HomeMy WebLinkAbout10-24-01 Meeting of the La Porte Development Corporation Minutes
MINUTES OF THE LA PORTE DEVELOPMENT CORPORATION
OCTOBER 24, 2001
1. Call to OrderlIntroductions
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 $1,458,268. In addition reviewed
revenues, expenditures and changes in fund balance. Library expenses were reviewed
and it was reported the Library project is significantly completed.
6. Future projects were discussed.
Finance Director Cynthia Alexander reported future projects would include Bay Area
Boulevard and extension of Canada Road from Spencer to Fairmont Parkway.
Page 2
7. Board Action - It was agreed upon there would be three meetings in 2002.
8. Adjournment
There being no further business to come before the Development Corporation, the
meeting was duly adjourned at 7:22 p.m,
Respectfully submitted,
Passed and approved on this !fTa
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~at IrZM1B~..
Pat Muston, ies;:ent
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City Secretary/La Porte Development
Corporation Secretary
day o~${l~~002
OATH OF OffiCE
I, ref e( t~ . (1 (i ffrfAS , do solemnly swear (or affIrm), that
I will faithfully execute the duties of the office of La Po(-l-(,
~g Je ( ()r'-e (Ii L()( por ttlio() , 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 furthennore
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 confirmation thereof. So help me God.
~~
Sworn to and subscribed before me this the l-f--W--
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day of
L-(l1M1~ I1AJ Jt/
Notary Public in and for the
State of Texas
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Financial Report
City of La Porte, Texas
Statement of Expenditures - Community Library
August 30, 2002
Expenditures:
Legal/Advertising
Architects
Audiovisual/Other Equipment
Construction
Total Expenditures
$ 1,122.25
247,610.74
120,573.61
2,639,643.44
$ 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
June 2003
Install Utilities
Roadway (50% Participation)
$ 700,000
$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.
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FY 2002-2003 Proposed Budget
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BAYAREABOULEVARD-TRUNKSE~R
These funds will be utilized to design and construct a trunk
se'wer main from Fairmont Parkway, through Spencer
Highvvay, to North "D" Street. This project is intended to
provide se'wer service to unserved areas along the Bay Area
Boulevard extension and eventually provide relief to the
se'wer 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 se'wer main will be deep enough to be extended, in the
future, all the \-vay to North "L" Street.
Proposed Budget $1,515,000
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Proposed Debt Issuance
Series 2003
Certificates Of Obligation
$7,000,000
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BAY AREA BOULEVARD
These funds 'will be utilized for the City's share of this major
roadway extension from Fairmont Parkway to Spencer
Highway. An agreement \vith Harris County stipulates a
50/50 sharing of the costs associated with this project.
Design of this project has been completed by Harris County.
Right-of-\vay acquisition is a component the City has agreed
to undertake.
Proposed Budget $4,400,000
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CANADA ROAD
PAVING AND DRAINAGE
These funds 'will be utilized to design and construct Canada
Road from Fairmont Parkway to Spencer High\vay. The
road\vay \vill be four-lane concrete \vith curb and gutter and
underground storm se\ver. Major components of this
project, other than the road itself, include right-of-way
acquisition, pipeline adjustments, and po'wer line
adjustments. The proposed budget is based on 500/0 funding
from Harris County which the City is currently pursuing.
Proposed Budget $1,900,000
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CANADA ROAD - UTliITIES
Water and se'wer service does not exist to areas betvveen
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 se'wer lines
that \-vill provide service to the Canada Road area.
Proposed Budget $700,000
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Proposed Debt Issuance
Series 2004
Certificates Of Obligation
$2,200,000
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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
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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
1,656,913
Plus Estimated 01-02 Revenues
1,025,959
Less 01-02 Expenditures and Commitments
311,050
Equals Estimated Working Capital 9/30/02
2,371,822
Plus 02-03 Revenues:
1/2 Cent Sales Tax
Administrative Transfer from 2000 Certificates of Obligation Fund*
Interest Income
900,000
295,650
49,810
Total Revenues
1,245,460
Equals Total Resources
3,617,282
Less 02-03 Expenditures:
Operations
Debt Service Transfer
Debt Service Transfer for Potential Bond Issue
Transfer to General CIP Fund (Canada Road)
Transfer to Utility CIP Fund (Bay Area/Canada Road)
Bay Area Boulevard
Contingency
5,000
301,050
145,833
193,000
249,450
1,515,000
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
Actual Budget Revised Projected
Object Description 2000-01 2001-02 2001-02 2002-03
Charges for Services:
403.02-00 1/2 Cent Sales Tax 955,499 900,000 978,088 900,000
Charges for Services Subtotal 955,499 900,000 978,088 900,000
Administrative Transfers:
480.01-42 Transfer from 2000 C of 0 Fund 295,650
Administrative Transfers Subtotal 295,650
Interest:
483.01-00 Interest Income 62,428 50,000 47,871 49,810
Interest Subtotal 62,428 50,000 47,871 49,810
Total La Porte Development Corp Fund Revenues 1,017,927 950,000 1,025,959 1,245,460
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