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Home My WebLink About09-04-2002 Board Meeting LA PORTE DEVELOPMENT CORPORATION BOARD COMMITTEE MEETING AGENDA LA PORTE DEVELOPMENT CORPORATION BOARD MEETING OF CITY OF LA PORTE TO BE HELD, SEPTEMBER 4, 2002 IN THE COUNCIL CHAMBERS OF CITY HALL, 604 WEST FAIRMONT PARKWAY, LA PORTE, TEXAS BEGINNING AT 5:30 P.M. CALL TO ORDER 2. CONSIDER APPROVAL OF MINUTES OF MEETING OF OCTOBER 24, 2001 ADMINISTER OATH OF OFFICES 4. RECEIVE FINANCIAL REPORT a. STATEMENT OF EXPENDITURES COMMUNITY LIBRARY b. AUGUST 31, 2002 (UNAUDITED) FUTURE PROJECTS A. FUND SUMMARY (FY 2002 BUDGET) B. PROJECT REPORTS a. BAY AREA BOULEVARD b. CANADA ROAD c. SENS ROAD PROPOSED DEBT ISSUANCE PRESENTATION OF PROPOSED BUDGET a. FUND SUMMARY b. STATEMENT OF REVENUE c. LONG RANGE DEBT SERVICE PLAN BOARD ACTION 9. ADJOURNMENT THIS FACILITY HAS DISABILITY ACCOMMODATIONS AVAILABLE. REQUESTS FOR ACCOMMODATIONS OR INTERPRETIVE SERVICES AT MEETINGS SHOULD BE MADE 48 HOURS PRIOR TO THIS MEETING. PLEASE CONTACT CITY SECRETARY'S OFFICE AT 281-471-5020 OR TDD LINE 281-471-5030 FOR FURTHER INFORMATION. A possible quorum of city council members may be present at this meeting and participate in discussions but will not take any action. CITY OF LA PORTE DEVELOPMENT CORPORATION 604 W. FAIRMONT PKWY, LA PORTS, TEXAS 77571 To: President and Board Members Robert T. Herrera, City Manager John Joerns, Acting City Manager Michael Dolby, Assistant Finance Director Martha Gillett, City Secretary y From: Cynthia Alexander, Director of Finance Date: August 30, 2002 Subject: Board Meeting The next meeting of the La Porte Development Corporation is scheduled for Wednesday, September 04, 2002 at 5:30 p.m. The meeting will be held in the Council Chambers at La Porte City Hall. Attached is the agenda for the meeting. Snacks will be provided in the Council Chambers. i LA FORTE DEVELOPMENT CORPORATION SEPTEMBER 4, 2002 5:30 PM LA FORTE CITY HALL • A Meeting of the La Porte Development Corporation To be held Wednesday, September 4, 2002 at 5:30 pm La Porte City Hall 604 W. Fairmont Pkwy, La Porte, Texas 77571 1. Call to Order 2. Consider approval of minutes of meeting of October 24, 2001 3. Administer Oath of Offices 4. Receive Financial Report a. Statement of Expenditures Community Library b. August 31, 2002 (unaudited) Future Projects A. Fund Summary (FY 2002 budget) B. Project Reports a. Bay Area Boulevard b. Canada Road c. Sens Road 6. Proposed Debt Issuance 7. Presentation of Proposed Budget a. Fund Summary b. Statement of Revenue c. Long Range Debt Service Plan 8. Board Action 9. Adjournment • MINUTES OF THE LA PORTE DEVELOPMENT CORPORATION OCTO$ER 24, 2001 1. Call to Order/Introductions Pat Muston called the meeting to order at 6:40 p.m. Present: Ed Matuszak, Deborah Johnson, Chuck Engelken, Bill Love, Pat Muston, City Secretary Martha Gillett, Finance Director Cynthia Alexander, City Manager Robert T. Herrera, Jerry Clarke and Assistant Finance Director Mike Dolby. Members Absent: Peter Griffiths. Others Present: None. 2. Consider approval of minutes of meeting of March 22, 2000. Motion was made by Chuck Engelken to approve the minutes as presented. Seconded by Jerry Clarke. The motion carried Ayes: Pat Muston, Ed Matuszak, Chuck Engelken, Deborah Johnson, Bill Love, and Jerry Clarke. Nays: None Abstain: None 3. Administer Oaths of Office City Secretary Martha Gillett Administered the Oaths of Office to Pat Muston, Ed Matuszak, Chuck Engelken, Deborah Johnson, Bill Love and Jerry Clarke. 