Min - Economic Development Corporation - 2017 - 06/21 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, JUNE 21,2017
Board
Michael Schaeffer
Jeff Burkhardt
Joey Herald - absent
Chris Schulmeister - absent
Tim Litinas
Peter Vargas
- 1 Nom
Staff
Guests
Daniel Bowman
Lyle Patman
David Ellis
Kane Dossett
Tracey Cline
Sa Simula
Melissa Dixon
on Powell
Eileen Gonzales
Mary Valker
to it
Payton
of the Allen Economic Development Corporation (AEDC) Board of Directors was called to order by
President Schaeffer at 6:01 p.m. on Wednesday, June 21, 2017, at the AEDC Office.
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*n a motion by Tim Litinas, seconded by Jeff Burkhart, the Board unanimously approved the Minutea
*f the May 16, 2017, Regular AEDC Board Meeting. M
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Melissa Dixon presented a proposed amendment to the incentive agreement with Nine Band Brewing
that would reduce the required annual minimum taxable value.
U111CIMIlIg Lilt; agrceffiem WTff7:&Xk-,-rCk7T0—f3`wer me requirea minimum taxlRble RaluMeto R'15
million, as presented.
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The Board convened into closed session at 6:07 p.m.
a. Consider Incentives and the Sale of Land for the Recruitment of Project Jurassic
1. Consider Incentives for the Retention an1 Expansion of a Local Business
AFDC' Afeeling Minutes
Ane 21, 2017 - Page 2
The Board convened into a recess at 7:18 p.m. and reconvened into open session at 7:23 p.m.
On a motion by Tim Litinas, seconded by Jeff Burkhart, the Board authorized the Executive Director
to negotiate and execute an incentive agreement on behalf of AEDC with NTX Epi to provide an
incentive of S250,000 to support the retention and exnansion of a wafewtlaxttt 301 Ridgewwwt 7FW'
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Bethany building. Daniel Bowman presented the budget for the new AEDC office that included
estimated construction and furniture expenses.
The Board discussed the AEDC Budget for FY 2018 and the Revised Budget for FY 2017.
On a motion by Jeff Burkhart, seconded by Tim Litinas, the Board approved the FY 2017 Revised
AEDC Budget and FY 2018 AEDC Budget as presented with an amendment to adjust the lease/rentals
budget line item to S 125,000 and the to set the budget for build -out, furniture, and fixtures in the new
AEDC office at $325,000.
7. Convene into Closed Executive Session: Pursuant to Texas Government -Code, Section 551.087,
Deliberation of Economic Develoiomcnt Ne-potiations, To Deliberate Commercial and Financial
Information and Economic Incentives for the Following and Pursuant to Texas Govemment Code,
Section 551.072, Deliberation Regarding Real Property:
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On a motion by Tim Litinas, seconded by Jeff Burkhart, the Board unanimously approved the AEDC
Financial Reports as presented.
Daniel Bowman updatedthe Board on the status of current and upcoming projects-
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The Board discussed oAllen City Council.
Personnel Matters: Discussion
r)lovment of the Executive :
The Board
I, �
...........................Michael Schaeffer,
caef er, President eff Burkhardt, � Secretary /'Treasurer