PEDC Meeting Agenda: 10/26/2023 1 of 2 PASADENA ECONOMIC DEVELOPMENT CORPORATION 1149 Ellsworth Drive Pasadena, TX 77506 PASADENA ECONOMIC DEVELOPMENT CORPORATION NOTICE TAKE NOTICE that the Board of Directors (“the Board”) of the Pasadena Economic Development Corporation will hold a Pre-Board meeting at 3:00 p.m. and a Board meeting immediately following the Pre-Board Meeting, in the Pre-Council Conference Room, 1149 Ellsworth Drive, Pasadena, Texas, on Thursday, October 26, 2023. At such meeting, the Board will consider the matters numbered below. The public will be permitted to offer regular public comments and/or public hearing comments as permitted by the presiding officer during the meeting. All speakers MUST sign in prior to the Pre-Board Meeting and will be allotted two (2) minutes to provide their comments. BOARD MEETING AGENDA 1. Call to order. 2. Invocation – Elaine Domec, Board Member. 3. Pledges of Allegiance – Rick Lord, Board President 4. Public Comments. 5. Consideration of approval of minutes from the meeting held on September 29, 2023. 6. Consideration of approval of minutes from the Special Meeting held on October 3, 2023. 7. Board Actions – Resolutions. a. Consideration to accept the Financial Report of Investment Activities for the Fiscal Quarter ended September 30, 2023. 8. Report by Executive Director. 1. Monthly Update 9. Comments by Board Members. 10. Adjournment.
PEDC Meeting Minutes: 09/28/2023 1 of 5 PASADENA ECONOMIC DEVELOPMENT CORPORATION Pre-Board Meeting September 28, 2023, 3:00 p.m. Minutes Members present: Members Absent: Rick Lord, President Marilyn Wilkins, Vice President Ernesto Paredes, Secretary Efren Arjona Angela West Elaine Domec Others Present: Jeff Moore, Brown & Hofmeister, LLP (via Zoom) Rick Guerrero, Executive Director Julianne Echavarria, PEDC Marketing Manager Karina Tomlinson, PEDC Manager Yolanda Vegas de Eaves, Sr. Office Assistant Nikki Hill, McCall Parkhurst & Horton, LLP John Martin, Hilltop Securities, Inc. Call to order: The Pre-Board meeting for the September 28, 2023, Pasadena Economic Development Corporation was called to order at 3:02 p.m. by Board President, Rick Lord. He read through the items on the agenda and proceeded to start the meeting. Pre- board meeting adjourned at 3:02.
PEDC Meeting Minutes: 09/28/2023 2 of 5 PASADENA ECONOMIC DEVELOPMENT CORPORATION Board Meeting September 28, 2023, 3:02 p.m. Minutes Agenda Item One: Call to order The Board meeting on September 28, 2023, for Pasadena Economic Development Corporation was called to order at 3:02 pm by Board President, Rick Lord. Agenda Item Two: Invocation Invocation given by: Efren Arjona, Board Member. Agenda Item Three: Pledges Pledges led by: Elaine Domec, Board Member. Agenda Item Four: Discussion Regarding Release of Sales Tax Revenue Bonds At this time Rick Lord gave the word to Nikki Hill, Bond Counsel from McCall, Parkhurst & Horton. Ms. Hill was present at the meeting to answer questions the Board members had regarding the issuance of the bonds, to this John Martin from Hilltop Securities added that they didn’t bring a formal presentation, they were only present to answer questions. M. Wilkins took the lead explaining her understanding of the proposed schedule of events, asking if the Bond debt issuance is a financial obligation of the EDC. N. Hill answered “correct”, and the only funding comes from sales tax from the population of the city, so therefore no other income from this project will be allocated toward this debt relief. M. Wilkins asked N. Hill to confirm that the project is owned by the city, N. Hill responded: “That’s correct, the Convention Center is owned by the city”, and M. Wilkins asked to confirm that no income from that facility in any way, shape, or form is used to retire any of this indebtedness. N. Hill agreed and responded that it will be only the pledged revenues: sales tax received by the city on behalf of the EDC. N. Hill added that although they could say other revenue, she thinks that the expectation is that it’s going to be paid by sales tax revenue. M. Wilkins asked Jeff Moore, attorney for the EDC, if it’s correct that the EDC sole source of funding is sales tax and J. Moore responded to that as being correct for the most part and occasionally somebody might make a charitable contribution or other revenue that comes in, but the vast majority is sales tax. At this point J. Martin expressed that he would like to make a point about other revenues to pay the bonds, and explained that if the EDC chooses to retire the bonds with a fund balance excess sales tax collection, there is nothing that says that EDC must hold the bonds for 30 years, M. Wilkins admitted her understanding to that, and explained that this notion was explained to her in private, but she wants to clarify that the only official source of funds to retire the bonds is sales tax and not some stellar performance of the facility itself. J. Martin responded that the EDC received a AA- rating