|
APPROVE FY2015-2016 BUDGET.
<br />Mr. Hawes reviewed the FY2015-2016 proposed budget, included in the Board agenda materials,
<br />and answered questions. There was discussion regarding the estimated budget for 2014-2015 should
<br />reflect $117,862.00 for developer disbursements for Lakes of Fairmont Greens, which would leave an
<br />ending fund balance of $778,674.00. The beginning fund balance for the proposed 2015-2016 budget
<br />should be $778,674.00 giving a total in revenues of $3,278,005.00 for the 2015-2016 budget. There was
<br />discussion to change the developer disbursement for Lakes of Fairmont Greens to $117,862.00 under the
<br />2015-2016 proposed budget for a total of $2,033,663.00 under the Capital Improvements and leaving an
<br />ending fund balance in the amount of $646,687.00. Upon a motion duly made by Director Porter, and being
<br />seconded by Director Turnquist, the Board voted unanimously to approve the FY2015-2016 Budget as
<br />amended (1) changing the 2014-2015 estimated capital improvements developer reimbursement to Lakes
<br />of Fairmont Greens to an amount of $117,862.00 for a total of $2,205,447.00 for capital improvements, and
<br />leaving an ending fund balance of $778,674.00 for 2014-2015; (2) changing the beginning fund balance for
<br />the 2015-2016 proposed budget to $778,674.00 for a total amount of in revenues in an amount of
<br />$3,278,005.00 for the proposed 2015-2016 budget; and (4) changing the developer reimbursement to
<br />Lakes of Fairmont Greens to $117,862.00 under the 2015-2016 proposed budget for a total of
<br />$2,033,663.00 in capital improvements, leaving an ending balance for the proposed 2015-2016 budget in
<br />the amount of $$646,687.00.
<br />CONSIDER ESTOPPEL CERTIFICATE AND CONSENT TO ASSIGNMENT TO AND FOR THE BENEFIT
<br />OF LIBERTY PROPERTY LIMITED PARTNERSHIP, A PENNSYLVANIA LIMITED PARTNERSHIP
<br />(PURCHASER), AND LAND SERVICES TITLE OF TEXAS, AS AGENT FOR FIDELITY NATIONAL
<br />TITLE INSURANCE COMPANY.
<br />Mr. Hawes went over the Estoppel Certificate and Consent to Assignment, included in the Board
<br />agenda materials, and answered questions. Upon a motion duly made by Director Pool, and being
<br />seconded by Director Leopard, the Board voted unanimously to approve the Estoppel Certificate and
<br />Consent to Assignment to and for the benefit of Liberty Property Limited Partnership, a Pennsylvania limited
<br />partnership (purchaser), and Land Services Title of Texas, as agent for Fidelity National Title Insurance
<br />Company, as presented.
<br />CONSIDER SECOND AMENDMENT TO DEVELOPMENT AGREEMENT BY AND BETWEEN TAX
<br />INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, LA PORTE
<br />REDEVELOPMENT AUTHORITY, A TEXAS NON-PROFIT CORPORATION, AND LIBERTY PROPERTY
<br />LIMITED PARTNERSHIP, A PENNSYLVANIA LIMITED PARTNERSHIP.
<br />Mr. Hawes went over the Second Amendment to Development Agreement, included in the Board
<br />agenda materials, and answered questions. Upon a motion duly made by Director Porter, and being
<br />seconded by Director Pool, the Board voted unanimously to approve the Second Amendment to
<br />Development Agreement by and between Tax Increment Reinvestment Zone Number On, City of La Porte,
<br />Texas, La Porte Redevelopment Authority, a Texas non-profit corporation and Liberty Property Limited
<br />Partnership, a Pennsylvania limited partnership, as presented.
<br />CONSIDER APPROVAL OR OTHER ACTION WITH REGARD TO AUTHORITY INVOICES.
<br />Mr. Hawes presented the July 2015 Revenue Expense Summary Report and went over invoices,
<br />included in the Board agenda materials. Upon a motion duly made by Director Antone, and being seconded
<br />by Director Turnquist, the Board voted unanimously to accept the July 2015 Revenue Expense Summary
<br />Report and approved payment of invoices, as presented.
<br />RECEIVE UPDATES FROM THE CITY, DEVELOPERS AND STAFF WITH REGARD TO
<br />DEVELOPMENT WITHIN THE ZONE.
<br />There was general discussion regarding updates with regard to development within the zone. No
<br />action from the Board was required.
<br />2
<br />
|