Min - Economic Development Corporation - 2007 - 12/19 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC)
BOARD OF DIRECTORS
REGULAR MEETING
Wednesday, December 19, 2007
Board Staff Guests
Kurt Kizer Robert Winningham Peter Vargas
Tim Wood Jennifer Grimm Pete Smith
Carl Clemencich Daniel Bowman -Absent
Mark Pacheco
Maxine Sweet
Call to Order and Announce a Quorum 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 6:08 p.m. on Wednesday,
December 19, 2007 at the AEDC Office.
I. Approval of Minutes of the November 14, 2007 Reeular Meetine
On a motion by Tim Wood, seconded by Maxine Sweet, the Board unanimously approved the
Minutes of the November 14, 2007 Regular Meeting of the AEDC Board of Directors.
2. Approval of AEDC Financial Reoorts
In presenting the Financial Reports, Robert Winningham discussed the AEDC budget categories
and expressed his desire to have the means to more specifically identify recruitment expenses and
professional development expenses. It is the preference of the City Finance Department that City
departments use the "Notation' section in the expense report to document specific expense
categories rather than set up new accounts. City Manager Peter Vargas echoed this preference.
Carl Clemencich stated that travel expenses should continue to be broken out as a separate line
item.
Winningham noted that payments to Duke on the Master Lease have begun. He and Jennifer
Grimm will be meeting with Blair Oden to discuss marketing plans for the building. Ben
Appleby from Duke reported in an email that they have a 50,000-sf prospect for the building.
On a motion from Maxine Sweet, seconded by Mark Pacheco, the Board unanimously approved
the Financial Reports as submitted.
AFDC Board ojDirectors Regular Meeting
December 19, 2007
Page 2
3. Approval of the Economic Development Agreement with Coventry B DDR/Trademark
Montgomery Farm L P for the Recruitment of Market Street -United Grocery Store
Robert Winningham presented the revised wording for the Economic Development Agreement
with Trademark Property Group that was previously offered by the AEDC Board for the purpose
of recruiting the Market Street Grocery store to the Watters Creek at Montgomery Farm
Development. Board approval was needed for the contract, which contained wording that was
consistent with the TIF Agreement for the entire Walters Creek at Montgomery Farm project.
On a motion by Carl Clemencich, seconded by Maxine Sweet, the Board unanimously approved
the Economic Development Agreement with Coventry II DDR/Tmdemwk Montgomery Farm
L.P as presented.
4. Convene into Closed Executive Session
The Board convened into closed executive session at 6:19 p.m. to deliberate commercial and
financial information and economic incentives for the recruitment of Project Tarheel, the
recruitment of Project Olympia, and the amendment of the Economic Development Agreement
with Graphic Converting, Inc.
Reconvene in Open Session
The Board reconvened into regular session at 6:47 p.m.
5. Consider and Take Action for the Recruitment of Project Tarheel
No action was taken on this item.
6. Consider and Take Action for the Recruitment of Project Olympia
No action was taken on this item.
7 Consider and Take Action for Amendment of Economic Development Agreement with
Graphic Converting, Inc.
On a motion by Mark Pacheco, seconded by Maxine Sweet, the Board unanimously approved the
recommended amendments to the Economic Development Agreement with Graphic Converting,
Inc.
8. Consider and Take Action for Approval of AEDC Office Lease
Jennifer Grimm reported on the lease negotiations and presented the Board with preliminary
pricing for the finish out of office space at Watters Creek. Mark Pacheco questioned the accuracy
of the finish out estimate and stated that finish out costs for these types of projects typically run
much higher than the estimate. The Board requested the Robert Winningham and Kurt Kizer
meet with Tom Carter of Trademark to further negotiate terms of the lease, tabling any decision
until after that meeting takes place.
AFDC Board of Directors Regular Meeting
December 19, 1007
Page 3
9. Consider and Take Action for Reimbursement of Movina Expenses for AEDC Executive
Director
When Robert Winningham was hired as Executive Director of the AEDC in August 2006, he was
verbally promised reimbursement of his moving expenses from Greenville to Allen by the AEDC
Board. He and his family recently completed their move to Allen. Robert presented the Board
with his receipts. The Board agreed that the reimbursement of up to $5,000 in moving expenses
had been promised to Winningham. Since this is a one-time payment, there is no need to amend
his employment agreement.
On a motion by Carl Clemencich, seconded by Maxine Sweet, the Board unanimously approved a
$5,000 reimbursement to Winningham for his moving expenses.
10. Administrative and Marketing Activities of the AEDC /Executive Director's Report
Jennifer Grimm asked the Board to save the date for the VIP Opening of the Market Street
Grocery Store on February 27 The store will open to the public on February 29. She distributed
copies of the special Allen section that was published in the Dallas Business Journal in
November and shared plans to mail it to targeted prospects after the first of the year.
Robert Winningham reported he received positive feedback from those who attended the AEDC
Holiday Open House. He also talked about his visit with Robert Melvin, Director of Small
Business Development from Governor Perry's office. Winningham is considering participation
in Texas One, the Governor's initiative to market Texas, at various participation levels.
Grimm reported that Office Depot has not finalized their lease for the Albertson's space at
McDermott and US 75. It was suggested that Rodenbaugh's may be a prospect for the space.
Mark Pacheco inquired as to the status of the Collin County Association of Realtors (CCAR)
project.
11. Scheduling of Next AFDC Board of Directors Meeting
The next Board meeting was scheduled for Wednesday, January 16, 2008 at 6:00 p.m.
12. Adioum
On a motion by Maxine Sweet, seconded by Mark Pacheco, the meeting was officially adjourned
at 7:25 p.m.
These minutes approved this 16' day of January 2008.
1 6 - F
Kurt Kizer, Pres ent Carl Clemencich, Secretary