Min - Economic Development Corporation - 2009 - 12/10 - Special Calledn
ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
SPECIAL CALLED MEETING
THURSDAY, DECEMBER 10, 2009
Board
Staff
Guests
Tim Wood
Robert Winningham
Joe Gorfida
Carl Clemencich
Daniel Bowman
Peter Vargas
Susan Bartlemay -Absent
Bo Bass
Gary Caplinger
Joey Herald
Maxine Sweet
Mayor Steve Terrell
Ross Obermeyer
Robin Sedlacek
Jeff McGregor
Debbie Stout
Call to Order and Announce a Ouorum Present
With a quonim of the Board present, the Special Called Meeting of the Allen Economic
Development Corporation (AEDC) was called to order by President Tim Wood at
7:15 p.m. on Wednesday, November 18, 2009 at the AEDC Office.
I Approval of Amended and Restated Economic Development Incentive Agreement with
Experian Information Solutions Inc
On a motion by Carl Clemencich, seconded by Gary Caplinger, the Board approved the
Amended and Restated Economic Development Incentive Agreement with Experian
Information Solutions, Inc as presented. Maxine Sweet abstained from voting on this item.
2. Approval of Economic Development Incentive Agreement with Ri os & Williams L.P.
d/b/a Gary Riggs Interiors L P
Robert Winningham noted that the real estate broker for Gary Riggs called before the meeting
and indicated that the company is not prepared to execute the agreement at the current time
One of the company's controlling partners is reviewing the agreement and should be prepared
to sign shortly. The company may request that the AEDC allow them to receive the grant if
they sign a 5 -year lease.
The general consensus of the Board was to proceed with the Economic Development
Agreement with a 5 -year lease term requirement.
No action was taken on this item.
Derember 10, 2009 - Page 2
' 3. Approval of Economic Development Incentive Agreement with LIT Finance LP
On a motion by Gary Caplinger, seconded by Maxine Sweet, the Board unanimously
approved the Economic Development Incentive Agreement with LIT Finance, LP as
presented.
4. Convene into Closed Executive Session
The Board convened into closed executive session at 7:18 p.m. to deliberate commercial and
financial information and economic incentives for the following:
• Consider Incentives for the Recruitment of Project Thumb
• Consider Incentives for the Recruitment of Project Brain
• Consider Incentives for Project Quick
Reconvene in Open Session
The Board reconvened into regular session 8:08 p.m
5. Actions Resulnng from Executive Session
1 No actions resulting from executive session.
b. AEDC Staff Report Regarding Office Industrial Data Center, and Retail Projects Local
Partnerships, Marketing Activities Upcoming Events and the AEDC Incentive Grant
Sheet
Robert Winningham distributed the Texas One Annual Report to the Board and Council
members present. Winningham noted that he recently took part in a Texas One recruiting trip
to Las Angeles during which he had the opportunity to present to a large group of national site
selectors. Significant opportunities currently exist for recruiting California companies to
Texas. For example, Experian is headquartered in California but is choosing to expand its
facility here in Allen.
When in Las Angeles, Winningham had the opportunity to visit with top brokers and
executives with CB Richard Ellis, a leading real estate firm. The AEDC is now targeting key
economic development decision makers, as opposed to broad-based print marketing.
Winningham noted that a significant Korean investor recently visited Allen. The AEDC is
working to link these types of investors with projects that are in need of capital. Clemencich
and Caplinger agreed that this is a good strategy.
t It was noted that Allen is part of a global economy and the City has the ability to attract
investors from all over the world. Daniel Bowman indicated that the AEDC is working with a
German consultancy to help recruit solar panel manufacturers to Allen.
Derehe, 10.22009-Pn,pc3
1 Bowman briefly discussed the AEDC incentive grant sheet, noting that the AEDC recently
transferred funds to the City of Allen to assist with infrastructure related to the Cisco project.
Bowman also updated the Board on the Allen vacancy reports, produced using the CoStar
software that was recently purchased by the AFDC.
It was noted that the City of Allen Boards and Commissions Dinner is December I I"i
7 Determine Next Meeting Date
The next Regular Board meeting was scheduled for Wednesday, January 20, 2010 at
6:00 p.m. The AEDC Board chose to cancel the Regular Board meeting in Decembei.
8. Adjourn
The meeting was officially adjourned on a motion by Gary Caplinger, seconded by Maxine
Sweet, at 8:26 p.m.
These minutes approved this 20" day of January 2010
�W� ISI
Tim Wood, President Carl Clemencich, Secretary/Treasurer