from S&P based solely on its sales tax collection, and that no other income or assets were used. M. Wilkins asked what the annual cost for the EDC would be once the bonds get issued, R. Lord responded $3M, and M. Wilkins asked R. Guerrero for the current annual income to which he responded between $14M-$15M, which is based on the calculations made on the questionnaires completed for the underwriters, and he asked J. St. Jean, City Controller to confirm her response which she did, and added that this still gives the EDC an operating budget to keep operations of about $12M per year. M. Wilkins responded that basically 20% of EDC’s income would be potentially earmarked for the next 30 years, assuming there isn’t an adjustment in sales tax revenue, and R. Guerrero responded that “it will be part of EDC’s budget”.
PEDC Meeting Minutes: 09/28/2023 3 of 5 R. Lord asked the Board members if they had any questions, and M. Wilkins asked if there would be any situation that would cause the price of these bonds at the time of the sale to be at any other price point set prior to their release. J. Martin responded that at this time the underwriters are premarketing the bonds with the rating in place and gave a brief description on how the bonds will go into an order period by the three underwriting firms offering the bonds, followed by a pre-pricing and premarketing to have a better understanding of where they are, and once the offering period closes on Friday, the underwriters will return with a formal bid and between Hilltop, EDC and Ms. St. Jean on Monday afternoon they will confirm the price and they can be given a verbal approval from the EDC and City Council. At that point in time the price is locked, will not change, and is a fixed rate bond with 9 years call feature, with a fixed interest for 30 years period. If the EDC chooses to pay them off in 9 years, or a portion then the EDC will have that option. M. Wilkins asked if worst case scenario nobody buys one, what happens, J. Martin responded that they would have failed and gave the sample of possible government shut down; rates move up and the federal government says the rates are going to be higher until the second half of 2024, so for the bond market the rates would be higher. M. Wilkins asked if all $30M of the bonds get release at 5pm, J. Martin responded that by Monday afternoon the EDC will be locked in, regardless of the rates going up next week. M. Wilkins questioned if only $10M gets sold, J. Martin responded that the underwriters have put their capital into the sale and they have agreed upon a price they believe is fair between Hilltop and the three underwriting firms, and on Monday they will go into the order period in the Market and they might say the sale needs to be pushed a week or a month because they don’t have any orders, they might offer to underwrite $10M or $30M, but won’t know until they get to the end of that order period and by Monday they should know where the rate stands and he confirmed his presence on Tuesday morning to give the EDC a report. M. Wilkins continued stating that the EDC isn’t sure if it’s going to spend 1/5 of EDC’s budget for the next 30 years., on this project with no control whatsoever of the end result because the Convention Center isn’t owned by EDC, so she considers it out of EDC’s control, to what R. Lord responds neither are the roads and M. Wilkins responded that roads are something different to this. M. Martin responded that it will be considered just like another project. M. Wilkins added that she wants to understand what they’re voting for and all the members of the Board take their fiduciary responsibility to the citizens of this community very seriously and it’s a lot of money for a long time and she wants to be clear in the meaning of the vote, and that if she would spend a lot of her own money she would like to have some outcome that she could control with respect to the use of it, and in this instance the Board does not. She concluded by stating that she wants to be clear about that and understanding. Agenda Item Five: Executive Session **NOTE** 3:16 PM – At this time Board President Rick Lord announced that the Board will be “going behind closed doors” for an Executive Session. a. Convene in executive session pursuant to Section 551.071 of the Texas Government Code to receive legal advice Development Corporation Act Issues. b. Convene in executive session pursuant to Section 551.072 and 551.87, Texas Government Code to deliberate the purchase, exchange, lease or value of real property and to deliberate regarding economic development incentives – Project #2302. Agenda Item Six: Reconvene into Regular Session **NOTE** 4:03 PM – At this time, President Rick Lord reconvened the Regular Board Meeting. The Board will reconvene into Regular Session, pursuant to the provisions of Chapter 551 of the Texas Government Code, to take any action necessary regarding: a. Consultation with attorney to receive legal advice.
