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HomeMy WebLinkAboutMinutes Corpus Christi Business And Job Development Corporation (Type A) - 09/16/2013 MINUTES CORPUS CHRISTI BUSINESS AND JOB DEVELOPMENT CORPORATION (TYPE A) REGULAR MEETING CITY HALL—COUNCIL CHAMBERS SEPTEMBER 16, 2013—3:00 P.M. PRESENT: Members: Staff: Robert Tamez, President Margie C. Rose, Assistant City Manager R. Bryan Gulley, Vice President* Julian Grant, Sr. Assistant City Attorney Debbie Lindsey-Opel, Secretary Armando Chapa, City Secretary Gabriel Guerra Rebecca Huerta, Assistant City Secretary ABSENT Bart Braselton *Arrived during Executive Session 3:05 p.m. A. Called meeting to order—President Tamez called the meeting to order at 3:03 p.m. B. Roll Call — President Tamez verified that the necessary quorum of the Board were present to conduct the meeting. 1. Approval of Minutes — Ms. Opel made a motion to approve the Regular meeting minutes of August 19, 2013, seconded by Mr. Guerra and passed (Braselton and Gulley absent). 2. Closed session under -4551.087 of the Texas Government Code to discuss or deliberate regarding commercial or financial information pertaining to Project RJ 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 of Corpus Christi and with which the Corporation is conducting economic development negotiations, with possible discussion and action in open session. President Tamez announced the closed session. The Corporation went into closed session. The Corporation returned from closed session. No action was taken. 3. Financial Report — Director of Financial Services Constance Sanchez presented the sales tax through August; the cash flow statements; the commitment reports for the economic development fund; and the proforma report through 2018 for the economic development fund. A motion was made by Dr. Gulley to approve the financial report, seconded by Ms. Opel and passed (Braselton absent). 4. Election of Officers for the offices of President, Vice-President, and Secretary - Dr. Gulley made a motion to nominate Mr. Tamez as President, seconded by Ms. Opel and passed (Braselton absent). Mr. Guerra made a motion to nominate Dr. Gulley as Vice President, seconded by Ms. Opel and passed (Braselton absent). Mr. Guerra made a motion to nominate Ms. Opel as Secretary, seconded by Dr. Gulley and passed (Braselton absent). INDEXED Type A Meeting September 16, 2013—Page 2 5. Approve the expenditure of $7500 and authorize the Board President to sign a contract between the Corporation and the City Public Communications Department, after aRproval to form by the Board's attorney, for services related to increasing public awareness Includina brand development, communication plan and news release assistance. — Director of Public Communications Kim Womack stated that based on the feedback at the August meeting, staff is recommending development a of a branding strategy for review and approval by the board and overall communication plan prior to launch of any subsequent efforts. Mr. Guerra made a motion approving Item 5, seconded by Ms. Opel and passed. (Braselton absent). 6. Motion to a rove a $100,000 arant from the Arena Marketin Co-Promotion Fund to SMGIAmerican Bank Center to offset Arena rental fees as an incentive for the Corpus Christi Ice Rays for the 2013-2014 season. —Kim Harris, SMGIAmerican Bank Center Finance Director, stated that this item is a request for a $100,000 grant from the Arena Marketing/Co-Promotion fund to SMGIAmerican Bank Center to be used to offset rental charges for the 2013-2014 Ice Rays season. Pat Dunn, Corpus Christi Ice Rays, spoke regarding the success of the voucher program and the Ice Ray's community involvement. Dr. Gulley made a motion to approve Item 6, seconded by Ms. Opel and passed (Braselton absent). 7. Motion to approve a $30,000 grant from the Arena Marketing Co-Promotion Fund to SMGIAmerican Bank C_enter to co-promote the Corpus Christi BikeFest Mixed Martial Arts event — Jim Salamenta, General Manager of the American Bank Center, stated that this item is requesting $30,000 from the Arena Marketing/Co-Promotion Fund in order to offset event related expenses and co-promote a large Mixed Martial Arts event in partnership with the organizer of Corpus Christi BikeFest. Mr. Salamenta reported that BikeFest is a major motorcycle rally with an estimated attendance of 15,000 visitors and economic impact estimated at$6,000,000. Mr. Guerra made a motion to approve Item 7, seconded by Ms. Opel and passed (Braselton absent). President Tamez opened discussion on Items 8-11. Director of Financial Constance Sanchez explained that the purpose of these items is to appointment the financial team and approve resolutions to refinance the Corpus Christi Business and Job Development Corporation Sales Tax Revenues Refunding Bonds, Series 2013 for the Arena Project and the Baseball Stadium Project at a lower interest rate to save money on future debt payments. Mr. Guerra made a motion to approve Items 8, 9, 10, and 11, seconded by Dr. Gulley and passed (Braselton absent). 8. Motion authorizing-the appointment of M.E. Allison & Co., Inc as Financial Advisor: Fulbrkaht &Jaworski, LLP as Bond Counsel; Hutchinson, Shockev, Erlev $ Co., Inc. as Senior Underwriter, and FTN Financial and Robert W. Baird & Co. as Co-Managers for the Corpus Christi Business and Job Development Corporation Type A Meeting September 16, 2013-Page 3 Sales Tax Revenue Refunding Bonds, Series 2013 (Arena Proiect)._ The motion passed (see vote above Item 8). 9. Resolution authorizing the Issuance of "Corpus Christi Business and Job Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 (Arena 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, se ur!IX and delivery of said bonds; prescribing the form terms conditions and resolvina other matters incident and related to the issuance sale and delivery of the bonds includina the approval and distribution of an official statement pertaining thereto: authorizing the execution of a Paying agentlrealstrar 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. -The resolution passed (see vote above Item 8). 10. Motion authorizina the appointment of M.E. Allison & Co. Inc as Financial Advisor; Fulbri ht & Jaworskl LLP as Bond Counsel; Hutchinson Shockey, Erle & Co., Inc. as Senior Underwriter. and FTN Financial and Robert W. Baird & Co. as Co-Managers for the Corpus Christi Business and Job Development Corporation Sales Tax Revenue Refunding Bonds, Series 2013 (Baseball Stadium Project).-- The motion passed (see vote above Item 8). 11. Resolution authorizing the issuance of "Corpus Christi Business and Job Development Corporation Sales__Tax Revenue Refunding Bonds, Series 2013 (Baseball Stadium Protect)": 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 paying aaentlregistrar 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. --The resolution passed (see vote above Item 8). 12. Discussion with Rossible action concerning the Affordable Housing Program regarding the creation of an In-fill Housing Program. - Director of Neighborhood Services Eddie Ortega stated that the purpose of this item was to withdraw the request for funding for the satisfying of tax liens for properties to be utilized in a proposed In-Fill Housing Program. No action was required. 13. Engineering Department Monthly- Project Updates_ - Major Projects Engineer Natasha Fudge presented the monthly Engineering Department project update for the seawall maintenance project, Salt Flats Levee Project, Barge Dock Project, FEMA mapping issue, the American Bank Center and Selena Auditorium Loading Dock project; Type A Meeting September 16,2013—Page 4 Saluki Road project; and the American Bank Center and Selena Auditorium Capital and Maintenance Program. G. Public Comment: None. H. Identify Future Agenda Items--The following items were requested to be included on a future agenda: requesting the engineering consultant is present during the site visit on September 23rd of the seawall and consideration on future steps. I. Adjournment: There being no other business to come before the board, President Tamez adjourned the meeting at 4:12 p.m.