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Home My WebLink About10-27-14 Meeting of the La Porte Development Corporation Board of Directors RICHARD WARREN, PRESIDENTRICHARD WARREN, PRESIDENTMIKE CLAUSEN, BOARD MEMBERMIKE CLAUSEN, BOARD MEMBER MIKE COOKSLEY, BOARD MEMBERMIKE COOKSLEY, BOARD MEMBERRANDY WOODARD, BOARD MEMBERRANDY WOODARD, BOARD MEMBER JAY MARTIN, BOARD MEMBERJAY MARTIN, BOARD MEMBERNANCY OJEDA, BOARD MEMBERNANCY OJEDA, BOARD MEMBER CHUCK ENGELKEN, BOARD MEMBERCHUCK ENGELKEN, BOARD MEMBER CITY OF LA PORTE DEVELOPMENT CORPORATION MEETING AGENDACITY OF LA PORTE DEVELOPMENT CORPORATION MEETING AGENDA Notice is hereby given of a meeting of the City of La Porte Development Corporation to be held on Notice is hereby given of a meeting of the City of La Porte Development Corporation to be held on October 27, 2014, at the City Hall Council Chambers, 604 W. Fairmont Parkway, La Porte, Texas, October 27, 2014, at the City Hall Council Chambers, 604 W. Fairmont Parkway, La Porte, Texas, beginning at 05:00 PM to consider the following items of business:beginning at 05:00 PM to consider the following items of business: 1.CALL TO ORDERCALL TO ORDER 2.CONSENT AGENDACONSENT AGENDA (All consent agenda items are considered routine by the La Porte (All consent agenda items are considered routine by the La Porte Decelopment Corporation Board and will be enacted by one motion. There will be no separate Decelopment Corporation Board and will be enacted by one motion. There will be no separate discussion of these items unless a Board member requests an item be removed and considered discussion of these items unless a Board member requests an item be removed and considered separately)separately) (a) Consider approval of minutes of the meeting of La Porte Development Corporation Board Consider approval of minutes of the meeting of La Porte Development Corporation Board held on September 22, 2014 held on September 22, 2014 -- S. Harris S. Harris (b) Consider approval or other action authorizing staff to execute payment in the amount of Consider approval or other action authorizing staff to execute payment in the amount of $40,000.00 to the 'Rob Johnson Realty Corporation' (aka 'Rob Johnson Interests') per the $40,000.00 to the 'Rob Johnson Realty Corporation' (aka 'Rob Johnson Interests') per the terms of the enclosed economic development agreement terms of the enclosed economic development agreement -- S. Livingston S. Livingston 3.SET DATE FOR NEXT MEETING SET DATE FOR NEXT MEETING -- S. Livingston S. Livingston 4.STAFF REPORTSSTAFF REPORTS (a) Receive Financial Report Receive Financial Report -- M. Dolby M. Dolby 5.Board member comments regarding matters appearing on agenda; Recognition of Board member comments regarding matters appearing on agenda; Recognition of community members, city employees, and upcoming events; inquiry of staff regarding community members, city employees, and upcoming events; inquiry of staff regarding specific factual information or existing policies.specific factual information or existing policies. 6.Executive Session Executive Session ——The La Porte Development Corporation reserves the right to meet in The La Porte Development Corporation reserves the right to meet in executive session on any agenda item should the need arise and if authorized by the Texas executive session on any agenda item should the need arise and if authorized by the Texas Open Meetings Act, Title 5, Chapter 551, of the Texas Government Code.Open Meetings Act, Title 5, Chapter 551, of the Texas Government Code. 7.Reconvene into regular session and consider action, if any, on items discussed in executive Reconvene into regular session and consider action, if any, on items discussed in executive session.session. 