PEDC Meeting Minutes: 09/28/2023 4 of 5 b. Deliberation regarding Real Property – Project #2023. • There was no action on either item. Agenda Item Seven: Public Comments No comments made by any attendees. Agenda Item Eight: Approval of Minutes from August 24, 2023 Rick Lord called for a motion to approve the minutes from the meeting held on August 24, 2023. Ernesto Paredes moved to approve the minutes, seconded by Elaine Domec. MOTION CARRIED UNANIMOUS. Agenda Item Nine: Board Actions - Resolutions a. PEDC RESOLUTION 23-030 - Consideration to amend PEDC Resolution 21-034, contract with AECOM for Bid Support and Construction Management for the Richey Street Phase II Project (CIP# S110) by approving an appropriation of $115,000.00 in additional funds for Task Order 3/Change Order 1 - Redesign & Additional Construction and Bidding Services from the North Pasadena Redevelopment (M008) account. Robin Green Director of Public Works was given the word and briefly explained that project has been designed for a while and the original concept had a number of mid-block crossings which are dangerous, the money is to redesign the project and in the long term the EDC will get the money back since the construction cost will go down. Marilyn Wilkins made a motion, seconded by Ernesto Paredes that PEDC Resolution 23-030 be passed, approved and adopted. MOTION CARRIED UNANIMOUS. b. PEDC RESOLUTION 23-031 - Consideration to amend PEDC Resolution 21-015, 21-036, agreement with Johnson Fence & Masonry, LLC (CIP# S144) for construction of a gateway monument sign by approving an appropriation of $3,036.75 in additional funds from the North Pasadena Redevelopment (M008) account. Karina Tomlinson, PEDC Manager was given the word and briefly explained that prior to the Gateway being finished, there was landscaping work to remove some trees, which wasn’t part of the scope of work, there was an extra expense of $4,000.00 and this appropriation is to close out the project. Ernesto Paredes made a motion, seconded by Marilyn Wilkins that PEDC Resolution 23-031 be passed, approved and adopted. MOTION CARRIED UNANIMOUS. Agenda Item Ten: Report by Rick Guerrero, Executive Director R. Guerrero started his report updating the Board with the Convention Center facility and explained that part of the work it’s looking at how these facilities operate, and he mentioned the Smart Financial and Fort Bend County Epicenter which recently opened. He is still gathering information regarding agreements and how they get structured with the county and the cities, and explained that he has been in talks with both facilities because they each have different operators, and asked them what works or doesn’t , what did they miss or what they wish now that they had; all this to make sure that when we move forward with this project it looks attractive to a tenant. He continued describing some things an entertainer and an operator
PEDC Meeting Minutes: 09/28/2023 5 of 5 will be looking for and wants to make sure the facility will look attractive in the market. He explained to the board that Julie St. Jean and him along with their staff had been working on the documents for the underwriters and the bond process, and the EDC just received an excellent rating from S&P Global of AA-. He has been doing a lot of work behind the scenes, putting everything in place so when the project is approved the EDC is ready, he will continue to visit other facilities, and will work with the consultants that built them to make sure we have everything we need and explained that something he would never think of, is a laundry room with washer and dryer for entertainers since they are on the road all the time on RVs. Some other details would be the configuration of the seating floor area, the stage, that it's going to be movable since some artists like to be more intimate and will block off some of the areas. He made reference to all the other areas required like concessions, kitchen, storage, lockers, dressing rooms, private boxes and primary entrances for entertainers that they require. R. Guerrero concluded his report stating that his goal is to put all this into one building, it takes a lot