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RTIRZ-2010-03 - 2010-06-07RESOLUTION NO. RTIRZ-2010-03 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PEARLAND TAX INCREMENT REINVESTMENT ZONE No. 2 (TIRZ No. 2) BOARD OF DIRECTORS, APPROVING REIMBURSEMENT OF COMPLETED LETTER OF FINANCING AGREEMENTS BE IT RESOLVED BY TIRZ No. 2 BOARD OF DIRECTORS: Section 1. That the Board of Directors for the Pearland Tax Increment Reinvestment Zone No. 2 hereby approves reimbursement for the following Letter of Financing Agreements. LFA 07-03-001 Village 7 Phase I and Broadway Extension Engineering LFA08-01-001 Broadway Improvements LFA08-05-001 Broadway Extension from Kingsley to FM521 LFA08-05-002 Broadway Landscaping — North Side PASSED, APPROVED, and ADOPTED this 71" day of June, A.D., 2010. NIGEL HARRISON TIRZ No. 2 CHAIRMAN ATTE T- 1 C llu) MIKE YBUR TIRZ No, 2 SE RETARY Mark W. McGrath CPA mark*,mcgrath-co.com June 7, 2010 Reinvestment Zone No. Two, City of Pearland, Texas Attn: Chairman, Board of Directors C/o- City of Pearland, Texas 3519 Pearland Drive Pearland, Texas 77581 McGrath & Co., PLLC Certified Public Accountants P.O. Box 270148 Houston, Texas 77277 LlIDDAFT_� Re: Independent Accountants' Report - Completion of TIRZ improvements: Dear Mr. Chairman and Members of the Board: Colette M. Garcia CPA colette@mcgrath-co.com As the independent accountant for Reinvestment Zone No. Two, City of Pearland, Texas (the "Zone"), we have reviewed the completed documentation submitted by Shadow Creek Ranch Development Company, L.P. (the "Master Developer") and the City of Pearland relating to the construction of the TIRZ Improvements described by that Letter Financing Agreements noted on Schedule A (the "Letter Financing Agreements"). By the Letter Financing Agreement, the Master Developer agreed to pre -finance the design and construction of the TIRZ improvements to be reimbursed in accordance with the Reimbursement Agreement between the City of Pearland (the "City"), the Zone and the Master Developer dated September 22, 1999 (the "Reimbursement Agreement"). Based upon our review of the payments made and of the certification of the Zone's Engineer, I conclude that the construction of the TIRZ Improvements was conducted and have been completed in compliance with the Reimbursement Agreement and the document entitled "TIRZ Implementation and Reimbursement Process" and are in order for reimbursement upon availability of funds. We therefore recommend that the Zone reimburse the Master Developer the amounts indicated on Schedule A for the funds advanced to the Zone for the design and construction of the TIRZ Improvements, which is within the TIRZ budget (adjusted for inflation) established in the Zone's Project Plan and Reinvestment Zone Financing Plan for the TIRZ improvements. In accordance with the Zone's Project Plan and Reinvestment Zone Financing Plan and the Developer Agreement between the City and the Master Developer dated September 22, 1999, "developer interest" on this advance shall be calculated at 6.50 percent per annum for up to five years on the Creation costs and five years from date of completion of construction of the TIRZ improvements. Based upon this rate of interest, interest due as of the date of the letter is indicated on Schedule A. SCHEDULE A TAX INCREMENT REINVESTMENT ZONE NO.2 CITY OF PEARLAND, TEXAS RECAPITULATION OF AMOUNTS DUE TO SHADOW CREEK RANCH DEVELOPMENT COMPANY, L.P. *DRAFT AND THE CITY OF PEARLAND As of June 7, 2010 Letter Finance A;reement LFA LFA Actual (LFA) Date Amount Cost City of Pearland LFA 08-01-001 (Broadway improvements) 01/15/08 $ 8,449,086 S 5.997,980 Interest * Total $ 579,392 S 6,577,372 Shadowcreek Ranch Development Company, L.P. LFA 07-03-001 (Village 7 Phase 1 Broadway) 03/12/07 1,271,499 1,085,783 194,578 1,280361 LFA 08-05-001 (Broadway