HomeMy WebLinkAboutMinutes Corpus Christi Business and Job Development Corporation (Type A) - 07/15/2024City 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, July 15, 2024
2:00 PM City Council Chambers
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 3:37 p.m.
B. CaII Roll:
City Secretary Rebecca Huerta called the roll and verified that a quorum of the Board
was present to conduct the meeting.
Mr. Tamez excused himself from the meeting at 4:05 p.m.
Present: 3 - Secretary Diana Summers, Vice -President Alan Wilson and Board Member Mark
LaRue
Absent: 1 - Board Member Jesus Jimenez
C. PUBLIC COMMENT:
President Olivarri referred to Public Comment. There were no comments from the
public.
D. MINUTES / EXCUSE ABSENCES
1. 24-1080 Approval of Minutes for the Type A Board June 17, 2024 Regular Meeting.
President Olivarri referred to Item 1. Mr. Tamez made a motion to approve the
minutes as presented, seconded by Ms. Summers, and passed unanimously.
E. FINANCIAL REPORT
City of Corpus Christi
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Corpus Christi Business and Job
Development Corporation - Type A
Meeting Minutes - Final July 15, 2024
2. 24-1111 Type A Financial Reports as of May 31, 2024
President Olivarri referred to Item 2. Director of Finance Sergio Villasana presented
the financial reports as of May 31, 2024.
F. EXECUTIVE SESSION ITEMS:
G. AGENDA ITEMS:
3. 24-1036 Resolution amending and reaffirming the Corpus Christi Business and Job
Development Corporation's Investment Policy and Investment Strategy for the
Fiscal Year 2024-2025.
President Olivarri referred to Item 3. Assistant City Manager Heather Hurlbert
presented a resolution reaffirming the Type A Investment Policy and Investment
Strategy for the FY2024-2025.
Mr. Wilson made a motion to approve Item 3, seconded by Mr. Tamez, and passed
unanimously
4. 24-1149 Motion to approve the Corpus Christi Business and Job Development
Corporation's Fiscal Year 2024 - 2025 operating budget for the Seawall Fund,
the Seawall Debt Service Fund, the Arena Facility Fund, the Arena Debt
Service Fund, and the Business/Job Development Fund.
President Olivarri referred to Item 4. Assistant City Manager Heather Hurlbert
presented the Type A Operating budget for FY 2024-2025.
Ms. Hurlbert presented the following: Budget Overview -Seawall; Budgeted
Revenues -Seawall; Proposed Expenses -Seawall; CIP-Seawall Project Budgets and
Proposed FY25 Projects; Approved FY2024 CIP-Seawall; Proposed FY2025
CIP-Seawall; FY25 Proposed Seawall CIP Projects; Budgeted Overview -Seawall Debt
Services; Budget Overview -Arena Facility; Budgeted Revenues -Arena Facility;
Proposed Expenses -Arena Facility; Transfer to Arena CIP FY25 Proposed American
Bank Center Arena CIP Projects; FY25 Proposed American Bank Center Arena CIP
Projects; Transfer to Visitors Facilities; Arena Marketing Co -Promotion; Capital
Projects; Budgeted Overview -Arena Debt Services; Budgeted Overview- Business &
Job Development; Budgeted Revenue -Business & Job Development; Proposed
Expenses -Business & Job Development; Affordable Housing; Affordable housing
Transfer; Major Business Incentives; and Whataburger Field Upgrades.
Board Members and Ms. Hurlbert discussed the following topics: increase in cost for
the Boater Facility, the square footage of the facility and what consists within the
facility; arena suites completion update and cost; board requested a tour of the arena;
revenues for the arena are applied to the arena; when the debt service gets paid;
General Manager of the American Bank Center (ABC) Dan Melise gave an update on
the ABC co -promoting expense; and staff will confirm the insurance expense as they
reduced by half from the previous budget.
City of Corpus Christi Page 2 Printed on 10/21/2024
Corpus Christi Business and Job
Development Corporation - Type A
Meeting Minutes - Final July 15, 2024
Mr. Wilson made a motion to approve Item 4, seconded by Mr. La Rue, and passed
unanimously.
I. PRESENTATION ITEMS:
J. EXECUTIVE DIRECTOR COMMENTS:
President Olivarri referred to the Executive Director comments. Assistant City
Manager Heather Hurlbert had no comments.
K. ADJOURNMENT
There being no further business, President Olivarri adjourned the meeting at 4:31
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.
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