Min - Economic Development Corporation - 2013 - 04/03 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AED(,',)
BOARD OF DIRECTORS
REGULAR MEETING
WEDNESDAY, APRIL 3, 2011;3
Board Staff Guests
Scott Sutherland Harry Whalen 'Peter Vargas
Susan Bartlemay Dan Bowman Lee Battle
Greg Kennedy - Absent John Scriven Kevin flarnfricke:
Joey Herald Pete Smith
Michael Schaeffer
Call to Order and Announce aQuorurn Present
With a qUorurn of the Board present, the Regular Meeting of the Allen Econon-fic Development
Corporation (AEDC) Board of Directors was called to order by President Scott Sutherland at
6:02 p.rn. on Wednesday, April 3, 2013 at the AEDC Office,
1, ADproval oaf the, Minutes of the March 6 01 RegLdLir ljoard,_Mgejjrjg
On a motion by Michael Schaeffer, seconded by Joey Herald, the Board unanin-fOUsly approved
(lie Minutes of the March 6, 2013 lief Ular Board Meeting as presented.
2. Convene intoClosed Executive Session: Pursuant to Texas Government Code Section
551,087; Deliberation. of Econ rnic Devele r,,)iTi��N�e,.,oti�,itioiis�To Deliberate Commercial
and Financial Information and Economic Incentives for the Followj=
a. Update on the Recruitment of Pro.ject Brew
b. Update on Pro.ject Global Data
c. Consider Incentives Delated to the Recruitment of Tenants, to AllenPlace on
AFDC" -owned Acreage
Reconvene into Open Session -
The Board reconvened into regular session at 6:30 p.m,
3. Acfion� ResUltino fi-om Executive Session
No action taken
A 67, , )C Meeting Miniaes
Apd,13, 2013 - Page 2
4. Koval th�,�_AEDC FjjjajjqLjl AL tort.
Harry Whalen and Dan Bowman presented the financial reports. Harry Whalen indicated that
rand -year adjustments to the AEDC Budget for Fiscal Year 2013 and the AEDC Budget for
Fiscal Year 2014 will be reviewed and approved in June. Now that John criven has been hired
as, a fulltime employee, the temporary salary category will not significantly increase. Mr.
Whalen noted that all overtime must be approved by the AEDC President in advance of the date
that the overtime occurs in, order to further control this ex pense,
Dan Bowman mentioned that the incentive grant check to Standex in the amount of $60,000 was
recently delivered to David Renken and the company will scion be conducting their ribbon
cutting ceremony. Experian has requested their next grant payment in the amount of
approxiinately$495,000� AEDC staff an,ti,cipates that incentive payment requests for PFSweb,
Greenling and No Magic will be submitted within the next nionth. Turrentine-Jackson-Morrow
probably will not request as grant payment.
The current AEDC cash balance is $3. million. An equivalent tax abatenient for Andrews
Distributing in the aniount of $47,138 is currently being processed. Cisco has a potential of
receiving $2.2 million in grant's if their appraised taxable value meets the rolling average
specified in the Economic Development Agreement. Certified tax values are announced in July
of each calendar year. Cisco has not requested payment of their second or third grant
installments from the AEDC.
Peter Vargas thinks the payrnent request Should be initiated by Cisco. Mr. Vargas noted that IT'
equipment depreciates quickly. Pete St-nith said the city built. a road, covered sorne soft costs and
reduced building perinit costs. Mr. Bowman indicated that the appraiser was unable to obtain
accurate numbers on CiSCO'S e(ILlipment in order to precisely determine the appraised value.
On a motion by Susan Bartlemay, seconded by Michael Schaeffer, the Board unaniniously
approved the Af,'DC' Financial Reports as presented,
5. AEDC Report Reg r ing Administrative and MarketitIg Activities of the Ati,
IL `U Li Ind.
Loc I I ents Office hi ust ial Data tweet.. ,j. Business Retention Pro'ects
.....h.- Office, . . ......................... ....... LPI–L—
Harry Whalen arid Daan Bowman updated the Board on office, industrial, and retail projects. Mr.
Whalen indicated that Standex International received their grant payment and is tentatively
scheduled to hold their ribbon cutting ceremony on May 8''.
Bridge Metrics has moved into the HJT building, but has not set a dedication date. Mr. Whalen
attended the [AMC conference and Mr. Bowman has been involved with CoreNet. AEDC Staff
recently sponsored the Dallas Business Journal Top Brokers event at. the Sheraton Hotel in
Dallas.
Mr. Whalen noted that the Dallas Business Journal Best Real Estate Deal Awards will take place
on Thursday, April 25. The AEDC has ten seats at the bancluet and the AEDC'Board and Allen
City Council will be invited to attend. Mr. Whalen shared details, on as few active projecls, City
and AEDC staff attended as meeting today with the developers for Pt oJect Upscale, as 64-roorn
bouliclue hotel and includes at four star WStaUrant.
AEDC Meeling Minfutes
April 3, 2013 - Page 3
Project Mascot, a building services company, has decided to acquire land along McDcrrnott and
proceed with an office project wit-hout accepting a grant offered by the AEDC. The Tax
Abatement Agreement fear Twin. Creeks Hospital will be transferred frorn the existing owner to a
new operator, based on the approval of the Allen City Council.
6. Determine Next Meeting Date — May 1, 2013
The next AEDC Board tneeting is scheduled for Wednesday, May 1, 2013 at 6:00 p.m.
7. Adjournment
On a motion by Joey Herald, seconded by Michael Schaeffer, the meeting was adjourned at
6:50 pmi.
These Minutes approved this I st day of May 2013,
Scott Sutherland, President Susan Bartlemay, Vice Pre•4ent