Min - Economic Development Corporation - 2017 - 02/15 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, FEBRUARY 15, 2017
Board
Staff Guests
Michael Schaeffer
Daniel Bowman Jerry Jackson
Chris Schulmeister
David Ellis
Jeff Burkhardt
Tracey Cline
Joey Herald
Eileen Gonzales
Tim Litinas
Melissa Dixon
Peter Vargas
Pete Smith
Call to Order and Announce a Quorum Present
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, February 15, 2017, at the AEDC Office.
1. Approval of the Minutes of the Regular AEDC Board Meeting on January 18.2017
On a motion by Joey Herald, seconded by Chris Schulmeister, the Board unanimously approved the
Minutes of the January 18, 2017 Regular AEDC Board Meeting.
2. 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 Propert :
The Board convened into closed session at 6:01 p.m.
a. Consider Assistance for the Hotel and Convention Center in Watters Creek Office
Park
b. Consider Incentives for the Recruitment of Project Kathryn
c. Consider Memorandum of Understanding for Terms of Land Sale and Incentives to
Support a Mixed Use Development at Stacy Road and SH 121
The Closed Executive Session was recessed at 7:33 p.m. and reconvened at 7:10 p.m.
d. Consider Purchase of Land on Greenville Avenue
Reconvene into Open Session
The Board reconvened into regular session at 8:12 p.m.
AFDC Meeting Minutes
February 15, 2017 - Page 2
3. Actions Resulting from Executive Session
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On a motion by Joey Herald, seconded by Tim Litinas, the Board unanimously authorized the AEDC.
Executive Director to negotiate and execute, on behalf of the AEDC, the necessary documents to
guarantee or co-sign a loan in the amount of $5,000,000 with International Bank of Commerce related
to the financing for the design and construction of the Hotel and Convention Center in Watters Creek
Office Park by TCH Altera AHCC, LP.
4. Approval of AEDC Financial Reports
Jeff Burkhardt updated the Board on the financial reports for the month of January 2017.
On a motion by Joey Herald, seconded by Tim Litinas, the Board unanimously approved the AEDC
financial reports as presented.
5. Report on AEDC Pro'ects and Marketing Activities
Daniel Bowman updated the Board on the status of current and upcoming projects.
6. Determine Next Meeting Date - March 15 2017
The next AEDC Board meeting was scheduled for Wednesday, March 15, 2017, at 6:00 p.m.
7. Discussion of Board Retreat Date and Future Agenda Items
Daniel Bowman updated the Board on the upcoming board retreat that is planned to be moderated by
Rich Allen on a date still yet to be determined.
8. Adjournment
On a motion by Chris Schulmeister, seconded by Joey Herald, the meeting was adjourned at 8:26 p.m.
These Minutes approved this 15' day of March, 2017.
Michael Schaeffer, President
Jeff Burkhardt Secretary / Treasurer