4. Election Of Officers Motion was made by Chuck Engelken to reappoint Pat Muston as President and Ed Matuszak as Vice President. Seconded by Bill Love. The motion carried unanimously. Ayes: Pat Muston, Ed Matuszak, Chuck Engelken, Deborah Johnson, Bill Love, and Jerry Clarke. Nays: None Abstain: None 5. Receive Report on Financial Matters Finance Director Cynthia Alexander presented and discussed the unaudited balance sheet through September 30, 2001. Fund balance is $1,458,268. In addition reviewed revenues, expenditures and changes in fund balance. Library expenses were reviewed and it was reported the Library project is significantly completed. 6. Future projects were discussed. Finance Director Cynthia Alexander reported future projects would include Bay Area Boulevard and extension of Canada Road from Spencer to Fairmont Parkway. Page 2 C~ 7. Board Action - It was agreed upon there would be three meetings in 2002. 8. Adjournment There being no further business to come before the Development Corporation, the meeting was duly adjourned at 7:22 p.m. Respectfully submitted, art a A. Gillett City Secretary/La Porte Development ~j' Corporation Secretary Passed and approved on this ,~ 61 day of '- ' '~1 %,%L002. 1 1 ~ ~ ~~~~ Pat Muston, resident • • OATH OF OFFICE I, ~~-~: ~ ~ ~ • ~~ (I t~r~f~is , do solemnly swear (or affum), that I will faithfully execute the duties of the office of Gc oa~-~ ~ Jc~l nnrn~r~~ C t r7o(~ra , of the City of La Porte, State of exas, and will to the best of my ability preserve, protect and defend the constitution and laws of the United States and of this State and the Charter and ordinances of this City; and I furthermore solemnly swear (or affirm) that I have not directly or indirectly paid, offered, or promised to contnbute any money, or valuable thing, or promised any public office or employment, as a reward to secure my appointment or the confirmation thereof. So help me God. i ~---~ Sworn to and subscribed before me this the ~~`~" day of ~L~P~mh~~ ,~~v~ Notary Public in and for the State of Texas ~nnn{ununnnnnnnnnnnnnnnnunnll 2os""Y °°B<~ MARTHA GILLETTE i ~ ,, NOTARY PUBLIC STATE OF TEXAS - ~~'>E o~ ~E+~y Comm. Exp. OS-22-2005 ijtI11N{11111111-1111i1~~tllllllllillllllllllllllllii ~GC~~ ~f~te of ~e~cac.~ ~~;a~e~n.en~ of Appa~a.~ad C.~f~icer I, ~~~'-{ `~" t' ~ = ~~ { ~ ~~ ~~"~5 , do soternnly ewesl~r for ettlrm). tl-a1 i tYwe not directly or Indlredly geld, offered, arotnlsed fo Pay, cantrltwfed. ar Promised to contribute any money or Ihing of valise, or Prestnlsed any Public o~flCe Or BnIDIOS~tgP-Jlt. 89 6 rCWei~d 10 BecUrC tAY 8ap01nlment Or canflrrnatloh lbereot, so help tyre Gott. f~ Aftiant's 5lanature La Porte Development Corporation Otfiae to Wh(ch fl~olnted La Porte / Harris Clt~ enQ/or CAUnty ~ ,/ an on s `~ ~ ~ da of ,~-~ ' _ ; .2 -t` r/ ~~~~ ~ ir,. SWORN TO and subscribed befiore me by af'fl t 1hl y IIItI111111111111111111111111111111I111111111111111111 ~ 201 nRY `°B<~ MARTHA GILLETTE NOTARY PUBLIC -_ STATE OF TEXAS -_ - ~~TE Of ZE+'y Comma Exp. OS-22-2005 = liunlllntlnllllnlninlnlnlnlnlnlnllulull rt r'` two ~f Persoa~ Adminircerhta Oath k1~c~ r~1f~ c~.~~ ~ I~ ~- i Primed tiamc f 1 C... ~ ~ y 5~-~ ~'~~'`fu r-~ gab I' .~___..__..___ww__-~~_~_ ___-----_~_.., _.