HomeMy WebLinkAboutMin - Economic Development Corporation - 2022 - 05/18 - Regular •
ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY,MAY 18,2022
Board Staff Guests
Michael Schaeffer Daniel Bowman Dave Cornette
Tim Litinas David Ellis Brent Berg
Kristina Holcomb Eileen Gonzales
Carl Clemencich Nicole Bywater
Emad Siddiqi Jan Jungmann
Christian Smith
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,May 18,2022 at the
Allen Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on April 20,2022
On a motion by Tim Litinas, seconded by Emad Siddiqi,the Board unanimously approved the minutes
of the April 20, 2022 Regular AEDC Board Meeting.
2. Approval of Minutes of the Special Called AEDC Board Meeting on April 30,2022
On a motion by Kristina Holcomb, seconded by Emad Siddiqi, the Board unanimously approved the
minutes of the April 30,2022 Special Called AEDC Board Meeting.
3. Review of AEDC Sales Tax Reports
Staff presented the AEDC Sales Tax Reports and answered questions regarding the reports.
4. Approval of AEDC Budget for FY 2022-2023 and Mid-Year Revisions to the AEDC Budget for
FY 2021-2022
The AEDC Executive Director presented the AEDC Budget for FY 2022-2023 and Mid-Year
Revisions to the AEDC Budget for FY 2021-2022.
AEDC Meeting Minutes
May 18,2022-Page 2
On a motion by Tim Litinas, seconded by Kristina Holcomb,the Board unanimously approved the
AEDC Budget for FY 2022-2023 and Mid-Year Revisions to the AEDC Budget for FY 2021-2022 as
presented.
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 Government Code,
Section 551.072 Deliberation Regarding Real Property:
a. Consider Assignment of Economic Development Agreement with Brass Roots Holdings, LLC and
Gillett Commercial Limited Liability. Company
b. Consider Approval of an Escrow Agreement and Right of First Refusal and Option Agreement for the
Purchase of Real Property with SW Allen Land,LLC, Other Incentive Agreements to Support a Class
A Office Building at the Corner of SH 121 and Chelsea Boulevard, and an Escrow Depository
Agreement related to the Project
c. Consider Incentives to Support an Entertainment Project at The Farm
The Board convened into closed session at 6:19 p.m.
Reconvene into Open Session
The Board reconvened into open session at 7:27 p.m.
6. Actions Resulting from Executive Session
On a motion by Tim Litinas, seconded.by Kristina Holcomb,the Board unanimously approved the
motion to authorize the AEDC Executive Director to negotiate and execute an Assignment of Brass
Roots Holdings,LLC and Gillett Commercial LLC Economic Development Agreement to Christie
Digital Systems.
On a motion by Tim Litinas, seconded by Emad Siddiqi, the Board unanimously approved the motion
to authorize the AEDC Executive Director to negotiate and execute an Escrow Agreement,Right of
First Refusal, and Option Agreement for the Purchase of Real Property with SW Allen Land, LLC and
related initiatives to support a Class A Office Building at the Corner of SH 121 and Chelsea and an
Escrow Agreement related to the Project.
7. Discuss the Ideal Qualities, Experience and Knowledge of an AEDC Board Member
AEDC Board President Michael Schaeffer led the discussion and received feedback from other Board
members.
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AEDC Meeting Minutes
May 18,2022-Page 3
8. Determine Next Regular Meeting Date
The next Regular AEDC Board meeting was scheduled for Wednesday,June 15, 2022 at 6:00 p.m.
9. Discussion of Future Agenda Items
The annual performance review of the AEDC Executive Director will be conducted at the June Board
meeting.
10. Adjournment
On a motion by Tim Litinas, seconded by Emad Siddiqi,the meeting was adjourned at 7:43 p.m.
These Minutes approved this 15th day of June 2022.
Michael Schaeffer,President Emad Siddiqi, Secretary/Treasurer