HomeMy WebLinkAbout11-7-18 Meeting of the La Porte Redevelopment Authority/TIRZMINUTES OF THE JOINT MEETING OF THE
LA PORTE REDEVELOPMENT AUTHORITY and
LA PORTE TAX INCREMENT REINVESTMENT ZONE
BOARD OF DIRECTORS
November 7, 2018
DETERMINE QUORUM; CALL TO ORDER.
The Board of Directors of the La Porte Redevelopment Authority, City of La Porte, Texas, and La Porte
Tax Increment Reinvestment Zone, held a regular joint meeting, open to the public, on Wednesday,
November 7, 2018, at 6:30 p.m., in the Council Chambers of City Hall, 604 West Fairmont Parkway,
La Porte, Texas, and the roll was called of the duly appointed members of the Board, to -wit:
Peggy Antone, Secretary
Position 1
JJ Meza
Position 6
Barry Beasley
Position 2
Chester Pool, Vice -Chair
Position 7
Alton Porter
Position 3
David Janda
Position 8
Horace Leopard
Position 4
Vacant
Position 9
Doug Martin, Chairman
Position 5
and all of the above were present, with the exception of Director Meza, thus constituting a quorum.
Also present were David Hawes and Linda Clayton, both of Hawes Hill & Associates, LLP; Mark B.
Arnold, Hunton Andrews Kurth, LLP; Jason Weeks, City of La Porte; Virginia Blake, McCall Gibson
Swedlund Barfoot PLLC.; and Patrick Duggan, Jabez-La Porte, LP. Chairman Martin called the meeting
to order at 6:31 p.m.
APPROVE MINUTES OF THE JOINT LA PORTE REDEVELOPMENT AUTHORITY AND LA PORTE
TAX INCREMENT REINVESTMENT ZONE MEETING HELD ON JULY 11, 2018.
Upon a motion duly made by Director Porter, and being seconded by Director Pool, the Board voted
unanimously to approve the Minutes of the July 11, 2018, Joint La Porte Redevelopment Authority
and La Porte Tax Increment Reinvestment Zone board meeting, as presented.
RECEIVE AND APPROVE FY2018 ANNUAL FINANCIAL REPORT AND AUDIT FROM McCALL
GIBSON SWEDLUND BARFOOT PLLC.
Ms. Blake presented the FY2018 Annual Financial Report and Audit, included in the Board materials.
She reviewed the Independent Auditor's Report and reported an unmodified/clean opinion. She
went over pages 3-4, Management's Discussion and Analysis; page 8, Statement of Net Position and
Governmental Funds Balance Sheet; page 9, Reconciliation of the Governmental Funds Balance Sheet
to Statement of Net Position; page 10, Statement of Activities and Governmental Funds Statement of
Revenues, Expenditures and Changes in Fund Balances; page 11, Reconciliation of the Governmental
Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of
Activities; pages 12-21, Notes to the Financial Statements; and page 23, Schedule of Revenues,
Expenditures and Changes in Fund Balance Budget and Actual General Fund. Upon a motion duly
made by Director Pool, and being seconded by Director Janda, the Board voted unanimously to
approve the FY2018 Annual Financial Report and Audit, as presented.
CONSIDER DEVELOPMENT AGREEMENT BY AND BETWEEN REINVESTMENT ZONE NUMBER
ONE, CITY OF LA PORTE, TEXAS AND LA PORTE REDEVELOPMENT AUTHORITY AND JABEZ-LA
PORTE, I.P.
Mr. Hawes distributed an analysis and overview of the residential development, a copy is attached as
Exhibit A. He reported the development is approximately 20 acres comprising of 80 lots with an
average home value of $250,000. He reported the development is expected to be built out by 2021.
Mr. Arnold reviewed the costs and estimated reimbursements. After full review and discussion by
the Board, and upon a motion duly made by Director Leopard, and being seconded by Director
Beasley, the Board voted unanimously to approve the Development Agreement with Jabez-La Porte,
LP.
CONSIDER TAX YEAR 2017 DEVELOPER DISBURSEMENTS; AND CONSIDER APPROVAL OR
OTHER ACTION REGARDING AUTHORITY INVOICES, INCLUDING CONTRACTUAL OBLIGATIONS
TO REIMBURSE LA PORTE ISD.
Mr. Hawes reviewed the spreadsheet for developer reimbursements, included in the Board materials.
Upon a motion duly made by Director Porter, and being seconded by Director Beasley, the Board
voted unanimously to approve developer disbursements to (1) Retreat at Bay Forest in the amount
of $29,662.30; (2) Beazer Homes in the amount of $118,814.44; and (3) Liberty Property Limited
Partnership in the amount of $1,957,711.28; and approved reimbursement payment to La Porte ISD
in the amount of $454,521.00.
RECEIVE AND CONSIDER FY2019 BUDGET.
Mr. Hawes reviewed the proposed FY2019 Budget, included in the Board materials. After full review
and discussion, and upon a motion duly made by Director Beasley, and being seconded by Director
Janda, the Board voted unanimously to approve the FY2019 Budget, as presented.
CONSIDER APPROVAL OR OTHER ACTION REGARDING AUTHORITY INVOICES.
Mr. Hawes presented the Bookkeeper's Report and went over invoices, included in the Board
materials. Upon a motion duly made by Director Antone, and being seconded by Director Porter, the
Board voted unanimously to accept the Bookkeeper's Report and approved payment of invoices, as
presented.
RECEIVE UPDATES FROM THE CITY, DEVELOPERS AND STAFF ABOUT DEVELOPMENT WITHIN
THE ZONE.
BOARD MEMBER COMMENTS.
a. Matters appearing on agenda
b. Inquiry of staff regarding specific factual information or existing policy.
There were no further discussions.
21.Page
ADJOURNMENT.
There being no further business to come before the Board, Chairman Martin adjourned the meeting
at 6:56 p.m.
Secreta
List of Exhibits:
A. Analysis of Jabez-La Porte, LP development
31.Pae
La Porte TIRZ #1
Proposed Residential Development, Fairmont Lakes North
A new development is being proposed within the TIRZ 1 boundary, and Developers of the project are
looking for reimbursement of public improvement costs associated with the development.
The proposed development is a residential subdivision located east of SH146, adjacent to the golf
course, as shown in Figure 1. The development is approximately 20 acres and includes 80 lots with an
average home value of $250,000. Build out of the subdivision is anticipated to occur by Year 2021.
Taxable Value & Revenues
Taxable value of the project is anticipated to equal $15.8 million at build out, in the Year 2021, and is
expected to increase to approximately $17.8 million by the Year 2029. Over the life of the TIRZ,
revenues generated from this development are anticipated to equal to approximately $1.8 million as
shown in Exhibit 1. Projected revenues include both City and ISD participation.
Project Costs
Infrastructure costs the developer is seeking reimbursement for include detention, sanitary, storm,
water and paving. A summary of public infrastructure costs is shown in Table 1.
w_..... .........
.... .. ........
Cost
Detention
$278,402
Sanitary
$218,448
..................$...�.............�_
...Storm
286,520
Water.—.$.,111.
.._..
,964
Paving�-
w-$652.1...._
,54
S W P.P.P_.,,..m,m.. _
$14,.7.1.5.,.
Total���......,........
0�3
...........�......�.,....._..,._$1,56_2,2
Contingencies
........
$156,220
_.............,
Engineering
...............................
$234,330
Grand Total
..�W.........
�m_..........$.1952,754
Recommendation
Based on the revenue analysis prepared for this project, the developer could be reimbursed for the
public improvements over time, as increment from the development is generated.
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