of work behind the scenes and will share more information with the Board as he goes through the process. Agenda Item Eleven: Comments by Board Members: Marilyn Wilkins - No comment. Elaine Domec – No comment. Efren Arjona – No comment. Ernesto Paredes - No comment. Angela West - No comment. Rick Lord – Thanked Brian Freedman President of BAHEP, for the monthly reports regarding their projects with the City of Pasadena. Agenda Item Twelve: Adjournment Board President, Rick Lord called for a motion to adjourn the September 28, 2023, meeting at 4:12 pm. Ernesto Paredes moved, seconded by Efren Arjona. MOTION CARRIED UNANIMOUS.
PEDC Special Meeting Minutes: 10/03/2023 1 of 5 PASADENA ECONOMIC DEVELOPMENT CORPORATION Pre-Board Meeting October 3, 2023, 8:30 a.m. Minutes Members present: Members Absent: Rick Lord, President Marilyn Wilkins, Vice President Ernesto Paredes, Secretary Efren Arjona Angela West Elaine Domec Others Present: Jeff Moore, Brown & Hofmeister, LLP (via Zoom) Rick Guerrero, Executive Director Julianne Echavarria, PEDC Marketing Manager Karina Tomlinson, PEDC Manager Yolanda Vegas de Eaves, Sr. Office Assistant Nikki Hill, McCall, Parkhurst & Horton, LLP John Martin, Hilltop Securities, Inc. Call to order: The Pre-Board meeting for the October 3, 2023, Pasadena Economic Development Corporation was called to order at 8:30 a.m. by Board President, Rick Lord. Rick Lord read through the agenda briefly and immediately gave the word to John Martin of Hilltop Securities. He introduced himself and Nikki Hill, EDC bond counsel from McCall, Parkhurst & Horton. He started his presentation referring to the booklets that contain information about the bonds sale and were given to the Board members. He continued, reminding the Board that as discussed at the previous meeting on September 28th, the bonds were on a premarketing period that ended last Friday, and the market continues to sell. He expressed the wonderful job the underwriters have performed generating interest during the premarketing period, there was nothing else in the market that could compete with these bonds, since we were the only ones with a AA-rating and these were revenue bonds. There are investors searching for a good yield tax exempt and with a higher credit rating, used as sample PISD having a AAA rating and EDC is AA-, which is a few nudges lower maybe a 2% better, it will make the bonds more attractive. He proceeded with his presentation, going through the booklet given to the Board giving some highlights on some of the tabs. The first tab gives information regarding the financial team naming the underwriters, and the bond insurance that was purchased as result of bringing the rating from a AA- to a AA enhancing the number of potential bond holders. Tab #2 contains the rating report stating that the EDC and the City should be proud of, and explains how they analyze the credit and came up with the AA-, which is a fantastic rating primarily because the EDC hasn’t had any debt in the last several years and based on the overall cash flow bringing $14M per year with a $3M debt service the EDC has money to cover the debt. The next page includes the Bond Buyer’s Index that represents how the bond market is trending showing the highest and lowest rates during previous years and what is the interest rate as of now. He continued showing the Board
PEDC Special Meeting Minutes: 10/03/2023 2 of 5 the names of the 28 accounts issuing bond orders and answering the question of who is going to buy the bonds. The list shows retail and institutional accounts which will purchase in large quantities, he continued naming some of the companies that placed the orders and the amount of some of these purchases. Next, he showed a chart that gives an idea of how the treasury market bond has done from a year to date and explained that the tax-exempt market hasn’t had any change from Friday, but because of the presale the EDC ended up very well. Tab #3 shows the most important part of the transaction, describing the sources and the uses of funds and how the money is used for the different stages of the transaction, continued describing the debt service schedule showing