Min - Economic Development Corporation - 2014 - 05/07 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF* DIRECTORS REGULAR MEKI'ING
WEDNESDAY, MAY 7,2014
Board
Scott Sutherland - absent
Michael Schaeffer
Greg Kennedy
Joey Herald
Jeff Buithardt
Staff
Dan Bowman
John criven
Pete Smith
fallto(Lr_der,tend Armoqncc a on Ou no Prcsoilt
, _
Quests
Peter Vargas
Lee Battle
Murl Richardson
With a quortun of the Board present with members Michael Schaeffer, Greg Kennedy, Joey Herald
and Jeff Burkhardt in attendance, the Regular Meethig ofthe Allen Economic Development
Corporation (AEDC) Board of Directors was called to order by Vice president Michael Schaeffer at
6 04 pm. on Wednesday, May 7, 2014 at the AEDC Office,
1. Appro in
On a inotion by Joey Herald, scoonded by Jeff Burkhardt, the, Board unanimously approved the
Minutes of the April 2, 2014 Regular Board Meeting as presented,
2.r l
Alen
gma[—&&LL5—tate Sj)) QCyel()T)TTMgt alid Marketit1p,, Activities fo
—('-QT-i1r,9l Park
Murl Richardson with Peloton, provided an update and timeline on the development plans for Allen
Central Park, Pdoton will be posting a sign on the propetiy, has created a marketing flyer and
developed a website. Richardson shared highlights on the website and reviewed the tfineline of
cvcl,lt&
The Board requested that Rchaxdson and Bowman rneet with Trademark manageraent to discuss the
proposed sky bridge project before the Board commits to expenses related to the design study. Hotel
discussions have been progressing with Hilton and Starwood einerging as the top contenders to
develop a hotel and conference center.
3. Copsider Modification ofthe L— dSale to l�ejqneth W, 5hqv
Dan Bowman updated the Board on the sale of the AFDC -owned 4.3 acres to Kenneth W. Shaw, in
order for the land to be developed by J SC, the (let ention pond must be relocated.. Tothis end,JSC
will need to have title to the pon&
City Engineer Chris Flanigan has indicated (fiat the reconfiguration of the detention pond would not
change the size of the pond and JSC,wottld riot be able to reclaim usable aereagQ, The consensus of
'the Board is for JS C to retain ownership and maintenance of the pond.
ALDC kkViing k1h I wes.
MaY 7, 2014 - T`age 2
On a motion by Greg Kerinedy, seconded by Jeff Burkhardt,the Board'unaniniously approved
authorizing the Interini Executive Director to sign on. behalf of the Corporation an amendment to that
certain PUrChaSo and Sale Agreement between the Corporation and Keraieth Shaw dated April 4,
2014, amending the property to be sold by the Corporation to include Lots 3R and 4R, Block 3,
Amended Replant of Lots 3R 4R, Block 3, Milletinitun 13tisiness Park, an Addition to the City of
Allen, Collin County, Texas,
4. (
"-Qn--=enehto-C Do—ed 5
Exequfive Session: 1?jlr�LLILn g De—",,g—Qoyen1ment 4PSJ9-,—,S9cti0-115—L9-87-
tj LL
Delibera jgA _of Economiq De
v lo xmet nV ofia iom , To 1�elibc Jal and Fhiancial
e k&� -t —s — ergtp �_onm-�cg--- —
Information andEconornic InKcgqnit,iyye�she Following:
a. Consider Incentives to Support the Recruitment ofPn-)ject Connect
b. Consider Incentives for the Recru it ment as f Project C el 1,Lj lar
The Board convened into closed executive session at 6:3 7 p,ni.
Reconvene into Ooen Session
The Board reconvened into regular session at 7:04 p.m.
5, Actions Resulting ftorn Executive Session
On a motion by Joey I-lerald, seconded by Greg Kennedy, the Board unanimously approved
authorizing the Interim Executive Director to execute an amendment to the Incentive Agreement with
CVE Technology to increase the maximum grant amount to $500,000 and maxinnurn number or
employees to 1,000 f'br purposes of the grant calculation provided company relocates its corporate
headquarters to the property.