to FM 521) 05/05108 9,482,989 5,422,198 413,978 5,836,176 LFA 08-05-M (Broadway Landscape - North Side) 05/05/08 1,158,218 139,948 5,697 143,645 11,912,706 6,647,929 614,253 7,262,182 Totals $ 20,361,792 S 12.645.909 $ 1.193,645 S 13.839,554 • Interest computed through June 7 at 6.50%. Actual interest will be calculated through the date of bond reimbursement. LJA Engineering & Surveying, Inc. 2929 Briarpark Drive Phone 713,953.5200 Suite 600 Fax 713.953.5026 Houston, Texas 77042-3703 www.Ijaengineering.com June 7, 2010 Board ct Directors Reinvestmen" Zone No. 2, {City of Pearland, Texas c/o City of Pearland. Texas 3519 Liberty Drive Pearland.Texas 77581 Re: Reinvestment Zone No. 2, City of Pearland, Texas Completion of TIR7 :Improvements - 31d Plan Amendr..;ent Described in the Letter Financing Agreement Dated Janu_ta�y 15, 2008 LFA # 08-01-001 -- 3readway improvements from Kirby Drive to Kingsley Drive LJA Job No. 154:6-0000 (12.9) Dear Mr. Chairman and Members of the Board: As the Engineer for Reinvestment Zone Pilo. 2, City of Pearland, Texas (the `Zone"), I have reviewed the completed documentation submitted by the City of Pearland relating to the TIRZ improvements described by the Letter Financing Agreement # 08-01-001 dated January 15, 2008 (the "Letter Financing Agreement'). By the Letter Financing Agreement, the City of Pearland agreed to pre - finance the design and construction of the TIRZ Improvements to be reimbursed in accordance with the Reimbursement Agreement between: the City of Pearland and the Zone dated November 13, 2006 (the "Reirnbursernenst Agreement-) The Letter Financing Agreement states that the budget (adjusted for inflation) established in the Zone's Project Plan and Re nbY;;t:-nert Zone Financing Plan for the TIRZ lmproverrents is $8,449,086 plus "develop , inte'-C t calt;:ulated per the Reim bursement agreement. The City of Peariand has is;j 'd ,. and I Dave reviewed, the necessarydocrurnertation t0 prove e compliance vv'th ail p�^:e ur,-w ;e' w; in ts,= decurre-nf entitled TiRRZ Project lrrplemerrtation and Reimbursement Process." E`asedl upon my review, I conclude tha the construction of the TIRZ Improvement was cowduc'eci ;n co,n:plianoe with the Reimbursement Agreement and the procedures set forth in the {;IOt',UMent entitled "TIRZ Project Implementation and Reimbursement Process," is complette, andj Is in o'.dle-i '3r rei±nburse(r:e+ t- 1 therefore recommend that the Zone reimburse the Ci,y of Pa .. and tf-e a, ;,�)u- t of S5 Jam' 98- fur the funas advanced t"e Zone for the construction of the Tit, I;i ,.�p �!nncr iC' r 1 i P 3mn^G�1 p �,,< lo-ze- interest' , cal-c , , ed per the R i bu, s ii ant Agreerent, as apple r <,d^ r� of the costs of the const u(,,t;,;,n of the TIRZ Improvements iC i gad to ah..,.. �....i.., If you have any questions, please call me at 713.953.5096. Sincerely, James D. Ross, PE Engineer for the Zone JDR/dl Attachment O:WW01154611546000o1Enginear LFA Letter 08-01-001.doc 4 LJA Engineering, Inc. June 7, 2010 Broadway Improvements from Kirby Drive to Kingsley Drive Letter Finance Agreement # 08-01-001 Itemized Summary of Costs ENR Index Jan. 2006 - 7660 ENR Index Jan. 2008 - 8090 Adjustment - 5.61 % Approved Budget Approved Budget (Adjusted per ENR Items (2006 Dollars) Index) INFRASTRUCTURE Streets Pavement $ - $ Lighting $ - $ Water System $ - $ Wastewater System $ _ $ Storm Sewer System $ - $ Lakes & Channels $ - $ Land Cost $ _ $ _ Landscaping (Includes contingencies and eng.) $ - $ _ Major Infrastructure F.M. 518 Improvements $ 7,100,000 $ 7,498,564 Traffic Signals $ _ $ - Contingencies & Engineering Contingencies (10%) $ _ $ _ Engineering (15%) $ 900,000 $ 950,522 Master Drainage Plan Costs $ - $ - Environmental Study Costs $ - $ _ TOTAL $ 8,000,000 $ 8,449,086 Total Actual Costs S - $ 4,848,762 $ 1,149,218 $ 