Min - Economic Development Corporation - 2008 - 06/10 - Special CalledALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
SPECIAL CALLED MEETING
TUESDAY, JUNE 10, 2008
Board
Staff Guests
Kurt Kizer
Robert Winningham
Tim Wood
Jennifer Grimm
Carl Clemencich
Daniel Bowman
Gary Caplinger
Maxine Sweet
Call to Order and Announce a Quorum Present.
With a quomm of the Board present, the Special Called Meeting of the Allen Economic
Development Corporation (AEDC) was called to order by President Kurt Kizer at 7:35 a.m. on
Tuesday, June 10, 2008 at the AEDC Office.
1. Convene into Closed Executive Session:
The Board convened into closed executive session at 7:36 a.m. to deliberate commercial and
financial information and economic incentives for the recruitment of Project Arbitrator.
Reconvene in Open Session
The Board reconvened into regular session at 7:54 a.m.
2. Consider and Take Action for the Recruitment of Proiect Arbitrator
On a motion be Maxine Sweet, seconded by Carl Clemencich, the Board unanimously approved a
$500,000 incentive grant to be paid to Project Arbitrator in ten (10) equal annual installments
over the course of the company's ten (10) year lease at 505 Millennium Drive. Payment of the
annual incentive grant installments is contingent upon the following:
• Company must maintain employment levels that correspond to the employment schedule
presented to the Board. The company is required to grow to 600 employees over the first
five (5) years and maintain 600 employees for the final five (5) years.
• The company must sign a 10 -year lease for all of the rentable space at 505 Millennium
Drive.
The Board authorized the AEDC Executive Director to negotiate the Economic Development
Agreement.
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AEDC Board of Directors Special Called Meeting
June 10, 2008 - Page 1
3. Adioum
On a motion by Carl Clemencich, seconded by Gary Caplinger, the meeting was officially
adjourned at 7:59 a.m.
These minutes approved this 161h day of July 2008.
Kurt Kizer, Pr Int
�11 loi o�
Carl Clemencich, Secrery