Sugar Land Development Corporation

Agenda Request

Agenda Of:

06-01-2010

Agenda Request No:

v-a

Initiated By:

Regina Morales

Responsible Department:

Economic Development

Presented By:

Regina Morales

Department Head:

Regina Morales,

Director of Economic Development

 

 

Additional Department. Head (s):

N/A

Subject / Proceeding:

Funding Resolution for costs of legal, engineering, architectural, and surveying services related to a sports stadium, a concert and live entertainment venue and a festival site

Exhibits:

RESOLUTION NO. 2010-06-03

Clearances

Approval

Legal:

Joe Morris, City attorney

Director:

Regina Morales

Purchasing:

N/A

Assistant City Manager:

N/A

Budget:

Jennifer Brown,

Budget & Research Director

 

 

Budget

Expenditure Required:  $

275,000

Current Budget:  $

1,100,000

Additional Funding:  $

N/A

Recommended Action

Consideration and Action on Approval of a Funding Resolution in the amount of $275,000

Executive Summary

With the recent signing by the City Council of a Letter of Intent with Opening Day Partners (ODP), the City has committed to continue to work with ODP towards the signing of binding master development & lease agreements for the minor league baseball stadium project and to begin expending funds for preliminary architectural and engineering services so as to better define the scope and cost assumptions for the project.   

 

To ensure the community’s interests are best protected throughout this early agreement process the City has utilized the services of outside legal counsel to facilitate the drafting and refinement of these agreements.  As this negotiation process is anticipated to continue for the next several months, the City has decided to continue to retain outside legal counsel to assist staff with shepherding these agreements through from drafting to signature.  With the goal established to commence stadium construction by March 1, 2011 there are several initial pieces that will need to be completed in the near term. 

 

To cover the anticipated costs of continued legal counsel, staff recommends that the Sugar Land Development Corporation provide the necessary funding.  Opportunely, the City anticipated the need for these types of services several months ago and during the initial discussions leading up to the adoption of the FY2010 Development Corporation budget, the Board allocated a sum of $1.1 million to cover the costs associated with the development of both the baseball and concert venue projects, which would include legal services as well as architecture and engineering efforts.

 

The funding resolution before the Board today will allocate $275,000 of the budgeted $1.1. Million to begin covering these continued legal service fees as well as future architectural and engineering services that the City has committed to fund as outlined in the Letter of Intent with ODP.  Since a specific site for the stadium has not been selected yet and the SLDC has already budgeted $1.1 Million for this project among others, staff is presenting a funding resolution to the Board today to continue moving this project forward.  As the project progresses and other funding needs beyond these areas are identified staff may come back to the Board with a description of these supplementary services and request additional funding allocations.

 

Exhibits

 

 

 

RESOLUTION NO. 2010-06-03

(Form Rev. 9-18-09)

 

 

A RESOLUTION OF THE SUGAR LAND DEVELOPMENT CORPORATION APPROVING PROJECT FUNDING FOR LEGAL, ENGINEERING, ARCHITECTURAL, AND SURVEYING SERVICES RELATED TO A SPORTS STADIUM, A CONCERT AND LIVE ENTERTAINMENT VENUE, AND FESTIVAL SITE UNDER THE FUNDING AGREEMENT WITH THE CITY OF SUGAR LAND.  

 

 

            WHEREAS, the Sugar Land Development Corporation entered into a Funding Agreement with the City of Sugar Land, Texas, dated November 28, 1995, to provide funding as requested by the City for projects authorized under the Development Corporation Act, now codified in Chapters 501 through 505 of the Local Government Code; and

 

            WHEREAS, on November 4, 2008, the voters approved the use of Type A corporation sales and use tax revenues for a sports stadium, a concert and live entertainment venue, and festival site as authorized under the Development Corporation Act; and

 

            WHEREAS, Section 501.152 of the Development Corporation Act provides that project costs includes legal services for the authorized projects; and

 

            WHEREAS, the City has requested that the SLDC fund the legal costs for the approved projects; and

 

            WHEREAS, the Board of Directors of the SLDC finds that the costs of legal services for the authorized projects are authorized under the Development Corporation Act as specified below; NOW, THEREFORE,

 

 

BE IT RESOLVED BY THE BOARD OF DIRECTORS

 OF THE SUGAR LAND DEVELOPMENT CORPORATION:

 

 

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

 

            Description:     Costs of legal, engineering, architectural, and surveying services related to a sports stadium, a concert and live entertainment venue, and festival site as approved by the voters on November 4, 2008.  

 

            Costs:              $275,000

           

            Statutory

            References:     Section 501.152 (9) Tex. Local Gov’t Code. 

 

           

           

           

 

 

           APPROVED on ____________________________, 2010.

 

 

 

                                                                                    _____________________________

                                                                                    Thomas Abraham, President

 

           ATTEST:                                                                      Reviewed for Legal Compliance:

 

                                                                                               

 

           _____________________________                           

           Donald Smithers, Secretary