when the bonds mature all the way to 2053, giving a description of the payment schedule, interest, and praised the underwriters for doing a good job. Within this tab there is a Bond Production Report that explains how the premium is generated, at what price the Bonds are sold and the percentage the investor is getting in return; he continued showing what happened in the MMD index since they run an analysis in July regarding the interest rate and how much it went up, and concluded with this tab referring to the Cost of Issuance Budget with an estimated amount and explained to the Board that there might be more expenses but there will be excess funds coming back to the EDC. Tab #4 contains the Offering Document, in the Bond Market these are called Preliminary Official Statements and this is what the underwriters and various financial services use, it describes the security of the bond, when it will be paid, describes the economic and demographic information of Pasadena, contains a form of Legal Opinion of Bond Counsel so the potential investor is comfortable that McCall, Parkhurst & Horton gives its opinion that these Bonds are legal and tax exempt. Finally, tab #5 concludes with a Suggested Form of Motion to consider this decision. J. Martin hoped he answered all questions and congratulated the Board on a great bond sale. Preboard meeting adjourned at 8:46 am.
PEDC Special Meeting Minutes: 10/03/2023 3 of 5 PASADENA ECONOMIC DEVELOPMENT CORPORATION Board Meeting October 3, 2023, 8:46 a.m. Minutes Agenda Item One: Call to order The Board meeting on October 3, 2023, for Pasadena Economic Development Corporation was called to order at 8:46 a.m. by Board President, Rick Lord. Agenda Item Two: Invocation Invocation given by: Angela West, Board Member. Agenda Item Three: Pledges Pledges led by: Ernesto Paredes, Board Secretary. Agenda Item Four: Public Hearing Public Hearing Opened at 8:47 am a. Funding not to exceed $50,000,000 to undertake the following economic development projects: construction, expansion and improvements to the City of Pasadena Convention Center. Such Project will be financed with the proceeds of sales tax revenue obligations to be issued by the PEDC or other funds of the PEDC, and paid from sales tax revenues and other resources of the Corporation. The PEDC may include the funding of a reserve fund for the obligations. Comments: Dr. J.R. Ragaisis – Dr. Ragaisis opened his statement with a greeting and introduced himself. Explained to the Board that he has been engaged in the Pasadena community for over five years and expressed his support saying “Yes” to the development of the Pasadena Convention Center. Chad Burke – Mr. Burke from Economic Alliance Houston Port Region, explained to the Board that for the past fourteen years their signature event Gulf Coast Energy Forum has been hosted at the Pasadena Convention Center and there has been as many as over one thousand people each year, and redeveloping and expanding the Convention Center would definitely enhance the event. He explained that in his previous position at the Texas A&M Engineering Extension Service, he performed studies about the feasibility of this type of facilities throughout the state, and when done properly they always provide positive economic impact and improve quality of life. And lastly as a local citizen, he would like to have that quality of life on this side of town and having this type of venue, there would be no reason to drive downtown. Jim Griffin – Mr. Griffin told the Board that he worked in the City of Pasadena for twenty-five years, mainly operating Petro-Chemical plants, and while he thinks that he’s not qualified to talk about events, he knows about people and thinks they will be interested and exited to go to a facility like this, and he thinks it will be wonderful for the community. Carl Fitzgerald - Mr. Fitzgerald introduced himself and started his comments explaining to the Board that the growth of Pasadena in the past few years has been tremendous, a lot of that is because of the Port Authority and the cargo coming in, warehouses and facilities being built, and believes this new facility will enhance that growth.
