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HomeMy WebLinkAboutMinutes Corpus Christi Business And Job Development Corporation (Type A) - 06/18/2012MINUTES CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION (TYPE A) REGULAR MEETING CITY HALL — COUNCIL CHAMBERS JUNE 18, 2012 — 3:00 P.M. PRESENT: Members Eloy Salazar, President Robert Tamez, Vice President Foster Edwards, Secretary Adolfo (Butch) Escobedo R. Bryan Gulley Staff Margie Rose, Assistant City Manager Charlotte Yochem, Assistant City Attorney Armando Chapa, Assistant Secretary Constance Sanchez, Finance A. Called meeting to order — President Salazar called the meeting to order at 3:07 p.m. B. Roll Call - President Salazar verified that the necessary quorum of the Board were present to conduct the meeting. 1.& 2. Approval of Minutes — Mr. Escobedo made a motion to approve the Regular minutes of May 21, 2012, seconded by Mr. Edwards and passed. Mr. Edwards made a motion to amend the Special minutes of June 6, 2012 to reflect that he was not present at the site visit of the Salt Flats Levy System, seconded by Mr. Escobedo and passed. Mr. Edwards made a motion to approve the minutes of June 6, 2012 as amended, seconded by Mr. Escobedo and passed. 3. Financial Report — Director of Financial Services Constance Sanchez presented the sales tax report updated through May; the cash flow statements; the commitment reports for the economic development fund; and the inception reports for the arena, seawall and economic development funds. A motion was made by Mr. Tamez to approve the financial report, seconded by Mr. Edwards and passed. 4. Presentation and update from Accion Texas concerning the number of clients Accion Texas has had over the past two (2) years and their forecast for the remainder of this fiscal year and the next fiscal year. — Mike Culbertson, Corpus Christi Regional Economic Development Corporation (EDC), introduced Vicky Garcia and Ashley Rodriguez from Accion and Type A board representative on the Accion board, Gabe Guerra. Ms. Garcia provided information on the buydown program; the amount of the grant; and the number of businesses assisted through the program. In response to President Salazar, Ms. Garcia commented that Accion does not see a problem with utilizing the remaining funds. 5. Motion to aaarove a $96.000 arant to the Corpus Christi Reaional Economic Development Corporation to initiate an Economic Gardening program to help small businesses in Corpus Christi, TX, to amend the budget to allow for this funding of $96,000 to the Corpus Christi Regional Economic Development Corporation from the Unreserved Fund Balance in the No. 1140 Business /Job Development Fund and to appropriate the $96,000 to the Corpus Christi Regional Economic Development Corporation from the Unreserved Fund Balance in the No. 1140 Business /Job Development Fund. — Emily Martinez, EDC, stated that the EDC is requesting $96,000 to initiate an Economic Gardening pilot program to assist small Type A Meeting June 18, 2012 — Page 2 business by providing market research and technical assistance to help companies become more competitive. Ms. Martinez added that the pilot program will assist 20 companies at a cost of $4,000 per company. Mr. Edwards made a motion to approve Item 5, seconded by Mr. Escobedo and passed. Discussion of the IRS Audit of the Whataburger Field Baseball Stadium bonds — Constance Sanchez, Director of Financial Services, provided a brief overview of the notification letter from the IRS stating that the IRS is auditing the baseball stadium bonds. A. Motion authorizing the appointment of M.E. Allison & Co. Inc. as Financial Advisor, for the Corpus Christi Business and Job Development Corporation Sales Tax Revenue Refunding Bonds, Series 2012 (Seawall Project); B. Motion authorizing the appointment of Fulbright & Jaworski, LLP as Bond Counsel for the Corpus Christi Business and Job Development Corporation Sales Tax Revenue Refunding Bonds, Series 2012 (Seawall Project); C. Motion authorizing the appointment of Coastal Securities, Inc. as Senior Underwriter, and Citigroup Global Markets and Hutchinson, Shockey, Erley & Co. as Co- Managers for the Corpus Christi Business and Job Development Corporation Sales Tax Revenue Refunding Bonds, Series 2012 (Seawall Project); D. Resolution authorizing the issuance of "Corpus Christi Business and Job Development Corporation Sales Tax Revenue