5,997,980 WALAND1154610000%LFA # W-01-001%08.01-001 Engr LV AttachAs WA Engineering & Surveying, Inc. 2929 Briarpark Drive Phone 713.953.5200 Suite 600 Fax 713.9515026 Houston, Texas 77G42.3703 www.liaengineering.com June 7, 2010 Board of Directors Reinvestment Zone No. 2, City of Pearland, Texas c/o City of Pearland, Texas 3519 Liberty Drive Pearland, Texas 77581 Zone No. 2, C:zy of Pearland, Texas Amendment TIR.7 irnprovements 1 - '� Completion .0. . _ Described in the Lee­Uar Financing Agreement Dated March 121, 2007 LFA # 07-03-00 Village 7 Phase 1 and Broadway Extension Engineering U A job No, 1546-01,000 (12.v Dear Mr. Chairman and Members of the Board: As the Engineer for Reinvestment ?one No. 2. City of Pearland, Texas (the "Zone"), I have reviewed the completed documentation submitted by Shadow Creek Ranch Development Company, L.P. (the "Master Developer") relating to the TIRZ Improvements described by the Letter Financing Agreement # 07-03-001 dated March 12, 2007 the "Letter Financing Agreement"). By the Letter Financing Agreement, the Master Developer agreed to pre -finance the design and construction of the TIRZ Improvements to be re-Urnbursed in accordance with the Reimbursement Agreement between the City of Pearland, the 7nne , and the Master Developer dated September 22, 1999 ;the "Reimbursement Agreement"). The Letter Financing Agreement state;, that the bilsdlget (aaljpusted for inflation) established in the Zone's Project Plan and Zone Financing Plan, for the TIRZ Improvements is $1,271,499 plus "developer interas,caniculated per the Reimbursement Agreement. The Master Developer has Provided, and ! nave revieved, the necessary documentation to prove con, pliance with all procedures se, forth in tine 11-44-ocumle,-it entifled "TIRZ Project Implementation and Reimbursement- Process." Based upon my rev�tevj, I conclude that the construction of the TIRZ improvements was conducted i,) gre 1`1 cornpkiarrce ti,e Re',mbursernent A , ement and 'the procedures set forth ir. the document en'i'led -Fil'R -7 Project II-no"ementation and Reimbursement Plrorcess,° is complete, and is in order for reirnoursennent. I therefore recornmend that the Zone f reirnbUrse the Master Deve'ope'­a a!-nounz of 78-3 f,--,r the funds advanced to the Zone for the Const'ruction of the TiR2 interest" calculated per the Reim'Oursem.ent 11'Agreenneit. as app,16cable. A ovin v­' the ccsts of the construction, of the improvements is attached to th7s If yoL4 have any qiJestlors, C,-), n-lie al' 713 �_ P James D. Ross, PE Engineer for the Zone JDR/dl Attachment O:1LAND%1546X154600001EngwWWLFA Leftero7-03-001 doc 40 LJA Engineering, Inc. June 7, 2010 Village 7 Phase 1 and Broadway Extension Engineering Letter Finance Agreement # 07-03-001 Itemized Summary of Costs ENR Index Jan. 2006 - 7660 ENR Index Jan. 2007 - 7880 Adjustment - 2.87% Items INFRASTRUCTURE Streets Pavement $ Lighting $ Water System $ Wastewater System $ Storm Sewer System $ Lakes & Channels $ Land Cost $ Landscaping (Includes contingencies and eng.) $ Major Infrastructure F.M. 518 Improvements $ Traffic Signals $ Contingencies & Engineering Contingencies (10%) $ Engineering (15%) $ Master Drainage Plan Costs $ Environmental Study Costs $ Subtotal $ Annexation Cost $ TOTAL $ Approved Budget Approved Budget (Adjusted per ENR (2006 Dollars) Index) 816,000 $ 839,436 70,000 $ 72,010 100,000 $ 102,872 986,000 $ 1,014,319 250,000 $ 257,180 1,236,000 $ 1,271,499 Total Actual Costs $ 846,561 $ 68,594 $ 70,920 $ 986,074 $ 99,709 $ 1,085,783 W:ILAND1154610000\LFA # 07-03-001\07-03-001 Engr Ur Attach.xls WA Engineering & Surveying, Inc. `AA 2929 Briarpark Drive Phone 713.953.5200 Suite 600 Fax 713,953.5026 Houston, Texas 77042-3703 www.Ijaengineering.com June 7, 20*10 Board of Direc ors Reinvestment Zone No, 2, City of PeaJail' , Texas cio City of