HomeMy WebLinkAboutMin - Economic Development Corporation - 2003 - 02/12 - RegularBoard:
Jim Brazeal
Tim Wood
Ken Fulk
Maxine Sweet
Kurt Kizer
ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
February 12, 2003
Staff:
Charisse Reaume
Jennifer Grimm
Josie Zendejas
Call to Order and Announce a Quorum Present
Others:
Mike Quint, Jackson & Cooksey
Beryl George, Jackson & Cooksey
Chris, Project Choice
Ralph Mills, Ball Semiconductor
Jay Fitzgibbons, JSC Realty
Eric Holmes, Guest
Dale Zuck, Guest
With a quorum of the Board present, the Regular Meeting of the Allen Economic Development
Corporation (AEDC) was called to order by President Jim Brazeal at 6:05 p.m. on Wednesday,
February 12, 2003 in the Conference Room of the Allen Economic Development Corporation, 100
Allentown Parkway, Suite 211, Allen, Texas. The following items were discussed.
Approve Minutes of the January 8, 2003 Regular Meeting of the AEDC Board of Directors
The minutes of the January 8, 2003 Regular Meeting of the AEDC Board of Directors were approved
as submitted on a motion by Tim Wood, seconded by Ken Fulk.
6:10 p.m.
Convene into Closed Executive Session.
I 1 Pursuant to Texas Government Code, Section 551 087 Deliberation of Economic
Development NegotiationsDeliberate Commercial and Financial Information and
Economic Development Incentives for Project Choice.
1.2. Pursuant to Texas Government Code, Section 551.087 Deliberation of Economic
Development Incentives: Discuss the Development of an Office Building on Property in
Millennium Corporate Center Owned by the AEDC.
1.3. Pursuant to Texas Government Code, Section 551.072 Deliberation of Real Propem
Discuss the Repurchase of Land in Millennium Technology Park
7:15 o m
Reconvene into Regular Session.
Consider and take Action to Approve Economic Development Incentives for Protect Choice
On a motion made by Maxine Sweet and seconded by Ken Fulk, the board approved an economic
development incentive grant of $60.000 annually for 7 years tied to performance and authorized the
President, Jim Brazeal, to enter into a contract and negotiate terms with Project Choice The contract
will be tied to the company maintaining operations in Allen until 2010 with a minimum taxable value
of 2003 - $3.3 million, 2004 - $5.8 million, and 2005-2009 - $8.3 million.
Allen Economic Development Corporation
Regular Meeting, February 12, 2003
Page 2
Consider and take Action Regarding the Development of an Office Building on Provera in
Millennium Corporate Center Owned by the AEDC
The Board had a brief discussion to consider and take action regarding the development of an office
building on property in Millennium Corporate Center, which is owned by the AEDC The consensus
was to move forward with additional discussions with the developer and the bank. There will be no
commitments made yet.
Consider and take Action to Approve the Purchase of Approximately 3.506 Acres in Millennium
Technology Park on Century Parkway.
Ralph Mills, Ball Semiconductor, and Jay Fitzgibbons, JSC Realty, visited with the Board to request
consideration to take action to approve the purchase of approximately 3.506 acres in Millennium
Technology Park on Century Parkway adjacent to Ball Semiconductor's site. With the downturn in
the economy, the expansion that Ball Semiconductor had anticipated has not occurred. Mills updated
the Board on current activities at the company Fitzgibbons requested that the AEDC exercise the
option to repurchase the land for $1.85 per square foot less closing costs. On a motion made by
Maxine Sweet and seconded by Ken Fulk, the board approved the purchase and authorized the
President to execute the necessary documents.
"RESOLVED, that the Board of Directors ratifies the execution of any amendments to the
Contract of Sale and any amendments thereto by and between the Corporation and
Millennium Associates II, Ltd.,
RESOLVED FURTHER, that the Board of Directors ratifies the execution of any
amendments to the Contract of Sale, the Special Warranty Deed, the Closing Statement, and
the other documents necessary to complete the sale of Lot 2, Block 3, Millennium Business
Park: situated in Collin County, Texas and being 3.506 acres of land and no improvements;
by the President or other Officer of the Corporation; and
RESOLVED FURTHER, that the Secretary of the Corporation is directed to certify the
minutes of this meeting and the contents of this resolution and to deliver the certification in
support of the authority of the officers named above to act on behalf of the Corporation."
Consider and take Action to Approve the Purchase of Approximatelv 1133 Acres in Millennium
Technologv Park on the Southeast Corner of Century Parkwav, and Butler Drive
Jay Fitzgibbons. JSC Realty, requested that the AEDC consider taking action to approve the purchase
of approximately 1 133 acres in Millennium Technology Park on the Southeast comer of Century
Parkway and Butler Drive adjacent to the park s northern detention park Jim Brazeal expressed an
interest in investigating the feasibility of reconfiguring the detention pond. possibly increasing the
value and usability of the land. Staff will contact the City s engineering department. On a motion
made by Maxine Sweet seconded by Kurt Kizer, the board approved repurchasing the propem, for
$'_ 00 per square foot less closing costs and authorizing the President to execute the necessary
documents.
"RESOLVED, that the Board of Directors ratifies the execution of any amendments to the
Contract of Sale and anv amendments thereto by and between the Corporation and the
Kenneth W Shay, and John M. Fitzgibbons,
Allen Economic Development Corporation
Regular Meeting, February 12, 2003
Page 3
RESOLVED FURTHER that the Board of Directors ratifies the execution of any
amendments to the Contract of Sale, the Special Warranty Deed, the Closing Statement, and
the other documents necessary to complete the sale of Lot 3, Block 3, Millennium Business
Park, situated in Collin County, Texas and being 1 133 acres of land and no improvements:
by the President or other Officer of the Corporation; and
RESOLVED FURTHER, that the Secretary of the Corporation is directed to certify the
minutes of this meeting and the contents of this resolution and to deliver the certification in
support of the authority of the officers named above to act on behalf of the Corporation"
Discuss the Citv of Allen's Proposed Apoointment Procedures for Board and Commission Members
Chansse presented a document to the Board outlining the City of Allen's proposed appointment
procedures for board and commission members. The Board generally agreed that the new procedures
will help facilitate the selection of Board members as the city continues to grow The Board members
will provide any additional feedback to ken Fulk.
Approval of AEDC Financial Reports
Josie Zendejas presented the financial statements for January 2003. On a motion made by Ken Folk
and seconded by Tim Wood, the Board approved the financials as provided.
Discuss Administrative and Marketing Activities of the AEDC
Jennifer Grimm reminded the Board about the Collin County Day event in Austin on February 17-19,
and the Texas Economic Development Council meeting in Austin on February 19-20.
Charisse Reaume updated the Board on various projects.
Scheduling of Next AEDC Board of Directors Meetino.
The next board meeting was scheduled for Wednesday, March 19 2003 and will begin at 6.30 p in.
instead of 6:00 p.m. to accommodate Board members' schedules.
Adjourn
On a motion made b} Kurt Kizer and seconded b} Maxine Sweet. the meeting o as officialh
adjourned at 9'45 p.m.
These minutes approved this 19ih day of March 2003
;rte /ti//
Brazeal. President
Kenneth FuIE;,°Secretary