HomeMy WebLinkAboutMin - Economic Development Corporation - 2018 - 05/21 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, MAY 21, 2018
Board Staff Guests
Michael Schaeffer Daniel Bowman Carl Clemencich
Chris Schulmeister David Ellis
Jeff Burkhardt Eileen Gonzales
Steve Terrell Andrew Matheny
Tim Litinas Pete Smith
Call to Order and Announce a Quorum Present
With members Michael Schaeffer, Chris Schulmeister, Jeff Burkhardt, Steve Terrell and Tim Litinas
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, May 21, 2018, at
the Allen Economic Development Corporation.
1. Approval of the Minutes of the Regular AEDC Board Meeting on A riI 18 2018
On a motion by Tim Litinas, seconded by Chris Schulmeister, the Board unanimously approved the
minutes of the April 18, 2018 Regular AEDC Board Meeting.
2. Review and Approval of AEDC Master Lease Pa ents to One Bethany Development Partners LP
Andrew Matheny presented a summary of the master lease calculations. Daniel Bowman reviewed the
request from Kaizen Development Partners to establish a start date for AEDC master lease payments
for One Bethany.
On a motion by Jeff Burkhardt, seconded by Tim Litinas, the Board voted 4-1, with Michael Schaeffer
in opposition, the Board voted to approve authorizing the Executive Director to negotiate and execute
an amendment to the First Amended and Restated Master Lease Agreement with One Bethany
Development Partners, LP to establish March 29, 2018 as the start date for the master lease rent
payments.
3. Authorize AEDC Executive Director to Negotiate and Execute Economic Develo Ment
Agreement with Collin College
Daniel Bowman updated the Board on the AEDC incentive grant to support Collin College with the
development of a Technical Campus in Allen. On a motion by Jeff Burkhart, seconded by Chris
Schulmeister, the Board approved authorizing the Executive Director to negotiate and execute an
Economic Development Agreement with Collin College.
AEDC Meeting Minutes
May 21, 2018 - Page 2
4. Convene into Closed Executive Session: Pursuant to Texas Government Code, Section 551.087-,
7 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 Pror)erty:
a. Consider Incentives and the Sale of Land at Stacy Road and SH 121
b. Consider Sale of Land on US 75 Between Bethany Drive and McDermott Drive
c. Consider Incentives to Support a Sports Team Locating to Allen
On a motion by Chris Schulmeister, seconded by Tim Litinas, the Board voted 4-1, with Jeff
Burkhardt in opposition, to approve authorizing the Executive Director to negotiate and execute on
behalf of the AEDC a Purchase and Sale Agreement for the sale of a 7 -acre tract at SH 121 and Stacy
Road for $7.50 per square foot and an Option Agreement for the sale of a I 0 -acre tract at SH 121 and
Stacy Road for $ 10 per square foot, with Curtis Investments in accordance with the term sheet
presented by the AEDC Executive Director with the change of the option fees to $35,000, $50,000 and
$65,000.
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for FY2019. The AEDC Board discussed the budgets.
Tim Litinas presented a summary of the AEDC financial reports. On a motion by Chris Schulmeister,
seconded by Jeff Burkhardt, the Board approved the AEDC financial reports.
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Daniel Bowman and David Ellis updated the Board on the status of current and upcoming projects.
On June 5"', the AEDC will host an open house for the new AEDC office in the One Bethany East
building at 900 West Bethany Drive, Suite 280.
9. Determine Next Regglar Meeting..Date - June 20, 2018
The next AEDC Board meeting is scheduled for Wednesday, June 20, 2018, at 6:00 1.m.
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Personnel Matters: Discussion of the Duties, Responsibiliti-
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Michael Schaeffer, President Tim Litinas, Secretary -/Treasurer