Pearland. Texas 3519 Liberty Drive Pearland. Texas 77581 Re. Reinvestment Zone No 2, City of Peadand, Texas Completion of TIRZ Improvements - 1s+ Amendment Described in the Letter Fi lancing Agreement Dated May 5, 2008 LFA # 08-00-001 -- Broadway Extension from Kingsley Drive to FPO 521 LJA Job No. 1548-0000 (12.9) Dear.Mr. Chairman and Nlernbe s of the Board: As the Engineer for Reinvestment Zone No, 2, City of Pearland, Texas (the "Zone"), I have reviewed the completed documentation submitted by Shadow Creek Ranch Development Company, L.P. (the ":Master Developer") relating to the TIRZ improvements described by the Letter Financing Agreement # 08-05-001 mated May 51 %008 (the 'Letter Financing Agreement'*). By the Letter Financing Agreement, the Master Developer agreed to pre -finance the design and construction of the TIRZ Improvements to be reimbursed in accordance with the Reimbursement Agreement between the City of Pearland, tt.e -'_one, and the Master Developer dated September 22 1999 (the "Reimbursement A.greemen,"). The Letter Financi,, g .Agreement states that the budget (adjusted for inflation) established in the Zone's Project Plan a7 cd Re m,estmeni Zone Financing Plan for the TIRZ Improvements is $97482,989 pies `'devalt r er infe asf" calculated per the Reimbursement Agreement. The Master Developer m_.=: 'vri:Jeu, and I have reviewed, the necessary documentation to prove compliance with all procedures s-ct fcih in t1he document entitled "TIRZ Project Implementation and Reimbursement Process " Based upon my review, i conclude that the construction of the TIRZ Improvements was coflr ct�J in compiiance wt^ the Reimbursement Agreement and the procedures set forth in the doo:ument entitled "TIRZ Project Implementation and Reimbursement Process,: is compiete.. at-,; is f^ rder for reinbursernent. I therefore recommend that the Zone reimburse the Master Devei pe-r t ee aimount of $5,422.198 for the funds advanced to the Zone for the construction of the T',Z v. :�-as plu; dev:l�iper Interest" calculated per the V (T'. Reim bursement :Agre-ernent, ais apoiicabie. A breakdown of the costs of the col rstruction of the TIRZ Improvements is attached to th s letter. if you have any questions piea4 s,=- call me ;at 713,953.5090. Sincereiv, James D. Ross, PE Engineer for the Zone JDR/dl Attachment O:UMDI1546%15460000%Engineer LFA Letter 08-05-001.doc 13 LJA Engineering, Inc. June 7, 2010 Broadway Extension from Kingsley Drive to FM 521 Letter Finance Agreement # 08-05-001 Itemized Summary of Costs ENR Index Jan. 2006 - 7660 ENR Index Jan. 2008 - 8090 Adjustment - 5.61 % Approved Budget Approved Budget (Adjusted per ENR Items (2006 Dollars) Index) INFRASTRUCTURE Streets Pavement $ 200,000 $ 211,227 Lighting $ - $ - Water System $ - $ - Wastewater System $ - $ - Storm Sewer System $ - $ - Lakes & Channels $ - $ - Land Cost $ - $ - Landscaping (Includes contingencies and eng.) $ 295,165 $ 311,734 Major Infrastructure F.M. 518 Improvements $ 6,485,600 $ 6,849,674 Traffic Signals $ 200,000 $ 211,227 Contingencies & Engineering Contingencies (10%) $ 678,560 $ - Engineering (15%) $ 1,119,624 $ 1,182,475 Master Drainage Plan Costs $ - $ - Environmental Study Costs $ - $ - Subtotal $ 8,978,949 $ 9,482,989 Annexation Cost $ - $ TOTAL $ 8,978,949 $ 9,482,989 Total Actual Costs $ 748,792 $ 3,323,815 $ 547,577 $ 802,014 $ 5,422,198 $ 5,422,198 W:\LAND11546\0000\LFA # 08-05-001\08-05-001 Engr Ur Attach.xls UA Engineering & Surveying, Inc. 1AA 2929 Briarpark Drive Phone 713.953.5200 Suite 600 Fax 713.953.5026 Houston, Texas 77042-3703 wwwAjaengineering-Corn ,1 one 7. 201 Beard of Directors Reinvestment Zone Ni�. 