02-28-07 Meeting of the La Porte Tax Increment Reinvestment Zone Number One minutes

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La Porte Tax Increment Reinvestment Zone Number One, City of La Porte, Texas Minutes of the Board Meeting Held February 28, 2007 1. CALL TO ORDER AND DETERMINATION OF A QUORUM The Board of Directors of the Tax Increment Reinvestment Zone Number One, City of La Porte, Texas, held a meeting, open to the public, on the 28th day of February, 2007, and meeting was called to order at 6:46 p.m., in Council Chambers at the City Hall, 604 West Fairmont Parkway, La Porte, Texas 77571 and the roll was called of the duly appointed members of the Board, to wit: Peggy Antone Dave Turnquist Alton Porter Horace Leopard Doug Martin JJ Meza Michael Say Chester Pool Lin Pfeiffer Position 1 Position 2 Position 3 Position 4 Position 5 Position 6 Position 7 Position 8 Position 9 - Chairman and all of the above were present except Director Antone, Director Martin, and Director Meza, thus constituting a quorum. Also present at the meeting were John Joerns, David Hawes, Michael Dolby, and Russell Plank. 2. CONSIDER APPROVAL OF THE MINUTES OF THE NOVEMBER 29, 2006 BOARD OF DIRECTORS MEETING Upon a motion duly made by Director Porter and being seconded by Director Say, the board unanimously approved the minutes of November 29,2006 5. CONSENT AGENDA - ANY ITEM MAY BE REMOVED BY A BOARD MEMBER FOR DISCUSSION · ENTERTAIN A MOTION AND A SECOND TO APPROVE THE TIRZ ITEMS IN THE SAME FORM AND MANNER AS WAS APPROVED IN THE PREVIOUS REDEVELOPMENT AUTHORITY MEETING - LINDSEY PFEIFFER, CHAIRPERSON A. REVIEW AND CONSIDER APPROVAL OF ANNUAL AUDIT FOR LA PORTE TAX INCREMENT REINVESTMENT ZONE NUMBER ONE FUND FOR FISCAL YEAR ENDING SEPTEMBER 30, 2006 B. CONSIDER COLLATERAL ASSIGNMENT OF DEVELOPMENT AFREEMENT (THIS "ASSIGNMENT") MADE BY PORT CROSSING LAND, LP, A TEXAS LIMITED PARTNERSIP ("ASSIGNOR"), IN FAVOR OF LASALLE BANK