Min - Economic Development Corporation - 2004 - 05/19 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OFDIRECTI
REGULAR MEETING
May 19, 2004
Board , Staff I Qihen
Jim Brazeal Charisse Reaume David Hoover
Tim Wood Jennifer Grimm. John Kelley
Ken Fulk Dan Bowman,
Kurt Kizer
Maxine Sweet
Call to Order and Announce a Quorum Present.
Its
44 UUFOFN dfl
Development Analyst. The following, items were discussed -
Approve Minutes of the April 21, 2004 Regular Meeting of the AEDC Board of Directors.
I I 11!111�!!rri 111 111,111 VOWWWINN't.? iklo M.
Review the: Allen Economic Development Co oration's Prelim i�aga Plidggl for Fiscal Year 2004-05.
Charisse Reaume presented the preliminary AFDC Budget for 2004-2005 and recommendations for
adjustments to the 2003-2004 AED,C Budget. Of special note were adjustments to the following
accounts.
• Office Supplies — for the purchase of software upgrades and a new color printer.
Century & Butler Property — for the finalization of the reconfiguration of the detention pond.
The funds were actually budgeted in last year's budget, but the WOTk was completed this year.
Millennium Corporate Center — for the construction of Bethany Drive.
The AFDC lease (which comes due in September) was, discussed by the board. The consensus of the
board was, to renew the AEI C lease for another two years at the existing lease rate.
Increases (of note) in the 20014-2005 AFDC budget accounts included:
Office Supplies — for the Purchase of a projector, laptop and software upgrades
Operating Transfer -Marketing — for the creation of Business Landscape on the C4 Channel 61
The Board discussed Millennium Corporate Center and! whether to include funding for landscape:
design and engineering. A decision was not made regarding a set amount. The City of Allen Finance
Department will supply final numbers relating to Personnel, Revenues, Chelsea payments and other
City costs such as insurance and audit fees.
Ken hulk requested that staff check rising energy and water costs and incorporate any findings into the
proposed budget. The final budget will be presented at the June A.EDC1 Board Meeting for approval.
Allen Econornic Development Corporation
Regular Meeting, May 19, 2004
Page �2
Appirova I qf AEQQ Einallgial ReWrts
Charisse presented the AEDC financial report. On a motion by Kurt Kizer, seconded by Maxine
Sweet., the financial report was approved as distributed.
Di5cuss Administralive, and, MArkeging-Activities of the AED,C
Jennifer Grimm updated the Board on the marketing related activities of AEDC. Current plans are
underway to uipdate the AEDC website, which, will provide interactive aerial maps, that can be enlarged
to display information on specific projects/developments. Ken Fulk asked that extra measures be
taken to ensure the maps stay in focus when they are enlarged. Maxine Sweet and Kurt Kizer
volunteered to serve on the S,ibcommittee to review Hotel/Motel applications and make a
recorninendation back to the Board in June: for the disbursement of funds. It was reported that the
deadline for HOWUNIDICI applications is May 28'.
Convene into Closed Executive Session.
The Board convened into closed executive session at 6.45 p.m. to discuss the sale of property owned
by the AE,DC in Millennium Corporate Center to Project Apple and commercial and financial
information and economic incentives for Project Apple.
Reconvene into Regglar Session.
The Board reconvened into regular session at approximately 7:310 p.m.
.ahq..Action...Rgarding the Sale of PropeM Owned by the AEDC in Millennium
Qg[poEgtg Center to Project Apple and Sales Contract.
The Board discussed the sale of approximately 5 acres in the Millennium Corporate Center to Project
Apple and reviewed the draft of the sales contract. On a motion by Kurt Kizer, seconded by Ken Fulk,
the Board .approved the sales contract with the following provisions:
AEDC has the right of first refusal.
• Adding a buy-back provision for AEDC to repurchase the land if construction, has not begun
within one year from execution of the contract.
The Board further recommended notifying the purchaser that the Property Owners Association will be
formed concurrent with the completion of construction of the building.
Cignsider and take Action Reg—arding Incentives..SuppWi.ag the DeyeloRment of an Office Building in
Millennium Corporate Center for Project Apiple,
On a motion by Kurt Kizer, seconded by Ken Fuk the Board approved an infrastructure incentive in
the amount of 50%, of the construction cost (not to exceed $30,000) to assist in offsetting the cost of
the "turnabout"on the south lend of the proposed building. The incentive is subject to the Board's
approval of the design. The Board supported the use of pavers as opposed to "'stamped" concrete. In
other, conversation, the Board discussed a need for a Subcommittee to work with landscape architects
on the design of the two -acre park area in the center of the development. Maxine Sweet and Ken Fulk
Regular Meeting, May 1 9,2004
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volunteered to work on a Subcornnmittee researching, landscape options at the appropriate time
(pending the timing for Project Apple). It was recommended to have representatives from Project
Apple also supply input on the design elements of the park.
Consider and take Action Authorizina the Avoraisal of a. 1535 -Acre Tract of ProM in Millennium
Co orate Center Owned by theTexa§ Q-eg_artment.oTran s
On a motion by Kurt Kizer., seconded by Ken Fulk, the Board approved taking the appropriate steps
with the Texas Department of Transportation to obtain an appraisal on approximately 1535 acres, of
land owned by TxDOT in Millennium Corporate Center. The board will consider action to purchase
the property once the appraisal is obtained.
The next board meeting was scheduled for Wednesday, June 23, 2004 at 6:00 p.m.
M-01im.
On a motion by Kurt Kizer, seconded by Maxine Sweet, the meeting was officially adjourned at
7:35 p.ru.
These minutes approved this, 23"' day of June, 2004.
Brneal, Presilden