* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.
          [00:00:01]
          SO I'LL CALL THIS MEETING IN THE BAYTOWN 
          [ BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT 			 NOTICE OF MEETING 		 		 		 		 		 		 		 		 			 			 			  			BAYTOWN MUNICIPAL DEVELOPMENT DISTRICT REGULAR MEETING  			THURSDAY, MARCH 28, 2024 			4:30 P.M. 			COUNCIL CHAMBER, CITY HALL 			2401 MARKET STREET, BAYTOWN, TEXAS 77520 			   			AGENDA 			   			CALL TO ORDER AND ANNOUNCEMENT OF QUORUM 			 		 	    ]
MUNICIPAL DEVELOPMENT DISTRICT TO ORDER. 
          THIS IS A REGULAR MEETING. 
          IT'S THURSDAY, MARCH 28TH. 
          IT IS 4:34 PM WE DO HAVE A QUORUM. 
          UH, WE WILL FIRST HAVE OUR FIRST ITEM, WHICH IS ITEM ONE, CITIZEN COMMENTS, THE CITY CLERK. 
          IS THERE ANYONE WHO IS DES WHO HAS SIGNED UP OR DESIRE TO SPEAK? ALL RIGHT, MA'AM. 
          WE MOVE ON NEXT TO 
          [2. MINUTES]
OUR MINUTES, WHICH, UM, WE HAVE ITEMS TWO, A, B, C, D, E, AND F, WHICH IS MINUTES FROM THE AUGUST 3RD, SEPTEMBER 7TH FOR SEPTEMBER 14TH. 
          SPECIAL MEETING ON, ON OCTOBER 26TH, UM, MINUTES FOR NOVEMBER 2ND, AND ALSO, UH, MINUTES FROM FEBRUARY 8TH. 
          SO A LOT OF CATCH UP. 
          UH, BUT I WILL ENTERTAIN A MOTION FOR APPROVAL OF THE MINUTES OF ITEMS TWO A THROUGH F, UH, FOR THE MINUTES TO APPROVE ITEMS TWO A THROUGH F. 
          SECOND, A MOTION TO SECOND. 
          ANY QUESTIONS, COMMENTS, OR ABSTENTIONS, IF NOT ALL THOSE IN FAVOR OF THE MINUTES AS WRITTEN. 
          UH, FOR ITEMS TWO A THROUGH F, PLEASE SAY AYE. 
          AYE. 
          ALL THOSE OPPOSED ITEMS CARRIED MINUTES ARE APPROVED AS WRITTEN. 
          NEXT, WE'LL 
          [a.  Consider a resolution authorizing the Municipal Advisory Agreement with Hilltop Securities, Inc.]
GO TO A PROPOSED RESOLUTION. 
          CONSIDER A RESOLUTION AUTHORIZING THE MUNICIPAL ADVISORY AGREEMENT WITH HILLTOP SECURITIES, MS. MCKENZIE, UH, GOOD EVENING BOARD. 
          UM, THIS AGREEMENT IS JUST A, UM, BASICALLY LIKE A CATCHALL JUST IN CASE WE NEED HILLTOP TO PROVIDE ANY ADVICE TO US REGARDING OUR MDD DEBT ISSUANCES OR RATING CALLS OR ANYTHING OF THAT NATURE. 
          AND SO IT'S NOT REALLY LOCKING US INTO, UM, A PARTICULAR AMOUNT OR ANYTHING. 
          WE JUST WANNA BE ABLE TO ASK THEM QUESTIONS AND WE'RE NOT ALLOWED TO IF WE DON'T HAVE AN AGREEMENT WITH THEM. 
          OKAY. 
          DO WE HAVE ANY QUESTIONS FOR MS. MCKENZIE? IF NOT, I WOULD ENTERTAIN A MOTION FOR ITEM THREE A AS WRITTEN. 
          UM, I WOULD ENTERTAIN A MOTION TO THAT MOTION, MOVE TO APPROVE THREE, A SECOND MOTION, SECOND QUESTIONS OR PRETENTIONS COMMENTS, IF NOT ALL THOSE IN FAVOR. 
          THREE A IS WRITTEN, PLEASE SAY AYE. 
          AYE. 
          MS. OPPOSED? NEXT WE HAVE REPORTS IS 
          [a.  Receive the Baytown Municipal Development District’s Quarterly Financial and Investment Reports for the Quarter Ending September 30, 2023.]
RECEIVE THE, UH, BAYTOWN MDD DISTRICT, UH, QUARTERLY FINANCIAL INVESTMENT REPORT, UH, FOR QUARTER ENDING SEPTEMBER 30TH, 2023. 
          MS. MCKENZIE. 
          OKAY, THIS IS THE FOURTH QUARTER UNAUDITED FINANCIAL REPORT. 
