Min - Economic Development Corporation - 2016 - 04/06 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, APRIL 6, 2016
Board
Scott Sutherland
Michael Schaeffer
Greg Kennedy - Absent
Joey Herald
Jeff Burkhardt
Peter Vargas
Staff
Daniel Bowman
David Ellis
Melissa Reecer
Tracey Cline
Nichole Vance
Pete Smith
Call to Order and Announce a Quorum Present
Guests
Steve Smith
Amanda Driggers
Karen Cromwell
Nick Summerville
Derrick Evers
Lee White
Don Powell
Kerry Burden
Mike Kennedy
With a quorum of the Board present with members Scott Sutherland, Michael Schaeffer, Joey Herald
and Jeff Burkhardt in attendance, the Regular Meeting of the Allen Economic Development
Corporation (AEDC) Board of Directors was called to order by President Sutherland at 6:00 p.m. on
Wednesday, April 6, 2016, at the AEDC Office.
1. Branding Focus Grout) Discussion
Firehouse conducted a group discussion with the Board as part of the AEDC Branding Strategy.
2. Approval of the Minutes of the February 27, 2016, Special Called AEDC Board Retreat Meeting
On a motion by Joey Herald, seconded by Jeff Burkhardt, the Board unanimously approved the
Minutes of the February 27, 2016 Special Called AEDC Board Retreat Meeting.
3. Approval of the Minutes of the February 29, 2016, Regular AEDC Board Meeting
On a motion by Joey Herald, seconded by Jeff Burkhardt, the Board unanimously approved the
Minutes of the February 29, 2016 Regular AEDC Board Meeting.
4. Consider Approval of Incentive Grant Payment to MonkeySports, Inc.
Dan Bowman updated the Board on MonkeySports' operations in Allen, indicating that the company
has exceeded the employment and capital investment requirements specified in their Economic
Development Agreement. It was requested that the Board waive the taxable sales requirement for the
first grant year and authorize the payment of the first installment of the company's grant.
On a motion by Michael Schaeffer, seconded by Joey Herald, the Board unanimously approved
waiving the required $10,000,000 minimum taxable sales requirement for the first grant year specified
in the Economic Development Agreement with MonkeySports, Inc., authorizing payment of the first
grant installment under that agreement, and approving payment of the second grant installment subject
to the company opening their retail store in Allen, Texas.
AFDC Meeting Minutes
April 6, 1016 Page 2
5. 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 Local Government
Code, Section 551.072 Deliberation Regarding Real Property:
a. Presentation and Review of Office Development Plans by Kaizen Development Partners
b. Consider Approval of Second Amendment to the Economic Development Incentive
Agreement and Civic Center Agreement with TCH Altera AHCC LP
c. Consider Authorizing the AEDC Executive Director to Execute Documents Necessary
for the Sale of Approximately 0.125 -acres in Watters Creek Office Park to TCH Altera
AHCC LP
d. Discuss Potential Expansion of the Parking Garage for the Convention Center at Watters
Creek
e. Consider Authorizing a Study Related to Project Timekeeper
The Board convened into closed session at 6:51 p.m.
Reconvene into Open Session
The Board reconvened into regular session at 9:01 p.m.
6. Actions Resulting from Executive Session
On a motion by Joey Herald, seconded by Michael Schaeffer, the Board unanimously approved
authorizing the Executive Director to negotiate and execute the Second Amendment to the Economic
Development Agreement with TCH Altera AHCC LP.
On a motion by Joey Herald, seconded by Michael Schaeffer, the Board unanimously approved
authorizing the Executive Director to negotiate and execute the necessary documents to sell
approximately 0.125 -acres of land in Watters Creek Office Park to TCH Altera AHCC LP.
7. Approval of AEDC Financial Reports
Dan Bowman provided a brief summary of the financial reports to the Board.
On a motion by Michael Schaeffer, seconded by Joey Herald, the Board unanimously approved the
AEDC Financial Reports as presented.
8. Report on AEDC Business Attraction and Business Retention Projects and Update on the Status of
AEDC Marketing Activities
Dan Bowman updated the Board on the status of current and upcoming projects.
AFDC Meeting Minutes
April 6, 2016 m Page 3
9. Determine Next Meeting Date — April 25, 2016
The next AEDC Board meeting is scheduled for Monday, April 25, 2016, at 6:00 p.m.
10. Discussion of Future Agenda Items
No future agenda items were specified.
11. Adiournment
On a motion Joey Herald, seconded by Scott Sutherland, the meeting was adjourned at
9:29 p.m.
These Minutes approved this 25`x' day of April, 2016.
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Scott Sutherland, President Michael Schaeffer Vice President
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