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HomeMy WebLinkAboutMinutes Corpus Christi Business And Job Development Corporation (Type A) - 01/16/2012MINUTES CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION (TYPE A) REGULAR MEETING CITY HALL — COUNCIL CHAMBERS JANUARY 16, 2012 — 3:00 P.M. PRESENT: Members Eloy Salazar, President Robert Tamez, Vice President Foster Edwards, Secretary R. Bryan Gulley ABSENT Adolfo (Butch) Escobedo Staff Margie Rose, Assistant City Manager Lisa Aguilar, Assistant City Attorney Armando Chapa, Assistant Secretary Constance Sanchez, Finance A. Called meetina to order — President Salazar called the meeting to order at 3:10 p.m. B. Roll Call - President Salazar verified that the necessary quorum of the Board were present to conduct the meeting. 1. Approval of Minutes - Mr. Tamez made a motion to approve the Regular minutes of December 12, 2011, seconded by Mr. Edwards and passed (Escobedo absent). 2. Financial Report — Director of Financial Services Constance Sanchez presented the sales tax report updated through November 30, 2011; the inception reports; the cash flow statements; and the commitment reports for the economic development fund. A motion was made by Mr. Edwards to approve the financial report, seconded by Mr. Tamez and passed (Escobedo absent). 3. Motion approving updated HOME Investment Partnership Program Median p urchase price for homes in the Corpus Christi area.— Director of Neighborhood Services Eddie Ortega stated that the new median purchase price will be $134,900. The following topics pertaining to this item were discussed: the median price last year and how the median purchase price will affect the Type A funds. Mr. Tamez made a motion to approve updated HOME Investment Partnership Program Median purchase price for homes in the Corpus Christi area, seconded by Dr. Gulley and passed (Escobedo absent). 4. Motion aDDrovina Arena Marketina Co- Promotion Fund Reauest of $15.000 from SMG for the WHBH /Antiques Roadshow.- Jim Salamenta and Donna Cannatella with the American Bank Center presented this item. Ms. Cannatella provided information on the Antiques Roadshow including event information; estimated attendance; the economic impact; and the televising of the event showcasing Corpus Christi. The following topics pertaining to this item were discussed: the balance of the Arena Marketing fund and how the funds will be used to offset arena rental expenses. INDr� Type A Meeting January 16, 2012 — Page 2 Mr. Tamez made a motion $15,000 from SMG for the passed (Escobedo absent). approving Arena Marketing Co- Promotion Fund Request of WHBHIAntiques Roadshow, seconded by Mr. Edwards and 5. Motion to modify Type A business incentive agreement standard terms to provide for reduced incentives based upon percentage of performance standards met. -- Mike Culbertson, Corpus Christi Regional Economic Development Corporation (EDC), explained that this item will allow the business incentive agreement standards more flexibility to award the grant based on a percentage of requirements met not to go below 70% of the total incentive award. Mr. Culbertson added that if companies go below 70 %, the company would be in default of the contract. The following topics pertaining to this item were discussed: the 70% requirement and collecting money in cases of default. Mr. Edwards made a motion to modify Type A business incentive agreement standard terms to provide for reduced incentives based upon percentage of performance standards met, seconded by Mr. Tamez and passed (Escobedo absent). 6. Motion authorizing termination of the business incentive agreement with APAC. — Mike Culbertson, EDC, provided an explanation of the terms of the APAC agreement; APAC's compliance for the first three years of the agreement and the payments issued; the benchmarks that are in default of the agreement; the letter of default sent to APAC; APAC's response letter; and staff's recommendation. The following topics pertaining to this item were discussed: allowing APAC to keep the previous incentive payments; assurances that APAC will stay in Corpus Christi; the length of APAC's long -term lease agreement and the square footage of that facility. Dr. Gulley made a motion authorizing termination of the business incentive agreement with APAC and allowing APAC to keep the previous incentive payments of $240.000 effective January 28. 2012 seconded by Mr. Edwards and passed (Escobedo absent). G. Public Comment - None. Assistant City Manager Rudy Garza stated that staff will provide a summary of the results from the performance audit for SMG/American Bank Center at the February or March meeting. Assistant City Manager Margie Rose stated staff will present an update on the Economic Garden and overview of sales tax workshop from December at the next meeting. H. Adjournment There being no other business to come before the board, President Salazar adjourned the meeting at 3:40 p.m.