6, Review and Discuss the proposed AEDC Budget for F—Y 2015 and Changes to the AEDC Budget
for FY 2014
Greg Kennedy provided an introduction of the FY 2015 AEDC Budget. Kennedy rioted approval of
,the FY 2015 AEDC Budget is riot needed until the June Board meeting, Darr Bowniantreviewed the
income and expense categories of the proposed budget noting that the sales tax number is projected
by the Finance Depailinent. Bowman. suggested the Board contact him regarding any changes to the
FY' 20115 AEDC Budget,
7'.AMMY I �of .0
"irzara cis
Gireg Kennedy presented the AEDC Financial Reports. Kennedy, rioted revenue was down as little for
the month, but 2 -percent over year-to-date. Full-time salaries were loss than the budget due to the
former CEO's departure. Full-time salaries are project to bc over the budget because of the additional
administrative and inarketing positkni&
Expenses for Dues & Subscriptions were on track, with Rentak/Leaging being slightly over budget.
Protbssional Services will be over by about $4 1,000 due to payinents, related to the lbriner CEO and
AEDCAleeting Minvien
.Wtv 7, 2014 - Page 3
the fee paid to the Executive Search Fir,m, Joey Herald questioned why there was as sale tax, spire for
February sales. Kennedy stated a conapany in Allen made as huge orie-tirrie purchase that increased
sales taxin February.,
In June, $570,000 will be paid to acquire a f6ur acre tract. Bowman explained that the annual
Experian grant consists of a grant of M 40,000, a renovation grant and an employment grant that
should decrense over the next few years. Kennedy pointed out that the rolling cash balance for April
is about $ 10.9 million and projected to be $10.2 million in May, Regarding the Cisco grant, it will be
evaluated in July after the appraisal numbers are announced,
On a motion by Joey Herald, secondcd by Jcff Burkhardt the Board unanimouslyapproved, the
AEDC Financial Reports as presented,
8. &vort on AEC CLff—J cc, Inc
lustdfll Data CcUteE. Ret"I i LAIA—Thus--iness I etent ion Pro'ects and.
MadketinL, Activities
Dan Bownwa updated, the Board on office, industrial, and retail projects. Bowman stated the site
plan for AllenPlace has been updated and next week the Dallas Business Journal will announce the
deal between the AEDC and Sentinel Capital. Bowman is pursuing a deal with Trammel Crew for an
industrial building on the land owned by Okmetic located on Ridgcrnont Drive, Infrastructure
assistance will be needed for road improvenients to make the numbers work for development of the
Okmetic tract.
Research on the CBE) is progressing with interest fi-orn, investors and restaurant groups. Bowman
nientionecl UPS has selected as McKinney location becauseno space is available in Allen,
, rhe former Peter Ng tract is being followed closely, A broker from Fort 'Worth will be marketing the
propeily and as few serious investorsare interested in the property. Discussions between the Allen
Prerniurn Outlet, Mall, the City and the AEDC will be conducted to consider incentives for the
cxpansion.
9. Dote LLne—NgALMeeti.rn� i� Juurru Cll �1
The next AE DC Board ixieeting is, sclieduled for Wednesday, June 4•,..2014 at 6-, 00 prn. This meeting
will be a Joint Meeting with the City Council and AEDC , Board. The Joint Meeting will be held ftom
6M-7:00'withthe Board Meeting to follow from 7:00- &W The meeting lociation will be the City
Council Hall at City Hall,.
10l2ustas io n q rg.A
There were no new action iternsfor the next Board niceting,
APIX"Afecting, Alimews
4,M), T 2614 - Ptp� 4
11, Convene into ClosedExecutive Sessiow Pursuant to Texas Government Code, Section 551.074
for, Personnel Matters: Discussion of the Duties, Responsibilities, Performance, Evalualionand
Employment of the Executive Director
The Board convened into closed executive session at 7:33 p.tn.
Reconvene intO.Open Session
The Board reconvened into regular session at 7:41 p.m,
C�
11 Acti ns rgsulting fi-om executive 'session
��J()
No action taken
13. Adiourni-new
On a motion by Jeff Burkhardt, seconded by Joey herald, the meeting was, adjourned at 7:53 p.ni.
These Minutes approved this 4111 day olAutne, 2014,
Scott Sutherland, President
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GrOg4ennedy,