07-23-13 Meeting of the La Porte Development Corporation Board of Directors

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Board member Woodard questioned the proposed cost for Harris County Transit services. City Manager Corby Alexander responded $35,500. Finance Director Michael Dolby informed board members the 1998 General Obligation bonds, 2000 General Obligation bonds, 2000 Certificates of Obligation, Limited Tax Series 2002, 2004 Certificate Obligation bonds, 2005 Certificates of Obligation and 2005 General Obligation bonds were refunded as a result of remaining funds from projects that reduced the debt payments for the La Porte Development Corporation, as well as other funds in the City. Mr. Dolby also informed board members the funds are available to fund five bond issues. Board member Woodard requested Finance Director Michael Dolby to review the bond materials with Texas Municipal League to make sure the reports are correct. Mr. Dolby advised he will review the reports for accuracy. Finance Director Michael Dolby advised the La Porte Development Corporation Board has to reserve $948,545 for debt service for Fiscal Year 2013-2014. Board member Woodard questioned if Main Street Enhancement Grants awarded by the La Porte Development Corporation Board have expanded to the entire City. Economic Development Coordinator Scott Livingston responded no; but, it can be considered. In addition, Mr. Livingston informed board members approximately $150,000 is available in the account for grants; and invoices are pending from Stepping Stone Funeral Home. Board member Ojeda questioned where additional funding will be allocated if the Main Street Enhancement Grant Program is expanded. Economic Development Coordinator Scott Livingston responded it will be a decision of the La Porte Development Corporation Board and City Council. Board member Martin suggested awarding grants until the account is depleted. Mr. Livingston informed he intend to promote the program by going door-to-door on Main Street advising business owners of the opportunity to apply for a grant. Board member Martin asked if the City has guidelines for use of funds from the Main Street Enhancement Grant Program. Economic Development Coordinator Scott Livingston responded no. Board member Martin asked if grants can only be applied for by property owners. Assistant City Manager Traci Leach responded she does not know if the application specifies property owner and/or tenant, but staff feel comfortable presenting an application on behalf of a tenant to the board for consideration if they desire to upgrade the property. President Warren asked if additional funding will be needed for the program once it is depleted and possibly expanded to other areas. Economic Development Coordinator Scott Livingston responded additional funding would be required. Board member Ojeda commented she is interested in the program expanding and funds utilized to beautify businesses on Broadway since business owners on Main Street have been aware of the program for over two years. Board members asked Economic Development Coordinator Scott Livingston to provide an update to the Board after promoting the program to business owners on Main Street. Board member Woodard questioned the ICSC conference in the Training and Seminars Account 3020. Economic Development Coordinator Scott Livingston responded it is the International Council of Shopping Centers conference. Board member Woodard questioned the benefit for the City by staff attending the ICSC conference in Dallas. City Manager Corby Alexander responded the La Porte Development Corporation and City Council have expressed the desire for retail opportunities in La Porte; and since retail industries have individuals present at the conferences, La Porte will be present for interested businesses. Board member Engelken suggested staff Page 2 of 4 July 23, 2013, La Porte Development Corporation Board Minutes