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FOUR.[1. CALL TO ORDER]
MISSOURI CITY DEVELOPMENT AUTHORITY MEETING TO ORDER AT 5:31 PM UH, CITY SECRETARY, ARE THERE ANY PUBLIC COMMENTS? NO, MA'AM.[(a) Consideration and Possible Action - Authorizing a payment in the amoun...]
AGENDA ITEM THREE, DISCUSSION AND POSSIBLE ACTIONS.ITEM THREE, A CONSIDER IMPOSSIBLE ACTION AUTHORIZING A PAYMENT IN THE AMOUNT OF $718,455 AND 21 CENTS TO ALLEGIS BANK FOR THE TURS ONE AGREEMENT FOR FACADE IMPROVEMENTS ENTERED INTO BY SOUTHBOUND VENTURES, LLC HERMAN RODRIGUEZ, OUR DIRECTOR OF ECONOMIC DEVELOPMENT.
UM, UM, WE'RE HERE TO DISCUSS OR TO, UM, LOOK SEEK APPROVAL FOR PAYMENT FOR SOUTHBOUND VENTURES, UH, ALSO KNOWN AS THE OLD MOVIE THEATER IN ROGER SAUCE COMPANY, UH, FOR 7 18 4 55 21.
UM, THE, I THINK THE, PROBABLY THE BIGGEST THING THAT WE WANNA EXPLAIN IS THEY HAD THE AGREEMENT FOR SEVEN 50 AND WHEN WE RECONCILED AND AUDITED THE, THE EXPENSES, WE ARRIVED AT 7 18, 4 55 21.
SPOKE TO THE DEVELOPER, ASKED THEM IF THEY WANTED ADDITIONAL TIME TO SUBMIT ADDITIONAL RECEIPTS.
THEY FELT COMFORTABLE AT THAT DOLLAR FIGURE AND WENT AHEAD AND ASKED US TO MOVE FORWARD WITH THE, UH, AUTHORIZATION FOR PAYMENT.
ARE THERE ANY ADDITIONAL QUESTIONS? RECOGNIZING COUNCIL MEMBER BONY.
UH, QUESTION AROUND COUPLE QUESTIONS.
I'M, I'M ASSUMING, UH, LEGAL, UH, HAS LOOKED AT ALL OF THE VERIFIABLE RECEIPTS AND, UH, HAS, UH, AUTHORIZED THIS TO BE, THIS PAYMENT TO BE MADE BASED OFF OF EVERYTHING THAT'S BEEN SUBMITTED.
UM, I HAVE CERTAINLY REVIEWED THE ITEMS THAT WERE PROVIDED TO ME AND PROVIDED COMMENTS AS WELL TO THE, UH, ECONOMIC DEVELOPMENT GROUP, UH, FOR RECONCILIATION.
SO IT'S MY UNDERSTANDING THAT THOSE ITEMS HAVE BEEN, UH, RECONCILED.
SECOND QUESTION THAT I HAD WAS RELATIVE TO WHY THIS IS BEING PAID TO ALLEGIANCE BANK IS BECAUSE THEY HAD A LIEN ON THIS PROJECT.
THEY HAD A LINE OF CREDIT OUT FOR, FOR IT, AND SO THEY WANT THE PAYMENT TO GO DIRECTLY TO THE LINE OF CREDIT TO CIRCUMVENT THE BALANCE.
I DON'T SEE, YEAH, LEMME ASK ONE QUESTION.
UH, FIRST ONE OF THE THINGS THAT, UH, IF SOMEONE JUST LOOKS AT IT ON THE SURFACE, IT'S CALLED FACADE IMPROVEMENTS, $750,000.
WE KNOW THAT THERE'S MORE UNDERNEATH THAT, THAT'S JUST NOT FOR A, YOU KNOW, FOR, FOR FACADE.
SO, YOU KNOW, UH, PARKING LOT AND SO FORTH.
SO, UH, JUST TO COMMENT, SO I, YOU KNOW, NOT THAT I HAVE ANY PROBLEMS WITH IT, I JUST, UH, WANNA MAKE SURE THE PUBLIC KNOWS THAT, HEY, WE'RE JUST NOT GIVEN SEVEN $50,000 TO DO SOME IMPROVEMENTS ON THEIR FACADE.
IT'S, UH, 2 29, 0 61 FOR INITIAL FACADE, THREE 70 FOR PARKING LOT IMPROVEMENTS, 81,000 FOR SIGNAGE, AND 38,000 FOR SOFT COSTS ASSOCIATED WITH THE FACADE.
AGAIN, I JUST WANTED TO BRING IT OUT TO MAKE SURE PEOPLE UNDERSTOOD WHAT, UH, THAT IT WAS FOR A NUMBER OF DIFFERENT ITEMS WITHIN THAT PROJECT.
UH, COUNCIL MEMBER MARLI, AND I'LL JUST ADD ON TO THAT STATING THAT I KNOW THAT THE OWNER SPENT MORE THAN THAT
SO TO PUBLICLY SAY THANK YOU, UH, TO THE SAW FAMILY AND THEIR INVESTMENT GROUP FOR INVESTING IN A PROPERTY AND, UH, REALLY MAKING TEXAS PARKWAY STAND OUT.
SO THANK YOU FOR YOUR INVESTMENT IN THE CITY.
IS HE HERE TODAY? IS HE HERE TODAY? MM-HMM? NO.
I SEE NO OTHER QUESTIONS IN THE QUEUE.
UH, I SEE A MOTION BY COUNCIL MEMBER MARLES, A SECOND BY COUNCIL MEMBER RILEY.
THE MOTION CARRIES UNANIMOUSLY.
ITEM FOUR, THERE ARE NO CLOSED EXECUTIVE SESSION ITEMS. UM, AND SIX.
WE WILL ADJOURN THE MCDA MEETING AT 5 35.