Min - Economic Development Corporation - 2016 - 12/12 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION {AEDC}
BOARD OF DIRECTORS REGULAR MEETING
MONDAY, DECEMBER 12, 2016
Board
Michael Schaeffer
Chris Schulmeister
Jeff Burkhardt
Joey Herald
Tim Litinas
Peter Vargas
Staff
Daniel Bowman
David Ellis
Tracey Cline
Andrew Matheny
Kevin Laughlin
Call to Order and Announce a Ouorum Present
Guests
Eric Cannon
Dave Gordon
Kristen Savant
Greg Hunter
Trey Wallington
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 Monday, December 12, 2016, at the AEDC Office.
1. Approval of the Minutes of the RegglarAEDC Board Meeting on November 2, 2016
On a motion by Joey Herald, seconded by Tim Litinas, the Board unanimously approved the Minutes
of the November 2, 2016, Regular AEDC Board Meeting.
2. Discuss Format of the AEDC Financial Reports and Approval of Current AEDC Financial
Reports. -
Eric Cannon presented his recommended changes and new format for the AEDC financial statements.
The AEDC Board would receive a full set of reports on a quarterly basis. On a motion by Joey
Herald, seconded by Jeff Burkhardt, the Board unanimously approved the adoption of the revised
format of AEDC financial reports as presented.
3. Discuss Chantzing the Re lar AEDC Board Meeting Date.
To improve accuracy and efficiency of the financial reporting, staff recommended moving the date of
the Regular AEDC Board Meeting form the first Wednesday of each month to the third Wednesday of
each month. On a motion by Chris Schulmeister, seconded by Tim Litinas, the Board unanimously
approved scheduling the Regular AEDC Board meeting for the third Wednesday of each month.
AEDC Meeting Minutes
December 12, 2016 - Page 2
4. Consider all matters incident and related to the issuance and sale of "Allen Economic Development
Corporation Sales Tax Revenue Refunding Bonds, Series 2017A". including the adoption of a
resolution authorizing the issuance of such bonds establishing parameters for the sale and issuance
of such bonds and delg&atin-g certain matters to authorized officers of the Co oration.
Eric Cannon and Dave Gordon presented an update on the proposed bond refinancing and discussed
the recent rise in interest rates and potential impact upon the savings that would be generated from the
bonds. On a motion by Tim Litinas, seconded by Joey Herald, the Board unanimously approved
adopting the resolution authorizing the issuance of the AEDC Sales Tax Revenue Refunding Bonds,
Series 2017A, set parameters, and authorized the Executive Director and other authorized officers to
proceed with the sale and the issuance of the bonds.
5. Consider all matters incident and related to the issuance and sale of "Allen Economic Development
Corporation Sales Tax Revenue Bonds, Taxable Series 2017B", including the adoption of a
resolution authorizing the issuance of such bonds. establishing parameters for the sale and issuance
of such bonds and delegating certain matters to authorized officers of the Corporation;
On a motion by Joey Herald, seconded by Tim Latinas, the Board unanimously approved the
resolution to issue the AEDC Sales Tax Revenue Bonds, Taxable Series 2017B, set parameters and
authorizing the Executive Director and other authorized officers to proceed with the sale and the
issuance of the bonds.
6. Consider all matters incident and related to the redemption and defeasance of certain outstanding
bonds of the Corporation, including the adoption of a resolution pertaining thereto.
On a motion by Jeff Burkhardt, seconded by Joey Herald, the Board unanimously approved the
resolution authorizing the defeasance of the outstanding "Allen Economic Development Corporation
Sales Tax Revenue Bonds, Taxable Series 2010B", establishing parameters for the sale and issuance
of the delegating certain matters to authorized officers of the Corporation.
7. Presentation and Discussion of the Results of the AEDC Creative Campaign with Firehouse
Advertising
Greg Hunter and Trey Wallington of Firehouse Advertising presented two options for branding and
logos for the AEDC. The Board discussed the options and generally agreed that Logo Option 1 and
Brand Campaign Option 1 were preferable.
8. A roval of the Amendments to Economic Develo rnent AgEeements with the following entities:
• GreenTech One LP
• Enforcement Video, LLC
• US Medical IT, LLC.
• Allentown Five, Inc. and Ari -Tex Management, Inc.
• Formulife, Inc.
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Daniel Bowman presented an overview of the amendments to the various agreements. On a motion by
Joey Herald, seconded by Tim Litinas, the Board unanimously approved amendments to the Economic
Development Agreements with GreenTech One LP, Enforcement Video, LLC, US Medical
Allentown Five, Inc. and Ari -Tex Management, Inc., and Formulife, Inc.
9. Report on AEDC Office, Industrial, Data Center, Retail, and Business Retention Pro iects; a d
Update on the Status of Marketing Activities
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*n a motion by Joey Herald, seconded by Tim Litinas the meeting was adjourned at 8:35 p.m.
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