January 15, 2003

Galveston Island Redevelopment Authority

The newly created Galveston Island Redevelopment Authority held its first meeting at Galveston City Hall on Wednesday.

City Manager Steve LeBlanc was elected chair; Assistant City Manager Brandon Wade was elected vice chair.

Attorney Trey Lary from Vinson & Elkins explained that the authority, a non-profit corporation, was created to help administer and manage three tax increment reinvestment zones in Galveston, "to be the banker, to issue any debt that ought to be issued."

The board approved a tri-party agreement between the City of Galveston, Tax Increment Reinvestment Zone 11 and the authority.

The board approved an agreement between TIRZ 11, the City of Galveston, the authority and East Beach Phase I Ltd.

The board voted to retain Vinson & Elkins as attorneys for the authority.

The board deferred action on the proposed application for a 501(c)(3) tax exemption until a later time.

All votes were unanimous.

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