HomeMy WebLinkAboutMin - Economic Development Corporation - 2003 - 04/16 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
April 16, 2003
Board: Staff: Others:
Jim Brazeal Charisse Reaume David Hoover. Ciry of Allen
Tim Wood Jennifer Grimm
Ken Fulk Josie Zendejas
Maxine Sweet
Kurt Kizer
Call to Order and Announce a Ouorum 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 6:05 p.m, on Wednesday, April
16, 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 March 19, 2003 Regular Meeting of the AEDC Board of Directors
The minutes of the March 19, 2003 Regular Meeting of the AEDC Board of Directors were approved
as submitted on a motion by Ken Fulk, seconded by Kurt Kizer.
7:30 p.m. Convene into Closed Executive Session.
I 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 Pink.
I 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.
1.3. 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
8.05 p.m. Reconvene into Regular Session.
Consider and take Action to App o e Economic Development Incentives for Proiect Pink
Representatives did not appear before the Board; therefore, there was no discussion
Consider and take Action to Approve Platting Services and Construction for the Reco nfi uration of
the Northern Detention Pond on Lot 4. Block 3 Millennium Business Park
The Board reviewed the preliminary engineering/survey done by Corwin Engineering for the
reconfiguration of the northern detention pond on Lot 4, block 3 in Millennium Business Park The
Board discussed whether to reconfigure the pond and authorize the associated expenses or leave the
Allen Economic Development Corporation
Regular Meeting, April 16, 2003
Page 2
property as it is. It was determined that the property would be more marketable with a rectangular
shape and if the current prospects are unable to develop the property with the new configuration, that
it may be marketed to a single larger user. On a motion Ken Fulk, seconded by Tim Wood, the Board
approved construction costs not to exceed $157,415 for the reconfiguration of the detention pond and
adjacent land to yield an approximately 4.24 acre tract. The Board asked for bids to be solicited from
several contractors w ith the results being distributed back to the Board.
Consider and take Action to Approve Economic Development Incentives for Pro'ect Electronic
The company expressed its interest in purchasing the 1.113 acre tract in Millennium Technology Park
adjacent to the northern detention pond. After some discussion, on a motion by Maxine Sweet and
seconded by Ken Fulk, the Board approved offering Project Electronic approximately one acre of
land for $3.00 per square foot following the reconfiguration of the detention pond. The offer is
contingent upon a second user taking the remainder of the newly configured 424 acres in a
simultaneous transaction. The sale would also be contingent upon the AEDC approving landscape,
architectural, and lighting plans and that the construction of a building would begin within six months
from the sale date
Consider and take Action on the Development of an Office Building on Proverty in Millennium
Corporate Center owned by the AEDC
Jim Brazeal and Ken Fulk, subcommittee members for the Millennium Corporate Center project,
updated the Board on the project and discussed the Letter of Understanding received from a
developer. Board members were asked to supply feedback on the document to Charisse Reaume, who
will then forward the comments to the developer.
Approval of AEDC Financial Reports
Josie Zendejas presented the financial statements for March 2003. On a motion by Maxine Sweet and
seconded by Tim Wood, the Board approved the financials as provided.
Discuss Administrative and Marketine Activities of the AEDC
Jennifer Grimm reported on plans for the upcoming trip to the ICSC Conference in May. Jennifer
reminded the Board Members about the Texas Economic Development Council Conference in Plano
on April 23 through April 25. In other discussion, the Board's general consensus was to sponsor one
table at the Allen USA Spectacular event on June 28 at Celebration Park. Board members were asked
to RSVP to staff if they plan to attend the event.
Update on Legislative Activities
Charisse updated the Board on current legislative activities.
Scheduline of Next AEDC Board of Directors Meetin .
Allen Economic Development Corporation
Regular Meeting, April 16, 2003
Page 3
The neat board meeting was scheduled for Wednesday, May 14, 2003 at 6:00 p.m.
Adiourn.
On a motion by Ken Fulk and seconded by Kurt Kizer, the meeting was officially adjourned at 8.35
p.m.
These minutes approved this 14'" day of May 2003.
Ji razeal, President Jun'eth Fulk, Secretary