Min - Economic Development Corporation - 2014 - 08/06 - Regular11
(AEDC"
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, AUGUST 6,2014
Board
Scott Sutherland--, absent
Michael Schaeffer
Greg Kennedy,,,,, absent
Joey Herald
Jeff Burkhardt
Peter Vargas
Staff
Dan Bowman
John Scriven
Geneva Aragon
Pete Smith
Call to Order and Announce a Quorum Present
Guests
Scott Condon
Paul Vinyard
Joel Vinyard
Tiffany Vinyard
Josh Vinyard
Frank King
'kitha quorum of the Board present with members Michael Schaeffer, Joey Herald and Jeff
Burkhardt in attendance, the Regular Meeting of the Allen Economic Development Corporation
(AEDC) Board of Directors was called to, order by Vice President Schaeffer at 6:03 p,m. on
Wednesday, August ,2014 at the ..EI C Office.
I. App -m -al -of the Minutes of the June 30, 2014, Special Called AEDCBoard.Mieetin
2. ApMoval of the Minutes of the July 2 —2014-.Rggular AFDC Board Meeting
On a motion by Jeff Burkhardt, seconded by Joey Herald,, the Board unanimously approved the
Minutes of the July 2, 2014 Regular AEDC Board Meeting as presented.
3. Convene into Closed Executive Session: Pursuant to Texas Goverment Code, Section 551.087
Deliberation of Economic Dievelorant Negotiations: To Deliberate Commercial and Financial
Information and Economic Incentives for the Follow iw,.-
a. Consider Development Plans for Project Wafer
b, Consider Incentives for the Recruitment of Project Ape
c. Consider Incentives for the Recruitment of Project Revolution
The Board convened into closed executive session at 6:03, pm.
Reconyep.qinto Oven Session
The Board reconvened into regular session at 7:37 p.rn,
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Angtost 6,2014- Page 2
4. Actio s Resulting from Ee yji
ve
c L3,0sion
Dian Bowman presented an update on the certified tax value of Cisco Systems. Bowman noted tha
Cisco did not reach their average appraised value of $118 irtillion for first period defined in their
agreement. The company was more than $36 million short of meeting the requirement. The AED
paid Ciscoi $ 1.1 million initially.
According to the Collin County Appraisal District, it is difficult to accurately appraise data centers.
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grant in the amount of $2.2 million has been removed fforn the Incentive Grant Report,
Dan Bowman presented. the AE,DiC Financial Reports, Bowman mentioned that the AEDC is ion
target with Dues & Subscriptions, Marketing and Grants. Line items that were close to exceeding
budget include Consulting and Landscaping.
On the Incentive, Grant Report, Bowman noted that ADSL' bond payments will be made in August.
The fourth payment to Cabela's will be made in the amount ofd l million. Bridge Metrics has
decided to wait on submitting a request for their grant payment until later this year. It is anticipated
that CVE will be requesting an incentive payment soon, The TEL FSI payment will occur at the end
of August, but will be offset by revenues received from Sentinel Capital for the sale of land. Nine -
Band Brewing is expected to seek a grant payment in the near future,
Sales tax revenue was up 4 -percent for the month and higher than the previous year. The increasein
sales tax is due to the purchase of additional equipment by a few companies in Allen.
On a mofflon ny ole cra seconded by Jeff burkhardt, the Board unanimously approved the
AEDC Financial Reports as presented.
7. Report run AEDCI
--Office, Industrial. Data Center, Retail, and Business Retentio I ProLects -and
Marketing Activities
Dan Bowman updated the Board on office, industrial and retail projects, TIG Development is
considering an office complex on Bob Johiison's land located at the southeast comer of Alma and SH
121. It will cost $8 million for infrastructure improvements. A large office user is considering
locating at AllenPlace in Phasic 2 and has submitted information to Sentinel. Intel,liEPI has put the
property on Ridgemont under contract. An offer has been made to the Allen Outlet Mall,
AllcnPlacc is going through the zoning process and a detention pond study is in progress. Phase I
can most likely move lbrward without the detention pond being an issue, but it will need to be
addressed to support Phase 2 ofthe development. An RFP will be prepared for a full service hotel,
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Augusl'6, 2014 - Page 3
but we will start by sending an RFC, to a long list of 30-40 developers, This list will be narrowed
down to 1 10 developers that will receive the IRFP,
The AEDC continues conversations with Frontier about possible expansion plans in the future. A trip
to visit the corporate headquarters is planned for later this year. A staff committee interviewed five
candidates for the Assistant Director position. Two, of the candidates moved to, the final round of
interviewing. Mayor'Terrell and a Board Member will join the final interviews, which will be
scheduled for Friday or Monday from 2:30-4.10 p.m.
Geneva Aragon presented an overview of the new AEDC website. Aragon showed, the aerial video of
Allen as well as several key pages. Plans are to go live with the website by the next Board Meeting,
8. DgLermine Next Meeting Date --September 3. 2014
The next AFDC' Board meeting is scheduled for Wednesday, September 3, 2014 at 6:00 prn,
F. . , wtifio
Joey Herald requested a reference sheet showing past projects that the AEDC won or lost, incentives,
that were offered, and the financial impact of each deal. Herald also suggested holding a Board
Retreat, in November. Michael Schaeffer suggested a planning session.
10. Adjouruurnent
On a motion by Joey Herald, seconded by Jeff Burkhardt, the meeting was adjolumed at 8:15 p.m.
d
These Minutes approved this 3` day of September, 2014.
. . ........ .. ......... .
Scott Sutherland, President Michael Schaeffer, Vice President