Min - Economic Development Corporation - 2007 - 06/20 - RegularI
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ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
Wednesday, June 20, 2007
Board
Staff
Guests
Kurt Kizer
Robert Winningham
Mayor Steve Terrell
Tim Wood
Jennifer Grimm
Peter Vargas
Mark Pacheco
Daniel Bowman
David Hoover
Maxine Sweet
Tracey Cline
Pete Smith
Carl Clemencich —Absent
Steve Wentz
Jeff Eiting
Randy Cooper
Alec Morris
Josh Buis
Call to Order and Announce a One= Present.
With a quorum of the Board present, the Regular Meeting of the Allen Economic Development
Corporation (AEDC) was called to order by President Kurt Kizer at 6:12 p.m. on Wednesday, June 20,
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 May 16.2007 Regular Meetmg
2. Approval of Economic Development Ameement Between the AEDC and Sanmina-SCI. Inc.
The motion carried
3. Citizens' Comments
David Hoover, City of Allen Planning Director, informed the Board that Duke Realty has requested
the City of Allen approve the addition of a drive-through bank teller window in or near the Class "A"
office building being constructed by Duke Realty at One Allen Center. The request has been made by
Duke Realty to accommodate the needs of Chase Bank, a potential tenant for the building. Hoover
indicated that Duke Realty is planning to submit to the City of Allen a new site plan that incorporates
the drive-through window shortly.
Allen Economic Development Corporation
Regular Meeting, June 20, 2007 - Page 1
4. Approval of AEDC Financial Reports
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Daniel Bowman presented the AEDC Financial Reports. On a motion by Tim Wood, seconded by
Maxine Sweet, the Board unanimously approved the AEDC Financial Reports as presented.
Convene into Closed Executive Session.
The Board convened into closed executive session at 6:20 p.m. to deliberate commercial and financial
information and economic incentives for the recruitment of Project Twist -Off, the recruitment of
Project G, the recruitment of Project Bond, and the recruitment of Project Long Haul, and also to
deliberate real property for consideration of the purchase of 28 acres located in the southeast portion of
Allen.
Reconvene in Open Session
The Board reconvened into regular session at 9:12 p.m.
7. Consider and Take Action for Recruitment of Project Twist -Off
No action was taken on this item.
8. Consider and Take Action for Recruitment of Proiect G
No action was taken on this item.
9. Consider and Take Action for Recruitment of Project Bond
No action was taken on this item.
10. Consider and Take Action for Project Long Haul
No action was taken on this item.
11. Consider and Take Action for the Purchase of 28 Acres Located in the Southeast Portion of Allen
The Board discussed the possibility of the AEDC purchasing 28 acres located in the southeast portion
of Allen. On a motion by Tim Wood, seconded by Maxine Sweet, the Board unanimously approved
authorizing the executive director of the AEDC to enter into a real estate contract for purchase of land
owned by RCL Enterprises, for subsequent resale to the City of Allen.
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Allen Economic Development Corporation
Regular Meeting, June 20, 2007 - Page 3
12. Consider and Take Action for Approval of the AEDC Office Lease
Robert Winningham presented lease proposals for AEDC office space in several Allen office
buildings, including One Allen Center, Watters Creek at Montgomery Farm, and Cornerstone
Crossing. Winningham thanked Jennifer Grimm for her excellent work in collecting lease proposals.
Winningham also mentioned several factors involved in locating the new AEDC office:
• The AEDC would receive reserved puking at One Allen Center or at Cornerstone Crossing.
Reserved parking is not guaranteed at the Watters Creek location.
• The location chosen must present a good image of the AEDC office to the business
community.
• The location chosen must provide space for future growth of the AEDC office.
AEDC staff recommended that the Board approve an office lease with Duke Realty for One Allen
Center. Jennifer Grimm stated the AEDC may be able to negotiate a 7 -year lease with a 3 -year
extension option for office space in One Allen Center. Winningham mentioned that One Allen Center
will provide easy access to Watters Creek at Montgomery Farm, due to its close proximity to the
development. The current AEDC office lease expires on September 1, 2007
On a motion by Maxine Sweet, seconded by Mark Pacheco, the Board voted unanimously to approve
authorizing the executive director of the AEDC to negotiate and execute a 7 -year lease agreement
(with a 3 -year option) with Duke Realty for the lease of approximately 3,943 rentable square feet of
office space at One Allen Center.
13. Consider and Take Action for Approval of the AEDC Budget for Fiscal Year 2008 and
Adjustments to the AEDC Budget for Fiscal Year 2007
Robert Winningham presented the AEDC Budget for Fiscal Year 2008 and Adjustments to the AEDC
Budget for Fiscal Year2007 Daniel Bowman updated the Board on several proposed budget
increases, including:
• Conferences and Training Account — Increased to cover additional business recruitment events
• Telephone Account — Increased to cover the cost of an additional telephone line and
improvements to the telephone system
• Rental/Office Lease — Increased to cover the cost of the new AEDC lease
• Travel — Increased to cover additional business recruitment travel
• Meetings — Increased to cover additional business recruitment meetings
• Marketing & Regional Marketing — Increased to cover marketing efforts related to new and
upcoming developments
• Office Equipment & Furniture — Increased to cover the purchase of furniture, technology and
other equipment to furnish the new AEDC office
• Professional Services — Increased to cover the cost of additional environmental studies, land
surveys and the annual AEDC Impact Study
On a motion by Maxine Sweet, seconded by Tim Wood, the Board unanimously approved the AEDC
Budget for Fiscal Year 2008 and adjustments to the AEDC Budget for Fiscal Year 2007 as presented.
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Regular Meeting, June 20, 2007 - Page 4
14. Administrative and Marketing Activities of the AEDC / Executive Director's Repo
Jennifer Grimm updated the Board on marketing activities of the AEDC and invited the AEDC Board
to attend the Allen USA Celebration on June 3e Robert Winningham informed the Board that he
had authorized the expenditure of AEDC funds to support the Allen USA Celebration event by
purchasing a table in the VIP Tent.
Grimm solicited volunteers from the Board to serve as the judges for the AEDC Millennium Business
Awards. She also informed the Board that there may not be a winner in the individual category of the
Millennium Business Awards for 2007 Grimm also updated the Board on her recent trip to Phoenix,
Arizona to visit a Project G facility and informed the Board that Allen may be home to the CHL All-
Star Game in 2009 or 2010.
Winningham thanked the Board for approving incentives for the retention of Sannuna-SCI. He also
invited Board members to attend the announcement of Project G during the Allen City Council
Meeting on June 26i° The City of Allen will be holding a press conference for Project G on June 27'
at 10:00 a.m.
15. Scheduling of Next AEDC Board of Directors Meeting
The next Regular Board meeting was scheduled for Wednesday, July 18, 2007 at 6:00 p.m.
16. Adjourn.
On a motion by Tim Wood, seconded by Maxine Sweet, the meeting was officially adjourned at 9:37
p.m.
These minutes approved this 18'" day of July, 2007
Kurt Kizer, Pre ent
Carl Clemencich, Secretary