HomeMy WebLinkAboutMin - Economic Development Corporation - 2021 - 10/20 - Regular ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, OCTOBER 20,2021
Board Staff Guests
Michael Schaeffer • Daniel Bowman . Dave Corvette
Tim Litinas David Ellis Chris Schulmeister
Kristina Holcomb Eileen Gonzales Bruce Heller
Carl Clemencich Nicole Bywater Brent Berg
. "Emad Siddiqi Christian Smith
Pete Smith
Eric Strong
Tim Dentler
Pete Phillis
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 6:00 p.m. on Wednesday, October 20,2021
at the Allen Economic Development Corporation office.,
1. Approval of Minutes of the Regular AEDC Board Meeting on September 15, 2021
On a motion by Kristina Holcomb, seconded by Emad Siddiqi,the Board unanimously approved the.
minutes of the September 15, 2021 Regular AEDC Board Meeting.
2. Approval of Minutes of the Special Called AEDC Board Meeting on September 30, 2021
On a motion by Tim Litinas, seconded by Emad Siddiqi,the Board unanimously approved the minutes
of the September 30, 2021 Special Called AEDC Board Meeting.
3. Approval of AEDC Quarterly Financial Reports
The City of Allen Assistant CFO Chris Landrum presented the AEDC Quarterly Financial Reports and
answered questions regarding the reports.
On a motion by Tim Litinas, seconded by Kristina Holcomb, the Board unanimously approved the
Quarterly Financial Reports as presented.
4. Election of Officers of the AEDC Board of Directors
On a motion by Tim Litinas, seconded by Kristina Holcomb, the Board unanimously approved the
election of AEDC Board Officers as follows: Michael Schaefer, President; Kristina Holcomb, Vice
President; and Emad Siddiqi, Secretary/Treasurer.
5. Presentation of Fiscal Year End Review of the AEDC Marketing Program
AEDC Marketing Director Eileen Gonzales presented the Fiscal Year End Review of the AEDC
Marketing Program.
6. Consider Approval of Amendment to the Economic Development Agreement with Gorilla
Technology(Americas) Inc.
On a motion by Kristina Holcomb, seconded by Tim Litinas, the Board unanimously approved the
amendment to the Economic Development Agreement with Gorilla Technology(Americas) Inc. to
decrease the required square footage that must be occupied in Allen to 2,594 square feet.
7. 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. Consider Incentives for the Retention of Project Snowball
b. Consider Incentives to Support Expansion at The Farm
c. Consider Approval of Economic Development Agreement with Project Defender
d. Consider Approval of Real Estate Option Agreement with Project Defender
The Board convened into closed session at 6:53 p.m.
Reconvene into Open Session
The Board reconvened into open session at 7:55 p.m.
8. Actions Resulting from Executive Session
On a motion by Tim Litinas, seconded by Kristina Holcomb, the Board unanimously approved
authorizing the AEDC Executive Director to negotiate and execute an Economic Development
incentive agreement and Real Estate Option Agreement with Strike Photonics Inc.
9. Approval of Payment of the Second Installment of the Incentive Grant to Longhorn Creek, LTD
On a motion by Kristina Holcomb, seconded by Emad Siddiqi, the Board unanimously approved the
payment of the Second Installment of the Incentive Grant to Longhorn Creek, LTD following the
receipt of a Letter of Substantial Completion of the parking garage for the project.
10. Update on AEDC Staff
The Executive Director provided an update on changes to the AEDC staff, indicating the plan to
eliminate the Administrative Assistant position and create the Economic Development Specialist
position.
11. Determine Next Regular Meeting Date
The next Regular AEDC Board meeting was scheduled for Wednesday, November 17, 2021 at 6:00 p.m.
12. Discussion of Future Agenda Items
None.
t 13. Adjournment
On a motion by Emad Siddiqi, seconded by Kristina Holcomb the meeting was adjourned at
8:21 p.m.
These Minutes approved this 17th day of November 2021.
/„..ezzz,
Michael Schaeffer, P esident Emad Siddiqi, Secretary/Treasurer