Min - Economic Development Corporation - 2016 - 11/02 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, NOVEMBER 2, 2016
Board
Michael Schaeffer
Chris Schulmeister
Jeff Burkhardt
Joey Herald
Tim Litinas
Peter Vargas
Staff
Daniel Bowman
David Ellis
Tracey Cline
Pete Smith
Call to Order and Announce a Quorum Present
Guests
With a quorum of the Board present with members Michael Schaeffer, Chris Schulmeister, Jeff
Burkhardt, Joey Herald and Tim Litinas in attendance, the Regular Meeting of the Allen Economic
Development Corporation (AEDC) Board of Directors was called to order by President Schaeffer at
6:00 p.m. on Wednesday, November 2, 2016, at the AEDC Office.
1. Approval of the Minutes of the Regular AEDC Board Meeting on October 3— 2016
On a motion by Joey Herald, seconded by Chris Schulmeister, the Board unanimously approved the
Minutes of the October 3, 2016, Regular AEDC Board Meeting.
2. Approval of the Minutes of the Special Called AEDC Board Meeting on October 12, 2016
On a motion by Joey Herald, seconded by Jeff Burkhardt, the Board unanimously approved the
Minutes of the October 12, 2016, Special Called AEDC Board Meeting.
3. Approval of the Economic Development Agreement with Compass Datacenters - DFW 1, LLC
Dan Bowman presented the terms of the Economic Development Agreement with Compass
Datacenters. Tim Litinas asked for further explanation regarding the employment terms.
On a motion by Jeff Burkhardt, seconded by Joey Herald, the Board unanimously approved the
Economic Development Agreement with Compass Datacenters .m. DFW I, LLC as presented.
4. Authorize the AEDC Executive Director to Negotiate and Execute Documents Necessary to
Purchase Approximately 17.086 acres of Land from Comerica Bank Trustee of the Betty C.
Williams Trust
On a motion by Chris Schulmeister, seconded by Joey Herald, the Board unanimously approved
authorizing the Executive Director to negotiate and execute documents necessary to purchase
approximately 17.086 acres of land from Comerica Bank, Trustee of the Betty C. Williams Trust.
*Chris Schulmeister recused himself for the next agenda item due to a conflict of interest.
AFDC Meeting Minutes
November 2, 2016 - Page 2
5. Authorize the AEDC Executive Director to Negotiate and Execute Documents Necessary tato
Purchase the Property at 301 W. Boyd Drive and lease 3.0$0 -Square Feet of Space at 301 W. Boyd
Drive to Allen Community Outreach for a 30 -Month Term
On a motion by Joey Herald, seconded by Tim Litinas, the Board, which included Michael Schaeffer
and Jeff Burkhardt, approved the purchase of 301 W. Boyd Drive and the lease of 3,0$0 -square feet of
space at 301 W. Board Drive to Allen Community Outreach for a 30 -month term.
*Chris Schulmeister rejoined the Board.
6. Convene into Closed Executive Session: Pursuant to Texas Government Code Section 551.087•
Deliberation of Economic Development Negotiations: To Deliberate Commercial and Financial
Information and Economic Incentives for the Following and Pursuant to Texas Local Government
Code Section 551.072 Deliberation Regarding Real Property:
a. Update on One Bethany Project and Discussion of Incentives and Sale of Real
Property in Watters Creek Office Park
b. Discuss Extension of Real Estate Option Agreement with Sentinel Capital, LLC
The Board convened into closed session at 6:11 p.m.
Reconvene into Open Session
The Board reconvened into regular session at 6:53 p.m.
7. Actions Resulting from Executive Session
On a motion by Jeff Burkhardt, seconded by Joey Herald, with Chris Schulmeister and Tim Litinas in
favor of, and Michael Schaeffer in opposition, the Board approved authorizing the Executive Director
to negotiate and execute an amendment to the Purchase and Sale Agreement between AFDC and
Kaizen Development Partners, LLC, and any related documents to extend the date for Kaizen to close
on the Purchase and Sale Agreement and Commencement of Construction to January 31, 2017.
On a motion by Michael Schaeffer, seconded by Chris Schulmeister, with Jeff Burkhardt, Joey Herald,
and Tim Litinas in opposition, the Board voted not to approve authorizing the Executive Director to
negotiate and execute the necessary documents to extend the Real Estate Option Agreement with
Sentinel Capital, LLC, for a period of 6 months with payment of an option fee in the amount of
$12,500.
On a motion by Tim Litinas, seconded by Joey Herald, with Jeff Burkardt in favor of, and Michael
Schaeffer and Chris Schulmeister in opposition, the Board approved authorizing the Executive
Director to negotiate and execute the necessary documents to extend the Real Estate Option
Agreement with Sentinel Capital, LLC, for a period of 12 months with payment of an option fee in the
amount of $25,000.
AFDC Meeting Minutes
November 2, 2016- Page 3
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On a motion by Joey Herald, seconded by Tim Litinas, the Board approved the AEDC Financi
Reports as presented. i
5. ReVort on AEDC Office, Industrial, Data Center, Retail, and Business Retention Projects and
Update on the Status of Marketing Activities
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11. Discussion of Future Agenda Items
12. Adjournment
*n a motion by Joey Herald, seconded by Tim Litinas the meeting was adjourned at 7:15 p.m.
Michael Schaeffer, President