PEDC Special Meeting Minutes: 10/03/2023 4 of 5 Cristina Womack – Ms. Womack introduced herself and started her comments on behalf of the Chamber of Commerce Board, which has thirty members that represent more than six hundred organizations that are responsible for governance, strategy and policy making. They understand that the EDC Board has a big decision to make with this investment that requires looking at the scope of work, capitalizing opportunities and relying on experts. C. Womack went onto explain that the Chamber of Commerce believes that these sort of projects that are such a large investment, have an opportunity to engage stakeholders and community partners for transparency and inclusion, to be part of a long-range vision that goes beyond anyone of us serving in our roles. The Chamber values the partnership with the EDC and the City, as being part of the Strategic Plan’s Steering Committee for the last six years and agrees with the Convention Center project being named a Catalyst Project in both of those recommendations. The Chamber recognizes that they have heard a lot about this project and along with all the members they represent they have a lot of questions. Some members are excited about the idea of what the expansion project would look like and believe that contributes to the Pasadena Loves Local initiative, attracting visitors to the area will add to the tax base and will support local small businesses exposing other Pasadena assets not so known. C. Womack expressed that they have questions such as: how this project came into fruition before its announcement, how the specific recommendation came about since it wasn’t part of a specific plan, what the potential revenue and income streams long term are going to look like, and questions from organizations that are currently using the facility and how they might be impacted so when the decision is made to reach out to a third party how that could potentially negatively impact them, and finally what’s the long term vision for the entire property, since its owned by the City. The Chamber asked the EDC Board to continue the inclusion of the stakeholders, consumers, and clients of the project so they can hear about the subject from the experts, that way these organizations aren’t negatively impacted by secondhand information and can hear about the progression of this project from the EDC. The Chamber wants to be able to promote economic development, they have several members with property around the area who want to contribute, add, and enhance this project, so knowing what’s going on they would provide a better contribution. The Chamber believes that this is an opportunity for a project they can support and look forward to working together and helping with the prosperity of Pasadena businesses. Brian Freedman – Mr. Freedman greeted the Board and started his comments expressing excitement and support for the Board on this project, and reminded the Board what the work he does as well as C. Burke and C. Womack, bringing new businesses to this community and what their next steps are going to be here, and this is another asset to the region that we can talk about and show case to the new prospects and have them considering to move here instead somewhere else in the country. He’s a resident of the region and he looks forward to just travel down the street for a concert rather than going to the other side of town and thinks everyone else who will come to the events and would stay to eat dinner or stay overnight, and he thinks is a great and historic location and looks forward to this investment and the payoff in the future. Paul Puente – Mr. Puente introduced himself and expressed the support for this project wholeheartedly, and hopes this project brings a lot of economic impact. He serves at the Houston First Board in the City of Houston and understands how important these projects are for the entire community, made a reference to the George R. Brown facility and expressed that Pasadena needs something similar to help support the community and said thank you for the opportunity to speak to the Board. Public Hearing closed at 8:56 am Agenda Item Five: Board Actions Resolutions a. PEDC RESOLUTION 23-032 - Consideration and possible approval regarding resolution authorizing the issuance and sale of Pasadena Economic Development Corporation Sales Tax Revenue Bonds, series 2023; providing for the security for and payment of said bonds; and enacting other provisions relating to the subject.
