Min - Economic Development Corporation - 2004 - 01/21 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AE1C
BOARD OF DIRECTORS
REGULAR MEETING
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Board: Staff- Others.:
Jim Brazeal C'harisse Reaume Philip Williams, Emerson Partners
Ken, Fulk Jennifer Grimm Bill Dahlstrom, Attorney, Emerson Partners
Kurt Kizer
Maxine Sweet
Tim, Wood
With a quorum of the Board present, the Regular Meeting of'the Allen Economic Development
Corporation (AEDC) was called to order by President J'im Brazeal at 6-015 p.mi. on Wednesday,
January2004 in the! Conference Room of the Allen Economilc Development Corporation, I Of
Allentown Parkway, Suite 21: 1, Allen, Texas, The following items, were discussed:
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Called Meeting of the AED,C Board of Directors.
The! minutes of the November 19, 2003 Regular Meeting and the December 18, 2003 Special Called
Meeting of the! AEDC Board of Directors were approved assubmitted on a motion,
by Ken, Fulk,
seconded by Kurt Kizer.
Reimbursement for the Bethany Road Extension.
Mr. Williams presented the Board with a chec�k for $179,8�33,as reimbursement for the Portion of
Bethany Drive that was constructed by the AEDC, contingent upon the approlval'of the drafted
Agreement with Emerson Partners,
Regular Meeting, January 2 1, �2004
Page 2
The Board discussed the possibility ofacquiring land along SH 12 1. Blue Star Development has
ir,ffered all or a Portion of approximately 72 acres on the! southwest corner of SH 121 and Chelsea
Boulevard for, $2.35/SF to 52.50/SF., Blue Star currently has, the property under contract pending a
mining case on the 529 acre Project. The Board reviewed documentation including an estimate for tfW
land including utilities, impact fees and other developmental costs,
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�roperly at this time due to the high asking price.
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f1r; ='.r' sent V s approl;
Stacy Furniture as a Substitute I
etailer per the AE,DC's Incentive Agreement with Twin Creeks
village.
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The annual incentive payment for Twin Creeks, Village is contingent upon having, an approved retailer
occupying at least 50,000, square feet in the former Kmart space. Twin Creeks Village did not qualify
for the payment in 21003 and is preparing, their request for, 2004.
On a motion by Maxine Sweeti seconded by Kurt Kizer, die Board approved Stacy Furniture as a
Substitute Retailer pursuant to the IncentiveAgreement with Twin Creeks, Village; permitting the
payment of the $86,000 incentive payment in 20,04.
The Board was updated on discussions with Bob E
Allen Economic Development Corporation
Regu lar Meeting, January, 2 1, 2004
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T, It I M,740
per the Economic Development Incentive Agreement with the AEDCanid also approved a
recommendation to the Allen City Council for the removal of the tax abatement for 2003 and all
subsequent years. Notification will be sent to the City, CCAD and AT&T.
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AEDC is in a positive cash position and sales tax revenues Y -T -D am up almost 121/9 comparedwith
th
fir e same reporting period last year, The Inancial report was approved on a mloton by Tim Wood,
seconded by Ken Fulk,
elections and retail site selection. Board members were asked to respond to Jennifer if they have an
interest in attending.
Jennifer also reported that, an insert on AEDC projects and the find inp of the Insight Research study
will be distributed in the City water bills beginning in February. A four-page pullout brochure on
AEDC activities will also be featured in the Allen, Image in, their May/Junie issue, Jennifer is also
working with a consultant on the re -design of the graphic elements for AEDC marketing pieces,
relating to a clean air resolution developed by the North Texas Councit of Governments seeking
support fTom citles in their jurisdiction. The resolution has the possibility of impacting our local
industries. Further updates will. be provided to the Board as information becomes available,
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