HomeMy WebLinkAbout05-07-07 Special Called Meeting of the La Porte Development Corporation Board of Directors Minutes
MINUTES OF THE SPECIAL CALLED MEETING o.F THE LA PORTE DEVELOPMENT
CORPORATION BOARD OF DIRECTORS
May 7, 2007
1. Call to Order
President Pat Muston called the meeting to order at 5:02 p. m.
Members Present: 4B Development Board - Bill Love, Chuck Engelken, Mike Clausen
Tommy Moser, Trent Wise, Ed Matuszak and Pat Muston.
Members Absent: None
Staff Present: Interim City Manager John Joerns, Mayor Alton Porter, City Secretary
Martha Gillett, Assistant City Attorney Clark Askins, Interim Finance Director Michael
Dolby, Parks & Recreation Director Stephen Barr and Economic Development Coordinator
Gretchen Black.
Others Present: Mayor Porter.
2. Motion was made by Board Member Bill Love to approve the Minutes of the Special Called
Meeting of the La Porte Development Corporation Board of Directors on April 23, 2007.
Second by Board Member Chuck Engelken. Motion carried unanimously.
Ayes: Bill Love, Mike Clausen, Trent Wise, Ed Matuszak, Pat Muston, Chuck Engelken and
Tommy Moser.
Nays: None
Abstain: None
Absent: None
3. Public Hearing - La Porte Development Corporation Board to consider approval or other
action on recommendation from staff to approve for N Sports Complex between the City of
Pasadena and the City of La Porte.
Open Public Hearing - Pat Muston opened the Public Hearing at 5:04 p.m.
Director of Parks & Recreation Stephen Barr presented summary and recommendation and
answered the board's questions.
Public Input: Cheryl Davis Softball Director supports the project..
The Public Hearing was closed at 5:40 p.m.
4. La Porte Development Corporation Board to consider approval or other action regarding
Agreement for Services by and between the City of La Porte, Texas, and the La Porte
Development Corporation.
Economic Development Coordinator Gretchen Black provided an overview.
Special Called Meeting ofthe La Porte Development Corporation - 5/07/2007
Recommendation of Staff- that the Development Board approve a service agreement
between the City of La Porte and La Porte Development Corporation for a one (1) year term
with the option for two I-year renewals.
Motion was made by Board member Bill Love to approve agreement with effective date
May ih 2007 as recommended bv staff. Second by Board member Chuck Engelken. The
motion carried unanimously.
Ayes: Bill Love, Mike Clausen, Trent Wise, Ed Matuszak, Pat Muston, Chuck Engelken and
Tommy Moser.
Nays: None
Abstain: None
Absent: None
5. EXECUTIVE SESSION - PURSUANT TO PROVISION OF THE OPEN MEETINGS
LAW, CHAPTER 551.071 THROUGH 551.076, 551-087, TEXAS GOVERNMENT CODE
(CONSUL T A TION WITH ATTORNEY, DELIBERATION REGARDING REAL
PROPERTY, DELIBERATION REGARDING PROSPECTIVE GIFT OR DONATION,
PERSONNEL MATTERS, DELIBERATION REGARDING SECURITY DEVICES, OR
EXCLUDING A WITNESS DURING EXAMINATION OF ANOTHER
WITNESS IN AN INVESTIGATION, DELIBERATION REGARDING ECONOMIC
DEVELOPMENT NEGOTIATIONS)
6. Considerations and Possible Action on items considered in Executive Session
7. Administrative Reports.
There were no Administrative Reports.
8. Board Comments
9. Adjournment
The meeting was duly adjourned at 5:50 p.m.
~t1d/JtU tl r/k'ttl
Respectfully submitted,
this day of ,2007.
2
La Porte Economic Development Corporation
Portion of Series 2007
We were very pleased with the interest rate for the Series 2007 which was 4.36% (an all time low for
the City) This occurred due to market conditions and the excellent ratings received by the City from
all three bond rating agencies. The following is a break down of EDC's share of both prinicipal and interest.
Year Ended
Debt Service
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
$112,174.72
93,952.58
94,704.98
95,378.18
99,852.98
112,821.98
118,405.58
118,821.38
118,148.18
118,365.98
118,464.98
118,445.18
118,207.58
118,717.43
119,058.98
118,263.22
118,310.15
118,250.15
118,085.62
118,687.14
118,073.34
118,262.43
$2,503,452.80
The LEDC portion is $1,600,00 which is (19.8%) of the total 8.075 million issue. The LEDC
budget for 07-08 & future years will be increased to cover this debt service.
edcseries2007.xls