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HomeMy WebLinkAboutMinutes Corpus Christi Business And Job Development Corporation (Type A) - 05/04/2012 - SpecialMINUTES CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION (TYPE A) SPECIAL MEETING CITY HALL — COUNCIL CHAMBERS MAY 4, 2012 —10:30 A. M. PRESENT: Members Eloy Salazar, President Robert Tamez, Vice President Foster Edwards, Secretary Adolfo (Butch) Escobedo ABSENT R. Bryan Gulley Staff Margie Rose, Assistant City Manager Carlos Valdez, City Attorney Armando Chapa, Assistant Secretary A. Called meeting to order — President Salazar called the meeting to order at 10:35 a.m. B. Roll Call - President Salazar verified that the necessary quorum of the Board were present to conduct the meeting. Closed session under 551.08_7 of the Texas Government Code to discuss or deliberate regarding commercial or financial _information pertaining to Project Chika that the Board has received from, or to deliberate the offer of a financial or other incentive to, a business prospect that the Board seeks to have locate, stay, or expand in or near the city and with which the Corporation is conducting economic development negotiations, with possible discussion and action in open session. President Salazar announced the closed session and stated that he was recusing himself from the discussion and vote on this item due to a potential conflict of interest. The Corporation went into closed session. The Corporation returned from closed session. Vice President Tamez opened the floor for possible discussion and action in open session. Mr. Edwards made a motion to approve a grant to "Schlitterbahn" of $5,000,000 to pay for the creation of certain infrastructure improvements allowed under Section 501.103 of the Texas Local Government Code needed for the development of the Schlitterbahn Waterpark, of which $2,500,000 (one -half) is to be paid upon 50% completion of construction of the waterpark or after $5,000,000 has been spent on infrastructure costs, whichever comes first and $2,5000,000 (one -half) upon completion of said construction, and to amend the budget to allow for such funding and appropriating $5,000,000 from the unreserved fund balance in Fund 1140 for the same. The motion was seconded by Mr. Escobedo. Vice President Tamez called for comments from the audience and the following citizens spoke: John Kelley and Johnny French. The foregoing motion was passed and approved with the following vote: Tamez, Edwards, and Escobedo voting "Aye "; Salazar abstained; Gulley was absent. G. Public Comment - None. Adjournment There being no other business to come before the board, Vice President Tamez adjourned the meeting at 11:54 a.m. INDEXED,