2008-08-25 RTIRZ-2008-06RESOLUTION NO. RTIRZ-2008-06
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PEARLAND TAX
INCREMENT REINVESTMENT ZONE NUMBER 2 (TIRZ #2) AUTHORIZING CHAIR
OF THE BOARD OF DIRECTORS TO EXECUTE CONSENT TO ASSIGNMENT OF
DEVELOPER REIMBURSEMENT AGREEMENT
WHEREAS, Reinvestment Zone Number Two, City of Pearland, Texas (the "Zone") has
been legally created by the City of Pearland, Texas (the "City"), pursuant to Chapter
311, Texas Tax Code; and
WHEREAS, the Zone entered into a Developer Reimbursement Agreement among the
City, the Zone and Shadow Creek Retail LP, dated November 13, 2006; and
WHEREAS, on January 15, 2008, the Zone approved a Consent to Assignment, which
consented to assignment of the rights, obligations; title, and interests of the Developer
Reimbursement Agreement to AmREIT Realty Investment Corporation; and
WHEREAS, AmREIT Realty Investment Corporation has indicated its desire to assign
the Developer Reimbursement Agreement to another party and has asked that the Zone
consent to such assignment when and if it occurs; and
WHEREAS, the Zone wishes to provide such consent; Now, Therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS:
Section 1. The Board of Directors hereby authorizes its Chair to execute a Consent
to Assignment of the Developer Reimbursement Agreement from AmREIT to such third
party as AmREIT designates and at such time as is deemed appropriate by AmREIT, in
consulation with the Zone's Attorney and other consultants, as necessary.
PASSED, APPROVED, AND ADOPTED this 25t" day of August, A.D. 2008.
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NIGEL HARRISON
TIRZ CHAIR, BOARD OF DIRECTORS
ATTEST:
MIKE PYBURN
TIRZ SECRETARY, BOARD OF DIRECTORS
RTIRZ-2008-06
,..........
AGENDA REQUEST
HAD k,`V BUSINESS OF THE TIRZ NO. 2
P A NC , PEARLAND, TEXAS
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AGENDA OF: August 25, 2008 ITEM NO.: RTIRZ-2008-06
DATE SUBMITTED: August 20, 2008 REPRESENTING: ABHR
PREPARED BY: Lynne Humphries PRESENTOR: Trey or Lynne
SUBJECT: Update on assignment of TIRZ receivables
EXHIBITS: Resolution No. RTIRZ-2008-06 Authorizing Chair of the Board of
Directors to Execute Consent to Assignment of Developer
Reimbursement Agreement
EXPENDITURE REQUIRED: None
PROJECT: None
EXECUTIVE SUMMARY
Although not legally required to do so, the Board consented to assignment of the
reimbursement agreement from Shadow Creek Retail LP to AmREIT Realty Investment
Corporation at their January 2008 meeting. At the last Board meeting, representatives
of AmREIT explained they planned to assign the reimbursement to another party.
AmREIT will update the Board regarding its assignment efforts.
ABHR and Darrin Coker, City Attorney, recommend that the Board adopt a resolution
authorizing the Chair to execute a Consent to Assignment, consenting to assignment of
the Developer Reimbursement Agreement to such other third party as AmREIT may
designate and at such time as is appropriate relating to AmREIT's transaction with the
third party.
RECOMMENDED ACTION
Adopt Resolution Authorizing the Chair to Execute Consent to Assignment of Developer
Reimbursement Agreement.
AR Consent to Assignment RTIRZ 2008-06.doc
CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND FORT BEND §
I, the undersigned officer of the Board of Directors of Reinvestment Zone Number Two, City
of Pearland, Texas, hereby certify as follows:
1. The Board of Directors of Reinvestment Zone Number Two, City of Pearland, Texas,
convened in regular session on the 25th day of August, 2008, at the regular meeting place thereof,
and the roll was called of the duly constituted officers and members of the Board to -wit:
Nigel Harrison
Chair
Gary Cook
Vice Chair
Mike Pyburn
Secretary
Jo Knight
Director
Ron Castillo
Director
Gary Davis
Director
Donna Coleman
Director
Larry Loessin
Director
Ken Phillips
Director
and all of said persons were present, except Director(s) , thus
constituting a quorum. Whereupon, among other business, the following was transacted at the
meeting: a written
RESOLUTION NO. RTIRZ-2008-06 OF THE PEARLAND TAX INCREMENT REINVESTMENT
ZONE NUMBER TWO (TIRZ #2) AUTHORIZING CHAIR OF THE BOARD OF DIRECTORS
TO EXECUTE CONSENT TO ASSIGNMENT OF DEVELOPER REIMBURSEMENT
AGREEMENT
was introduced for the consideration of the Board. It was then duly moved and seconded that
the resolution be adopted, and, after due discussion, the motion, carrying with it the adoption of
the resolution, prevailed and carried unanimously.
2. That a true, full and correct copy of the aforesaid Resolution adopted at the meeting
described in the above and foregoing paragraph is attached to and follows this certificate; that the
Resolution has been duly recorded in the Board's minutes of the meeting; that the persons named in
the above and foregoing paragraph are the duly chosen, qualified and acting officers and members
of the Board as indicated therein; that each of the officers and members of the Board was duly and
sufficiently notified officially and personally, in advance, of the time, place and purpose of the
aforesaid meeting, and that the Resolution would be introduced and considered for adoption at the
meeting, and each of the officers and members consented, in advance, to the holding of the meeting
for such purpose; that the meeting was open to the public as required by law; and that public notice
of the time, place and subject of the meeting was given as required by applicable laws, including
without limitation, Chapter 551, Texas Government Code.
SIGNED this 25t' day of August, 2008.
MIKE PYBURN
TIRZ SECRETARY, BOARD OF DIRECTORS
RTIRZ-2008-06.doc