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STATE OF TEXAS
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COUNTY OF FORT BEND
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CITY OF SUGAR LAND
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CITY OF SUGAR LAND
Sugar Land 4B Corporation MEETING
WEDNESDAY OCTOBER 18, 2006
The Sugar Land 4B Corporation convened in regular meeting
open to the public in Cane Room, 161, of Sugar Land City Hall on Wednesday,
October 18, 2006 at 4 o'clock P.M. and the roll was called of the members:
Ray Meyer, President
Karam Abu-Hamdan, Vice President
Tim Stubenrouch, Secretary/Treasurer
Thomas DeMont
Michael Schiff
Jeng Liang
Cyril Hosley
All of said members were present except Ray Meyer, President
who was absent and Michael Schiff who arrived at 4:12 P.M.
Also present were:
Regina Morales, Economic Development Director
Jennifer Brown, Budget Manager
Donna Vaughan, Records Manager
A Number of staff and visitors
Vice-President Abu-Hamdan convened the
session, open to the public, to order at 4:10 P.M.
Vice-President Abu-Hamdan introduced election
of a Corporation President, Vice-President, Treasurer, and Secretary.
Regina Morales, Economic Development Director, stated current officers
are: Mr. Ray Meyer, President; Mr. Karam Abu-Hamdan, Vice-President, and Mr. Tim
Stubenrouch, Secretary/Treasurer. The bylaws provide that two or more offices
may be held by the same person except for the offices of President and
Secretary. Officers are elected annually
and all board members are eligible to hold any office.
A previous decision was made by the board to combine the
Secretary/Treasurer positions. Members
discussed the Secretary/Treasurer position as being two separate officer
positions and concurred to continue with the Secretary/Treasurer position being
one.
Following a full and complete discussion, Director
DeMont seconded by Director Liang, made a motion to
approve election of Director Stubenrouch as Corporation President. The motion carried unanimously.
Following a full and complete discussion, Director
Abu-Hamdan, seconded by Director Schiff, made a motion to
approve election of Director Abu-Hamdan, as Corporation Vice-President. The motion carried unanimously.
Following a full and complete discussion, Director
Liang seconded by Director Stubenrouch, made a motion
to approve election of Director DeMont as
Secretary/Treasurer. The motion carried
unanimously.
President Stubenrouch introduced approval of
the minutes of the Sugar Land 4B Corporation meeting held September 20, 2006.
Following a full and complete discussion, Director
DeMont, seconded by Director Abu-Hamdan, made a motion
to approve the minutes of the Sugar Land 4B Corporation meeting held September
20, 2006. The motion carried
unanimously.
President Stubenrouch introduced a Contract by
and between Sugar Land 4B Corporation and Greater Fort Bend Economic
Development Council in the amount of $30,000.00 for membership services October
2006 through September 2007.
Ms. Regina Morales, Economic Development Director, stated the
contract with GFBEDC is renewed annually and that the contract amount is
budgeted and approved in the Corporation budget. Minor changes were discussed; it was noted
that the contract has been executed by GFBEDC.
Cost of the contract was discussed and the shared cost with
Sugar Land Development Corporation.
Members expressed interest in attending future GFBEDC meetings as
observers and requested to be notified of future meetings. Benefits of the contract include a strong,
cooperative, cohesive economic development program in Fort Bend County.
Following a full and complete discussion, Director
DeMont,
seconded by Director Hosley, made a motion to approve a
Contract by and between Sugar Land 4B Corporation and Greater Fort Bend
Economic Development Council in the amount of $30,000.00 for membership
services October 2006 through September 2007.
The motion carried unanimously.
President Stubenrouch introduced discussion on
Sugar Land 4B Corporation Financial Statements for the period ending August 31,
2006.
Ms. Jennifer Brown, Assistant Fiscal Services Director, stated
that sales tax collected through the end of August 31, 2006 is $3.9 million representing
104% of total budget. August sales tax
ended higher than expected; a total of $420,157 being 8.3% higher than budget for
the month and 2.9% higher than August 2005 sales tax collections. Sales tax collections for Fiscal Year 2005-2006
are higher than budget.
A brief discussion ensued regarding purchasing companies, general
fund payments, and sales tax revenue to the City.
Revenues include a bond sale which occurred in December, and
reimbursement from Tax Increment Reinvestment Zone (TIRZ) was paid in August in
the amount of $128,000; 100% of debt service for the construction of 400 additional
parking spaces in the Texas Garage.
Interest income through August totals $316,938 is 229.9%
higher than annual budget. Portfolio earnings
are at 5.17% which is higher than benchmark 88-day agency yield of 5.00%.
Expenditures total 68% of budget. Payment to the developer
for the construction of 400 parking spaces in the Texas Garage is pending the results
of audit. Over $2,000,000 in Capital Improvement Projects will be closed out
ending September; funds are no longed needed.
$175,000 will be added to the bottom line when all projects are closed.
Brief discussion included hotel tax, mortgage foreclosures,
Riverstone and Telfair Developments.
CITY STAFF AND CORPORATE MEMBER REPORTS
Ms. Regina Morales, Economic Development Director, thanked
members for attending the grand opening of the Outdoor Life Style Center at
First Colony Mall. In the near future a special
meeting will be held to provide orientation training as required by City
Council; and another possible sales tax project could be coming forward in the
future.
Members praised staff and the City of Sugar Land for the reception
event, and for the video highlighting Sugar Land; and noting the mall event
which used sugar cane for the traditional ribbon cutting.
There were no reports.
There, being no further business to come before the
Corporation, Director Schiff, seconded by Director
DeMont,
moved that the meeting adjourn. The
motion carried unanimously and the meeting adjourned, time at 4:59 P.M.
Tim Stubenrouch, President
Thomas DeMont, Secretary/Treasurer
(SEAL)
