HomeMy WebLinkAboutMin - Economic Development Corporation - 2003 - 06/18 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC)
BOARD OF DIRECTORS
REGULAR MEETING
JUNE 18, 2003
Board: Staff: Others:
Jim Brazeal Charisse Resume None
Tim Wood Jennifer Grimm
Kurt Kizer Josie Zendejas
Absent:
Ken Fulk
Maxine Sweet
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 6:00 p.m. on Wednesday, June
18, 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 May 14 2003 Regular Meeting of the AEDC Board of Directors
The minutes of the May 14, 2003 Regular Meeting of the AEDC Board of Directors were approved as
submitted on a motion by Tim Wood, seconded by Kurt Kizer.
6:15 p.m. Convene into Closed Executive Session.
1.1. 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.
Consider and take Action on the Development of an Office Building on Property in Millennium
Corporate Center owned by the AEDC
The Board discussed the next step to be taken in the development of an office building on Millennium
Corporate Center. The subcommittee met with the developer and he explained how the rate of return is
calculated. He subsequently sent a brief explanation for the Board's review. The subcommittee is
waiting for the developer to submit his personal financial statements. Several financial institutions are
being considered by the Board for the project.
Review the Allen Economic Development Corporation's Preliminary Bud et for fiscal Year 2003-
2004.
Charisse Resume presented the Preliminary Budget for the remainder of the current fiscal year and for
the fiscal year 2003-2004. The draft budget did not include projected information for revenues and
personnel line items that normally are produced by the City of Allen Finance Department. The final
budget will be presented during the July board meeting.
Allen Economic Development Corporation
Regular Meeting, June 18, 2003
Page 2
Discuss Requirements for Board Positions on the Allen Economic Development Corporation Board of
Directors.
The Board members were asked to provide feedback after reviewing the requirements for board
positions on the Allen Economic Development Corporation Board of Directors. Input will be
forwarded to the City Secretary's office by July 16.
Approval of AEDC Financial Reports
Josie Zendejas presented the financial statements for May 2003. The financial report was approved on
a motion by Kurt Kizer, seconded by Tim Wood.
Discuss Administrative and Marketing Activities of the AEDC
The Board was updated on a number of activities.
• Jennifer Grimm reported that the nomination forms for the Millennium Awards 2003 have
been mailed. Maxine Sweet and Ken Fulk were selected to serve on the AEDC subcommittee
to review the nominations.
Update on Legislative Activities
Charisse provided an update of the latest Legislative activities.
Scheduling of Next AEDC Board of Directors Meeting
The next board meeting was scheduled for Wednesday, July 16, 2003 at 6:00 p.m.
Adjourn.
On a motion by Kurt Kizer, seconded by Tim Wood. the meeting was officially adjourned at 7:03 p.m.
These minutes approved this 161h day of July. 2003.
J m,Brazeal, President
Z'�r
Kenneth Full. Secre ary