Min - Economic Development Corporation - 2004 - 04/21 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC),
BOARD OFDIRECTORS
REGULAR MEETING
APRIL 21,2004
Board
Jim Brazeal
rim Wood
Ken Fulk
Kurt Kizer
Maxine Sweet — Absent
Staff
Charisse Reaume
Jennifer Grimm
Others
Max Wel�ls, Steve Meier
Dr. E.T. Boon, Mike Williams
Phillip Williams, Bill Dahlstrom
John Griffiths, Amy Monier
Scott White, David Hoover
Mike Viltalobos, Scott Bassett
With a quorum of the Board present, the Regular Meeting of the Allen Economic Development
Corporation (AEDC) was called to order by President Jim Brazeal at 610 p.m. on Wednesday,
April 21, 20114 at the AEDC Office.The following items Were discussed:
Al2prove Minutes of the March 17, 2004 Regular Meeting of the AEDC Board of Directors.
The minutes of the March 1.7, 2004 Regular Meeting of the ,AF -DC Board of Directors were approved
as submitted on a motion by Ken Fulk, seconded by Kurt Kizer.
Presentation by Emerson Partners an Development. Scenarios, for Commercial property Located at the
Southwest Comer of US 75 and Bethanv Drive.
Phillip Williams, Emerson Partners, introduced other members of his, development team. Amy Monier
gave a history of The Farm and their concept for the development of residential areas and "green"
spaces. They are working with the City Planning Department on their overall development plan. The
plans for the southwest corner of US, 75 and Bethany Drive were displayed. The area is designed for
high-end retail and office users, with efforts made to take advantage, of the topography and! creek in
order to create a "sense of place". Parking garages would be utilized to minimize the surface parking.
They are working with a number of clients including a Wellness Center. The company intends to seek
potential incentives from the AEDC and the City.
Consider and take Action for the Approval of the Landscaping. Lighting and Architectural Designs for
M,cDermgtt Bgginess Park Located at the Southwest Corner of McDen-nott Drive anidl Ash Drive.
Mike Vill,alobos, Marcon Construction, updated the Board on progress with the redevelopment of the
site located at the southwest corner of McDermott Drive and Ash Drive. Demolition of the: existing
metal buildings is moving forward, and Mike is working with his engineer on the final site plan. He
anticipates it will be several months before construction begins on the first building.. Renderings of the
new building design were distributed. Mike is still working on the final landscaping,, lighting and site
plan and is not prepared at this time for the Board to approve. Following, discussion, the Board decided
to wait to approve the architectural renderings at the same time as the landscaping,, lighting and site
plan. On a motion by Ken Fulk, seconded by Kurt Kizer, the Board approved the final draft of the
Incentive Contract (as distributed) and authorized the President to execute the document.
Regular Meeting, April 21, 2004
Page 2
Convene into Closed, Executive Session.
The Board convened into closed executive session at 7:25 p.m. to discuss the sale of property owned
by the A -EDC in Millennium Corporate Center to Project Apple.
Reconvene into Regular Session.,
The Board reconvened into regular session at approximately 8:05 pm.
Consider and Take Action Approving a Letter of Intent for the Sale of Approximate IK -0- Acres
Owned . -by the -,AEDC-,at,the .Southeast Corner of U.S.35A....laid gern nt Urive,.
The Board discussed the proposed Letter of Intent as distributed) with the development group, who
requested several changes to the document. The Board and developers came to agreement on all the
points, discussed. On a motion by Tim Wood, seconded by 'Kurt Kizer the Board approved the
following changes, to be incorporated into the document to be executed by the AED,C President:
0 Include wording to permit the construction of either two-story or three-story buildings.
* Incorporate the wording, "and occupancy" in portions of the contract referencing the
requirements for construction of the second building.
0 Change "100% leased" to, "95% leased"' in portions of the contract referencing the
requirements for, the construction of the second building.
0 Add a buy-back provision for AEDC to purchase the property back if they have not started
construction within 9 months, from the closing date,
* Add wording that at the end of the 6 month term, the purchaser will be released from the
Letter of Intent unless another mutual agreement is reached.
Reconvene into Closed Executive a on..
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information and economic incentives for Project Flight.
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The Board reconvened into regular session at approximately 9. 15 p.m.
Consider and take Action ARprovin g Incentives for Proiect FI [ght to Locate to Allen,,
The Board discussed the project including the co,mpany's, commitment to only sign a five-year lease,
On a motion by Kurt Kizer, seconded by Ken Falk, the Board approved making a recommendation to
the City of Allen, Collin County and CCCCD for a 50% tax abatement for 10 years on the building for
the project. The Triple Freeport Exemption is also available as part of the incentive package.
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Regular Meeting, April 21, 21004
Page 3
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Center to Project Appj2,
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Subcommittee to M_.. I'" negotiations with the company for Site "A" in Millennium Corporate
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Discuss Development Scenarios for Millennium-Corpolrate Center.
research landscaping design for the: approximately 2 -acre open space area in the center of the
A.1ment.
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ChaTiSse Rea,ume presented the financial statements as of March 31, 2004. The finiancial report w
approved on a motion by Kurt Kizer seconded 0 by Tim W od.
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Discuss Administrative and Marketing Activities of the AEDC
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attend a picnic hosted by Ernerson Partners at'The Farm. The Board was updated on the Belz project
AM to, Memphis,
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azeal, President