07-14-14 Meeting of the La Porte Development Corporation Board of Directors

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they help him develop prospects for industry and retail developers. Mr. Livingston also advised he will set dates for the Economic Alliance and Bay Area Houston Economic Partnership to come before the Board members and City Council for a presentation before the adoption of the Fiscal Year 2014-2015 Budget. Board member Martin commented Bay Area Houston Economic Partnership worked well with the Biggert Waters Act, and he feels comfortable with supporting them. Board member Clausen commented the Economic Alliance is working hard with San Jacinto College on workforce development. EDC Livingston added Bay Area Houston Economic Partnership has a big interest in healthcare. Board member Woodard questioned $23,900 for land acquisition in 2011-2012 and if the City actually owned the land or if the land had been transferred. Assistant City Manager Traci Leach informed the Board that lots at 908 and 912 West Main were sold. Board member Woodard then questioned $35,500 for Harris County Bus Service. Assistant City Manager Traci Leach informed the Board that the first two years of the service included the City of La Porte, San Jacinto College and the City of Pasadena in a partnership for the communities. Ms. Leach advised the City of Pasadena and San Jacinto College opted out of the agreement; and for the last 12 months, the City has been providing services for the City of La Porte. Ms. Leach informed the Board that since November 2012 through October 2013, there were 7220 riders; and from November 2014 through February 2014, there were 2672 riders. Board member Woodard then questioned the routes for the bus service. Assistant City Manager Traci Leach informed there are 12-15 stops in La Porte; a Social Service bus that goes to the Social Security Office in Pasadena and the Strawberry Clinic; and a bus that goes to the Transit Center in Baytown. Ms. Leach advised that as of November 2012 through October 2013, there were 4168 riders here in La Porte, and 3052 for the Social Service bus. Board member Woodard commented none of the bus service should be paid out of the Economic Development budget. Returning to the subject of the budget, Economic Development Coordinator Scott Livingston advised that the Debt Service will be increased to pay the debt a lot faster. Finance Director Michael Dolby added the principal will be moved up in the payment schedule to reduce the interest; and, eventually, the debt will go down when the interest rates are better. Mr. Dolby also added he estimates about $10 million has been allocated to the La Porte Development Corporation Board for issues such as the library and the work done on Bay Area Blvd. Board member Woodard asked if the City of La Porte can allocate debt services to the La Porte Development Corporation Board funds for the payment on outstanding indebtedness when the Board does not have any outstanding bonds. Mr. Dolby responded the La Porte Development Corporation Board cannot and is not ready to issue debt on its own due to the length of operation, and the City Council has designated the Board to pay the debt due to it being a budget issue. 4. SET DATE FOR NEXT MEETING — S. Livingston Board members set the next meeting date for Monday, July 14, 2014, at 5:00 p.m. 5. STAFF REPORTS (a) Receive Financial Report — M. Dolby Finance Director Michael Dolby provided a report. Page 2 of 3 June 9, 2014, La Porte Development Corporation Board Minutes