PEDC Special Meeting Minutes: 10/03/2023 5 of 5 Ernesto Paredes made a motion, seconded by Angela West that PEDC Resolution 23-032 be passed, approved and adopted. At this time R. Lord asked if anyone had questions for J. Martin and M. Wilkins took the word. M. Wilkins expressed that this project does not have a feasibility study that should have been done, and she questions not the project, because she’s in the same boat with everyone in the room who is excited about the potential impact to this community, but she’s distressed by the fact that it was brought out of the woodwork on this Board’s agenda two months ago. She stated that there is a tremendous amount of fiduciary responsibility, and there is nothing she has heard anywhere that justifies this vote right now and there is no reason that this should not be deferred, not because is a bad project, she has the feeling it could be a very good project, and she asked: Is $50M enough? Who knows. Because the Board doesn’t know, without a feasibility study, how this building should be configured and how the project should be developed. And from the standpoint of her consideration being a fiduciary irresponsible action to do so quickly without the appropriate homework by this Board is extremely concerning to her. At this time R. Lord asked for any comments from the Board members and stated that there have been a lot of discussions on the subject and had the discussion at each meeting, he thinks that it has been an open process and they have done studies time and time again with tax payers money, and explained that the project was slowed down by Covid and now things are back on track, he thinks that at this point everyone has heard enough and the Board members can make their decision. Chairman Lord stated that there was already a motion and second on the floor, he asked for ayes, five board members responded with aye. Marilyn Wilkins responded no on this item. MOTION CARRIED. Agenda Item Six: Comments by Board Members Marilyn Wilkins - No comment. Efren Arjona – He thanked everyone present and in support of this project, he respects M. Wilkins’s opinion but also believes that the time to execute the plan has come, even if they are new to this and weren’t aware of the process, he thinks this is the time because there might not be another opportunity. He is on board and excited and let’s keep Pasadena moving forward. Ernesto Paredes – He also wants to thank everyone for coming today to support them, stated that this is a decision that had to be made and it has been done and looks forward the outcome in the long run, and promised that the Board will do everything it can to keep everyone informed. Angela West – No comment. Elaine Domec – No comment. Rick Lord – He thanked everyone for coming and for the letters of support from the School District and San Jacinto College. Agenda Item Eight: Adjournment Board President, Rick Lord called for a motion to adjourn the October 3, 2023 meeting at 9:00 am. Ernesto Paredes moved, seconded by Elaine Domec. MOTION CARRIED UNANIMOUS.
TO: Board of Directors FROM: Rick Guerrero DATE: October 20, 2023 SUBJECT: Investment Portfolio Summary: Third Quarter 2023 SUMMARY: The attached information comprises the quarterly investment report for the Pasadena Economic Development Corporation for the quarter ended September 30, 2023, as signed by the City Controller. The Corporation’s Investment Portfolio has been and is compliant with the policies and strategies as contained in the Corporation’s Investment Policy as adopted by the Pasadena Economic Development Corporation and with the Public Funds Investment Act of the State of Texas. CURRENT ACTION: Accept quarterly Investment Portfolio Summary. BUDGET FUNDING: N/A ATTACHMENTS: 1 – Resolution 2 - Investment Portfolio Summary – As of September 30, 2023