8.AdjournAdjourn In compliance with the Americans with Disabilities Act, the City of La Porte will provide for reasonable In compliance with the Americans with Disabilities Act, the City of La Porte will provide for reasonable accommodations for persons attending public meetings. To better serve attendees, requests should be received accommodations for persons attending public meetings. To better serve attendees, requests should be received 24 hours prior to the meetings. Please contact Patrice Fogarty, City Secretary, at 281.470.5019.24 hours prior to the meetings. Please contact Patrice Fogarty, City Secretary, at 281.470.5019. CERTIFICATIONCERTIFICATION I certify that a copy of the October 27, 2014, agenda of items to be considered by the Board of the La Porte Development I certify that a copy of the October 27, 2014, agenda of items to be considered by the Board of the La Porte Development Corporation was placed on the City Hall Bulletin Board on October 21, 2014.Corporation was placed on the City Hall Bulletin Board on October 21, 2014. signature heresignature here Patrice Fogarty, City SecretaryPatrice Fogarty, City Secretary RICHARD WARREN,PRESIDENT MIKE CLAUSEN, BOARD MEMBER MIKE COOKSLEY, VICE PRESIDENT RANDY WOODARD,BOARDMEMBER CHUCK ENGELKEN, BOARD MEMBERNANCY OJEDA, BOARD MEMBER JAY MARTIN, BOARD MEMBER MINUTES OF LA PORTE DEVELOPMENT CORPORATION BOARD MEETING OF SEPTEMBER 22, 2014 September 22, 2014, 5:00 p.m 1. CALL TO ORDER ( 2. CONSENT AGENDA All consent agenda items are considered routine by the La Porte Development Corporation Board and will be enacted by one motion. There will be no separate discussion of these items unless aBoard member requests an item be removed and considered separately.) 3. PUBLIC HEARING AND ASSOCIATED MATTERS Page 1 of 4 September 22, 2014, La Porte Development Corporation Board Minutes Page 2 of 4 September 22, 2014, La Porte Development Corporation Board Minutes 4. SET DATE FOR NEXT MEETING 5. STAFF REPORTS (a) (b) BOARD MEMBER COMMENTS 6. 7. EXECUTIVE SESSION 8. RECONVENE 9. ADJOURN MOTION PASSED Page 3 of 4 September 22, 2014, La Porte Development Corporation Board Minutes Page 4 of 4 September 22, 2014, La Porte Development Corporation Board Minutes REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEMITEM October 27, 2014October 27, 2014AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: N/AN/A S. Livingston S. Livingston Source of Funds:Source of Funds: Requested By:Requested By: N/AN/A Economic Development/Tourism Economic Development/Tourism Account Number:Account Number: Department: N/AN/A Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: N/AN/A Amount Requested:Amount Requested: Exhibits: Budgeted Item:Budgeted Item:YESYESNONO 1. Payment Request1. Payment Request 2. Executed Economic Development Agreement2. Executed Economic Development Agreement 3. Documentation from RJI3. Documentation from RJI SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS $40,000$40,000 On 14 April 2014, the 4B Board approved an economic development agreement in the amount of On 14 April 2014, the 4B Board approved an economic development agreement in the amount of to be to be paid to the “Rob Johnson Realty CorporationRob Johnson Realty Corporation””((aka aka ““Rob Johnson InterestsRob Johnson Interests””))in a single installment for multiple in a single installment for multiple measures of performance. According to the Development Agreement, RJI must satisfy 3 conditions prior to measures of performance. According to the Development Agreement, RJI must satisfy 3 conditions prior to payment: Obtain Certificate of Occupancy; Obtain Certificate of Occupancy; Lease(s) in place for a minimum of 50% of the available lease space; Lease(s) in place for a minimum of 50% of the available lease space; Documentation of $2.750 million in capital investment. Documentation of $2.750 million in capital