Min - Economic Development Corporation - 2019 - 05/15 - Regular ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, MAY 15,2019
Board Staff Guests
Michael Schaeffer Daniel Bowman Shahmeen Khan
Jeff Burkhardt David Ellis Alex Evans
Tim Litinas Tracey Cline Sandi Frost
Baine Brooks Eileen Gonzales Demetris Williams
Wayne Emerson Lauren Doherty
Nicole Bywater Chris Schulmeister
Pete Smith Carl Clemencich
Call to Order and Announce a Quorum Present
With members Michael Schaeffer, Jeff Burkhardt,Tim Litinas, and Baine Brooks 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, May 15, 2019, at the Allen
Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on April 17, 2019
On a motion by Tim Litinas,seconded by Baine Brooks, the Board unanimously approved the minutes
of the April 17, 2019 Regular AEDC Board Meeting.
2. Review of Sales and Use Tax Reports
The AEDC Board reviewed the AEDC Sales and Use Tax Reports. The Board inquired about the
impact of the recent hail storm on the sales of local retailers.
3. Consider Approval of Economic Development Incentive Agreement with Billings& Billings, LP
David Ellis updated on the AEDC Board on the project with Billings & Billings, LP.
On a motion by Tim Litinas,seconded by Jeff Burkhardt,the Board unanimously approved the
Economic Development Incentive Agreement with Billings&Billings, LP as presented.
4. AARnroval of Restriction Agreement with Billings & Billings, LP
On a motion by Tim Litinas, seconded by Baine Brooks, the Board unanimously approved the
Restriction Agreement with Billings& Billings, LP as presented.
AEDC Meeting Minutes
May 15, 2019-Page 2
5. Approval of Fourth Amendment to Real Estate Purchase Agreement with Billings Productions,
Inc.
On a motion by Tim Litinas, seconded by Baine Brooks, the Board unanimously approved the Fourth
Amendment to Real Estate Purchase Agreement with Billings& Billings, LP as presented.
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 Government Code,
Section 551.072 Deliberation Regarding Real Property
a. Consider Incentives Related to Development at US 75 and Stacy Road
The Board convened into closed session at 6:13 p.m.
Reconvene into Open Session
The Board reconvened into open session at 6:45 p.m.
7. Actions Resulting from Executive Session
No action was taken.
8. Consider Approval of AEDC Revised Budget for FY2019 and AEDC Budget for FY2020
Daniel Bowman updated the AEDC Board on the Revised Budget for FY2019 and AEDC Budget for
FY2020.
On a motion by Tim Litinas, seconded by Jeff Burkhardt, the Board unanimously approved the AEDC
Revised Budget for FY2019 and AEDC Budget for FY2020 as presented.
9. Consider Agenda Topics for the AEDC Board Retreat
The AEDC Board requested that a discussion of AEDC cash flow projections and a discussion of
proposed Allen office projects be included as topics for the AEDC Board Retreat.
10. Determine Next Regular Meeting Date
The next Regular AEDC Board meeting was scheduled for Wednesday,June 19, 2019 at 6:00 p.m.
AFDC Meeting Minutes
May 15, 2019-Page 3
11. Discussion of Future Agenda Items
The Board will conduct the annual performance review of the AEDC Executive Director next month.
12. Adjournment
On a motion by Tim Litinas, seconded by Baine Brooks, the meeting was adjourned at 7:03 p.m.
These Minutes approved this 19"day of June 2019.
Michael Schaeffer, President Tim Litinas, Secretary/Treasurer