HomeMy WebLinkAbout03-22-00 Meeting of the La Porte Development Corporation Minutes
SECTION 2
MINUTES OF THE LA PORTE DEVELOPMENT CORPORATION
MARCH 22, 2000
1. Call to Order/Introductions
Pat Muston called the meeting to order at 6:30 p.m.
Present: Ed Matuszak, Chuck Engelken, Bill Love, Peter Griffiths, Pat Muston, and
Martha Gillett.
Members Absent: Greg Kroll and Jerry Clarke.
Others Present: Bill Hall and Susan Deitrich of Hall/Barnum Architects and Paul Martin
of Akin Gump and Robert T. Herrera.
2. Consider approval of minutes of meeting of October 6, 2000.
Motion was made by Chuck Engelken to approve the minutes as presented. Seconded by
Bill Love. The motion carried
Ayes: Pat Muston, Ed Matuszak, Chuck Engelken, Bill Love, and Peter Griffiths.
Nays: None
Abstain: None
3. Receive report on member status of Greg Kroll.
Assistant City Manager Jeff Litchfield reported that Greg Kroll would not be able to
serve due to work commitments.
Item number 5 was discussed before item 4.
4. Receive Presentation from Architect on La Porte Library Project
City Manager Robert T. Herrera provided the Board with an overview of the project and
introduced Bill Hall and Susan Dietrich from Hall/Barnum Architects. Mr. Hall and Ms.
Dietrich further explained the process and details of the project. The City of La Porte
will provide the building and Harris County will provide staffing. Teas nursery provided
the landscape plan. Air Products donated $40,000 for a community room that will
accommodate one hundred and twenty five people. Ms. Dietrich explained the materials
to be used, and Mr. Hall explained the bidding process.
5. Receive Report on Financial Matters
Assistant City Manager Jeff Litchfield reported on financial matters of the sales tax
corporation/Section 4b Y:z cent sales tax that voters approved in January, 1999. Mr.
Litchfield reminded the board it was reported at the last meeting that bonds would be sold
in February or March of2000. He reported we are ready to move forward with the
Library project but not Bay Area Boulevard. This is a result of not receiving sufficient
engineering and other information from the company to determine the time and cost of
the project. The City will not be issuing debt on the Bay Area Boulevard project until all
Page 2 - 3-22-00 - Development Corporation Minutes
information is received. A bond sale is scheduled for Monday, March 27,2000 on the
Library Project. The City will be issuing three million dollars in certificates of obligation
at that meeting. The City of La Porte tax base due to a good credit rating will back the
certificates of obligation. This will enable the certificates of obligation to be sold for a
much lower interest rate. In addition, the City has more than sufficient debt capacity to
handle this debt load.
We will be requesting to enter into an agreement with the Development Corporation and
the City where the Development Corporation will pay back the City for the debt issued.
They will use the sales tax proceeds to reimburse the City for the debt that had been
issued.
6. Consider approval of Ordinance authorizing Sales and Use Tax Retention
Agreement between the City of La Porte and the La Porte Development
Corporation.
Paul Martin provided the group with a summary and recommendation.
Motion was made by Bill Love to approve the Ordinance as recommended by Mr.
Martin. Seconded by Chuck Engelken. The motion carried unanimously.
Ayes: Pat Muston, Ed Matuszak, Chuck Engelken, Bill Love, Jerry Clarke and Peter
Griffiths.
Nays: None
7. Board Action - Martha Gillett provided the members with an updated member list and
travel policy.
8. Adjournment
There being no further business to come before the Development Corporation, the
meeting was duly adjourned at 7:45 p.m.
Respectfully submitted,
Lfi/ ;M:(j/JlldtI
Martha A. Gillett
City Secretary/La Porte Development
Corporation Secretary
raJ:.
,2000.
Passed and approved on this ~ Lf!I- day of
P~rn~~
Pat Muston, President
SECTION 3
OATH OF OmCE
.,' -.
I, , do solemnly swear (or affIzm), that
I will faithfully execute the duties of the office of
, of the City of La Porte,
State of Texas, 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 furthezmore
solemnly swear (or affirm) that I have not directly or indirectly paid,
offered, or promised to contribute any money, or valuable thing, or
promised any public office or employment, as a reward to secure my
appointment or the confinnation thereof. So help me God.
Sworn to and subscribed before me this the
day of
Notary Public in and for the
State of Texas
SECTION 4
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SECTION 5
City of La Porte, Texas
Balance Sheet-Development Corporation
September 30, 2001
with comparative totals for 2000
2001 2000
Assets:
Cash and cash equivalents $ 1,449,270 $ 782,849
Accrued Interest 8,998 8,998
Total Assets 1,458,268 791,847
Liabilities and Fund Balances
Liabilities:
Accounts payable
Total Liabilities
Fund Balances:
Unreserved/undesignated 1,458,268 791,847
Total Fund Balances 1,458,268 791,847
Total Liabilities and Fund Balances $ 1,458,268 $ 791,847
City of La Porte, Texas
Statement of Revenues, Expenditures, and Changes
in Fund Balance - Development Corporation
September 30, 2001
with comparative totals for 2000
2001 2000
Revenues:
Sales taxes $ 944,528 $ 869,201
Industrial payments
Other taxes
Interest 43,944 27,517
Miscellaneous 45,000
Total Revenues 988,471 941,718
Expenditures:
Current
Administration
Parks and recreation
Capital Outlay 26,702
Total Expenditures 26,702
Excess (deficiency) of revenues
over expenditures 988,471 915,016
Other financing sources (uses):
Operating transfers out (322,050) (173,875)
Operating transfers in
Total Other Financing Sources (uses) (322,050) (173,875)
Excess of revenues and other financing
sources over expenditures and other uses 666,421 741,141
Fund balances, beginning of year 791,847 50,706
Equity transfer
Fund balances, end of year $ 1,458,268 $ 791,847
Expenditures:
City of La Porte, Texas
Statement of Expenditures- Community Library
September 30, 2001
Legal! Advertising
Architects
Audiovisual Equipment
Construction
Total Expenditures
$
1,001
234,595
68,408
2,536,289
2,840,292
$
SECTION 6
Section 4B Sales Tax
At this time, the City can issue $9.5 million from this revenue source. A bond election
is not needed for this project if approved by Council, and bonds could be issued in
2002-2003.
Our portion of Bay Area Boulevard extension/improvements from Fairmont Parkway
to Spencer Highway
Road
Install sanitary sewer trunk main
TOTAL
$ 4.5 million
$ 1.6 million
$ 6.1 million
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The Bylaws of the City of La Porte Development Corporation require the appointment of a
president and vice-president. Specifically, the bylaws read:
Number, Qualifications and Tenure of Directors
3.02. The Board of Directors shall consist of seven members appointed by the City Council of
the City of La Porte, Texas, for staggered two year terms of office. Not less than three (3)
directors shall be persons who are not employees, officers or members of the governing body of
the City of La Porte, Texas. Each director must reside within the City of La Porte, Texas.
The Board of Directors shall appoint a President and Vice-President by October 1 of each year.
The President shall be the presiding officer for meetings and the Vice-President shall act in the
President's absence.
Duties of President
3.10. The president shall be the chief executive officer of the Corporation. The president shall
supervise and control all of the business and affairs of the Corporation. When the execution of
any contract or instrument shall have been authorized by the Board of Directors, the president
shall execute same except where such power is expressly delegated to another officer of the
Corporation. The president shall perform other duties prescribed by the Board of Directors and
all duties incident to the office of president.
Election Results: President PAl YVllJ5TD n
Vice-president f 0 mmu ).1-A t