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Min - Economic Development Corporation - 2004 - 02/18 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REGULAR MEETING FEBRUARY 18, 2004 Board: Staff: Others: Jim Brazeal Charisse Reaume Mark Pacheco Ken Folk Jennifer Grimm Philip Williams, Amy Monier, Scott White Kurt Kizer Marvin Shelley Maxine Sweet Al Salem, Jim McKee, Derek Albertson Tim Wood Mardy Brown, Shirley Cohen, Patti Hansen Call to Order and Announce a Oumum Present. With a quorum of the Board present, the Regular Meeting of the Allen Economic Development Corporation (AEDC) was called to order by President Jim Brazeal at 6:15 p.m. on Wednesday, February 18, 2004 at the Old Farm House on Montgomery Farm. President Jim Brazeal thanked Philip Williams and Amy Monier for hosting the meeting at their facility. The following items were discussed: Presentation by Sheila McKinney. President of Presbyterian Hospital of Allen, on the Planned Expansion of the Hospital and Medical Office Building. Sheila McKinney, President of Presbyterian Hospital of Allen, gave a presentation on the planned expansion of the hospital. She displayed renderings that depicted the various construction elements. Presbyterian plans to expand the hospital facility with an additional 35,000 square feet that will accommodate space for emergency rooms, ICU, imaging, surgical/medical beds, and LDRP rooms. The hospital will also go from a Level I nursery to a Level 2, which will handle baby deliveries from 34 weeks gestation and up. The cost for the hospital expansion is $13.9 million. The majority of the funds will come from tax exempt bonds; however, the hospital will begin a capital campaign to mise approximately $2 million. In addition to the hospital expansion, Cambridge Holdings will begin construction on a 60,000 square foot medical office building that will be attached to the existing medical office space. This component is not part of the hospital capital campaign. Cambridge will own and develop the space with the hospital holding a ground lease and having oversight in the selection of physicians. Presbyterian -Allen currently has 260 physicians on staff. Following discussion, the general consensus of the AEDC Board was that they would be open to Presbyterian appearing before the Board at a later date for the consideration of incentives to assist in the infrastructure costs for the development of the hospital portion of the project. Update on Development Plans for Montgomery Farms. Amy Monier, Emerson Partners, gave an overview of the development vision for the property, which is located on the Southside of Bethany Drive between US 75 and Alma Drive and on the northside of Bethany Drive adjacent to Watters Crossing. She gave the history of the property and explained how the group has used the assistance of artists in the design of Bethany Drive and other elements in the project. Ms. Monier discussed their plans to utilize the "clustering" of homes with wide open spaces. Allen Economic Development Corporation Regular Meeting, February 18, 2004 Page 2 The fust phase of development will occur on the northside of Bethany Drive (around Norton Elementary). The group is also developing a marketing plan and site plan for the commercial property located at the southwest corner of Bethany Drive and US 75. Their initial plan includes seeking the formation of a Tax Increment Financing zone. Ms. Monier expressed the group's emphasis on securing developers that will design facilities that are architecturally significant. Convene into Closed Executive Session. The Board convened into closed executive session at approximately 7:15 p.m. to discuss commercial and financial information and economic incentives in support of the development of a hotel, retail, and office development in the northwest quadrant of Bethany Drive and Greenville Avenue. Reconvene into Regular Session. The Board reconvened into regular session at approximately 8:20 p.m. Consider and take Action for the Approval of Incentives in Support of the Development of a Hotel. Retail and Office Development in the Northwest Ouadram of Bethany Drive and Greenville Avenue. On a motion by Ken Fulk, seconded by Maxine Sweet, the Board agreed that they are willing to consider infrastructure assistance for the project (that includes a 6 -story hotel and adjacent restaurant) in a range from $30,000 - $60,000 with the AEDC having review of the lighting, landscaping and architectural plans for the project. The level of incentives will be determined once the developer is able to present final plans (including roads) to the Board at a future Board meeting. The Board stated it would not consider a recommendation for tax abatement for the project. Approve Minutes of the January 21 2004 Regular Meeting of the AEDC Board of Directors The minutes of the January 21, 2004 Regular Meeting of the AEDC Board of Directors were approved as submitted on a motion by Maxine Sweet, seconded by Ken Fulk. Consider and take Action Regarding the Selection of Landscaping and Irrigation Maintenance and Services for Millennium Corporate Center. The Board considered proposals from four landscaping/irrigation companies including Hadden, TruGreen, TechScape and Iguana Lawn. Following discussion and on a motion by Maxine Sweet, seconded by Kurt Kizer, the Board approved Hadden Landscaping for landscaping and irrigation maintenance and services for Millennium Corporate Center; authorizing Jim Brrszeal to execute the appropriate documents. The Board also indicated they would be willing to consider seasonal color and landscaping enhancements proposed by Hadden Landscaping at the March meeting. Allen Economic Development Corporation Regular Meeting, February 18, 2004 Page 3 Consider and take Action for the Widening of Approximately.2 miles of Bethany Drive. from Four Lanes to 6 Lanes. Extending West of US 75. Cost information was provided to the Board for the widening of Bethany Drive adjacent to Millennium Corporate Center. The approximate cost of the expansion is $193,970 including contingency. It was explained that the City currently has a contractor (McMahon Contracting, Inc.) engaged in the expansion of Bethany Drive east of US 75 and there may be possible cost savings by using this vendor now rather than waiting until later. Because McMahon is in the final stage of completing their project a decision would need to be made in the next few weeks, otherwise "mobilization" charges could be incurred. It was explained that the remaining two lanes of Bethany Drive are a cost that the City would be responsible for; however, it is not a project on the City's plan for the foreseeable future. The AFDC could fund the project as an improvement enhancing Millennium Corporate Center. The Board discussed the issue and the general consensus was that the Board is open to the concept of funding the project if there are cost savings. Tim Wood expressed that while he is not opposed to doing the project, he is opposed to using the suggested contractor. The Board gave staff the direction to visit with the City Engineer and explore options quickly with another contractor that is doing work in the City now (or in the near future) and that would be willing to add this project at the same amount proposed by McMahon. The Board indicated its willingness to meet in a Special Called Meeting if necessary to vote on the matter, pending the outcome from the City Engineer. Approval of AEDC Financial Reports. Charisse Resume presented the financial statements as of January 31, 2004. The financial report was approved on a motion by Ken Falk, seconded by Maxine Sweet. Discuss Administrative and Marketing Activities of the AEDC. Jennifer distributed a chart illustrating Allen's total tax rate compared with other communities in the Dallas area. The Board was updated on current activities including the status of the development on the Ridgemont tract. The developer met with the AEDC subcommittee and proposed a `wish list" that it plans to present to the Board at a future meeting. Scheduling of Next AEDC Board of Directors Meeting, The next board meeting was scheduled for Wednesday, March 17, 2004 at 6:00 p.m. Maxine Sweet indicated she will be out of town on that date. Ad!ourn. On a motion by Ken Fulk, seconded by Maxine Sweet, the meeting was officially adjoumed at 9:25 p.m. Allen Economic Development Corporation Regular Meeting, February 18, 2004 Page 4 These minutes approved this 17`" day of March, 2004 ,m Brazeal, President k6nneth Fulk, Secr tary