Min - Economic Development Corporation - 2014 - 06/04 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS REGULAR MEETWG
WEDNESDAY,JUNE 4, 2014
Board S1& Guests
Scott Sutherland Dan Bowman Kevin flamnicke
Michael Schaeffer John Scriven Ben Appleby
Greg Kennedy Pete Smith
Joey Herald
Jeff Burkhardt
Peter Vargas
Call to Order and Announce a Quorurn Presctit
With a quorum of the Board present with mernbers, Scott Sutherland, Michael Schaeffer, Greg
Kennedy, Joey Herald and Jeff Burkhardt it) attendance, the Regular Meeting of theAllen Econornic
Development Corporation (AEDC) Board of Directors was called to order by President Sutherland tit
7.24 pan. on Wednesday, June 4, 2,014 at the Allen City Council Conference Room.
1. App
,joyal of the Minutes of the May 2, 2014 Special Called AFDC Board Meeting
On a motion by Greg Kennedy, seconded by JeffBurkhardt, the Board unanimously approved the
Minutes orthe May 2, 2014 Special Called AFDC Board Meeting as presented.
2. Approval of the Minutes of the May 7 201 Rcgq1AT,,AEDC Board Meeting
On a motion by Michael SchaefCer, seconded by Greg Kennedy, the Board unanimously approved the
Minutes of the May 7, 2014 Regular AEDC Board Meeting as presented.
3. Convene into -Cl sed Executive Session: Pursuant to Texas Govemment Code,, Section 551.087.
Deliberation, of Economic Developmenttyle gotiations: To DeliberateCOMITIeTCial and Firlancia
Information and Econornic Incentives for the Followinp,:
a. Consider Incentives to Support the Recruitment of Project Connect
b. Consider Incentives for the Recruitment ot`Project Cellular
The Board convened into closed executive sessionat 7,27 p.m.
Reconvene unto Cpern sessioal
The Board rm)nvened into regular session at 8:27 p.m.
"I'lie Board convened into closed executive wssion at 9:12 p.m.
Reconvene into Open Session
The Board rcconvened intoregular session at 9:37 p -nn.
AEDC Meeting Alinuies
,hone 4, ''014 - Page 2
4. Actions Session
No action taken
5. Review and Discuss the Proposed AEDC Sud &ges to the AEDC.13
Chan
for FY 2014
Dan Bowman presented the proposed FY 2015 AEDC Budget and changes to the FY 2014 Budget.
Bowman reviewed the income and expense categories for the proposed budget, noting that sales tax
revenue projected by the Finance Department increased for FY 2014 and FY 2015. Salaries and
associated expenses increased due to the additional staff positions,
professional Services will increase by $2,250 to account for bond maintenance fees, The original
$30,000 in this category will be used for various studies required to support AEDC projects.
On a, motion by Jeff Burkhardt, seconded by Joey Herald, the Board unanimously approved the
proposed AEDC Budget for FY 2015 and changes to the AED�C Budget for FY 2014 as presented.
6.
Greg Kennedy presented the AFDC Financial Reports. Kennedy noted that revenue was $290,000
over budget, an I I -percent increase for FY 2014. Salaries were down due to the vacant CE0
position, but lbrecast to be over for the year.
Consulting Services and Professional Services were over for the month and projected to be over year -
tar -date. Also related to Professional Services, the city operating transfer fee in the amount of $95,370
was paid this month. The capital expenditures fee of S30,000 was paid for the Tokyo land with a
balance of $570,000 left to be paid.
An incentive grant of $709,000 was recently paid to Experian. For the.nionth of June, the AEDC
expects to niake a grant payment to CVE for $175,000, The cash balance at the end of May was
$10.8 million.
Sales tax revenue for February sales was $818,1 0C O with the prior year collection at $499,000. March
sales tax revenue was 5847,000 mid the previous year was $773,000. Kennedy stated the FY 2015
budget will generate $8.9 million in revenue with forecasted expenses ot'S5.5 million.
On a motion by Michael Schaeffer, seconded by Joey Herald,the Board unanimously approved the
AEDC Financial Reports as presented.
7. Revkintmy"AEDCOffice. Industrial. Data Center, Retail, a Business Retention P
noicctssawd
Markc,tJ,,pg,,A.cIJ.v ities
1-1- � � . .... ..... .. ..... ........
Dan Bowman updated the Board on office, industrial, and retail projects. Bowman is working with
Sentinel Capital on the next phase of AllenPlace along with discussing the driveway i"equiren-lent with
Finisar, Bowman inet with l"rontler is considering a future visit to the conipany
hcadquaruzxs ill C0flAeC1i(;UL.
AEDC Ueefil?g Mimic's
'hwe 4, 2014 - Page 3'
Jack Henry has a new CEO that offices in Allen, the company is considering a 20,000 — 30,000
square foot expansion. TIG may propose a large office development on the southeast comer of
SH 1.21 and Almia.
Meetings regarding the development of Allen Central Park continue with Picloton, Watters Creek and
hotel operators and flags. Murl Richardson plans to attend the AEDC Board meetings every other
month to provide updates on the Allen Central Park project. The revised hotel I"easibility study has
been completed and distributed.
The AEDC will host a real estate luncheon at the 1-111ton Garden Inn on June 12"', Presentations by
Sentinel, Peloton, Engineering, Community Developnient, the Convention and Visitors, Bureau, and
the AEDC will be given, It is anticipated that over 150 guests will attend this AFDC Marketing
event.
8. Detcrmine Next Meeting Date-- July 2, 2014
The next AFDC" Board meeting is scheduled for WW- July 2, 2014 at 6:010 pm.
9. Discussion of Future A enda Items
There were no new action items for the next Board meeting.
10. 'Convene into Closed Executive Session: Pursuant to Texas Government Codc,_.Soction 551.074
fear so -, iu�ati- -1-1 --------
r Pernnel Matters. Discussion of the Duti��.,,;,ResnonsibE-ilities, Performance, va on and
Employment of the Executive Director
The Board convened into closed executive session at 8-28 p.m.
Reconvene into Open Session
The Board reconvened into regular session at 9:07 p.m.
The Board convened into closed executive session at 10-08 p.rri.
Reconvene into OpenS.ession
The Board reconvened into regular sessionat 10:40 p,ni,
11, Actions sess 1011
No action taken
A EDCAIoeth ig Min i i tes
Ame 4, 2014 - Pagyc 4
12. Miou i uq��
na -qt
On a motion by Greg Kennedy, seconded by Joey Herald, the meeting was adjoumed at 10:41 pu,
These Minutes approved this 2"" day of July, 2014.
Scott Sutherland, President Cjre&,-Re--nne6y, Sexcret reasure—r'--