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<br />La Porte Redevelopment Authority, <br />City of La Porte, Texas <br />Minutes of the Board Meeting <br />Held February 28, 2007 <br /> <br />1. CALL TO ORDER AND DETERMINATION OF A QUORUM <br /> <br />The Board of Directors of the La Porte Redevelopment Authority, City of La Porte, Texas, <br />held a meeting, open to the public, on the 28th day of February 2007, and meeting was called <br />to order at 6:31 p.m. in Council Chambers at the City Hall, 604 West Fairmont Parkway, La <br />Porte, Texas 7751 and the roll was called of the duly appointed members of the Board, to <br />wit: <br /> <br />Peggy Antone <br />Dave Turnquist <br />Alton Porter <br />Horace Leopard <br />Doug Martin <br />JJ Meza <br />Michael Say <br />Chester Pool <br />Lin Pfeiffer <br /> <br />Position I <br />Position 2 <br />Position 3 <br />Position 4 <br />Position 5 <br />Position 6 <br />Position 7 <br />Position 8 <br />Position 9 - Chairman <br /> <br />and all of the above were present except Director Antone, Director Martin, and Director <br />Meza, thus constituting a quorum. Also present at the meeting were John Joerns, David <br />Hawes, Michael Dolby, and Russell Plank. <br /> <br />2. CONSIDER APPROVAL OF THE MINUTES OF THE NOVEMBER 29, 2006 BOARD <br />OF DIRECTORS MEETING <br /> <br />Upon a motion duly made by Director Say and being seconded by Director Porter, the board <br />unanimously approved the minutes of November 29,2006 <br /> <br />3. REVIEW AND CONSIDER APPROVAL OF ANNUAL AUDIT FOR LA PORTE TAX <br />INCREMENT REINVESTMENT ZONE NUMBER ONE FUND FOR FISCAL YEAR <br />ENDING SEPTEMBER 30, 2006 <br /> <br />Mr. Dolby reviewed the audit findings with the board. Upon a motion duly made by <br />Director Pool and being seconded by Director Leopard, the board unanimously approved the <br />audit report. <br /> <br />4. CONSIDER COLLATERAL ASSIGNMENT OF DEVELOPMENT AFREEMENT (THIS <br />"ASSIGNMENT") MADE BY PORT CROSSING LAND, LP, A TEXAS LIMITED <br />PARTNERSIP ("ASSIGNOR"), IN FAVOR OF LASALLE BANK NATIONAL <br />ASSOCIATION, A NATIONAL BANK ASSOCIATION ("ASSIGNEE") <br /> <br />Mr. Joerns and Mr. Hawes gave an overview of the Collateral Assignment Document. Upon <br />a motion duly made by Director Say and being seconded by Director Turnquist, the board <br />unanimously approved the collateral assignment agreement. <br />