2, -C-U, c/oC. i,]i, r;,u of Pearijr.A. Texas Completion of TIRZ improver eats Described in the Letter Financing Agreement Dated May 5, 2008 LFA # 08-05-002 - Broadway Landscape (North Side" LJ.A job No, 1546-0000 (12,9) Dear Mr. Chairman and Members of the, Board. As the Engineer for Reinvestment Zone No. 2, City of Pearland. Texas (the "Zone"), I have reviewed the completed oleted documentation subr-nifted by Shadow Creek Ranch Development Company, L.P.(the "Master Developer"') relating to the TIRZ irnprovernients described by the Letter Financing Agreement # 08-05-002 dated May 5, 2008 (Vie "Letter Financing Agreement'}. By the Letter Financing Agreement. the Master Developer agreed to pre -finance the design and construction of the TIRZ improvements to be reirno-ursed in accordance with the Reimbursement Agreement bebt4een the City of Pearland. t�-,e Zone, and the Master Developer dated September 22, 1999 (the "Reirnbursernent Agreement".), The Letter Financing Agreement states t1hat the budget (ad,'i,-jsted for inflation) estabiished in the Zone's Project Pian, and Re'Jv.,e,vtMent Zone Fioancing 1.`71an, for the TIRZ Ianprovements is $1.158,213 pies "developer inlter est' cal-Oulated pee ti e Re!nmbursern.ent Agreement. The Master Deavejoper hps - . t - i. J. and I have revi;z,,,,,iP.-,,,,, tnie necessary documentation to prove ccrnpiian--a w;th a'! procedu,es set lo rin In the doc-liment enfide' T i--Z Project implementation a,nd Reimbursement Pocess." Bated upon my, revievy, I conciude That the construction of the TIRZ lmprovements was coni.11uctad in caornpiiance with the Reirnb,.rsernent Agreement and the proced--,ires se� fo,�h in tne d,-,.,�;u,m-ent enticed 'Ti-R7 P-,-O�ect lmpleirn—,.Iat'on and Reimbt.!� ement ;S Process," is cofnpie.,e, is ,i of -der for (arrntcursei-ner i 4r; e? ?end that the Zone C I " tu 4- relmt�urse the M�mjste-r es to �ne of !1;3 1319,918 1 rt�e f nds advanced to the 'one for the con st-,jc+;,C)n cf the TIRZ Wius 'deiel;ter Pei- the Rein-ibursement Agreernem, as A deajied bre.akdovii of tl,e ccs-13 of 10h,� constructioni of the T!RZ l,Tprove!-qe-,!-,+s is @04ac!led to tt--is let�--arl if you ra`;je aTr;'ji qt.iesttorls. call rn� at James D. Ross, PE Engineer for the Zone JDR1d1 Attachment 0 X1-AND115461154600001Engineer LFA Letter 06-05-002,doc LJA Engineering, Inc June 7.2010 Broadway Landscape (North Side) Letter Finance Agreement # 08-05-002 Itemized Summary of Costs ENR Index Jan. 1999 - 6000 ENR Index Jan. 2008 - 8090 Adjustment - 34.83 % Items INFRASTRUCTURE Streets Pavement Sidewalks Landscaping and Irrigation Entry Monuments Water System Wastewater System Storm Sewer System Lakes 3 Channels Improvements Land Cost Parks & Recreation Improvements Land Cost Major Improvements Water Plants Improvements Land Cost W. W.T. P Lift Station Traffic Signals McHard Rd Reimbursables Miscellaneous Signal FM 2234 Bridge Widening SH 288 Access Road Contingencies 3 Engineering Contingencies (10 %) Engineering (15 %) Subtotal ZONE ADMINISTRATIONICRETION TIRZ Administration (1-3 yrs.) Reimbursable TIRZ Creation Costs Subtotal TOTAL CITY FACILITIES Library Improvements Land Cost Fire I Police Station Improvements Land Cost Subtotal EDUCATIONAL FACILITIES AISD Elementary School AISD Jr. High School AISD Fresh/Soph CampusHigh School FBISD Elementary School FBISD Middle School Subtotal GRAND TOTAL Approved Budget Approved Budget (Adjusted per ENR (1999 Dollars) Index) Total Actual Costs $ 600,000 $ 809,000 $ 106,342 $ 100,000 $ 134,833 $ $ 60,000 $ 80,900 I $ - $ 99,000 $ 1 33. 