Min - Economic Development Corporation - 2019 - 08/14 - CalledBoard
Michael Schaeffer
Jeff Burkhardt
Tim Litinas
Baine Brooks
ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS CALLED MEETING
WEDNESDAY, AUGUST 14, 2019
Staff
Daniel Bowman
David Ellis
Tracey Cline
Eileen Gonzales
Nicole Bywater
Pete Smith
Call to Order and Announce a Quorum Present
Guests
Eric Ellwanger
Eric Cannon
Dave Corvette
Alex Evans
With members Michael Schaeffer, Jeff Burkhardt, Tim Litinas, and Baine Brooks in attendance, the
Called Meeting of the Allen Economic Development Corporation (AFDC) Board of Directors was
called to order by President Schaeffer at 6:00 p.m. on Wednesday, August 14, 2019 at the Allen
Economic Development Corporation office.
1. Approval of Minutes of the Regular AFDC Board Meeting on July 17, 2019
On a motion by Tim Litinas, seconded by Baine Brooks, the Board unanimously approved the minutes
of the July 17, 2019 Regular AEDC Board Meeting.
2. Approval of Minutes of the Special Called AFDC Board Meeting on July 30, 2019
On a motion by Baine Brooks, seconded by Tim Litinas, the Board unanimously approved the minutes
of the July 30, 2019 Special Called AEDC Board Meeting.
3. Review Sales and Use Tax Reports
The AEDC Board reviewed the sales and use tax reports as provided.
4. Consider Approval of Advertising Campaign Agreement with Multiview Inc.
AEDC Marketing Director Eileen Gonzales presented on the AEDC's Annual Advertising Campaign
Agreement with Multiview Inc.
On a motion by Tim Litinas, seconded by Baine Brooks, the Board unanimously approved the contract
in the amount of $70,000 as presented.
AFDC Meeting Minutes
August 14, 2019 - Page 2
5. Municipal Debt Presentation by City, of Allen Chief Financial Officer
Eric Cannon, City of Allen CFO, provided an overview of issues related to the issuance of municipal
debt. The AEDC Board discussed these concepts.
6. Convene into Closed Executive Session: Pursuant to Texas Government Code Section 551.087•
Deliberation of Economic Development Negotiations, To Deliberate Commercial and Financial
Information and Economic Incentives for the Following and Pursuant to Texas Government Code,
Section 551.072 Deliberation Regarding Real Property:
a. Update on Watters Creek Convention Center and Related Incentive Documents
b. Consider Real Estate Agreement with the Howard Hughes Corporation
c. Consider Incentives for the Retention and Expansion of Project Programmer
The Board convened into closed session at 6:38 p.m.
Reconvene into Open Session
The Board reconvened into open session at 7:33 p.m.
7. Actions Resulting from Executive Session
On a motion by Baine Brooks, seconded by Tim Litinas, the Board voted unanimously to approve a
motion authorizing the Executive Director to execute the Real Estate Option Agreement in the form
presented to the Board, striking section 23 of the Agreement, granting Allentowne Mall, LLC an
Option to Purchase the AEDC's 31.272-acre tract out of the Johnathan Phillips Survey, Abstract No.
719, City of Allen, Collin County, Texas, and to execute such additional documents as he, in
consultation with the AEDC's attorney, determine to be reasonable and necessary to close on the sale
of such property if said Option to Purchase is exercised, including, but not limited to, any deed,
settlement statements, and other documents relating to said transaction.
On a motion by Jeff Burkhardt, seconded by Baine Brooks, with Tim Litinas recusing himself, the
Board voted unanimously to approve a motion authorizing the Executive Director to execute an
Incentive Agreement with BonusXP to provide an incentive of $50,000 to be paid in two installments
of $25,000, paid at the issuance of a Certificate of Occupancy and $25,000 paid at the first anniversary
date of that Certificate of Occupancy, conditioned on leasing approximately 8,000 SF of office space
at Watters Creek.
8. Discussion of Future Agenda Items
The Board would like to discuss a reimbursement resolution for the issuance of debt at a future
meeting.
AEDC Meeting Minutes
August 14, 2019 - Page 3
9. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday, September 18, 2019 at 6:00 p.m.
10. Adjournment
On a motion by Tim Litinas, seconded by Jeff Burkhardt, the meeting was adjourned at 7:37 p.m.
These Minutes approved this 18" day of September 2019.
Michael Schaeffer, President
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Tim Litinas, Secretary / Treasurer