Min - Economic Development Corporation - 2005 - 12/08 - Special CalledCarl Clemencich
Call to Order and Announce a Ouomm Present.
With a quorum of the Board present, the Special Called Meeting of the Allen Economic Development
Corporation (AEDC) was called to order by President Kurt Kizer at 6:06 p.m. on Thursday, December
8, 2005 at the AEDC Office. The following items were discussed:
Convene into Closed Executive Session
The Board convened into closed executive session at 6:08 p.m. to deliberate commercial and economic
incentives supporting commercial development in the Montgomery Farm Garden District and also to
deliberate commercial and economic incentives supporting the retention and relocation of Project
Safeguard to the Corporate Center at Twin Creeks.
Reconvene into Regular Session.
The Board reconvened into regular session 6:44 p.m
Consider and take Action for the Aooroval of Incentives Suonortine Commercial Development in the
Montgomery Farre Garden Distrix
The Montgomery Farm Garden Distrix is the commercial portion of the Montgomery Farre
Development located at the southwest comer of Bethany Drive and US 75. The AEDC previously
approved an infrastructure grant to support the commercial development. An incentive agreement has
been drafted.
Representatives from Emerson Partners appeared before the AEDC Board to request the approval of
the final draft of the AEDC Incentive Agreement for the Garden District L.P.
On a motion by Maxine Sweet, seconded by Tim Wood, the Board approved the final draft of the
AEDC Incentive Agreement for the Garden Distrix L.P. as presented and authorized the President of
the AEDC Board to execute the contract.
ALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC)
BOARD OF DIRECTORS
SPECIAL CALLED MEETING
December 8, 2005
Board
[aff
Guests
Kurt Kizer
Charisse Bodisch
Philip Williams
Tim Wood
Dan Bowman
Amy Monier
Ken Fulk
Jennifer Grimm
Bill Dahlstrom
Maxine Sweet
Greg Smith
Carl Clemencich
Call to Order and Announce a Ouomm Present.
With a quorum of the Board present, the Special Called Meeting of the Allen Economic Development
Corporation (AEDC) was called to order by President Kurt Kizer at 6:06 p.m. on Thursday, December
8, 2005 at the AEDC Office. The following items were discussed:
Convene into Closed Executive Session
The Board convened into closed executive session at 6:08 p.m. to deliberate commercial and economic
incentives supporting commercial development in the Montgomery Farm Garden District and also to
deliberate commercial and economic incentives supporting the retention and relocation of Project
Safeguard to the Corporate Center at Twin Creeks.
Reconvene into Regular Session.
The Board reconvened into regular session 6:44 p.m
Consider and take Action for the Aooroval of Incentives Suonortine Commercial Development in the
Montgomery Farre Garden Distrix
The Montgomery Farm Garden Distrix is the commercial portion of the Montgomery Farre
Development located at the southwest comer of Bethany Drive and US 75. The AEDC previously
approved an infrastructure grant to support the commercial development. An incentive agreement has
been drafted.
Representatives from Emerson Partners appeared before the AEDC Board to request the approval of
the final draft of the AEDC Incentive Agreement for the Garden District L.P.
On a motion by Maxine Sweet, seconded by Tim Wood, the Board approved the final draft of the
AEDC Incentive Agreement for the Garden Distrix L.P. as presented and authorized the President of
the AEDC Board to execute the contract.
Allen Economic Development Corporation
Special Called Meeting, December 8, 2005
Page 2
Consider and take Action for the Aporoval of Incentives Supporting the Retention and Relocation of
Proiect Safeguard to the Corporate Center at Twin Creeks
Project Safeguard provides data validation through innovative technology and cutting edge data
transmission. The company is currently located at 206 W. McDermott in the Allen Chamber of
Commerce building and has outgrown their space.
Greg Smith, Project Safeguard, appeared before the Board to request incentives supporting the
retention and relocation of Project Safeguard to the Corporate Center at Twin Creeks. The company
has narrowed their search for existing lease space to Allen and Plano. The space in Plano is less
expensive than the Allen space. Smith informed the Board that Project Safeguard would sign a 5 -year
lease if they decided to occupy space in the Corporate Center.
Expenses associated with the relocation of Project Safeguard into the Corporate Center include the
cost of finishing out the data center space and the cost of racks, wiring cable and other such
equipment. Additional fees associated with shutting down high speed telecommunications connections
at their current facility and reactivating those connections at the Corporate Center will also be incurred
The Board took into consideration that Project Safeguard leasing space in the Corporate Center would
lessen the AEDC's financial obligations under the AEDC master lease agreement on space in the
Corporate Center.
On a motion by Maxine Sweet, seconded by Tim Wood, the Board approved a $25,000 incentive
grant, to be paid based upon infrastructure and relocation costs incurred by Project Safeguard for
which receipts are provided. The incentive grant will be made in one lump -sum payment, based upon
the company submitting receipts for reimbursement no later than 30 days after the receipt of a
certificate of occupancy on space in the Corporate Center. The Board authorized the President of the
AEDC Board to negotiate the contract.
Ad'!oum.
On a motion by Ken Fulk, seconded by Carl Clemencrch, the meeting was officially adjourned at
6:46 p.m.
These minutes approved this 21' day of December, 2005.
Kurt Kizer, resident n Fulk, Secretary