1, Project Number 07-03-001. b. Landscaping, Detention/Drainage, Relocation of Overhead Utilities and Plan Amendment Costs, Project Number 07-03-002. Lynne Humphries with Allen Boone Humphries Robinson, attorneys for the Zone, reviewed the letter financing agreements (“LFAs”) with the Board. Director Coleman moved that the Board approve the LFAs as listed in agenda items 9.a and 9.b. Director Knight seconded the motion. Following discussion, the Board unanimously approved the motion, with Director Cook abstaining. 10. Discuss and take necessary action regarding approval of the Auditor’s Report on Developer Reimbursement No. 8 and make recommendation to City for Reimbursement. Mark McGrath with Null-Lairson, auditors for the Zone, reviewed the Report with the Board and confirmed that the projects contained in Letter Financing Agreement Nos. 03-10-005, 03-10-006 and 04-07-005 were completed within the budget stated in the respective LFAs. Mr. McGrath noted that, per the Development Agreement with Shadow Creek Ranch Development Company, Ltd., the interest rate on these Developer Advances has been calculated at 6.5 percent. Director Knight moved that the Board approve the Auditor’s Report on Developer Reimbursement No. 8 and recommend to the City that the projects contained therein be reimbursed. Director Davis seconded the motion. Following discussion, the Board unanimously approved the motion. 11. Authorize consultants to prepare 2006 Annual Report; Sue Darcy with Knudson & Associates, Administrator to the Authority, requested that the Board authorize the Zone’s consultants to begin preparing the 2006 Annual Report. Director Harrison moved that the Board grant such authorization. Director Coleman seconded the motion. Following discussion, the Board unanimously approved the motion. 12. New Business. Issues were raised regarding a possible request from Fort Bend County that the Zone investigate the need to relocate a section of waterline near the intersection of FM 521 and McHard Road to accommodate the planned improvements to McHard Road. 13. Any other matters which may properly come before the Board There were no other matters brought before the Board. 14. Adjournment. There being no further business, the Board adjourned by unanimous consent at 3:20 p.m. Approved: ____________________ Nigel Harrison Chairman Tax Increment Reinvestment Zone Number Two City of Pearland, Texas