Transportation and Economic Development Corporation - Regular Meeting

Good evening. I'll call the April 23 meeting, the Transportation Economic Development Corporation meeting to order. Anne, will you call the roll, please?

President Flores? Here. Vice President Thorell?

Here.

Secretary Villarreal?

Here.

Board Member Bassey? Board Member Mossman? Here. Board Member Lit Yevong? Here. Board Member Sherwood? Here.

Thank you. Alright. Item c, citizen communication. Anybody here needing to speak to the commission? Seeing none, we'll move on to item d. Item d one, approval of minutes. Consider approval of the minutes from the 01/22/2026 Transportation Economic Development Corporation meeting. Is there any questions from anybody? If not, I'll entertain the motion to approve the minutes. So moved. Second. I have a motion by vice president Thero, second by secretary Villarreal. All in favor, signify by raising your hand. That passes unanimously. Thank you.

That'll take us to presentations E1, consider presentation on the FY twenty twenty six second quarter financial report. Kevin.

Good evening, President and Board members. Here with a quarterly financial report for the 2026 with actuals through 03/31/2026. I believe I have a PowerPoint. Should have checked before there were any That's okay. Type B sales tax. So sales tax is a major revenue source to the type B corporation. Through April, sales tax is trending up above where we were last fiscal year. We're trending 2.45% above where we were. So again, trending strong through fiscal year. We're slightly below budget projections year to date.

However, nothing to be concerned about. We don't anticipate any fiscal pressures given this trend so far. So that is sales tax. On the expense side, two buckets of our expenditures. Transportation expenditures are 47,130,000 through the second quarter.

So that's, again, trending right where we want it to be for halfway through the fiscal year. Those include spending on our TCIP, transportation community improvement program projects, traffic signals, technical and administrative support services, and debt services on the CEOs issued in prior years to fund transportation projects. Major projects funded this fiscal year to date include County Road 112 widening, Harrow Parkway reconstruction, Redbud North, Wyoming Springs extension, and Old Settlers Boulevard extension. So again, on the transportation expenditures through the second quarter, they're trending right on track. We're going to be $47,100,000 On economic development side, we have expenses through the March of $15,500,000 again, trending about where want it to be.

Actually, a little higher than projections. We've already gone over our estimate for this year's expenses, and that's because our economic incentive payments to the district for the reimbursement for public infrastructure are coming in faster than we anticipated. They're really getting that public infrastructure in the ground quick, which is good. The economic impact that we are incentivizing through these economic incentive payments won't be delayed due to public infrastructure because, again, coming in quick economic development expenses of $15,500,000 through the March.

CHRISTOPHER The fund remains in a strong financial Kevin, excuse me. Are we supposed to be on a different slide? Are we on the right slide?

J. Oh, perfect. Excuse me. Glad the PowerPoint got up. Thank you for pointing it out. J.

Just want to make sure.

J. Thank you for bringing that to my attention. Yes. This is a slide. Okay. Again, showing transportation at $47,100,000 through the March. Economic development, dollars 15,500,000. Again, slightly above projections year to date, slightly above the annual estimate for economic development, but again, to the timing of those economic incentive payments you see, are 14,060,000 paid out through the March. The fund remains in strong financial position. Cash flow is not an issue. So, overall, that concludes the financial report. Happy to answer any questions the board may have.

All right. Are there any questions? All right. No questions at the moment. Thank you, sir. All right. That'll take us to resolutions f one, consider resolution authorizing the president to execute an agreement between the city of Round Rock and the Round Rock Transportation Economic Development Corporation to pay debt service on the 2026 combination tax and limited revenue certificates of obligation issued by the city of Round Rock.

This item is consideration agreement between the board and the city for the debt service on the twenty twenty six certificates obligation set to be issued later this evening by the city of Round Rock. Dollars 30,000,000 out of these certificates obligation is for roadway projects. These are projects already in the Transportation Community Investment Program approved by the board. These projects have been approved by the board, and they are in the current fiscal year twenty twenty six budget approved both by the Type B board and the city council. Consistent with our methodology over the past years, staffers recommending issuing these COs under the city with which the AAA bond rating allows us to issue this debt at the most competitive interest rate, the lowest interest rate possible, and then to shift the payment of this debt service to the type B corporation.

Again, these projects are type B eligible, including the type B plans. They're just a funding strategy to achieve the best possible interest rate on these debts. Staff recommends approval. This item, should the board approve it, will be on the city council agenda for their consideration later this evening. Happy to answer any questions you may have.

Any questions? All right. Thank you, sir. Alright. And that'll take us to item g. It's an executive session. I'll read it out. Nope. I did not. Alright. Back to f one. I'll entertain a motion to adopt the resolution f one.

So moved. Second.

I have a motion by board member Mossman, second by board member Sherwood. All in favor, signal by raising your hand. Alright. That passes unanimously. Thank you. Thank you. Alright. Now, I'll take us to item g. Executive session. Consider executive session as authorized by section five five one point zero eight seven government code to deliberate the offer of a financial or other incentive to business prospects considering Round Rock as a location for new or expanded businesses that would bring economic development to the city.

All right. It is 05:47. We are back from executive session for the transportation economic development meeting. So there is no action item at the moment. So we are adjourned at 05:47.