Min - Economic Development Corporation - 2009 - 01/21 - RegularC ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
WEDNESDAY, JANUARY 21, 2009
Board
Staff
Kurt Kizer
Robert Winningham
_Guests
Pete Smith
'fiat Wood
Jennifer Giinun
Peter Vargas
Carl Clement: ich
Daniel Bowman
Joey Ilerald
Gary Caplinger
Lee Battle
Maxine Sweet
Jim Pollard
Mchrdad Paijadian
Call to Oidei and Announce a Quorum Presenl.
With it yuoninl of the Board present, the Rcgulal Meeting of ilie Allen Fconomic Development
Corporation (AFDC') was called to cadet by President Karl Kizer al 6.09 p lit on Wednesday,
January 21, 2009 at the A IDC Office
iI Aun oval of Minulcs of the November 19-2008 Regular_ Meeting
On a motion by'finl Wood, seconded by (illy Caplinger, the Board mlaninlously approved Ibc
minutes orthe November 19, 2009 Reguliu Meeting as prctented
2. Llection of Officers of the Allen Economic Devclo [meat ('orpomtion Board of Director s
Officers were elected for the curl cat yem. Kull Kizer was elected President, Pini Wood was
elected Vice President, anti (':itI Cleniencich was elected SccrClary/ Treasurer by acclamation as
nonmmlcd by Maxi ic Sweet and seconded by Gary ('Ilpl ingei. The officers will serve in ihesc
capacities mill Janu:ny'_I109
1. PiLoval_of-AFDC Financial_Repolls
Daniel Bowman presented the AEDC Financial Reports. Peel Vzlgas noted that the City of
Allen is niomtoling sales tax receipts on a nionthly basis and will considcl Ievisiag salsa lax
projections in the future On a motion by CaiI Cleniencich, seconded by Via Wood, the Bo:od
Unanimously approved the Ah.DC Financial Reports as submitted.
I C01111elle info (Mused Executive Session
I lie Bonlll convened into closed execulne session at 6'14 pill Ill deliberate cU11 me1'cial aid
financml information and economic Incentives for the following:
• Consider Incentives lin the Reel nitnient of Project Lavender
• Considcl incentive,fi,r the Reel uinnent ol'Villoal Surveilhnlce
IEDCBum d of At eelura Regular Aleeting
Jurvimt' 21, 200V - Page 2
Reconvene in -Open Session
I'lie Bomd reconvened into iegula session at 7 36 p.m.
5. Actions Resulting fionl 1_ixecutivc SCSS on
On a molioo by Maxine Sweet, seconded by Carl Clentencich, the Board unanimously approved a
$150,000 grant to be provided to Virtual Surveil lance upon receipt of a certificate of occupancy
for the approxnuately 11,500 Square foul building the company is constructing near the
intersection of Greenville Avenuc and Prestige Circle. The grail is contiagenl upon [he
following.
• Company mast maintain a combined taxable value on file improvements and business
personal propel ty of $1 million fur per iod of 3 yca s
• Company must maintain 20 enfployees at the facility ]"or a pin tod of 3 years
• Company must own, occupy and inaintam their operations at the facility for a pct iod of 3
years
"file AEDC Pxectrtive Director was aulhorind to negotiate and execute an Economic
Development Agreement wilh Virtual Surveillance.
6. Discuss Adminisoanve and Mm keling Activities of file AIMC and Upcoming local l v-e-n_ts
Jennifer (it innm updated the Board on the m:u kering acltvities of the AEDC and noted that a
professional photographer Will be an the Febi tmry AVDC Board Meeting to lake it group photo of
the Board. "1'lie City of Allen has two prujecls that am finalists lot the Donee Uue uws.t ✓aural
Awards, Watters Cr eck and file Villages at Al tell and Fairview 'file awards evenl will be held
fine evening of Febr allay 26°i :aid bolls the City of Allen and (lie AFDC will be represented. A
table at the event costs $1,900 and the Dallas Business lour nal ad lin an award winner would cost
$6,000.
Stall had a good meeting with the City Public Information Office, Which Will be filming video
loan of `Tier P buildings it Allen. "I hese video$ Will be included on the AFDC websile to help
market the buildings. Staff is also will king with the ( ity to produce it'year-in-aewew' video
Gr intro disti ibuted a'year-in-imew article that attently ran an the Dallas Burrues.c Journal. "I he
article referred to Allen its it "bright light an retail;' noting Ilia Allen has done better than file test
of the Metroplex when it conics to retail development.
