09-10-08 Special Called Regular Meeting of the Development Corporation Board of Directors

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Page 2 - 09/10/08 Development Corporation Minutes There was no action. 6. Received Presentation of Town Plaza Project. City Manager Ron Bottoms presented an update of the Town Plaza Project. 7. Consider approval or other action regarding a Town Plaza Memorandum of Understanding - R. Bottoms City Manager Ron Bottoms presented summary and recommendation and answered the Board's questions. A motion was made by Board Member Matuszak to approve the recommendation of City Manaoer Bottoms to approve the Memorandum of Understandino. The motion was seconded by Board Member Beasley. The following comments were made by board members: Love - informed the board he would be voting against this item due his concerns with some of the mechanisms of the project. Moser - informed the board he had concerns with some components of the project. He needs to study more and visit with the attorney. Beasley - informed the board he supports the project and feels the concerns raised were discussed in Executive Session. The worst case scenario is still a positive result for the City of La Porte. Matuszak - informed the board the project is a good project. His concern is that it won't happen. The project is a good return on investment. He feels this project will move the City forward. He additionally noted the money is coming from the 4B Corporation and that money is limited on how it may be spent. Love - further informed the board of his specific concerns. He does not feel the Development Corporation and the City should be put in the position of mortgage banking and property management. Does not believe the 4B Corporation is the mechanism for achieving this outcome. Moser - informed the board he is committed to the Town Plaza. He noted he needs additional time to review the document. Will not be in a position to vote on until he understands all the angles. A motion was made by board member Love to table the existino motion. The motion was seconded by Board Member Moser. Motion failed. Ayes: Love and Moser Nays: Matuszak, Muston, Engelken, Clausen and Beasley Abstain: None Absent: None Chairman Muston called for a vote upon the original motion. Motion carried. Ayes: Muston, Matuszak, Clausen, Beasley and Engelken Nays: Love and Moser Abstain: None Absent: None Board member Engelken further commented he shares in all concerns but has the City's best interest at heart. Staff needs to market and he holds staff accountable that it is done right and marketed to the media. He further emphasized it needs to be communicated properly and ensure the public is made aware there was vigorous debate on this item.