485 $ 33,606.30 $ 859,000 $ 1.,58,218 $ 139.948 $ $ S $ $ S $ 859,000 $ 1,1S8,218 S 139,948 - S- a $ S $ $ 859,000 $ 1,158,218 f 139,9, w'0 WO"0208-054)02 Engr ur roach dis May 25, 2010 Pearland Reinvestment Zone No. Two Board of Directors 3519 Liberty Drive Pearland, TX 77581 Re: Completion of TIRZ Improvement LFA 08-01-001 Broadway Improvements Dear Board of Directors: I have reviewed the procedures followed by Shadow Creek Development Company, L.P. and the City of Pearland related to the implementation of the Zone project referenced above. Pursuant to the Letter of Financing Agreement, the City of Pearland agreed to pre -finance costs associated with the design and construction of this project and to be reimbursed in accordance with the Reimbursement Agreement between the City of Pearland and the Zone dated November 13, 2006. Based upon my review of the TIRZ Project Implementation Plan and Reimbursement Process and the Letter of Financing Agreement and based upon the Engineer's letter stating that construction is complete and in order for reimbursement, I conclude that the above LFA qualifies for reimbursement. Sincerely, Claire Bogard City of Pearland, TX Director of Finance May 25, 2010 Pearland Reinvestment Zone No. Two Board of Directors 3519 Liberty Drive Pearland, TX 77581 Re: Completion of TIRZ Improvement LFA 07-03-001 Village 7 Phase 1 and Broadway Extension Engineering Dear Board of Directors: I have reviewed the procedures followed by Shadow Creek Development Company, L.P. related to the implementation of the Zone project referenced above. Pursuant to the Letter of Financing Agreement, the Master Developer agreed to pre -finance costs associated with the design and construction of this project and to be reimbursed in accordance with the Reimbursement Agreement between the City of Pearland, the Zone, and Master Developer dated September 22, 1999. Based upon my review of the TIRZ Project Implementation Plan and Reimbursement Process and the Letter of Financing Agreement and based upon the Engineer's letter stating that construction is complete and in order for reimbursement, I conclude that the above LFA qualifies for reimbursement. Sincerely, Claire Bogard City of Pearland, TX Director of Finance May 25, 2010 Pearland Reinvestment Zone No. Two Board of Directors 3519 Liberty Drive Pearland, TX 77581 Re: Completion of TIRZ Improvement LFA 08-05-001 Broadway Extension from Kingsley Drive to FM521 Dear Board of Directors: I have reviewed the procedures followed by Shadow Creek Development Company, L.P. related to the implementation of the Zone project referenced above. Pursuant to the Letter of Financing Agreement, the Master Developer agreed to pre -finance costs associated with the design and construction of this project and to be reimbursed in accordance with the Reimbursement Agreement between the City of Pearland, the Zone, and Master Developer dated September 22, 1999. Based upon my review of the TIRZ Project Implementation Plan and Reimbursement Process and the Letter of Financing Agreement and based upon the Engineer's letter stating that construction is complete and in order for reimbursement, I conclude that the above LFA qualifies for reimbursement. Sincerely, Claire Bogard City of Pearland, TX Director of Finance May 25, 2010 Pearland Reinvestment Zone No. Two Board of Directors 3519 Liberty Drive Pearland, TX 77581 Re: Completion of TIRZ Improvement LFA 08-05-002 Broadway Landscaping — North Side Dear Board of Directors: I have reviewed the procedures followed by Shadow Creek Development Company, L.P. related to the implementation of the Zone project referenced above. Pursuant to the Letter of Financing Agreement, the Master Developer agreed to pre -finance costs associated with the design and construction of this project and to be reimbursed in accordance with the Reimbursement Agreement between the City of Pearland, the Zone, and Master Developer dated September 22, 1999. Based upon my review of the TIRZ Project Implementation Plan and Reimbursement Process and the Letter of Financing Agreement and based upon the Engineer's letter stating that construction is complete and in order for reimbursement, I conclude that the above LFA qualifies for reimbursement. Sincerely, Claire Bogard City of Pearland, TX Director of Finance