Min - Economic Development Corporation - 2013 - 05/01 - RegularALLEN ECONOMIC DEVELOPMENT COR111ORATION (AEDQ
BOARD OF DIRECTORS
REGULAR MEETING
WEDNESDAY, MAY J, 2013
Board
Staff,'
Guests
Scott Sutherland
Harry Whalen
Mayor Terrell
Susan Bartlernay
an Bowman
Peter Vargas
Greg Kennedy
John Scriven
Kevin Hammeke
Joey Herald
Tracey Cline
Don Blackwood
Michael Schaeffer
Pete Smith
Dayton Mucatee
Donna Tidwell
Keith Ashley
John McMillin I'll
Richard Roder
Ken Hendrix
Call to Order arid, Announce a QUOrUM Present
With as quoruin of the Board present, thele uular° Meeting of the Allen a-,onornic Devel.opnient
Corporation (AFDC) Board of Directors was called to order by president Scott SUtherland at 6:05
p.rn. on Wednesday, May 1, 2013 at the AEDC Office.
L AppKgvau:l of the l"livart:e cwf thq April 3,2013 RecularBoard MeetiU
On a motion by Greg Kennedy, seconded by Joey Herald, the Board unanimously approved the
Minutes, of" the April 3, 2013 Regular Board Meeting as presented,
2. Convene into o ' ' sed Ex ' ecutive Sess,ion: Pursuant to Texas Goy e " rninent Cg�cje,,Sqj��C 5 A_l.087-
Deliberation of Econornic Deve lop!ng�oti a (ions: To Deliberate Commercial and Financial
Information and Economic hicentives for the FollowjqL:
a, Update on Development Plans for Allen Central Park
b. Discussion Of SUPPOl't for the Retail Developinent at McDermott)rive and CedaD
r rive
c. Discussionand(Jpdate on Land at SH 121 and Chelsea 1300evard
d, Discussion of Support for Tenants ConsiderinZP g Space at AllenPlace Office Center
e. Discussion of Support for a Hotel Development in Watters Creek
f, Consider Incen6ves for the Retention of an Allen Conrpany
Reconvene into Open Sessioll
Thou l3oaj'-(J reconvened into regular session at 9:07p.rrl.
A CDC Meeting Minutes
May 1, 201'3 - Page 2
3. Actions Resulting from Executive Session
Z.r--
No action taken
4. Avoroval of the AEDC Financial Reports
Greg Kennedy presented the AEDC f7financial. Reports. A summary sheet with notes that highlight
significant variances in revenue, and expenditures will be provided to the Board each month, Mr.
Kennedy noted that revenue and sales, tax were higher than the budgeted amount for the month,
which is positive for the AEDC. l egarding the Profit and Loss Statement, overtime expenses need
to be minimized. John Scriven is permanent employee now, but John. Scriven and Tracey Cline may
incur overtime as they are both non-exernpt employees.
Mr. Kennedy stated that the travel expense is significant and, needs to stay within budget. Expenses
for professional services are low year-to-date, but over $90,000 will be paid for City services in
April. The AEDC sales tax forecast shows an increase of $156,000 which would, result in over $8
million iii revenue by the end of the fiscal year. There, was it decrease in sales tax in February due to
as state adjustryient of $30,000, but year-to-date this an'10LInt is over budget.
Regarding the new financial report format, the goal is to obtain more accurate forecasts o1AEZDC
revenues and expenditures, Scott Sutherland asked when the Cisco grant could be removed from the
expense line item. Pete Smith commented that it would be July before the appraised values would
be available. At that point,, the AEDC could notify Cisco in writing if they dont tweet the terms of
th,e Economic Developnient Agreement.
On a motion by Michael Schaeffer, seconded by Joey Herald, the Board unanimously approved the
AED,C Financial Reports as presented,
5, AEDC Report Reeardii,l�-ninistrativq and Marketiriv- Activities of the AEDC, Upcoming
Local Events, Office, Industrial, Data Center, Retail. and Business Retention Pro-jects
Harry Whalen and Dan Bowtuan updated the Board on office, industrial, and retail projects. Harry
Whalen informed the Board about the AEDC Broker'LLIncheon planned for May Wh at thaw Hilton
Garden Inn. Greg Nelson with Triad Partners will sponsor this event; so far the AEDC has received
72responses for brokers and developers indicating they plan to attend, The agenda will include
presentations. from Greg Nelson about- AllenPlace, Harry Whalen with all Update of current
economic activity, Bo Bass oil Planning items for the 121 Corridor, and Chris, Flanigan oil Allen
road projects.
Mr. Whalen stated the ribbon cutting ceremony for Standex has been moved tea June 25"' so that their
executive management can attend, Mr. Bowman will be attending a couple TexasOne events and
Mr.'Whalen will bQ going to the fEDC Conference along with prospect visits in Michigan and 0hio,
6, Determine Next Mectinp, Date —JUllC5 2013
The next AEDC Board ineeting is schoduled for Wednesdily, June 5, 2013,at 6:00 p.ni.
AEDCMeelin,g Minutes
May 1, 2013 - Page 3
7. Convene into Closed Executive Session:. Pursuant to Texas Government Code, Section 55l 074.
for Personnel Matters -- Discussion of the Duties and R.esEqnisibilities of the Executive Director.
a. Discussion of AnnUalReview for Harry Whalen, CEO
Reconvene into Open Session
No action taken
8. Adjournment
On a niotion by Joey Herald, seconded by Greg Kennedy, the meeting was adjourned at
10:27 p.m.
These Minutes approved this 5"' day Of Alne 2013.
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Scott Sutherland, President SusanBartlernay, Vice Prcs�ienl