HomeMy WebLinkAboutMinutes Corpus Christi Business and Job Development Corporation (Type A) - 01/30/2023 - SpecialCity of Corpus Christi
Meeting Minutes - Final
1201 Leopard Street
Corpus Christi, TX 78401
cctexas.com
Corpus Christi Business and Job Development Corporation -
Type A
Monday, January 30, 2023
1:30 PM City Council Chambers
SPECIAL MEETING
Persons with disabilities who plan to attend this meeting and who may need auxiliary
aids or services are requested to contact the City Secretary's office (at 361-826-3105) at
least 48 hours in advance so that appropriate arrangements can be made.
The mission of the Business & Job Development (Type A) and B Corporations is to
promote and enhance the City of Corpus Christi's economic base by supporting
projects and programs that create primary jobs, improve small business and affordable
housing opportunities, and improve infrastructure in our City.
A. President Leah Pagan Olivarri to call the meeting to order.
President Leah Olivarri called the meeting to order at 1:30 p.m.
B. Call Roll:
City Secretary Rebecca Huerta called the roll and verified that a quorum of the Board
was present to conduct the meeting.
Present: 7 - Board Member Scott Harris, President Leah Pagan Olivarri, Secretary Diana Summers,
Board Member Robert Tamez, Board Member John Valls, Vice -President Alan Wilson
and Board Member Jesus Jimenez
C. PUBLIC COMMENT:
President Olivarri referred to Public Comment. There were no comments from the
public.
D. MINUTES / EXCUSE ABSENCES: None
E. FINANCIAL REPORT: None
F. EXECUTIVE SESSION ITEMS: None
G. AGENDA ITEMS:
1. 23-0239 Resolution authorizing the issuance of "Corpus Christi Business and Job
City of Corpus Christi
Page 1 Printed on 4/17/2023
SCANNED
Corpus Christi Business and Job
Development Corporation - Type A
Meeting Minutes - Final January 30, 2023
Development Corporation Sales Tax Revenue Refunding Bonds, Taxable
Series 2023 (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, 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, authorizing the
execution of a paying agent/registrar agreement, a purchase contract, and an
escrow agreement; 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.
President Olivarri referred to Item 1. Director of Finance Heather Hurlbert said the
purpose of this item is to approve a resolution to authorize refunding the outstanding
principal balance of $9,595,00 for the Type A Arena Bonds that is secured by the
sales tax revenue. This will authorize the refunding of the outstanding tax exempt
Arena Bond and reissuing as taxable with no change in the maturity date.
Staff is recommending to refund the current bond as taxable with the maturity date
remaining as 2025. This allows time for discussion on a plan for the 1/8th cent sales
tax. If the bonds were defeased, Bond Counsel's opinion is that the purpose of the
1/8th cent tax would no longer be present and another agency that is eligible could
use that 1/8th cent sales tax. Refunding the bond, however, will keep the bond in
place till 2025.
Board Members and Ms. Hurlbert discussed the following topics: whether the 1/8th
cent sales tax will remain for the Type A Arena and if there was discussion of future
projects.
Mr. Valls made a motion approving item 1, seconded by Mr. Wilson and passed
unanimously.
I. PRESENTATION ITEMS: None
J. EXECUTIVE DIRECTOR COMMENTS:
President Olivarri referred to the Executive Director comments. Chief Financial Officer
Constance Sanchez had no comments.
K. ADJOURNMENT
There being no further business, President Olivarri adjourned the meeting at 1:40
p.m.
This meeting may be held via videoconference call pursuant to Texas Government Code § 551.127. If this meeting is held via
videoconference call or other remote method of meeting, then a member of this governmental body presiding over this meeting
will be physically present at the location of this meeting unless this meeting is held pursuant to Texas Government Code §
551.125 due to an emergency or other public necessity pursuant to Texas Government Code § 551.045.
City of Corpus Christi Page 2 Printed on 4/17/2023
Corpus Christi Business and Job
Development Corporation - Type A
Meeting Minutes - Final January 30, 2023
City of Corpus Christi Page 3 Printed on 4/17/2023