investment. Staff has evaluated the documentation for each condition and recommends execution of payment in the amount of Staff has evaluated the documentation for each condition and recommends execution of payment in the amount of Staff has evaluated the documentation for each condition and recommends execution of payment in the amount of Staff has evaluated the documentation for each condition and recommends execution of payment in the amount of $40,000 to the ““Rob Johnson Realty CorporationRob Johnson Realty Corporation””((aka aka ““Rob Johnson InterestsRob Johnson Interests””))per the terms of the enclosed per the terms of the enclosed economic development agreement. economic development agreement. Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: $40,000$40,000 Consider authorizing staff to execute payment in the amount of Consider authorizing staff to execute payment in the amount of to the to the ““Rob Johnson Realty Rob Johnson Realty Corporation”(aka aka ““Rob Johnson InterestsRob Johnson Interests””))per the terms of the enclosed economic development agreement. per the terms of the enclosed economic development agreement. Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate From: Rob Johnson \[mailto:rji@swbell.net\] Sent: Friday, September 26, 2014 2:43 PM To: Livingston, Scott Cc: 'Robert Johnson' Subject: Economic Development Incentive Agreement dated March 24, 2014--$40,000.00--La Porte Plaza Scottas per our conversation, attached please find the following documentation as requested in the above referenced agreement: 1)Certificate of OccupancyPermanent 2)Lease Sun Dental Group P.A.2,048 sf ( ЋͲЉЍБ ƭŅ Sun Dental + ВͲЉЌЌ ƭŅ Dollar Tree = ЊЊͲЉБЊ ƭŅ Phase I--20,433 sf ЎЍі ƌĻğƭĻķ) 3)Letter from Independent Bank (Lender) substantiating the capital investment for construction to date Thanks as always for your assistance--Rob Rob Johnson Rob Johnson Interest 5 Riverway, Suite 340 Houston, Texas 77056 rji@swbell.net (713) 957-2552 ext 110 work (713) 303-7649 Mobile DOLLARTREELEASE CAPITALINVESTMENT DOCUMENTATION SUNDENTALLEASE This is an Unaudited Statement. City of La Porte La Porte Development Corporation (038) Fund Summary (Section 4B Sales Tax) Previous ReportFY 2013-14FY 2012-13 Unaudited Beginning Fund Balance 9/30$2,768,155$2,768,155$2,196,935 Plus Year to Date Revenues: 1/2 Cent Sales Tax1,497,8291,892,5611,708,766 Interest Income3,8315,5653,832 Total Revenues1,501,6601,898,1261,712,598 Equals Total Resources 4,269,8154,666,2813,909,533 Less Year to Date Expenditures: Payroll55,93569,10753,726 Supplies1,1151,5441,730 Services & Charges (Memberships, Training, Advertising, Legal, Utilities)276,444599,318544,697 Debt Service Transfer790,454948,545410,061 * Capital Projects Transfers164,167177,000695,000 ** Total Expenditures1,288,1151,795,5141,705,214 Estimated Year to Date Fund Balance as of 9/30/2014$2,981,700$2,870,767$2,204,319 Commitments Project Nebula/Ineos$700,000 Intergulf 45,000 Rob Johnson Interests 40,000 Richard Industrial Group 15,000 Debt Service Reserve 948,545 $1,748,545 Adjusted Year to Date Fund Balance$1,122,222 Projection Through Year End Adjusted Year to Date Fund Balance$1,122,222 Plus: Estimated Sales Tax 262,200 Less: Estimated Operational Costs 264,986 Less: Debt Service Transfers- Less: Capital Projects Transfers- Projected Year End Fund Balance$1,649,408 Sales tax revenues for Fiscal Year 2015 are estimated to be $2,208,630. (2.5% growth over current year) Previously Funded Projects (Funding in Fund 015 - General CIP Fund) BudgetExpendituresBalance District 23 Street Paving175,000-175,000 Façade Grants300,00081,570218,430 Total475,00081,570393,430 *Debt Service Payments for Library, Bay Area Boulevard & Canada Road and Ballfields. **Capital Project Transfer is for 1/2 of the Golf Course/Little Cedar Bayou Park Irrigation Sytstem.