Min - Economic Development Corporation - 2015 - 08/05 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAV, AUGUST 5,2015
Board
Michael Schaeffer
G�reg Kennedy
Joey Herald
Jeff Burkhardt - Absent
Peter Vargas
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Daniel Bowman
David Ellis
Melissa Reecer
Pet�e Smith
Ronnie Davis
Brett Lewis
With a quorum of the Board present with members Michael Schaeffer, Greg Kennedy and Joey
Kcrald in attenidance, the Regular Meeting of the Allen Economic Development Corporation (AEDQ
,Board of Directors was cal ledto order by Vice-Presidcnt Schaeffer at 6 -00 p.m. on Wednesday,
August 5,
Ni at the AEDC Office,
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Minutes of the July 8, 2015, Regular AEDC Board Meeting.
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The Board convened into closed sessilon at 6:01 p.m.
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On a motion by Greg Kennedy, seconded by Joey Herald, the Board unanimously approved
authorizing the Executive Director to negotiate and execute an incentive agreement on behalf of
AEDC with Formulife to provide a grant of $ 1,000, per employeenot to exceed S 100,000, for each
employment position created and maintained within t�wel�ve months following the date a Certificate of
Occupancy has been issued by the City of Allen.
AEDC Meeling Maretes
August 5,, 201'5 - Page 2
On a motion by Joey Herald, seconded by Greg Kennedy, the Board unanimoMM -1
authorizingthe Executive Director to negotiate and execute incentive agreements, on behalf of AEDC
with the! Texas Revolution and Dallas, Sidekicks to provide each team an annual grant of'$ 10,000, pier
year fbr 3 years subject to certain conditions.
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Greg Kennedy presented the Financials to the Board for the month of June. Sales tax revenue for the
month of june was 2% over budget and approximately equal tothe same month from the previous
year. Overall, the AEDC sales tax revenue receipts remain on budget for the current fiscal year.,
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AEDC Financial Reports as presented,
5. Report on AEDC OfficejBidustrial,_Qata Center, Retail, and Business Retention Projects, and
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,V,date,,on.the Status of'AEDC Marketing Activities,
Dan Bowman gave a presentation to the Board that will be presented to the C'ity Council on the
achi evements of'the AE,DC'during 2�O 14/2015�
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No items were discussed.
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The B1ard reconvened into regular session at 7.59 1.m.
AEDC Afeeting Afintues
ArIgust 5, 20 15 - Page 3
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On a motion by Greg Kenney, seconded by Joey Herald, the Board unanimously voted in favor of
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increasing the Executive Director / CE,O�'s annual base salary by 3%, retroactive to July 2, 2015.
10. Adiournment
On a motion by Greg Kennedy, seconded by Joey Herald, the mecting was adjourn at
8:00 P.M.
1!&)C—IlalS'c'haeffer,'Vice President
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dr 'g,", Kennedy, Seer