Min - Economic Development Corporation - 2014 - 04/02 - RegularALLEN ECONOMIC'DEVELOPMENT CORPORATION ("AIDC)
BOAR,I) OF DIRECTORS REGULAR MEETING
WEDNESDAY, APRIL 2, 2014
Board
Scott Sutherland
Michael Schaeffer
Greg Kerinedy- absent
loey Herald
Jefi'Burkhardt
Staff
Dan Bowman
John criven
Pete Smith
C -all —to0rdcr.qnj( Announce a_QuttjamLllreent
Guests
Peter Vargas
Lee Battle
Rollie Waters
Chuck Robie
With as quorum of the Board present with members Scott Sutherland, Michael Schaeffer, Joey Herald
and Jeff` Burkhardt iri attendance, the Regular Meeting ofthe Allen Econoniie Development
Corporation (Al'. DC) Board of Directors was called to order by President Scott Sutherland at 6,:00
p.m. on Wednesday, April 2, 2014 at the A. C", Office,
1. Aptnyql of the Minutes tai`, ire 2 2014 Special Called Board Mgetim,
On a motion by Michael Schaeffer, seconded, by Jeff'Burkhardt, the Bmird unaniniously approved the
Minutes of the March 12, 2014 Special Called Board Meeting as presented.
2. Convene into Closed Executive Session: Pursuant to Texas Govern.ment Cok, Secti
Lon5.5 1 . �O7
Deliberat —and-Finaur Lial
—Information and Economic Incentives f6i- thew
12lo—1— in
L
a. Consider Incentives to Support the Recruitment of Tenants to AlleriPlace Office Center
b. Staff Update on Allen Central Business District
Convene into Closed Executive Sessiow Pursuant to,rexas Government Code, Section 1,072,;
Deliberation of the Sake "Ie.or Value of Real Pr)p r
-jjurc�g,sc Excha
_Q ty
a, (1 onsid er Sale of AFDC -Owned Land in Millennium Tech,no lo gy Park to Sentinel! Capital
The Board convened into closed executive session at 606 p.m.
Reconvene into Open Session
'I'lle Board reconvened into regular session at 7:16 pmi
3. A,ctl()ii,sResultinefro iiiExceLitiN�eSession
No action taken
,,,I IFIX Alc?efing Minutes
April 2, 2'0114 - Page 2
4. Discuss Schedtilijoint Meet—iggs _withtheAE Board and th(..Alen .(,it„ Council
Michael Schaeffer had suggested, that, Jointrnectings take place between the AEI C Board and the
Allen City Council on a regular basis, The Board discussed op(ionsfor holding; joint meetings and
agreed to request council consider, holding ajoint meeting in May prior to the: preparation of the
alUlUal budget,
5. Approval of the AEDC Financial RC'Dorts
Dan Bowman presented the AE,DC Financial 'Reports, Bowman noted that Personnel F"xpenses for
February were high due to the payments made to Harry Whalen to cover salary expenses through the
end of April, Office Supplies Expenses were high due to luggage and donation purchases and
Consulting Services hicreased because of attorney Ibes for several deals, Marketing,, Training and
Travel expenses decreased due to strategic reductions in these line items.
Bowman stated that the Monthly Cash Flow sheet indicates payments to Standex and Andrews were
niade in March. The grant for Experian increased 'from $450,000 to approximately $700,000 because
of additional renovation costs incurred by the company. Schaeffer would like to know what the
maximum aniount is t"or the renovation grant.
Turrcriline Jackson and Photronics have been removed from the Monthly Cash Flow sheet.
Monkey ports and CV E have been moved frorn pending projects to committed projects. Sales tax
-eceived in March for January receipts was .37 -percent wider and slightly down frorn, last year, but
overall approximately on budget..
On a motion by, Michael Schaeffer, seconded by Joey, Herald, the Board unanimously approved the
AEDC Financial Reports as presented,,
6 A E Q Q Report RggaL Lfi-nj, —Adin iijistrat i ve _and Mi ark,titan aaa tiwti
cs of the AEDC, Upcoming
"cal Events, Office, IndUstriIt1,Data Center , ail, and Business Retention P '
_ _ mlgcts
Dan Bownum updated the Board on office, industrial, and retail projects. Bowinan. stated there is
interest in developing peter Ng's properly as an office, YF and industrial/hIgh-tech flex park. Peloton
executed the agreement with the AEDC to provide development services lot- Allen Central Park and
is in the process of working with AEDC' st,aff'to Pursue hotel operators and flags.
The real estate agreement with JSC Really has been signed and the company is undertaking up to
ninety days of,due diligence. Press releases tbr MonkeySports and Nine -Band Brewery have been
seor a new aerial map and newly designed
sent out to inedia representatives. Marketing initintivesfi
website are in progress.
7. Determine Next Meeting Qa_ -_M m y
_2.014
The next AEDC,Board meeting is scheduled tbr Wednesday, May 7, 2014 at 6,00 prn.
AEE)(' ' Mecaiiig Aftlrmfe.y
April 2, 2014 - Page 3
8. Discussionof Future At),eiida Items
There were no now action items for the next Board meeting,
9. Convene into Closed Executive Sessioit Pursuant to Texas Governincilt Code, Section 551 074
t6r Personnel Matters: Discussion of the Duties, RcspoLg
Eniployment of the Executive Director
The Board convened into closed executive session at 8:21 p.m.
Reconvene into 012en Session
The Board reconvened into regular session at 8:59 p.m.
I(1. Actions resulting ftom CXCCUtrVe WSSiO'R
On a motion made by Jeff Burkhardt, seconded by Michael Schaeffer, the Board unaniniously
approved a notion to clarify that the two falltinie cniploynient positions previously approved by the
AEDC Board are the Administrative Assistant and the Director of Marketing and. Research.
11 . Adiourninent
On a motion by Jeff Burld-iardt, seconded by Michael Schaeffer, the meeting was adjourned at
9:03 p.m.
'These Minutes approved this 7"' day of May, 2014.
.. . ..........
sc�
WA A;
Michael Schaeff-er, Vice President