~~_~J • • Financial Report • • City of La Porte, Texas Statement of Expenditures -Community Library August 30, 2002 Expenditures: Legal/Advertising Architects Audiovisual/Other Equipment Construction $ 1,122.25 247,610.74 120,573.61 2,639,643.44 Total Expenditures $ 3,008,950.04 • • La Porte Development Corporation Fund (038) Future Projects • Section 4B Sales Tax At this time, the City can issue up to $10 million from this revenue source. A bond election is not needed for this project if approved by Council, and bonds could be issued in FY 2003 and 2004. At this time, we are recommending the following projects for your consideration: Bay Area Boulevard Tentative Date Project Amount Mar-Jun 2003 Roadway (50% Participation) $4,400,000 Canada Road Tentative Date Project Amount March 2003 Install Utilities $ 700,000 June 2003 Roadway (50% Participation) $1,900,000 Sens Road Tentative Date Project Amount January 2004 Improvements plus Utilities $2,200,000 Both the Bay Area Boulevard and Canada Road Projects are based on anticipated participation by Harris County. Additionally, we are proposing to complete the Installation of the Bay Area Blvd Sanitary Sewer trunk in January -March of 2003 at a proposed cost of $1,515,000. This portion of the Bay Area Boulevard Project will be funded directly by the La Porte Development Corporation (Section 4B Sales Tax) Fund and is included in this year's Proposed Budget. The total amount of the potential debt issues is $9,200,000. The Debt will be issued in two separate increments/packages of $7,000,000 and $2,200,000; which will include an adequate amount for contingency for the proposed projects. FY 2002-2003 Proposed Budget Lai Ls~ Loe _ ~e~ ~~ BAY AREA BOULEVARD -TRUNK SEtiVER These funds will be utilized to design and construct a trunk sewer main from Fairmont Parkway, through Spencer Highway, to North "D" Street. This project is intended to provide sewer service to unnerved areas along the Bay Area Boulevard extension and eventually provide relief to the sewer systems in the Lomax area. Upon completion of this project, an existing lift station at the corner of Sens Road and North ``D" Street can be eliminated. In addition, this trunk sever main will be deep enough to be extended, in the future, all the way to North "L" Street. Proposed Budget $1,515,000 Proposed Debt Issuance Series 2003 Certificates Of Obligation $7,000,000 _ .......- --.-_w Series 203 Certificates of ~bliga~ion BAY AREA BOULEVARD These funds `~~ill be utilized for the City's share of this major road~`~ay extension from Fairmont Parkway to Spencer High`~~ay. An agreement with Harris County stipulates a 50150 sharing of the costs associated with this project. Design of this project has been completed by Harris County. Right-of ~~•ay acquisition is a component the City has agreed to undertake. Proposed Budget $4,400,000 eANADA ROAD PAVING AND DRAINAGE These fiords will be utilized t® design and construct Canada Road from Fairmont Park`vay to Spencer Highway. The roadway will be four-lane concrete with curb and gutter and underground storm sewer. Major components of this project, other than the road itself, include right-of way acquisition, pipeline adjustments, and power line adjustments. The proposed budget is based on 50% funding from Harris County `which the City is currently pursuing. Proposed Budget X1,900,000 _..~.:' ...:~3 .._~ a ~ ': _._._.~s °-:~"~ ~ CAN~D~ ROAD -UTILITIES Water and sewer service does not exist to areas beriveen Fairmont Parkway and the Pecan Plantation Mobile Home Park, including the City's 33-acre park site. This project includes the design and installation of water and sewer lines that `will provide service to the Canada Road area. Proposed Budget $700,000 ~. ,. ~ :.::~ .... _ ,. u. r..