08-04-04 La Porte Redevelopment Authority Meeting minutes

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~~. David Hawes provided an update on the development agreement noting that two (2) exhibits needed to be completed, and that the attorney had reviewed and corrected the document. Mr. Hawes noted that developer interest had been limited to five (5) years and that there would be a 1.25 debt coverage ratio and at a minimum $1.5M in proceeds before bonds could be issued. Mr. Hawes recommended approval of the agreement in form subject to City Council review and attachment of the final exhibits. Chairman Porter asked that Mr. Hawes update Council on August 9th. Director Larson asked about the timeline for the development. Mr. Hawes responded that the developer was ready to start, but that the agreement needed to be taken to the developer's bank. John Joerns stated that the project would probably start in November. There was general discussion on the matter. Upon a motion duly made by Director Pool and being seconded by Director Meza, the board voted unanimously to approve the agreement in substantial form subject to Council review and attachment of the proper exhibits. 5. STAFF UPDATES . Resignation of Lindsay Pfeiffer. John Joerns updated the board on this item. . Update on other development within the TIRZ. John Joerns updated the board on a matter involving a lawsuit regarding the Texas Import/Export Park project. There was general discussion on the matter. 6. BOARD MEMBER COMMENTS Chairman Porter inquired as to the status of the sound barrier wall for the Arete project. John Joerns addressed this question. Chairman Porter gave a brief update on board appointments. Director Helmlinger stated that it was good to finally be moving forward on implementing the TIRZ project plan. There was general discussion on the matter. - 7. ADJOURNMENT The meeting was adjourned at 7:30 p.m. SIGNED: ~L?~ Pr M;d-fj.+ tj- c}J- -DLj . .-:) /} a ATTEST: _ ~ ~ TITLE ::!dt!{){IJ /-rtt'4.':IJ /7"r I I C)-Jd --oL/ TITLE: DATE: DATE: