Min - Economic Development Corporation - 2019 - 09/18 - RegularBoard
Michael Schaeffer
Tim Litinas
Baine Brooks
ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS CALLED MEETING
WEDNESDAY, SEPTEMBER 18, 2019
Staff
Daniel Bowman
David Ellis
Eileen Gonzales
Nicole Bywater
Pete Smith
Call to Order and Announce a Quorum Present
Guests
Eric Ellwanger
Dave Corvette
Alex Evans
Elizabeth Morris
Tabassum Munia Ahmad
Carl Clemencich
With members Michael Schaeffer, Tim Litinas, and Baine Brooks in attendance, the Regular Meeting
of the Allen Economic Development Corporation (AEDC} Board of Directors was called to order by
President Schaeffer at 6:00 p.m. on Wednesday, September 18, 2019 at the Allen Economic
Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meetingon n August 14, 2019
On a motion by Tim Litinas, seconded by Baine Brooks, the Board voted unanimously approved the
minutes of the August 14, 2019 Regular AEDC Board Meeting.
2. Review Sales and Use Tax Reports
The AEDC Board reviewed the sales and use tax reports as provided.
3. Consider All Matters Incident and Related to Declaring Expectation to Reimburse Expenditures with
Proceeds of Future Debt Including the Ado tion of a Resolution Pertaining Thereto
On a motion by Baine Brooks, seconded by Tim Litinas, the Board voted unanimously approved a
resolution declaring expectation to reimburse expenditures with proceeds of future debt related to the
financing the costs of acquiring the United States Postal Service post office in the City of Allen, Texas
with a maximum principal amount of obligations expected to be issued of $1,900,000.
4. Approval of Sixth Amendment to Real Estate Purchase Agreement with Billings Productions, Inc.
and other Related Documents
On a motion by Tim Litinas, seconded by Baine Brooks, the Board voted unanimously to approve a
motion authorizing the Executive Director to negotiate and execute an amendment to the Purchase and
Sale Agreement between the Corporation and Billings & Billings, LP, relating to the sale of Lot 3,
Block 2, Millennium Business Park, amending said agreement and all related restriction and incentive
agreements by extending the closing date and providing for commencement of construction of the
required improvements to be not later than December 2, 2019.
AEDC Meeting Minutes
September 18, 2019 - Page 2
5. Presentation of AEDC Performance Overview and Update by Insight Research Corporation
Elizabeth Morris, CEO of Insight Research Corporation, presented the AFDC Performance Overview
through the end of calendar year 2018.
6. Discussion of Future Agenda Items
None.
7. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday, October 23, 2019 at 6:00 p.m.
8. Adiournment
On a motion by Baine Brooks, seconded by Tim Litinas, the meeting was adjourned at 6:30 p.m.
These Minutes approved this 23' day of October 2019.
Michael Schaeffer, President Tim Litinas, Secretary / Treasurer