~ ~._~.:~ ~.. _ . i • Proposed Debt Issuance Series 2004 Certificates Of Obligation $2,200,000 Series 2004 Certificates of Obligation SENS ROAD IMPROVEMENTS (PROPOSED) Although no commitments have been made, the City and Harris County have been in discussion regarding the reconstruction of Sens Road from West Main (Spencer Highway) to State Highway 225. The project is currently estimated at 12 million dollars and we hope that Harris County will sponsor and complete this project with a contribution of 2 million dollars from La Porte. Estimated Commitment from La Porte $2,200,000 La Porte Development Corporation Fund (038) Proposed Budget October 1, 2002 -September 30, 2003 As presented to City Council During Budget Workshops August 19 - 20, 2002 City of La Porte La Porte Development Corporation (038) Fund Summary (Section 4B Sales Tax) Working Capital 9/30/01 Plus Estimated 01-02 Revenues Less 01-02 Expenditures and Commitments Equals Estimated Working Capital 9/30/02 Plus 02-03 Revenues: 1/2 Cent Sales Tax Administrative Transfer from 2000 Certificates of Obligation Fund* Interest Income Total Revenues 1,656,913 1,025,959 311,050 2,371,822 900,000 295,650 49,810 1,245,460 Equals Total Resources 3,617,282 Less 02-03 Expenditures: Operations 5,000 Debt Service Transfer 301,050 Debt Service Transfer for Potential Bond Issue 145,833 Transfer to General CIP Fund (Canada Road) 193,000 Transfer to Utility CIP Fund (Bay Area/Canada Road) 249,450 Bay Area Boulevard 1,515,000 Contingency 200,000 Total Expenditures 2,609,333 Equals Estimated Working Capital 9/30/03 1,007,949 *Pending Board Approval City of La Porte La Porte Development Corporation Fund (038) Statement of Revenues Object Description Charges for Services: 403.02-00 1/2 Cent Sales Tax Charges for Services Subtotal Administrative Transfers: 480.01-42 Transfer from 2000 C of O Fund Administrative Transfers Subtotal Interest: 483.01-00 Interest Income Interest Subtotal Total La Porte Development Corp Fund Revenues Actual Budget Revised Projected 2000-01 2001-02 2001-02 2002-03 955,499 900,000 978,088 900,000 955,499 900,000 978,088 900,000 - - - 295,650 - - - 295,650 62,428 50,000 47,871 49,810 62,428 50,000 47,871 49,810 1,017,927 950,000 1,025,959 1,245,460 Beg Working Capital Balance Plus Revenues: Transfer from Fund 41 Sales Tax Interest Total Revenue Less Expenses: Operations $3Million Cos Transfer to General CIP Fund Transfer to Utility CIP Fund Potential 7.0 Issue 2003 Potential 2.2 Issue 2004 Contingency Bay Area Trunk Sewer Total Expenses Ending Balance Days of Working Capital City of La Porte, Texas Long Range Projection for the La Porte Development Corporation Section 4B 1/2 Cent Sales Tax Estimated Projected Projected Projected Projected Projected Projected Projected Projected 2001-02 2002-03 2003-04 2004-OS 2005-06 2006-07 2007-08 2008-09 2009-]0 ],656,913 2,371,822 1,007,949 930,537 752,381 632,673 572,035 571,108 630,547 295,650 978,088 900,000 922,500 945,563 969,202 993,432 1,018,267 1,043,724 1,069,817 47,871 49,810 51,055 52,332 53,640 54,981 56,355 57,764 59,208 1,025,959 1,245,460 973,555 997,894 1,022,841 1,048,413 1,074,623 1,101,488 1,129,026 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 311,050 301,050 290,550 280,050 269,550 259,050 248,550 238,050 228,900 193,000 249,450 145,833 691,250 673,750 656,250 638,750 621,250 603,750 586,250 64,167 217,250 211,750 206,250 200,750 195,250 189,750 200,000 1,515,000 311,050 2,609,333 1,050,967 1,176,050 1,142,550 1,109,050 1,075,550 1,042,050 1,009,900 2,371,822 1,007,949 930,537 752,381 632,673 572,035 571,108 630,547 749,672 2,783 141 323 234 202 188 194 221 271 ,~ Assumptions: Annual growth of the 1 /2 cent Sales Tax will be at 2.5% per year. Interest will be earned at 2.5% on average balance