Min - Economic Development Corporation - 2010 - 05/19 - RegularL
ALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC)
BOARD OF DIRECTORS
REGULAR MEETING
WEDNESDAY, MAY 19, 2010
Board
Tim Wood
Susan Bartlemay
Gary Caplinger
Maxine Sweet
Carl Clemencich
Staff
Robert Winningham
Daniel Bowman
Veronica Merrick
Kevin Laughlin
Call to Order and Announce a Quorum Present
Guests
Kevin Hammeke
Kristen Savant
John Roper
Dennis Pirkle
With a quorum of the Bond present, the Regular Meeting of the Allen Economic
Development Corporation (AEDC) was called to order by President Tim Wood at
6:10 p.m. on Wednesday, May 19, 2010 at the AEDC Office.
I Approval of Minutes of the April 28 2010 Regular Meeting
On a motion by Maxine Sweet, seconded by Susan Bartlemay, the Board unanimously
approved the Minutes of the April 28, 2010 Regular Meeting as presented.
2.
Kevin Hammeke presented the resolution authorizing the issuance of Sales Tax Revenue
Bonds, Series 2010A and Taxable Series 2010B. Hammeke noted that funds from the
issuance of Series A bonds will be used for water and sewer infrastructure projects. Series B
funds will be used for infrastructure improvements supporting a local commercial project,
valued at $5.2 million.
Among other things, this resolution approves the issuance of the bonds and the establishment
of pricing officers. Hammeke noted that it is also required that the Allen City Council
approve the sale of the bonds, at which point the pricing officers can execute various
documents to proceed with the bond sale. The AEDC Board will be delegating
responsibilities associated with the bond issuance to the City of Allen.
May 19, 2010 - Page 2
Kristin Savant, City of Allen Bond Counsel, indicated that this is the only motion that needs
to be passed by the Board at this time. Bond funds should be available in lune of 2010.
Robert Winningham noted that the bond funds will be used for infrastructure that will support
economic development projects, in accordance with State law Tim Wood thanked Kevin
Hammeke for his hard work in preparing for this bond issuance.
On a motion by Susan Bartlemay, seconded by Maxine Sweet, the Board unanimously
approved adoption of the Resolution Authorizing the Issuance of Economic Development
Corporation Sales Tax Revenue Bonds, Series 2010A and Taxable Series 2010B, Pledging
Certain "Pledged Revenues" of the Corporation, Establishing Parameters for the Sale and
Issuance of Such Bonds and Delegating Certain Matters Related to the Sale and Issuance of
Such Bonds to an Authorized Official of the Corporation.
3. Convene into Closed Executive Session -
The Board convened into closed executive session at 6:16 p.m. to deliberate real property,
commercial and financial information and economic incentives for the following:
• Consider Incentives for the Recruitment of Project Scout
Reconvene in Open Session
The Board reconvened into regular session 7:37 p.m.
4. Actions Resulting from Executive Session
No action taken.
5. Review the Allen Economic Development Corporation's Preliminary Budget for Fiscal
Year 2011 and Adjustments for Fiscal Year 2010
Robert Winningham presented the Allen Economic Development Corporation Preliminary
Budget for Fiscal Year 2011 and Adjustments for Fiscal Year 2010, noting that small
adjustments have been made to several accounts. Winningham also noted that the AEDC has
budgeted an additional $200,000 under the line item for Marketing/Promotional expenses to
help cover the cost of the sign for the new Cabela's store. The AEDC is legally allowed to
spend up to 10% of its revenues on promotional expenses.
Winningham described the staffs of the economic development corporations in the
surrounding cities of Plano, Frisco and McKinney, explaining the AEDC has a smaller staff
than all three of these competitors. Winningham also noted that the AEDC is in need of an
analyst -type staff position that could perform a variety of functions, including research,
El website content maintenance, proposal preparation and report generation.
May M 2010 - Page 3
Winningham mentioned that the AEDC has outsourced many of its marketing functions over
the last year, including graphic design, website development and aspects of broker/site
selector relationship management. Susan Bartlemay agreed that this had been a positive
development for the AFDC, since there are already many marketing resources available
between City and AEDC staff.
Gary Caplinger recommended that Winningham research what similar types of analyst
positions are being paid at other local economic development corporations. It was noted that
the Financial Analyst position in the City Finance Department could be a comparable
position. Caplinger noted the importance of creating a detmled job description and making
sure the right person is hired to fill the position.
Tim Wood noted that the company for which he works generally pays a salary of at least
$40,000 annually for similar types of positions. The general consensus of the Board was for
the AEDC Executive Director to proceed with hiring a fourth staff member
Winningham noted that the City Human Resources Department is requesting that the AEDC
Board approve a resolution that formally authorizes the hiring of the new position. Kevin
Laughlin noted that this may not be necessary, and recommended that the AEDC review its
Bylaws.
6. Approval of AEDC Financial Reports
1 Daniel Bowman presented the AEDC Financial Reports. On a motion by Maxine Sweet,
seconded by Gary Caplinger, the Board unanimously approved the AEDC Financial Reports
as presented.
7 Discuss Administrative and Marketing Activities of the AEDC and Upcoming Local
Events
Robert Winningham updated the Board on the administrative and marketing activities of the
AEDC and distributed an Allen SWOT Analysis that was recently prepared by the Burns
Consulting Group. It was noted that Winningham and Dan Bowman recently visited the
Governor's Office in Austin and discussed projects, funding opportunities, and Industrial
Revenue Bonds, among other things.
Winningham noted that the AEDC recently sponsored a Dallas Morning News Commercial
Real Estate Breakfast and received great exposure to a large group of Dallas real estate
professionals. Winningham introduced Veronica Merrick, AEDC Summer Intern, noting that
she is currently working on the IEDC award application for the Cisco data center project.
Susan Bartlemay requested that AEDC staff provide a list of vacant buildings in Allen,
specifically noting the total amount of space that is vacant in various buildings. Bowman
noted that a full vacancy report will be included in the Board packet next month.
Gary Caplinger noted that Green Shield is a sponsor of the 2010 Allen USA Celebration.
May l9, 20/0- Page 4
8. AEDC Executive Director's Report Regarding Office Industrial Data Center Retail
Protects and Local Partnerships
Robert Winningham noted that Project Trust, a 300 -employee call center operation seeking
approximately 30,000 -square feet of space, recently visited Allen.
9 Scheduling of Next AEDC Board of Directors Meetiniz
The next AEDC Board meeting was scheduled for Wednesday, June 16, 2010 at
6:00 p.m.
10 Adtoum
The meeting was officially adjourned on a motion by Susan Bartlemay, seconded by Gary
Caplinger, at 8:45 p.m
These minutes approved this 16" day of June 2010.
Tim Wood, President Carl Clemencich, Secretaryfrmasurer