HomeMy WebLinkAboutMin - Economic Development Corporation - 2003 - 11/19 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC)
BOARD OF DIRECTORS
REGULAR MEETING
NOVEMBER 19, 2003
Board:
Staff:
Others:
Jim Brazeal
Charisse Resume
Elizabeth Morris, Insight Research, Inc.
Ken Folk
Jennifer Grimm
Michael Villalobos, PE, Marcon Consmtction, Inc.
Kurt Kizer
Josie Zendejas
David Hoover, City of Allen
Maxine Sweet
Tim Wood
Call to Order and Announce a Ouomm 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,
November 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 September 17 2003 Regular Meeting of the AEDC Board of Directors
The minutes of the September 17, 2003 Regular Meeting of the AEDC Board of Directors were
approved as submitted on a motion by Tim Wood, seconded by Kurt Kizer.
Presentation by Insisht Research on the Cumulative Analysis of the Cost/Benefit Impacts of Proiects
of the Allen Economic Development Corporation
Elizabeth Morris of Insight Research, Inc. presented a current report on an eleven -year (from 1992-
2003) cumulative analysis of the costs and benefits of thirty-seven projects negotiated by the Allen
Economic Development Corporation. The report also forecast impacts to 2013.
6:35 p.m. 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
Incentives for Project Build.
1.2. Pursuant to Texas Government Code, Section 551.087 Deliberation of Economic
Development Negotiations: Deliberate Development -Scenarios for Millennium Corporate
Center owned by the AFDC.
7 00 n m Reconvene into Re¢wlar Session
Consider and take Action for the Approval of Incentives for Project Build
Mike Villalobos, Marcon Construction, presented the Board with renderings and tentative costs to
construct four buildings on approximately 3 acres located on the southwest corner of Ash Drive and
McDermott Drive adjacent to the railroad tracks. One of the buildings will be occupied by his
Allen Economic Development Corporation
Regular Meeting, November 19, 2003
Page 2
company, Maroon Construction. His plan is contingent upon securing a second user prior to closing.
The sellers, Ash Partners, will remove the existing buildings and clear the area. Mike presented
estimated infrastructure costs totaling $167,720. He requested the AEDC Board's consideration in
funding all or a portion of the costs with his top priority items totaling $126,520.
After extensive discussion about the advantages of improving this unsightly acreage, Maxine Sweet
made the motion to provide an incentive grant of $150,000 upon certificate of occupancy of the fust
building contingent on the Board approving plans for outdoor lighting, landscaping and architectural
renderings. Kurt Kizer seconded the motion, which the Board then unanimously approved.
Consider and take Action on Development Scenarios for Millennium C=orate Center owned by the
AFDC.
Kurt Kizer presented information on recent requests from retail users interested in locating into
Millennium Corporate Center. The Board discussed the master plan and whether to deviate from that
plan. The general consensus was to continue to market and develop the park as designed, specifically
toward mid -rise, Class A office buildings.
Election of Officers for the Allen Economic Development Corporation Board of Directors
On a motion by Ken Fulk seconded by Maxine Sweet, Jim Brazeal was elected as President of the
Board by acclamation. On a motion by Ken Falk seconded by Kurt Kizer, Tim Wood was elected as
Vice President by acclamation. On a motion by Tim Wood seconded by Kurt Kizer, Ken Fulk was
elected as Secretary/Treasurer by acclamation. They will serve in these capacities until a new election
takes place in October 2004.
Approval of AEDC Financial Reports
Josie Zendejas presented the financial statements for September and October 2003. The financial
report was approved on a motion by Maxine Sweet, seconded by Ken Fulk.
Discuss Administrative and Marketine Activities of the AEDC
The Board was updated on current activities. Jennifer Grimm advised the Board that the AEDC
Holiday Reception is on Thursday, December 4 and that spouses are welcome. Reservations to the
ICSC Convention in May have been made for Jim Brazeal, Ken Fulk, Kurt Kizer, Charisse Reaume,
and Jennifer Grimm. Flight reservations will be made in Janueiy. The State Comptroller's report
showed that Retail Sales for the First Quarter of 2003 had a modest increase over 2002.
Ken Fulk reported that Philip Williams plans to provide a check to the AEDC for reimbursement for
his portion of the development of Bethany Road west of US 75 that was originally constructed by the
AEDC. Philip will have his attorney contact Pete Smith to draft a contract. He would like to eventually
visit the Board and present his plans and vision for his property along Bethany Drive.
Allen Economic Development Corporation
Regular Meeting, November 19, 2003
Page 3
Scheduline of Next AFDC Board of Directors Meeting.
The next board meeting was tentatively scheduled for Wednesday, December 17, 2003 at 6:00 p.m.
Adiourn.
On a motion by Marine Sweet, seconded by Tim Wood, the meeting was officially adjourned at
8:35 p.m.
These minutes approved this 21" day of January 2004.
Jim BC a Zeal, President
Ci
O,K
Kehneth Fulk, Secret