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PASADENA ECONOMIC DEVELOPMENT CORPORATION, A TYPE B ECONOMIC DEVELOPMENT CORPORATION AND A TEXAS NON-PROFIT CORPORATION, APPROVING THE INVESTMENT PORTFOLIO SUMMARY FOR THE QUARTER ENDING SEPTEMBER 30, 2023 AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. WHEREAS, the Pasadena Economic Development Corporation is a Type B economic development corporation operating pursuant to Chapter 505 of the Texas Local Government Code, as amended (hereinafter referred to as the “PEDC”); and WHEREAS, the Board of Directors of the PEDC approves the quarterly Investment Portfolio Summary, a copy of which is attached hereto as Exhibit A, and is incorporated herein for all purposes. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE PASADENA ECONOMIC DEVELOPMENT CORPORATION, THAT: Section 1. FINDINGS INCORPORATED That the foregoing recitals are hereby found to be true and correct findings of the PEDC and are fully incorporated into the body of this Resolution. Section 2. APPROVING QUARTERLY INVESTMENT PORTFOLIO SUMMARY That the Board of Directors of the PEDC do hereby approve the Investment Portfolio Summary, a copy of which is attached hereto as Exhibit A, and is incorporated herein for all purposes. Section 3. EFFECTIVE DATE This Resolution shall become effective immediately upon its passage. PASSED, APPROVED AND ADOPTED by the Board of Directors of the Pasadena Economic Development Corporation, on this the day of , 2023. APPROVED: Richard Lord, President ATTEST: Ernesto Paredes, Secretary
Page 2 Exhibit A Investment Portfolio Summary
CIP # Project Name Consultant/Contractor Purpose Appropriation(Forecast) Middleton Brown Design $ 450,000.0TBD Construction $ 2,500,000.0IDS Engineering Group Drainage Analysis $ 295,000.0Halff Associates, Inc. Design $ 341,942.0PGAL, Inc. Design $ 380,000.0TBD Construction $ 3,500,000.0M065 Convention Center Signage Statewide Municipal Services Design & Construction $ 288,200.0M066 Fairmont Utility Extension T Construction Construction $ 931,765.0M067 Convention Center Site Improvements Phase IV Way-Tech Construction $ 4,950,262.0Center Point Energy Pole Relocation $ 434,805.0Harris County Acquisition $ 3,750,000.0Harris County Design/Construction $ 6,500,000.0Entech Civil Engineers, Inc. Design $ 1,100,000.0HR Green, Inc. Design $ 69,330.0Clark Condon Sidewalk/landscaping Design $ 136,000.0Mar-Con Construction $ 2,962,495.8Freese & Nichols, Inc. Deisng $ 43,296.0Construction $ 450,000.0Binkley & Barfield, Inc. Design $ 300,000.0TBD Construction Gerry De Camp Design $ 218,842.0Traf-Tex, Inc. Construction $ 1,629,305.1HR Green, Inc. Design $ 558,960.0TBD Construction $ 2,000,000.0Middleton Brown Design $ 815,760.0TBD Construction $ 3,000,000.0HR Green, Inc. Design $ 427,160.0TBD Construction $ 3,000,000.0PW PROJECT STATUSS107 Shaw Street Reconstruction - Carl St to McMasters Ave D058 Fairmont Parkway Drainage Improvements - Burke Rd to Preston Ave M058 Campbell Hall Rebuild W062 M026 Pasadena Blvd - Harris to SH 225 Bay Area Blvd - Water System Pressure Improvements S077 Bay Area Industrial Park Wastewater Lift Station and Forcemain Improvements Convention Center Infrastructure Drainage Analysis WW063 W080 Pasadena Industrial District 18" Waterline Loop R094 Pasadena Memorial Plaza T018 Traffic Mobility Improvements Phase II S165 SH 225 Underpass Lighting
n Billed to Date % Billed Completion (Forecast) Comments 00 $ 369,850.00 82% 00 $ - 0% TBD 00 $ 134,369.50 46% 00 $ 152,608.49 45% 00 $ 48,009.45 13% 00 $ - 0% 00 $ 230,592.00 80% Project on hold 00 $ - 0% Approximately 50% complete. 00 $ - 0% TBD Utility work with existing contractors. Construction beginning week of 9/25/23. Working on permitting. 00 $ 434,805.00 100% 00 $ 3,750,000.00 100% 00 0% 00 $ 721,063.56 66% 00 $ 68,981.12 99% 00 $ 136,758.85 101% 83 $ 2,847,201.14 96% 5/30/2023 00 $ 23,344.07 54% 00 $ 230,000.00 51% 00 $ 87,194.50 29% 00 $ 170,891.01 78% 8 $ 1,220,481.82 75% 00 $ 67,256.75 12% 00 0% 00 $ 222,990.00 27% 00 0% 00 $ 55,552.17 13% 00 0% S REPORT 10/26/2023 Work is complete, final change order under review. Reviewing possible construction phasing. Site purchase negotiation in review. Notice to Proceed was issued for August 25, 2022. Mayor approved overall layout, working on details, approximately 80% complete with design. Currently under design & tracking easements. Initial study complete, should receive Army Corps letter by end of year. Reviewing 90% design. Authorized to proceed to final design. Contractor to install time switches & Miovision cameras & accessories.