Pearland City Council on Monday voted 3-1, with Felicia Kyle opposed, to approve the issuance $7.685 million in Economic Development Corporation Sales Tax Revenue Bonds.
According to City Manager Bill Eisen, the bonds are for the construction of the Cardiovascular Systems, Inc. Facility. The Pearland Economic Development Corporation approved the bond issue on April 26, but required city council approval for issuance.
"The total amount of the bond sale was anticipated to be $8,350,000, however there were substantial savings on the construction contract in the amount of $748,215, which included a $102,796 change order deduction," Eisen said.
The bond will have a life of 20 years, and includes a 5.12 percent interest rate. Cardiovascular Systems, Inc. is a medical device manufacturing company. The company will lease the facility built through the bond funds by the EDC.
The city council tabled action on the approval of a $1.195 million bond order of Brazoria County Municipal Utility District No. 6. Municipal Utility Districts are obligated to obtain city consent before issuing new debt.
"MUD 6 has petitioned the city for consent to issue $1,195,000.00 in Tax Revenue Bonds to reimburse developer’s for the construction of certain infrastructure improvements," City Attorney Darrin Coker said. "The Bond Application has already been approved by the TCEQ."
The city council discussed, but took no action regarding the creation of city council committees.
The city council discussed, but took no action regarding pending litigation associated with Othon. The item was discussed during an executive session.
The city council discussed, but took no action regarding the sale, lease, purchase or exchange of real property. The item was discussed during an executive session.
The city council took no action regarding appointments to various boards and commissions. The item was discussed during an executive session.
All other items were approved by unanimous vote. Council Member Steve Saboe was absent. Agenda