7 AFDC Executive D_rector's Report RegaidiaapOffice, ludustrial,Data Centel, all( Retail
Puiiects anJ Local Partnerships
Robert Winninghmn updated the Board on various protects, noting that a slate -funded public
charter school has been considering locating into 505 Millennium Drive. Ise Battle slated that
the school has been Seriously looking at the facility, hot has nut submitted plans to the City.
Maxine inquired as to whether the AFDC and City were concerned about Ihis Wilaot
Winningham mplied that time Was conceal. Schools olten locale In coal nterclot meas because of
the affordability of file real estate Battle noted (hal because this is it slate -funded school, the city
is limited in its ability to regulate dmir operations.
AEDC Burn J of flu e, i.., Rigid..( Aloelurl
Jun um r 11, 1009 - Pug, i
Winningham noted that AFDC staff has developed a new formal fo'the Weekly Staff Report.
IQll I Kizer stated that he liked the new leaned am(] icyucsted that Board members send any
comments they may have iegm'ding the Weekly Report to Winningham.
Winningham noted that Pioject Cardinal, a software company, is considering a site in Allen. The
company is also considering locations in Raleigh and Austin.
It was noted that the Collin County C'onnmissionels Court recently declared a Omralor torn on
county property tax abatements. This moratorium will last until the Commissioners Court can
develop a tax abatement policy that can be applied uniformly to all projects requesting abalennent
from the county Peter Vargas has requested that Kevin I lammreke and Winningham compile
information for the subcommittee of the COain11SSRUIe15 Coot[ that has been tasked with
developing the new tax allurement policy
Winningham attended a bicakfam hosted by tine National Association of Induslral and Office
Properties (NA IOP) in which a very bleak picture Oft I IC Dallas icaI estate roar kel was presented.
New development projects most have 50-60 percem[ equity in older to obtain Financing, aid even
with adequate equity it is near ly rmptmible to obtain Financing for prgjec[c that cost ove $50
million. Appraised values in some parts of the country have decreased by 30-40 percent. "rheic
h no new office development in the Datlas-Port Wroth arca, wilt, only distressed assets selling in
the curenl market envimmnnenl. Winningham noted that even Falel'%oil Part nes has been down-
sinng recently
Winningham noted that AFDC staff tile[ v% Ill representatives Mont a large pha] maceulrcal project
recently It was also noted than [he Allen City Council Strategic Planning Session is planned Por
the upcoming weekend Vargas staled thnn rt r5 typically n very eff icicnt session, as tlne ('dy has
bccn doing it for 9-10 years. "file attendees go thro(rgh ve IOUs exercises m determme the ctment
state of the City and where the City Council would like to sec [he City go in the coning year.
The full-day, session establishes [be program, of work I'or the coning year and reallirn., tine
direction [hal the city has already been heading Winningham noted that AFDC slafTwor ks with
City stall to develop (foal It 7 in the City Council Strategic Plan, the Fcouonlic Development
goal. rhe AFDC is in-line with the City's vision.
Kurt Kizer noted that Ile would prefer than the AFDC not complete any protects, t'ather than
support bad poIccls. Virgas agreed, slating that it would be best for the AIDC to wait for deals
that nest the City's standards Wiruringhenl proposed ]bit the AliDC and Allen ('ity ('ooticd
have ajoinl meeling it some point in the cooing months to discuss ( nal P 7 in the City Comm[
Shategie Plan. Winningham also noted that AFDC staff recently had their annual staff strategic
planning marcid, in which they talked about key priorities Including Business Retention and
Expansion.
K ver reitcr sled his desire []al Winningham, should not feel presses In complete deals at any
cost It was note(] that the AFDC Is conaldering par claSng F.scmRive Pu Ise, it database platform
designed spec(Gcally for the managemhent of econonuc rlevelopnent projects.
S. SchedulumofNe_I AF.DC Build of Dmecnrs Meeting
1'he nest Board meeting was scheduled for Wednesday, Pebrumy 19, 2009 at G'AO p.m.
Al.O(1 Uaard n(OvecM a Rega6m dleem g
.Immar v 21. 2009 - Page J
9. Adjown
fhe meeting was officially adlounsd on a motion by Maxine Sweet, seconded by Carl
C'Iemencich, at 7:55 p.m.
I hesc minutes apps oved this 18"' day of Debi unty 2009.
I
Kuel Kim, ,resident Cad ('lemencich, Sca'clary —
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