Min - Economic Development Corporation - 2004 - 03/17 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
MARCH 17, 20@4
a2ad: Staff.
Jim Brazeal Charisse Reaume
Tim Wood Jennifer Grimm
Ken Fulk
Kurt Kizer
Maxine Sweet - Absent
tORUMN
Others:
Mark Walker, Linda Armstrong
Dr. P.T. Boon, Mike Williams
Steve Meier, Charles Raymond
Approve .,Minute a.,of the e 18 004 lie R lar Meetiniz of the AEDC Board of Directors.
The minutes, of the February 18, 2004 Regular Meeting of the AEDC Board of Directors were
approved as submitted on motion by Ken Fulk, seconded by Kurt Kizer.
I
The Board convened into closed executive session at 6:15 p.m. to discuss commercial and financial
information and economic incentives for Project X and for the development of an office complex on
AEDC-owneid land at the southeast corner of US 75 1& Ridgemont Drive.
The Board reconvened into regular session at approximately 7:40 p.m.
Consider and take Action Rega[ding Landscaping and Sea
11,folor for M il lennium CoEporate
Center.
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ground coved add dimension, and color to the areas. Haddle
de ending on the size of trees selected, On a motion by Kurt,Kizer, seconded by Ken Fulk the Board
p I
410" ~*VN -1
President to sign the appropriate documents.
Regular Meeting, March 17,201014
�Tage 2
The Board reconvened into closed executive session at 7:55 p.m. to deliberate the sale: of AE,DC-
owned land in Millennium Corporate Center to Project Apple.
Reconvene into Regular Session
The Board reconvened into regular session at approximately 8,:35 p.m.
Consider and take Action for the Approval of Incentives for Prpcet X.
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Following discussion, on a motion by Tim Wood, seconded by Kurt Kizer, the Board approved
providing, an incentive to Project X in the amount of $54,467 (payable upon the, ,AFDC receiving
copies of the installation receipts) with, the following conditions. 1) a copy of a minimum 5 -year lease
and 2) verification of a minimum of'40 employees and $100,000 capital investment on the: first year
anniversary of the issuance of the C.O. Should the company not meet the minimum requirements,, then
they will owe the prorated amount back to the AEDC. The Board authorized the President to execute
the appropriate documents.
Co ",der and take Action for the Sale pf the rrQperty Owned by the AEDC and the Approval o
Incentives in the Support of an Office Deve liopment on the Southeast Comig-of US 75 & Ridgemo,n
Drive.
The Board discussed items, that the developers asked for consideration as incentives. On a motion by
Ken bulk, seconded by Tim Wood, the Board approved the following incentives be to offered for the
development of an office complex on AEDC-owned land at the southeast corner of US 75 &
Ridgernong Drive:
Offering the usable land (approximately 9.29 acres) at $1.010 per square foot.
Recommending a 401% tax abatement for 10 years to the City of Allen and Collin County.
• Providing up to $50,000 for construction of a deceleration lane on the access road.
Providing a survey as normally performed by, the AEDCon property sold by the AE,DC.
• Providing the existing tree survey performed for the AED,C as acceptable to the City of
Allen).
Assistance with, marketing.
The incentives, are contingent upon the AFDC Board's approval of the architectural, lighting and
landscaping designs.
'The company requested, the Board take no official action at this time. The Board's general consensus
was that. it would be willing to consider the company locating to Site B in Millennium Corporate
Center.
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Regular Meeting, Match, 17) 2004
Page 3
Ken Fulk reported that he had conversations, with Phillip Williams, Emerson Partners, who said he
would be willing to construct the final portion of Bethany Drive west of US 75to Watters, Creek
Bridge. Williams would still use Sinacola and try to get the work done at the same price offered by
McMahon. The City of Allen Engineering Department has agreed to work with the, A -EDC on issuing a
Change Order with, whichever contractor is selected. On a motion by Kurt Kizer, seconded by Tim,
Wood, the Board authorized Ken Fulk tonegotiate on behalf of the AEDC with Phillip Williams to
,obtain a maximum price of $190,000 for theconstruction ofthe lanes. The Board further authorized
President, Jim Brazeal, to e:xec!ute the agreement with the City. The general consensus, of the Board
was, that if Williams and Sinacola cannot do the project at the same amount, then McMahon will be
used for the project with the appropriate contracts being drafted, between the City of Allen and the
A.EDC'foir payment.
WgifloPMETZ-110TO is m - * - it
Charisse Reaume presented the financial statements as of February 29, 2004, The financial, report Was
approved ona motion by Kurt Kizer, seconded by Tim Wood.
Di cu Administm'ire and Marketing Activities of the AE
Jennifer distributed the recently mailed newsletter. The new graphics will be utiaed in other AEDC
marketing materials including the website and mailers,
R=H =02 112�1
EMERITUS ITTRI FUiq1111 � I SHMEEMMOMM
On a motion by Ken Fulk, seconded by Tim Wood, the meeting was officially adjourned at
9:10 P.m.
Z , riesi'den
Jim— f t
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Kenneth Fulls., Secretary