          UM, THE AUDITOR SHOULD BE, UH, DONE WITH OUR AUDIT IN APRIL. 
          UM, SO AT THE END OF OUR FUND BALANCE AT THE END OF SEPTEMBER IS 370,000. 
          WE HAD $8.7 MILLION IN REVENUE THAT WE RECEIVED, WHICH WAS 4% OVER, UM, UH, A HUNDRED PERCENT. 
          SO WE EXCEEDED OUR, UH, BUDGETED AMOUNT. 
          WE HAD $10.3 MILLION IN EXPENDITURES, WHICH WAS ABOUT 99% OF OUR BUDGET, LEAVING US WITH THAT $370,000, UM, FUND BALANCE. 
          OUR EARNINGS FOR THE YEAR AND OUR INVESTMENTS WAS 151,000 WITH A BOOK BALANCE OF 1.6 MILLION. 
          UM, AND I'M HAPPY TO ANSWER ANY QUESTIONS. 
          OKAY. 
          ANY QUESTIONS FOR MS. KINZIE REGARDING THE SALES REPORT? IF NOT, WE WILL CONSIDER THIS REPORT RECEIVED. 
          WE'LL MOVE ON TO ITEM, 
          [b.  Receive the Baytown Municipal Development District’s Quarterly Financial and Investment Reports for the Quarter Ending December 31, 2023.]
UH, FOUR B IS TO RECEIVE THE MBDS DISTRICT COURT FINANCE REPORTS FOR INVESTMENTS, UH, QUARTER ENDING SEPTEMBER 31ST, 2023, MS. MCKENZIE. 
          OKAY, SO THIS IS OUR FIRST QUARTER FINANCIAL REPORT FOR DECEMBER 31ST, 2023. 
          UM, AS YOU CAN SEE, WE'VE BROUGHT IN $779,000 IN, UM, REVENUE, WHICH IS ABOUT 9%. 
          UM, SO THAT IS SLIGHTLY BELOW WHERE WE WOULD NORMALLY BE IF YOU WOULD LOOK AT YOUR SALES TAX AT THE BOTTOM. 
          I JUST KIND OF WANNA POINT OUT THAT THIS YEAR WE ARE GONNA MAKE SURE WE RECORD THIS, UM, APPROPRIATELY. 
          THE FIRST TWO MONTHS, OCTOBER AND NOVEMBER ARE ACTUALLY FOR THE PRIOR MONTHS OF THE YEAR, AND WE HAVE TO RECORD THOSE IN FY 23. 
          UM, AND SO THE ACTUAL, UM, AMOUNT THAT WE RECEIVED, WHICH WAS IN DECEMBER, WAS ACTUALLY FOR OCTOBER, WHICH IS THE $664,000. 
          UM, OUR EXPENDITURES IS $1.3 MILLION, LEAVING US WITH A FUND BALANCE OF 240. 
          THE DIFFERENCE BETWEEN THE PRIOR YEAR ENDING BALANCE AND THE CURRENT YEAR IS THE, UM, ENCUMBRANCES THAT WE HAVE OUT THERE. 
          OUTSTANDING. 
          THAT'S INCLUDED IN THE EXPENDITURE TOTAL. 
          UM, OUR INVESTMENT BOOK VALUE IS $2.8 MILLION, AND OUR EARNINGS IN OUR, ON OUR INVESTMENTS WAS 114,000. 
          AND I'M HAPPY TO ANSWER ANY QUESTIONS. 
          OKAY. 
          DO WE HAVE ANY QUESTIONS FOR MS. MCKENZIE REGARDING THE, I GUESS THE FIRST QUARTER REPORT? YES. 
          I'M ASSUMING, UM, NO. 
          AND BASICALLY TO SUMMARIZE WHAT SHE SAID, BASICALLY THE SALES TAX INCOME THAT WE ACTUALLY RECEIVE IS BASICALLY ON A 90 DAY TYPE LAG. 
          YES, IT'S A TWO MONTH, THAT'S WHY. 
          YES. 
          LIKE WHEN YOU SAY AT CHRISTMAS TIME, THERE'S OBVIOUSLY AN INCREASE IN SALES TAX, BUT WE WON'T RECEIVE THOSE FUNDS BACK FROM THE CITY BASICALLY 90 DAYS LATER. 
          RIGHT. 
          SO, THANK YOU MS. MCKENZIE. 
          WE WILL CONSIDER THE REPORT RECEIVED. 
          SO NEXT WE WILL GO TO ITEM FIVE 
          [a.  The next Baytown Municipal Development District meeting will be scheduled when needed, in the Council Chamber located at City Hall, 2401 Market Street, Baytown, Texas, 77520. ]
A. 
