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ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY, MARCH 16,2022
Board Staff Guests
Michael Schaeffer Daniel Bowman Dave Corneae
Tim Litinas David Ellis
Kristina Holcomb Eileen Gonzales
Carl Clemencich Nicole Bywater
Emad Siddiqi Christian Smith
Jan Jungmann
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 6:00 p.m. on Wednesday, March 16,2022 at the
Allen Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on February 16, 2022
On a motion by Tim Litinas, seconded by Kristina Holcomb,the Board unanimously approved the
minutes of the February 16, 2022 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. 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 Approval of the Sale of Land at SH 121 and Chelsea Boulevard and Other Matters
Related Thereto
b. Consider Incentives for Project Polymer
c. Consider Incentives to Support an Office Building Near SH 121 and Exchange Parkway
d. Consider Incentives to Support an Office Building at SH 121 and Chelsea Boulevard
e. Consider Incentives and the Sale of Land to Support a Mixed-Use Project at SH 121
and Stacy Road
The Board convened into closed session at 6:04 p.m.
AEDC Meeting Minutes
March 16, 2022-Page 2
Reconvene into Open Session
The Board reconvened into open session at 7:15 p.m.
4. Actions Resulting from Executive Session
On a motion by Kristina Holcomb, seconded by Tim Litinas, the Board unanimously approved the
motion to authorize the AEDC Executive Director to execute a Consent to Assignment of the Real
Estate Option Agreement dated September 9,2019, relating to AEDC's 31.2±acres at the southeast
corner of Chelsea Road and State Highway 121 to Laurel Real Estate Holdings I, Inc. and to agree to
amendments to the Option Agreement relating to the terms of the sale of the property other than the
previously agreed sales price and other financial terms.
5. Determine Next Regular Meeting Date
The next Regular AEDC Board meeting was scheduled for Wednesday, April 20, 2022 at 6:00 p.m.
6. Discussion of Future Agenda Items
None.
7. Adjournment
On a motion by Emad Siddiqi, seconded by Tim Litinas, the meeting was adjourned at 7:22 p.m.
These Minutes approved this 20th day of April 2022.
Michael Schaeffer, President Emad Siddiqi, Secretary/Treasurer
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