Refunding Bonds, Series 2012 (Seawall Project) "; pledging certain "pledged revenues" of the Corporation, including "gross sales tax revenues ", to the payment of the principal of and interest on the bonds and enacting other provisions incident and related to the issuance, payment, security and delivery of said bonds; prescribing the form, terms, conditions, and resolving other matters incident and related to the issuance, sale and delivery of the bonds, including the approval and distribution of an official statement pertaining thereto; authorizing the execution of a paving agent /registrar agreement, a purchase contract, and an escrow deposit letter; complying with the letter of representations with the depository trust company; delegating the authority to certain members of the Board of Directors and Corporation staff to execute certain documents relating to the sale of the bonds; and providing an effective date. — Constance Sanchez, Director of Financial Services, explained that this item is requesting the approval of the financing team and issuance of the refunding bonds for the seawall with a 10 year par call. Mr. Edwards made a motion to approve Items 7A -D as submitted by staff, seconded by Mr. Tamez and passed. Motion to approving the Corporation's Fiscal Year 2012 -2013 operating budget for the Seawall Fund #1120, the Arena Facility Fund #1130 and the Business /Job Development Fund #1140. — Eddie Houlihan, Assistant Director of Management and Budget, presented the budgets for the seawall improvement fund, the arena facility fund, the business & job development fund and the list of small business projects. Type A Meeting June 18, 2012 — Page 3 9. Motion to aaarove the Coraoration's Fiscal Year 2012 -2013 oaeratina budaet for the Seawall Debt and Service Fund #1121, the Arena Facility Debt and Service Fund $1131 and the Business /Job Development Debt and Service Fund #1141. — Mr. Houlihan presented the debt service fund budgets for the seawall, arena, and economic development funds. Mr. Tamez made a motion to approve Items 8 and 9, seconded by Mr. Escobedo and passed. 10. Discussion of storm surge analysis and wave run -up action along the Corpus Christi Flood Protection System as it relates to Federal Emergency Management Agency's (FEMA's) Flood Insurance Rate Maps (FIRMS); also discuss the potential cost of such analysis and budgeting for such expense. — Dan Biles, Interim Director of Engineering Services, explained that this item is a discussion on the consideration of hiring a local consultant to provide an assessment of the FEMA data and determine whether the City agrees with the data and modeling of the seawall. 11. Discussion of whether or not a Board member can serve on the Evaluation Team for the American Bank Center RFP review after that Board member's term expires. Charlotte Yochem, Assistant City Attorney, stated that the position on the evaluation team is specifically intended to be a Type A board member. The board recommended that Mr. Tamez serve on the evaluation team. 12. Discussion of use of Type A funds for other Schlitterbahn waterparks in cities other than Corpus Christi. — Ms. Yochem provided information on other Schlitterbahn projects that are assisted with similar incentives or tax incentives in Galveston, Cedar Park, South Padre Island, and Kansas City. 13. Discussion and Dossible action of the marketina and outreach of Tvae A programs. — President Salazar stated that he was concerned about the outreach and marketing of the programs to the community. In response to President Salazar, Director of Neighborhood Services Eddie Ortega reported that the affordable housing programs are doing well and that Neighborhood Services doesn't feel the need to expend additional dollars for marketing. Mike Culbertson, EDC, said the small business programs are marketing their programs and there is not a need for additional outreach. President Salazar requested a future discussion on any programs failing to expend their funds. G. Public Comment - None. H. Identify Future Agenda Items — The following items were requested as future agenda items: outreach of Type A programs; action on FEMA analysis, confirmation of Mr. Tamez to the American Bank Center evaluation team; and how the funds can be spent after the tax expires in 2018. Adjournment There being no other business to come before the board, President Salazar adjourned the meeting at 4:38 p.m.