          THE NEXT, UH, BAYTOWN MD'S DISTRICT MEETING WILL BE HELD, WILL BE SCHEDULED, UM, WHEN NEEDED IN THE COUNCIL CHAMBER LOCATED AT CITY HALL, OBVIOUSLY 24 0 1 MARKET STREET, BAYTOWN, 
          [00:05:01]
TEXAS. 
          WE WILL NOW, THANK YOU. 
          HOLD ON, HOLD ON. 
          WE WILL, HOLD ON. 
          WE HAVE AN EXECUTIVE SESSION. 
          SO SCRIPT, SCRIPT, SCRIPT, SCRIPT, SCRIPT, SCRIPT. 
          OKAY. 
          SO THE PURPOSE OF, OH, EXCUSE ME. 
          NOT THAT ONE. 
          THIS 
          [a.  Recess into and conduct an executive session pursuant to Texas Government Code Sections 551.071 and 551.087 to seek the advice of the City's attorneys regarding economic development negotiations.]
WE'LL NOW RECESS AND CONVENE IN EXECUTIVE SESSION PURSUANT TO TECHNICAL GOVERNMENT CODE SECTIONS 5 5 1 0.071 AND OH EIGHT SEVEN TO SEEK THE ADVICE OF CITY ATTORNEYS AND OR DISCUSS ECONOMIC DEVELOPMENT NEGOTIATIONS. 
          AND IT IS FOUR 40. 
          SO WE NOW RECESS AN EXECUTIVE SESSION. 
          SO I'LL NOW RECONVENE OUR OPEN MEETING DEBATE ON MBD AND ANNOUNCE THAT IN A, IN ACCORDANCE WITH SECTION 5 5, 1 0.102 OF THE TEXAS GOVERNMENT CODE, NO ACTION WAS TAKEN IN EXECUTIVE SESSION. 
          UM, I DO APOLOGIZE, MR. MR. MANAGER, DO YOU HAVE ANYTHING OTHER THAN OUR NEXT MEETING IS, IS GONNA BE BASICALLY SCHEDULED AS NEEDED? NO, SIR. 
          OKAY. 
          I DO APOLOGIZE. 
          OTHER THAN THAT, UM, 
          [a.  Consider a resolution approving the operating and asset management budget amendment for the Hotel and Convention Center.]
THERE IS ITEM SEVEN A. 
          UM, SO I WOULD ENTERTAIN A MOTION. 
          IT'S THAT THE ITEM ITSELF IS SET RESOLUTION, APPROVE OF THE OPERATING AND ASSET MANAGEMENT BUDGET, A AMEN AMENDMENT FOR THE HOTEL AND CONVENTION CENTER. 
          AND I, I KNOW IT SAYS MS. MCKENZIE, BUT I THINK WE CAN HANDLE THIS OURSELF. 
          WE'LL ENTERTAIN A MOTION FOR ITEM SEVEN, A MOTION TO APPROVE ITEM SEVEN A SECOND. 
          A MOTION TO SECOND. 
          UH, QUESTIONS, COMMENTS OR ABSTENTIONS? UH, MAYOR, COUNCIL, UH, OR EXCUSE ME, MDD BOARD. 
          UH, THIS IS JUST A QUICK SUMMARY OF THIS, IS THAT WE ARE CLOSING OUT THE CONSTRUCTION PORTION OF THE, UH, HYATT, UH, PROJECT BUDGET AT THIS POINT. 
          UH, THE MONEY THAT, UH, IS THERE WILL BE TRANSFERRED OVER TO THE HYATT ADOPTED BUDGET ALONG WITH ITS CAPITAL EXPENDITURES. 
          UM, AND THAT WILL ALL BE CAPTURED, UH, IN AN AMENDED IN AN AMENDED BUDGET DOCUMENT AND PRESENTED BACK TO THE HYATT. 
          OKAY. 
          ANY QUICK QUESTIONS OR COMMENTS? YES, MA'AM. 
          AND JUST TO ONCE AGAIN, CLARIFY ON THIS PARTICULAR ITEM SEVEN A, WE ARE NOT PAYING ANY ADDITIONAL FUNDS. 
          WE'RE JUST SHIFTING THE MONIES, RIGHT? THAT'S CORRECT. 
          OKAY. 
          ALRIGHT. 
          ALL THOSE IN FAVOR. 
          ITEM SEVEN A IS PRESENTED. 
          PLEASE SAY AYE. 
          AYE. 
          AYE. 
          THOSE POSTS, ITEM CARRIES. 
          BEING AT THAT BAYTOWN PRINCIPAL DEVELOPMENT DISTRICT, UM, HAS ADDRESSED ALL POSTED AGENDA ITEMS. THIS MEETING'S NOW ADJOURNED. 
          WE WILL, WE WILL RECESS AND WE WILL RECONVENE AT FIVE 30 FOR OUR BAYTOWN CITY COUNCIL WORK SESSION.
* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.