Min - Economic Development Corporation - 2014 - 12/03 - RegularBoard
Scott Sutherland
Michael Schaeffer
Greg Kennedy
Joey Herald
Jeff Burkhardt
Peter Vargas
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, DECEMBER 32014
Staff
Dan Bowman
David Ellis
Geneva Aragon
Tracey Cline
Melissa Reecer
Pete Smith
Call to Order and Announce a Quorum Present
Guests
Bo Bass
With a quorum of the Board present with members Scott Sutherland, Michael Schaeffer, Greg
Kennedy, 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 President Sutherland at
6:00 p.m. on Wednesday, December 3, 2014, at the AEDC Office.
1. Approval of the Minutes of the November 5, 2014, Regular AEDC Board Meetin
Joey Herald requested a change be made on page 3 of the November minutes, to indicate that Michael
Schaeffer did not suggest that the AED�C hire a specific consultant for long -terms strategic planning.
On a motion by Joey Herald, seconded by Greg Kennedy, the Board unanimously approved, the
Minutes of the November 5, 2014, Regular AEDC Board Meeting with the noted change.
2. Consider Approval of an Economic Development Agleement with Chelsea Allen Development
LP.
Dan Bowman indicated that Simon Property Group will be seeking formal approval of an ECOnOnliC
Development Agreement with the AEDC and is hoping to close on land in February.The terms of the
agreement will remain the same with some minor changes to the conditions. Bowman indicated that
Simon has had positive leasing activity, but has yet to, identify a specific anchor tenant. Joey Herald
shared that he was not worried about the owners, finding tenants.
Michael Schaeffer indicated that the AEDC should be careful in dictating required improvements to
the shopping center as part of these types of economic development agreements.
On a motion by Greg Kennedy, seconded by Joey Herald, the Board unanimously authorized the
Executive Director to negotiate: and execute an Economic DevelopmentAgreement with Chelsea,
Allen Development LP.
AEDC Meeting Minutes
December 3, 2014 - Page 3
On a motion 'by Joey Herald, seconded by Jeff Burkhardt, the Board unanimously approved the
AEDC Financial Reports as presented.
7, Report on AEDC Office, Industrial, Data Center, Retail, and Business Retention Projects and
Marketin2 Activities
Bowman indicated that the IntelliEPI project is moving forward with plans construction of a building
P
and Ridgernont Drive. He is hoping to finalize the Economic Development Agreement shortly, with
construction beginning n in the first quarter of next year and be finishing by the beginning of 2016.
Bowman gave a brief update on the Frontier project and office options for Montgomery Ridge, The
AEDC has had four meetings with a large data center project considering, the SH 121 corridor.
Dan will be meeting with Quest Medical on Friday to formally present the AED,C'Board's offer.
Ari -Tex is working on solving a driveway issue at the moment but is expected to proceed with their
project.
Dan stated that the ribbon-c,utting for the AllenPlacie that occurred earlier that day was well-att,ended,
The AED,C Holiday Event will be Thursday evening on December 0'. Plaques for top projects for
2014 will be presented to KONE, C Technologies, and MonkeySplorts,.
S. Determine Next Meeting Date --Janun 7, 2014
The next AEDC Board meeting is scheduled for Wednesday, January 7, 2014, at 6:00 pm.
9. Discussion of Future Agenda Items,
Joey Herald requested that the Board and AEDC Staff consider discussion of business accelerators.
Michael Schaeffer requested an update on road construction in Allen, specifically on US 75.
10. Adioumment
On a motion by Greg Kennedy, seconded by Joey Herald, the meeting was adjourned at
7:41 p.m.
These Minutes approved this 7" day of January, 2014.
!.lire
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ScottSutherland, President Michael Schaeffer, Vice President