HomeMy WebLinkAboutMin - Economic Development Corporation - 05/19 - Regular • ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY,MAY 19,2021
•
Board Staff Guests
Michael Schaeffer Daniel Bowman Lucy Billingsley
Tim Litinas Eric Strong Tracy Trahan
Kristina Holcomb David Ellis
Carl Clemencich Eileen Gonzales
Emad Siddiqi Nicole Bywater
Lupita Castillej a
Pete Smith
Call to Order and Announce a Quorum Present
With members Michael Schaeffer,Tim Litinas, Kristina Holcomb, Carl Clemencich and Emad Siddiqi
in attendance,the Regular Meeting of the Allen Economic Development Corporation(AEDC)Board
of Directors was called to order by President Schaeffer at 6:01 p.m. on Wednesday, May 19,2021.
The meeting was open to the public via video conference call due to the State of Texas Executive
Order in place to prevent the spread of COVID-19.
1. Approval of Minutes of the Regular AEDC Board Meeting on April 21, 2021
On a motion by Tim Litinas, seconded by Emad Siddiqi,the Board unanimously approved the minutes
of the April 21, 2021 Regular AEDC Board Meeting.
2. Review of AEDC Sales Tax Reports
Staff presented the AEDC Sales Tax Reports and answered questions regarding the reports.
•
3. Consider Amendment of the Economic Development Incentive Agreement with Bonus XP, Inc.
On a motion by Emad Siddiqi, seconded by Tim Litinas,the Board unanimously approved the
Amendment of the Economic Development Incentive Agreement with Bonus XP, Inc. changing the
required lease start date to August 1,2021.
4. Convene into Closed Executive Session: Pursuant to Texas Government Code, Section 551.087;
Deliberation of Economic Development Negotiations;To Deliberate Commercial and Financial
1 Information and Economic Incentives for the Following and Pursuant to Texas Government Codes
Section 551.072 Deliberation Regarding Real Property:
AEDC Meeting Minutes
May 19,2021-Page 2
•
a. Consider Incentives for the Recruitment of Project Armadillo
b. Consider Assignment of Real Estate Option Agreement with Allentowne Mall, LLC
c. Consider Incentives to Recruit a Destination Project to SH 121 and Exchange Parkway
d. Consider Incentives for the Recruitment of Project Defender
The Board convened into closed session at 6:09 p.m.
Reconvene into Open Session
The Board reconvened into open session at 8:09 p.m.
5. Actions Resulting from Executive Session
On a motion by Emad Siddiqi, seconded by Kristina Holcomb,the Board unanimously,approved a
motion to authorize the Executive Director to act on behalf of the Corporation by consenting to
Allentowne Mall, LLC's request to assign to BCO Turnpike Distribution Center M, LLC and BCO
Partners No. 7, LP its rights and obligations under the Real Estate Option Contract dated September 9,
2019 between Allentowne Mall, LLC and the AEDC.
6. Consider Approval of AEDC Budget for FY 2021-2022 and Mid-Year Revisions to the AEDC
Budget for FY 2020-2021.
The AEDC Executive Director presented the AEDC Budget for FY 2021-2022 and Mid-Year
Revisions to the AEDC Budget for FY 2020-2021.
On a motion by Tim Litinas, seconded by Emad Siddiqi,the Board unanimously approved the AEDC
Budget for FY 2021-2022 and Mid-Year Revisions to the AEDC Budget for FY 2020-2021 as
presented.
7. Determine Next Regular Meeting Date
The next Regular AEDC Board meeting was scheduled for Wednesday,June 16, 2021 at 6:00 p.m.
8. Discussion of Future Agenda Items
Emad Siddiqi requested a compliance report be presented in the future. Updates are presented in the
fall on the topics of BRE, Compliance and Marketing.
Tim Litinas requested information regarding scheduling of an EDC Board Retreat.
9. Adjournment
On a motion by Kristina Holcomb, seconded by Tim Litinas, the meeting was adjourned at 8:20 p.m.
AFDC Meeting Minutes
May 19,2021-Page 3
These Minutes approved this 16th day of June 2021.
Michael Schaeffer, President sti , Secr Treasurer