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2016 11 03 MDD Minutes MINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT November 03, 2016 The Board of Directors of the Baytown Municipal Development District (MDD)met in a Regular Meeting on Thursday, November 03, 2016, at 4:36 P.M., in the Council Chamber of the Baytown City Hall, 2401 Market Street, Baytown,Texas with the following in attendance: Stephen DonCarlos President Reggie Brewer Secretary Mary Hernandez Director Robert Hoskins Director Dave Jirrels Director David McCartney Director Terry Sain Director Rick Davis General Manager Karen Horner General Counsel Leticia Brysch Assistant Secretary President DonCarlos convened the November 03, 2016, Municipal Development District(MDD) Board Regular Meeting with a quorum present at 4:36 P.M., all members were present with the exception of Directors Capetillo, Englert, Presley, and Renteria who were all absent. 1. MINUTES a. Consider approving the minutes of the Municipal Development District Board Special Meeting held on October 11,2016. A motion was made by Director Terry Sain and seconded by Director David McCartney approving the October 11, 2016, MDD Board Special Meeting minutes. The vote was as follows: Ayes: Secretary Reggie Brewer, President Stephen H. DonCarlos, Director Mary Hernandez, Director Robert C. Hoskins, Director David P. Jirrels, Director David McCartney, Director Terry Sain Nays: None Other: Director Brandon Capetillo (Absent), Director Gary Englert(Absent), Vice-President Chris Presley(Absent), Director Mercedes Renteria III (Absent) Approved MDD Board Regular Meeting Minutes November 03,2016 Page 2 of 3 2. PROPOSED RESOLUTIONS a. Consider a resolution approving the Baytown Municipal Development District's Investment Policy and Strategy Statement in accordance with the Public Fund's Investment Act. Finance Director, Wade Nickerson presented the agenda item and stated that the changes to this Investment Policy include the amendment of adding two new brokers as authorized broker/dealers for investment purposes. A motion was made by Director David McCartney and seconded by Director Robert C. Hoskins approving Resolution No. 302. The vote was as follows: Ayes: Secretary Reggie Brewer, President Stephen H. DonCarlos, Director Mary Hernandez, Director Robert C. Hoskins, Director David P. Jirrels, Director David McCartney, Director Terry Sain Nays: None Other: Director Brandon Capetillo (Absent), Director Gary Englert(Absent), Vice-President Chris Presley(Absent), Director Mercedes Renteria III (Absent) Approved RESOLUTION NO. 302 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT ADOPTING THE BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT'S INVESTMENT POLICY IN ACCORDANCE WITH THE PUBLIC FUNDS INVESTMENT ACT; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF. 3. REPORTS a. Receive the Baytown Municipal Development District's Revenues and Expenditures Report for the Quarter Ending September 30, 2016. b. Receive the Baytown Municipal Development District's Quarterly Investment Report for the Quarter Ending September 30,2016. Mr. Nickerson recommended that agenda items 3.a. and 3.b. be presented together and that the numbers reported were preliminary. He stated that the revenues came in at 2.44% over budget. He stated that the sales tax which is the major revenue source for this fund also came in over budget at 2.6%, which was 4% over compared to the prior year. Mr. Nickerson stated that although the percentages for the last two months of the year were up one month and down the MDD Board Regular Meeting Minutes November 03,2016 Page 3 of 3 next month, staff was confident that it would continue in a slight upward trend. He further noted that this fund is primarily for projects, whereas, if the project is not completed the funds are carried over. Mr. Nickerson stated that year-to-date of the administrative costs was at 43% and is made up of two items: the administrative fee of$300,000 and the contingencies of$393,000. He noted that the administrative fee was used, but that the contingencies were not. Additionally, he stated that the available balance for MDD was$2.3 million. With regards to the investment report, Mr. Nickerson stated that at the end of the year there was $3.3 million in the portfolio and an interest rate of.5205%having an interest earning of$3,625. 4. MANAGER'S REPORT a. Reminder that the next Baytown Municipal Development District meeting is scheduled for Thursday, January 05,2017, at 4:30 P.M., in the City Council Chamber, 2401 Market Street, Baytown,Texas,77520. General Manager Davis stated that for the 1,004 sq. ft. HEB store is scheduled to open in the fall of the year 2017 and that the groundbreaking was successful. Additionally,he stated that the next Baytown Municipal Development District meeting is scheduled for Thursday,January 05, 2017. 5. ADJOURN With there being no further business to discuss, President DonCarlos adjourned the November 03, 2016, Municipal Development District(MDD) Board Regular Meeting at 4:43 P.M. c>/:001.1.1.1Yroi,,./ • ,2\j, l‘*-Aci% Ark Leticia B sch Assist., �' ?�� ry 7t Secretary .,. City of Baytown