Sugar Land 4B Corporation

Agenda Request

Agenda Of:

april 24, 2008

Agenda Request No:

IV A

Initiated By:

Andrew Temple

Management Assistant II

Responsible Department:

Business & Intergovernmental Relations

Presented By:

Joe Esch

Executive Director

Department Head:

Joe Esch

Executive Director

Additional Department. Head (s):

n/a

Subject / Proceeding:

Public hearing; Consideration and Action on budget adjustment and funding resolution in the amount of $328,480.00 for expenses related to Phase II of the visioning process and development of projects related to Cultural/Entertainment District

Exhibits:

Resolution No. 08-04-05

Clearances

Approval

Legal:

Joe Morris

City Attorney

Executive Director:

Joe Esch

Bus. & Intergov. Relations

Budget

Expenditure Required: $

328,480.00

Current Budget: $

Additional Funding: $

328,480.00

Recommended Action

Action I. Receive and hear all persons desiring to be heard on a proposal to fund expenses related to Phase II of the visioning process and development of the Cultural/Entertainment District.

Action II. Approve budget adjustment and funding resolution in the amount of $328,480.00 for expenses related to Phase II of the visioning process and development of the Cultural/Entertainment District.

Executive Summary

Following the completion of Phase I of the Vision Planning process and the development of a conceptual plan for the Cultural and Entertainment District, the City is proceeding with Phase II of the process focusing on refining the vision statement identified by the Vision Task Force and developing conceptual site plans for the balance of the 1,000 acre visioning tract. Specifically this funding resolution will allow the City to work with Newland Communities and the University of Houston to develop a conceptual site plan for the Telfair property located along US 59 as well as the remaining University of Houston Sugar Land property. City Council recently indicated approval of the Cultural/Entertainment District located on a portion of the UH land and is anticipated to take formal action on the plan at their April 15 meeting.

This funding resolution will also allow the City to continue development efforts related to the Cultural/Entertainment District including determining the feasibility of minor league baseball in Sugar Land. The specific areas of use for these funds are as follows:

4B Corporation - 4/16/08 Funding Resolution for
Phase II Vision & Cultural/Entertainment District Planning Efforts
Item	Anticipated Components	Cost
1	Phase II Vision Planning ( i.e. Telfair & Balance of UH Property)	$ 122,980.00
2	Financial & Market Feasibility for Minor League Baseball	$ 88,000.00
3	External Counsel	$ 82,500.00
4	Site Visits & Additional Activities Related to Phase II Vision & Cultural/Entertainment District Planning Efforts	$ 35,000.00
	Total =	$ 328,480.00

Funding is available in the 4B Corporation’s fund balance, with $1,397,163 available over the minimum policy requirement. Staff recommends the requested funds be reallocated from the fund balance to the Economic Development Program budget item.

As a part of the presentation on this item, staff will also update the board on past activities, current status and process for proceeding with the visioning project as well as the development of the cultural/entertainment district.

Exhibits

RESOLUTION NO. 08-04-05

A RESOLUTION OF THE SUGAR LAND 4B CORPORATION APPROVING PROJECT FUNDING FOR SERVICES FOR PHASE II OF PLANNING ACTIVITIES FOR THE PROPOSED CULTURAL/ENTERTAINMENT DISTRICT UNDER THE FUNDING AGREEMENT WITH THE CITY OF SUGAR LAND.

WHEREAS, the Sugar Land 4B Corporation entered into a Funding Agreement with the City of Sugar Land, Texas, dated December 12, 1995, to provide funding as requested by the City for projects authorized under section 4B of the Development Corporation Act of 1979 (the Act); and

WHEREAS, the City has requested that the SL4B fund consultant costs and site visits to determine the feasibility of the project described herein; and

WHEREAS, the Board of Directors of the SL4B finds that the expenditures are authorized under and properly serve the purpose of section 4B of the Act as specified below; and

WHEREAS, the SL4B held a public hearing on the funding resolution at the meeting at which this Resolution was approved; NOW, THEREFORE,

BE IT RESOLVED BY THE BOARD OF DIRECTORS

OF THE SUGAR LAND 4B CORPORATION:

Section 1. That in accordance with the Funding Agreement with the City of Sugar Land, it approves funding for the following improvements:

Phase II Vision Planning (i.e. Telfair & Balance of UH Property) $122,980.00

Financial & Market Feasibility for Minor League Baseball 88,000.00

Outside Legal Counsel 82,500.00

Site Visits & Additional Activities Related to Phase II Vision &
Cultural/Entertainment District Planning Efforts 35,000.00

Total: $328,480.00

Project Authorized Under: (2) "Project" means buildings, facilities, and improvements found by the board of directors to:

(A) be required or suitable for entertainment, including auditoriums and concert halls. (Inapplicable portions of statutory provision omitted)

APPROVED ON _________________________________, 2008.

__________________________

Ray Meyer, President

Sugar Land 4B Corporation

ATTEST: Reviewed for Legal Compliance:

_____________________________

Karam Abu-Hamdan, Secretary/Treasurer