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HomeMy WebLinkAboutMin - Economic Development Corporation - 2003 - 03/19 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC) BOARD OF DIRECTORS REGULAR MEETING March 19, 2003 Board: Staff: Others: Jim Brazeal Charisse Reaume Michael, Project Electronic Tim Wood Jennifer Grimm Phil. Project Electronic Ken Fulk Josie Zendejas Kimberly, Project Electronic Maxine Sweet Paul, Project Electronic Kurt Kizer Robert, Project Electronic Mike Williams, Allen Properties Online Call to Order and Announce a Quorum Present. 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 6:39 p.m. on Wednesday, March 19, 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 February 12 2003 Regular Meeting of the AEDC Board of Directors The minutes of the February 12, 2003 Regular Meeting of the AEDC Board of Directors were approved as submitted on a motion by Ken Fulk, seconded by Maxine Sweet. Convene into Closed Executive Session. 1.1. Pursuant to Texas Government Code, Section 551.087 Deliberation of Economic Development Negotiations: Deliberate Commercial and Financial Information and Economic Development Incentives for Project Electronic. 12 Pursuant to Texas Government Code, Section 551.087 Deliberation of Economic Development Negotiations: Deliberate Commercial and Financial Information and Economic Development Incentives for Project Apple. 1.3. Pursuant to Texas Government Code, Section 551.087 Deliberation of Economic Development Negotiations: Deliberate Commercial and Financial Information and Economic Development Incentives for Project Nature. 1.4. 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. Reconvene into Regular Session. Consider and take Action to Approve Economic Development Incentives for Proiect Electronic. Several representatives for an electronics company visited with the Board of Directors. The company would like to purchase the 1.133 acre tract owned by the AEDC in Millennium Technology Park at the southeast comer of Century Parkway and Butler Drive. The company would like the Board's decision on whether the property is available for purchase and at what price. The Board took no action regarding the sale of the property until a decision is reached on whether to reconfigure the adjacent detention pond. Allen Economic Development Corporation Regular Meeting, March 19, 2003 Page 2 Consider and take Action to Approve Economic Development Incentives for Project Apple. The Board considered several sites to present to Project Apple. The Board's general consensus was to offer the following: 1) Ridgemont tract (owned by the AEDC on the southeast comer of US 75 and Ridgemont Drive) - If the company would like to pursue a U -tum under US 75, the Board would be willing to consider some cost -participation in the project. 2) Coleman tract (located on the southeast corner of US 75 and Stacy Road) - The AEDC would be willing to act as liaison between the family and the company on negotiations. 3) Millennium Corporate Center (owned by the AEDC) - The AEDC would offer the front site as currently designed on 5.5 acres with parking under the building. The AEDC would also offer the back site, giving the company the most flexibility in the design of their building and parking. Buildings in the park would need to conform to Class A office design standards. 4) Millennium Technology Park (18 acres north of FSI) - The Board declined offering this property as the land would need to be divided and the park does not provide the same quality of atmosphere for a mid -rise office project as the other sites. AEDC staff will submit the sites to the company. Once the company narrows the site selection process, the AEDC will negotiate final pricing. Consider and take Action to Approve Economic Development Incentives for Proiect Nature No action was taken. Presentation on Development in the Central Business District by Mike Williams and Steve Meier. Mike Williams gave a short presentation on a vision for the CBD emphasizing a few minor changes so that it would be compatible if DART were to become a part of the municipal plan. After some discussion, the Board agreed that redevelopment of the downtown area is desirable; however, it is not the AEDC's primary mission The Board instructed the AEDC staff to become familiar with the City's plan for the CBD and serve as a liaison working with the City and developers to help develop partnerships for projects. Consider and take Action Regarding the Development of an Office Building on Property in Millennium Corporate Center Owned by the AFDC. There have been several discussions and negotiations with a local bank. The consensus of the Board was to not accept the bank's proposal. The subcommittee was instructed to meet with the bank again to see if there is flexibility in their proposal. Consider and take Action to Approve Engineering Services for the Northern Detention Pond on Lot 4, Block 3 Millennium Business Park. The AEDC recently purchased 1.133 acres and 3.506 acres in Millennium Technology Park. The tracts are adjacent to an existing detention pond. The 3.506 acre tract's long rectangular shape may make it difficult to market to a single user. The Board reviewed pricing on engineering services to Allen Economic Development Corporation Regular Meeting, March 19, 2003 Page 3 potentially reconfigure the pond. On a motion made by Maxine Sweet and seconded by Ken Folk, the Board approved hiring Corwin Engineering to provide engineering services to survey the potential reconfiguration of the pond. The Board asked the pricing to be divided between services and to withhold proceeding with platting until a final determination to reconfigure the pond is made. The Board would like to review the engineering plans at the April AEDC Board meeting. Approval of AEDC Financial Reports. Josie Zendejas presented the financial statements for February 2003. On a motion made by Maxine Sweet and seconded by Ken Fulk, the Board approved the financials as provided. Discuss Administrative and Marketing Activities of the AEDC. Jennifer Grimm will distribute copies of the televised video "Business Landscape" to appropriate parties. The video was produced by Jennifer and the City of Allen public information department personnel and is televised via the City's channel 6. Jennifer updated the Board on upcoming events and other marketing activities. Scheduling of Next AEDC Board of Directors Meeting. The next board meeting was scheduled for Wednesday, April 16, 2003 at 6:00 p.m. Adjourn. On a motion made by Maxine Sweet and seconded by Ken Fulkthe meeting was officially adjourned at 10:15 p.m. These minutes approved this 16" day of April 2003. /�� lIly himBrazeal, President innFulk, Secretary