Min - Economic Development Corporation - 2017 - 05/16 - RegularJeff Burkhardt
Joey Herald
Tim Litinas
Peter Vargas
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BOARD OF DIRECTORS REGULAR MEETING
TUESDAY, MAY 16,2017
Staff
Daniel Bowman
David Ellis
Tracey Cline
Melissa Dixon
Eileen Gonzales
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Guests
Chris LJandrsu
Trey Bowle
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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
6:02 p.m. on Tuesday, May 16, 2017, at the AEDC Office.
Minutes of the April 19, 2017, Regular AEDC Board Meeting.
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3. 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 Government Code
Section 551.072-, Deliberation Regarding Real Provert -
The Board convened into closed session at 6:27 p.m.
a. Consider Incentives for the Recruitment 1f Project Trendy
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On a motion by Chris Schulmeister, seconded by Jeff Burkhardt, the Board, with exception of Tim
Litinas not voting due to conflict of interest, authorized the Executive Director to negotiate and
execute, on behalf of AEDC, an incentive agreement with Watters Creek Owner, LLC, to amend the
existing AEDC agreement with Watters Creek Owner, LLC, to temporarily increase the sales tax grant
percentage to 75%, with the 25% increase to continue until an additional $ 1,000,000 in sales tax grants
is produced by the 25% increment or until the termination of the agreement, whichever comes first.
On a motion by Chris Schulmeister, seconded by Joey Herald, the Board authorized the Executive
Director to negotiate and execute an incentive agreement on behalf of the AEDC, with JaRyCo
Development,to provide an incentive in the amount of $ 100,000, for infrastructure for Tech
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Trey Bowles, Owner and CEO of the DEC, presented before the board how the DEC functions and
whom it accommodates, as well as the economic impact the center has had on local communities.
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meeting of the AEDC and Allen City Council.
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On a motion by Joey Herald, seconded by Tim Litinas, the meeting was adjourned at 9:00 p.m.,
Ivelichael Schaeffer,.....President