Min - Economic Development Corporation - 2011 - 01/31 - Special CalledALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC)
BOARD OF DIRECTORS
SPECIAL CALLED MEETING
MONDAY, JANUARY 31, 2011
Board
Staff Guests
Tim Wood
Robert Winningham None
Susan Bartlemay
Daniel Bowman
Carl Clemencich
Ryan Shook
Gary Caplinger
Pete Smith
Scott Sutherland
Call to Order and Announce a Quorum Present.
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 7.20 a.m.
on Monday, January 31, 2011 at the AEDC Office.
L Convene into Closed Executive Session: Pursuant to Texas Government Code, Section
551.071 for consultation with General Counsel
The Board convened into closed executive session at 7:20 a.m. to deliberate real property,
commercial and financial information and economic incentives for the following:
Discuss and take appropriate action regarding the Corporation's performance under Section
7 1 of the Sale Contract between Allen Economic Development Corporation and Andrews
Family Properties, LLC dated July 11, 2007
Reconvene in Open Session
The Board reconvened into regular session at 7:37 a.m.
2. Actions Resulting from Executive Session
On a motion by Gary Caplinger, seconded by Susan Bartlemay, the Board unanimously
approved authorizing the AEDC Executive Director to provide $260.039.07 to Andrews
Family Properties as reimbursement for rollback taxes paid by the company to the Collin
County Appraisal District. The AEDC is obligated to pay the rollback taxes according to
Section 7 1 of the Purchase and Sale Agreement between AEDC and Andrews dated July 11,
2007
I
I
AEDC Meeting Minutes
Junuurc 71. 2011 - Puge 2
The Board also authorized the AEDC Executive Director to draft a letter from the AEDC
Chairman to the Allen City Manager requesting reimbursement of the City portion of the
rollback taxes related to the project
3. Adjourn
The meeting was officially adjourned on a motion by Tim Wood, seconded by Carl
Clemencich, at 7,40 a.m.
These minutes approved this 16" day of February 2011.
Tim Wood, President
Carl Clemencich. Secretary/Treasurer