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Min - Economic Development Corporation - 2015 - 07/08 - RegularALLiE BOARD OF DIRECTORS REGULAR MEETING WEDNESDAY, JULY 8,2015 Board Scott Sutherland Michael Schaeffer 0wreig Ken�Fjefy - Aisew Joey Herald, Jeff Burkhardt Peter Vargas I I M16n; - i I'll III III I , Staff . —Da,9-9W--Nkl David Ellis, Melissa Re cer Rome 0- L7 Kent Smitl With a quorum of the Boardpresent with members Sclott Sutherland, Michael Schaeffer, Joey Hera and Jeff Burkhardt in, attendance, the Regular Meetingof the Allen Economic Development Corporation (AEDC) Board of Directors was called to order by President Sutherland at 6:04 p.m. oil Wednesd�ay, July 8, 2015, at the AEDC Office, I ■ a N ArMIIIIILN- MI, UMUNNIIII � 1= 0 : I I I I I Film ■NITIff1m, go 06 Ir Dan Bowman informed the Board that the final documents, for the Hotel Conferonce Center are being prepared which is in part wrapping up, the EB -5 investment. Prosperity Bank is working finalizing the approved loan documents. * 1I 11 1 1 6 . I . 0, I I 1 10 1 1 1 1 1 1 i( 1 11 ITI Kevin Laughlin adided that due to the timing on zoning, it may require revisiting, the ED, Agreeme to, match the Purchase and Sale agreement at a later date. i AEDC Meeting Ahautes AdY 8, 2015 - Page 2 —On a motion'by Jeff Burkhardt, seconded by Michael Schaeffer, the Board unanimously authorized the Executive: Director to negotiate and execute a purchase and sale agreement with TCH Alteri,a LLC to sell the 6 862 acres of AED:C's property at Bethany and US 75 in the amount of $3,885,765, suNiject to a restriction agreement for the hotel and conference center and grant of $�3,,8851,665, and such additional documents necessary to close the sale of said property, 4. Consider Approval of the Purchase and -Sale Aareement and Related Documents with Pelioton Real Estate Advisors, Inc. N=. M- WN =.I W ction pe YINF-11-UST VAIS11%, IS WIL111TI J41 Uayti L nowingEnv inspe ftod-,-ft " I 15�O days from the closing date to break ground or AEDC has the right to repurchase the property, AEDC has the right offirst refusal at any point up to construction. On a motion by Michael Schaeffer, seconded by Joey Herald, the Board unanimously authorized the Executive Director to negotiate and execute a purchase and sale agreement with Pelolon Real Estate Advisors, Inc. to sell 3.6 8 acres for S I I per square IN with a restriction agreement for construction of a Class -A office building and such additional documents necessary to close on the sale of said property. NO 1 4 11 111' 1 ---- oft #wloE$.lo)lLgrlm7lTw= =IT Consider Incentives for the Retention and Expansion of an Allen Company b. Consider Incentives for the Recruitment of Project Basebiall c. Consider Incentives to Support Greenville Tech Center d. Consider Incentives to Attract Tenants to 600 Millennium Ddve and AllienPlace The Board convened into closed session at 6:16 Reconvene into Open Session 'The Board reconvened into regular session at 7:47 Pm. I I go 1, On a motion by Scott Sutherland, seconded by Michael Schaeffer, the Board unanimously authorized the Executive Director to negotiate and execute an incentive agreement fbr a reimbursement grant in the amount of $50,0100 for relocation costs with T'APS Software. On a motion by Michael Schaeffer, seconded by Jeff Burkhardt, the Board unanimously authorized the Executive Director to negotiate and execute an incentive agreement to provide a reimbursement AEDC Afeeting Minutes Ady 8, 2'015 - Page 3 grant, not to exceed S200,0010, for construction and infrastructure costs related toi the development of a tech center -on Greenville Ave. by JaRyCo Development LLC. On a motion by Jeff Burkhardt, seconded by Joey Herald, the Board unanimously authorized the Executive DirectQr to neVotiate and eixecute an incentivp�_-�,�,, L,, in the mount of $75,000 for construction of parking or Finisar property and conveyance ofjoint driveway and access easement to AEDC. to It' I 111BRIM A I job"Ifful N Dart Bowman explained to the Board that the FY 20 15 Budget for AEDC would need to, be amended due to the alloication of the funds for the purchase! of the, Lebow land tract. The owner financed $4.4 million of thaticurchase and the -..IIU -V!, - �x6L(ij fAVQr0Wj:W. Expenditures Land account, The finance department is needing to add a $4.4 million revenue under Loan Proceeds from the Liebows and will add $4.4 million under Capital Expenditures Land account which will balance, each other ouc There is no additional cash or expense going out thi's fiscal year, this, is simply for accounting purposes to acknowledge that AEDC has the budgetary authority, for that obligation. In addition, there will need to, be W- in the FY 2016 budget regarding the Lebow purchase payment annually in the Capital Expenditures Land account will be split between Lebow Debt Principal and Lebow, Debt Interest which shows as a Principal /interest payment. 1r 6.1 il 141M 11 INS Dan Bowman reviewed the financials with the Board, Sales tax revenue! for thicinonth of May was Ni ver budget by,2%, The expenses are now under budget due to the financial reports reflecting the revised FY 2015 budget numbers. 11I IZ4 AEDC Financial Reports as presented. R=rt on AED,C Office, IndustrialData Center Retail, and Business Retentign Projects and Upidate-on the Status of AEDC-Marketing Activities MITM, it; I H AEDC,kfeetingkfinistes July 8, 2015 - Page 4 10. Determine Next Meeting. Date --August 5,2�015 The! next AEDC Board meeting is scheduled for Wednesday, August 51, 2015, at 6i-00 p.m. III � 111 11 In gl 'iIl'�Il I III 11,111Iiii liqi�1�111 11��Iii I III . ... ...... -- . . ............................ . . . . Michael Schaeffer, Vice- Plresident .... . ......................... ....... . I Kennedy, Secretary