Min - Economic Development Corporation - 2010 - 04/12 - Special CalledI
C
ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
SPECIAL CALLED MEETING
MONDAY, APRIL 12, 2010
Board
Tim Wood
Susan Bartlemay
Gary Caplinger
Maxine Sweet
Carl Clemencich
Staff
Robert Winningham
Daniel Bowman
Call to Order and Announce a Ouomm Present.
Guests
Pete Smith
Peter Vargas
Kevin Hammeke
With a quorum of the Board present, the Special Called Meeting of the Allen Economic
Development Corporation (AEDC) was called to order by President Tim Wood at 7.10 a an,
on Monday, April 12, 2010 at the AEDC Office.
1. Convene into Closed Executive Session
The Board convened into closed executive session at 7:13 a.m. to deliberate real property,
commercial and financial information and economic incentives for the following:
• Consider Incentives for the Recruitment of Cabela's Wholesale, Inc.
• Consider Extension or Termination of Option to Purchase Approximately 76.599
Acres of Land Out of the Francis Dosser Survey, Abst. No. 280 and George Fitzhugh
Survey, Abst. No. 321, City of Allen, Collin County, Texas
Reconvene in Oven Session
The Board reconvened into regular session 7*45 a.m.
2. Actions Resultina from Executive Session
On a motion by Maxine Sweet, seconded by Susan Banlemay, the Board unanimously
approved authorizing the AEDC Executive Director to negotiate and execute an agreement for
the extension or termination of the option to purchase approximately 76.599 acres of land out
of the Francis Dosser Survey, Abst. No. 280 and George Fitzhugh Survey, Abst. No. 321,
City of Allen, Collin County, Texas.
Aprd 12. 2010 - Page 2
3. Approval of Economic Development Agreement with Cabela's Wholesale Inc
On a motion by Susan Banlemay, seconded by Maxine Sweet, the Board unanimously
approved the Economic Development Agreement with Cabela's Wholesale, Inc.
4. Adopt a Resolution Authorizing the City's Bond Counsel the City's Financial Advisor,
and Appropriate Staff to Proceed with the Arrangements for the Sale of Allen Economic
Development Corporation Sales Tax Revenue Bonds, Senes 2010
On a motion by Maxine Sweet, seconded by Gary Caplinger, the Board unanimously
approved a Resolution authorizing the City's Bond Counsel, the Cuy's Financial Advisor, and
appropriate staff to proceed with the arrangements for the sale of Allen Economic
Development Corporation Sales Tax Revenue Bonds, Series 2010.
5. Adopt a Resolution Declaring an Expectation to Reimburse Project Expenditures with
Bond Proceeds from a Future Allen Economic Development Corporation Debt Issuance
On a motion by Maxine Sweet, seconded by Gary Caplinger, the Board unanimously
approved adoption of a Resolution declaring an expectation to reimburse project expenditures
with bond proceeds from a future Allen Economic Development Corporation debt issuance.
6. Authorize the AEDC Executive Director to Negotiate and Execute Amendments to the
Restriction Agreements Dated July 12 2007 and February 28 2008 with Andrews Family
Properties LLC
On a motion by Maxine Sweet, seconded by Gary Caplinger, the Board unanimously
approved authorizing the AEDC Executive Director to negotiate and execute amendments to
the Restriction Agreements dated July 12, 2007, and February 28, 2008, with Andrews Family
Properties, LLC.
7 Determine Next Meeting Date
The next AEDC Board meeting was scheduled for Wednesday, April 28, 2010 at
6:00 p.m. It was noted that Andy Messer, the attorney appointed by TxPool to represent the
AEDC, will appear before the Board at the next meeting to discuss a pending lawsuit.
8. As Authorized by Texas Government Code Section 551.071(2) this Meeting May be
Convened into Closed Executive Session for the Purpose of Seeking Confidential Legal
Advice from the General Counsel on Any Agenda Item Listed Herein
The Board did not convene into Executive Session for the purpose of seeking confidential
legal advice from the General Counsel on any item listed on the agenda.
41 .n112, 2010-Poge t
9 Adjourn
The meeting was officially adjourned on a motion by Maxine Sweet, seconded by Gary
Caplinger, at 7.50 a.m.
These minutes approved this 28" day of April 2010
Tim Wood, President Carl Clemencich, Secretary/Treasurer