HomeMy WebLinkAboutMin - Economic Development Corporation - 2003 - 12/18 - Special CalledALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC)
BOARD OF DIRECTORS SPECIAL CALLED MEETING
DECEMBER 18, 2003
ALLENTOWN OFFICE BUILDING
100 AIJ NTOWN PARKWAY, SUITE 211, ALLEN, TEXAS
Board: Staff: Others:
Jim Brazeal Charisse Resume Rick Stacy, Stacy Furniture &Accessories
Ken Falk Josie Zendejas
Kurt Kizer
Maxine Sweet
Tim Wood
Call to Order and Announce a Quorum Present
With a quorum of the Board present, the Special Called Meeting of the Allen Economic Development
Corporation (AFDC) was called to order by President Jim Brazeal at 5:42 p.m. on Thursday,
December 18, 2003 in the Conference Room of the Allen Economic Development Corporation, 100
Allentown Parkway, Suite 211, Allen, Texas. The following items were discussed:
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 for an
Amendment to the Economic Development Incentive Agreement for Stacy Furniture &
Accessories.
Reconvene into Reeular Session
Consider and take Action for the Approval of an Amendment to the Economic Development Incentive
Aueement for Stacv Furniture & Accessories
Rick Stacy, Stacy Furniture & Accessories, requested that the Board of Directors approve an
amendment to the Economic Development Incentive Agreement to allow payment of the incentive
prior to the end of 2003, which is also the end of his fiscal year. The amount permitted in the
agreement with the AEDC is a maximum of $100,000. The contract is currently structured to provide
payment at the first anniversary of the issuance of the Final Certificate of Occupancy. Stacy has
submitted the appropriate invoices and documents pertaining to the infrastructure costs as outlined in
the agreement, which have been reviewed by AEDC Attorney -Pete Smith. Stacy stated that if the
payment is made early, he is comfortable with a recapture provision that would penalize him if he does
not meet all the criteria.
With a motion made by Kurt Kizer and seconded by Maxine Sweet, the Board unanimously approved
an amendment to the Economic Development Incentive Agreement (as distributed) for Stacy Furniture
& Accessories to permit payment of the incentives up to $100,000 upon issuance of the certificate of
occupancy and delivery of the receipts and documentation by Rick Stacy and authorized the AEDC
President, Jim Brazeal, to execute the appropriate documents. The criteria as outlined in the original
agreement most be met on the first year anniversary of the issuance of the certificate of occupancy or
Stacy must repay the grant amount plus penalty.
Allen Economic Development Corporation
Special Called Meeting, December 18, 2003
Page 2
Adioum.
On a motion by Maxine Sweet, seconded by Ken Fulk, the meeting was officially adjourned at 6 p.m.
These minutes approved this 21" day of January 2004.
Jim Brazeal, President / Ken eth Fink, Secret ry