Min - Economic Development Corporation - 2007 - 03/21 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
March 21, 2007
Board
Staff Guests
Kurt Kizer
Robert Winningham Pete Smith
Tim Wood
Jennifer Grimm David Hoover
Mark Pacheco
Daniel Bowman
Maxine Sweet
Tracey Cline — Present only during open session
Carl Clemencich — Arrived at 6:20 p.m
Call to Order and Announce a Oumum Present.
With a quonmr of the Board present, the Regular Meeting of the Allen Economic Development
Corporation (AFDC) was called to order by President Kurt Kizer at 6:05 p.m. on Wednesday, Mach
21.2007 at the AEDC Office.
Consent Agenda
On a motion by Maxine Sweet, seconded by Mark Pacheco, the Board voted unanimously to adopt the
consent agenda as follows:
1. Approval of Minutes of the February 21, 2007 Regular Meeting
2. Approval of Minutes of the February 27, 2007 Special Meeting
The motion carried.
Regular Agenda
3. Citizens' Comments
No citizen comments were made.
4. Approval of AEDC Financial Reports
Daniel Bowman presented the AFDC Financial Reports. The Board discussed the status of AEDC
incentive grant payments and the trend in AEDC sales tax collections for the current fiscal year. On a
motion by Maxine Sweet, seconded by Mark Pacheco, the Board unanimously approved the AEDC
Financial Reports as presented.
Allen Economic Development Corporation
Regular Meeting, March 21, 2007
Page 2
5. Convene into Closed Executive Session.
The Board convened into closed executive session at 6:13 p.m. to deliberate commercial and financial
information and economic incentives for the following:
• Discussion of Business Retention & Expansion Project
• Discussion of the Development of Allen Station Business Park
• Recruitment of Project Twist -Off
•
Recruitment of Project G
•
Recruitment of Project Fortress
Reconvene in Open Session.
The Board reconvened into regular session at 7:15 p.m.
6. Consider and Take Action for Recruitment of Project Twist -Off
Robert Winningham updated the Board on the status of Project Twist -Off. The Board discussed the
project. No action was taken on this item.
7. Consider and Take Action for Recruitment of Project G
Robert Winningham updated the Board on the status of Project G and presented a drafted resolution of
support for Project G. The Board discussed the project. On a motion by Mark Pacheco, seconded by
Tim Wood, the Bond approved a resolution of support for Project G.
8. Consider and Take Action for Recruitment of Protect Fortress
Robert Winningham updated the Board on the status of Project Fortress. The Board discussed the
project. No action was taken on this item.
9. Administrative and Marketma Activities of the AEDC / Executive Director's Report
Robert Winningham and Daniel Bowman updated the Board on data center projects interested in
Allen. Winningham also updated the Board on Allen Commerce Center, explaining that Marl
Richardson is no longer representing the property. Andy McRoberts is now the primary contact for the
property. This should provide more flexibility in regard to the type of development that could occur in
the Center.
Jennifer Grimm updated the Board on marketing activities of the AEDC and the status of the Green
Street development on SH 121. The developer has obtained permits on the first 20,000 -square feet of
space in the development, which will include a bank and a Starbucks coffee shop. Green Street has
awarded the construction contract for this phase of the development. The AEDC will work with the
company to set up appointments at the upcoming International Shopping Center Convention (ICSC) in
Las Vegas. Grimm also noted that she has heard from various sources that the lease rates for the
Green Street development are high.
Allen Economic Development Corporation
Regular Meeting, March 2/, 2007
Page 3
Grimm updated the Board on options for new AEDC office space. AEDC staff took a tour of the
office building owned by Cornerstone Development at the southeast comer of Ridgemont Drive and
US 75 that is available now. The building owner has proposed a lease for the AEDC that would
include approximately 3,600 -square feet on the first Floor. The AEDC has also received a lease
proposal from Duke Realty for space at One Allen Center; however, the smallest space that Duke is
willing to offer is 5,000 -square feet. AEDC staff is still waiting for a proposal from Trademark for
leasing space in the Watters Creek at Montgomery Farm Development. It is expected that the AEDC
could move into the Trademark development in about 12 months.
Robert Winningham expressed his desire that the AEDC Board think "long term" in determining the
location of the AEDC office. Per an inquiry from Kurt Kizer, Winningham informed the Board that
the current AEDC lease expires to September, but the AEDC could lease space month-to-month after
September.
Jennifer Grimm informed the Board that several other leases are being considered for space in the
Cornerstone Building, including leases with an engineering company, a bank, a law firm, and a What -
a -Burger Training Center. Grimm has discussed future possible Allen projects with Cornerstone
Development, including the option for the company to develop office/flex space on a tract of land
owned by Okmetic near Ridgemont Drive and US 75.
Grimm also discussed an auto collision/repair operation that is considering leasing space at 1300 N.
Central Expressway. David Hoover explained that the City of Allen has already informed the
company that their operation is not a permitted use for that building.
9
10. Scheduling of Next AEDC Board of Directors Meeting.
The next Regular Board meeting was scheduled for April 18, 2007 at 6:00 p.m.
11. Adioum.
On a motion by Maxine Sweet, seconded by Tim Wood, the meeting was officially adjourned at 7:30
p.m.
These minutes approved this 18ih day of April, 2007
I, Kizer, P sident Carl Clemencich, Secretary
0