Min - Economic Development Corporation - 2008 - 03/19 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
WEDNESDAY, MARCH 19, 2005
Board
Staff Guests
Kurt Kizer
Robert Winningham Joe Gorda
Tim Wood
Jennifer Grimm
Carl Clemencich -Absent
Daniel Bowman
Gary Caplinger
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 6:03 p.m. on Wednesday,
March 19, 2008 at the AEDC Office.
1. Approval of Minutes of the February 20 2008 Reeular Meeting
On a motion by Tim Wood, seconded by Maxine Sweet, the Board unanimously approved the
Minutes of the February 20, 2008 Regular Meeting of the AEDC Board of Directors.
2. Approval of Assignment of the Amended and Restated Economic Development Agreement
by and between Montgomery Farm AEDC and Coventry 11 DDR/Trademark Montgomery
Farm L.P., a Texas limited partnership to Compass Bank
The City of Allen, AEDC and ACDC have been working with Trademark Property Company on
the development of Watters Creek at Montgomery Farm since 2006. During this time, a Tax
Increment Finance (TIF) District has been created and Trademark has broken ground on over
1 million -square feet of retail, office and residential space, located at the southwest comer of
Bethany Drive and US 75. The AEDC previously executed an Amended and Restated Economic
Development with Trademark Property Company to support the development.
Joe Gorda, AEDC Attorney, updated the Board on a request from Trademark Property
Company for the assignment of the Amended and Restated Economic Development Agreement
by and between Montgomery Farm, AEDC and Coventry 11 DDR/Trademark Montgomery
Farm L.P., a Texas limited partnership, to Compass Bank. The AEDC has already executed a
letter of assignment with Trademark Property Company and it is now being requested that the
Board ratify the letter of assignment This letter states that the agreement may be assigned to
Trademark's lender in the event that Trademark defaults on their loan and the lender becomes the
owner of the property. Peter Vargas, City Manager, has already signed the letters on behalf of the
City of Allen and the ACDC.
On a motion by Gary Caplinger, seconded by Maxine Sweet, the Board ratified the letter of
assignment related to the Amended and Restated Economic Development Agreement by and
between Montgomery Farm, AEDC and Coventry 11 DDR/Trademark Montgomery Farm L.P., a
Texas limited partnership.
AEDC Board of Directors Regular Meeting
March 19, 1008
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3. Approval of Economic Development Agreement with Amphenol Fiber Systems
On February 20, 2008, the AEDC Board approved an incentive grant to support the retention of
Amphenol Fiber Systems headquarters in Allen. An Economic Development Agreement has
been drafted based on the incentive offer approved by the Board.
On a motion by Tim Wood, seconded by Maxine Sweet, the Board approved the Economic
Development Agreement with Amphenol Fiber Systems as presented.
4. Convene into Closed Executive Session:
The Board convened into closed executive session at 6:18 p.m. to deliberate commercial and
financial information and economic incentives for the following:
• Recruitment of Project Kids
• Recruitment of Project Safety
• Recruitment of Project Blue Sky
• Discussion of Economic Development Agreement with Experian Information Solutions
Reconvene in Open Session
The Board reconvened into regular session at 7:20 p.m.
1, Consider and Take Action for the Recruitment of Proiect Kids
The Board discussed the project and considered providing assistance. No action was taken on
this item.
6. Consider and Take Action for the Recruitment of Proiect Safety
The Board discussed the project and considered providing assistance. No action was taken on
this item.
7 Consider and Take Action for the Recruitment of Proiect Blue Skv
The Board discussed the project and considered providing assistance. No action was taken on
this item.
8. Approval of Economic Development Agreement with Experian Information Solutions
The Board discussed the project and considered the terms of a proposed Economic Development
Agreement. No action was taken on this item.
9. Anproval of AEDC Financial Reports
Daniel Bowman presented the AEDC Financial Reports, explaining that AEDC monthly cash
balances will be low near the end of the current fiscal year. Kurt Kizer stated that the AEDC
should have enough funds to secure projects to Allen during the current fiscal year, since the
corporation can take on additional debt if necessary. The Board inquired about the revenue and
AEDC Board of Directors Regular Meeting
March 19, 1008
Page 3
expense line items listed on the AEDC Financial Report supplied by the City of Allen Finance
Department. Bowman stated that he believes that the additional revenues listed on the sheet
resulted from the recent sale of AEDC bonds. On a motion by Tim Wood, seconded by Maxine
Sweet, the Board unanimously approved the Financial Reports as submitted.
10. Administrative and Marketing Activities of the AEDC /Executive Director's Report
Jennifer Grimm updated the Board on the marketing activities of the AEDC. She invited the
Board to attend a tour of the Trademark development on March 246 and the Allies Day Tour and
Golf Tournament on May 5° The tour will take place in the morning and golf will take place in
the afternoon.
Robert Winningham updated the Board on AEDC projects, explaining that Allen had recently
been a leading contender for the Blue Cross Blue Shield data center that ultimately decided to
locate in Fort Worth. Winningham also noted that the AEDC recently mailed data center
marketing flyers in advance of the AEDC recruitment trip to the AFCOM Data Center World
Conference and Expo. AEDC staff has received much feedback on these flyers, which were
designed by Jennifer Grimm. Daniel Bowman mentioned that a large developer of data centers,
CRG West, is currently evaluating sites in Allen for the possible location of a co -location data
center facility.
Winningham noted that Project Eleven is currently "on hold" for the time being. Brio Italian
Restaurant will be opening in the Trademark development on April 2°d Tim Wood inquired as to
whether tenants in the Trademark development were receiving an adequate number of
applications to staff their operations. Grimm stated that application submission was slow at first,
but the number of applications submitted has increased over time. Grimm is currently in
discussions with Trademark Property Company and the Allen Chamber to organize a job fair for
the retailers in the development.
Winningham updated the Board on the NTCAR Tour, which is tentatively planned for June 6,
2008. The AEDC is working to convey to the brokerage community that Allen is an "office
market." AEDC staff is working with Duke Realty and Trademark Property to plan an event that
will bring brokers to Allen and showcase the new developments at Bethany Drive and OS 75.
11. Scheduling of Next AEDC Board of Directors Meeting
The next Board meeting was scheduled for Wednesday, April 16, 2008 at 6:00 p.m.
12. Adioum
On a motion by Maxine Sweet, seconded by Tim Wood, the meeting was officially adjourned at
7,48 p.m.
These minutes approved this 21' day of April 2008.
P id
Kurt Kizer, em Carl Clemencich, Secretary