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HomeMy WebLinkAboutMin - Economic Development Corporation - 2006 - 03/15 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REGULAR MEETING March 15, 2006 Board Knit Kizer Tim Wood Ken Folk Maxine Sweet Carl Clemencich Staff Charisse Bodisch Jennifer Grinmt Dan Bowmen Call to Order and Announce a Ouorom Present. Guests David Hoover Brent Wicker Dennis Sheridan Richard Fagin Jeff Turner Ben Appleby At Blaine Susan Singer With a quorum of the Board present, the Regular Meeting of the Allen Economic Development Corporation (AEDC) was called to order by President Knit Kizer at 6:08 p.m. on Wednesday, March 15, 2006 at the AEDC Office. The following items were discussed: Approve Minutes of the February is, 2006 Regidar Meeting and Corrected Minutes of the January 18, 2006 Regular Meeting. The minutes of the Febi nary 15, 2006 regular meeting and connected minutes of the January 18, 2006 regular meeting of the AEDC Board of Directors were approved as submitted on a motion by Maxine Sweet, seconded by Ken Fulk. Convene into Closed Executive Session. The Board convened into closed executive session at 6:10 p.m. to deliberate conunermal and financial information and economic incentives for development scenarios for an office budding on property owned by the AEDC in Millennium Corporate Center. Reconvene into Reeular Session. The Board reconvened into regular session at 7:39 p.m. Consider Approval of Development Scenarios for an Office Building on Property Owned by the AEDC in Millennium Coroorate Center. The AEDC Board provided an incentive package to Duke Realty to support the development of a six - story, 120,000-140,000 SF Class A office building in Millennium Corpot ate Center. Allen Economic Development Corporation Regular Meeting, March 15, 2006 Page 2 Jeff Turner, Duke Realty, appeared before the AEDC Board and gave an update on the status of the project. Duke is consider mg several changes to the site plan for the initial building in the park, including: • Increasing the size of the floor plate from 25,000 square feet to 30,000 square feel. • Constructing a 5 -story building instead of a 6 -story, building. • Changing the building onentauon to create a not th/south exposure • Constructing the building with main entryways centered on the north and south sides of the building to create a "pass-through" lobby. • Decreasing the central park area by 442 aces in order to construct a paved turnaround drive on the south side of the budding. Duke Realty believes the larger floor plate will be more competitive in the Dallas market. The overall square footage of the building will stay the same (at least 120,000 square feet). The new budding orientation and the addition of the paved turnaround drive and the "pass through" lobby will make the budding more attractive to tenants. On a motion by Maxine Sweet, seconded by Carl Clemencich, the Board approved the site plan fin the initial building as presented by Duke Realty, with modifications including: • Increasing the size of the floor plate to 30,000 square feet. • Constructing a 5 -story building instead of a 6 -story building. • Changing the building in entauon to create a north/south exposure. • Increasing the size of the site for the initial building by 442 acres (and deceasing the central pack area by 442 acres) in order to construct a paved turnaround drive on the south side of the building. Consider Auuroval of Architectural Elements for Allen Business Center Phase II Allen Business Center Phase I is a 54,000 square foot red at building located in Allen Business Park at the northwest corner of Bethany Drive and Greenville Avenue. American Diver sifred, the owner of Allen Business Center, previously appealed before the AEDC Board and presented plans for the construction of Allen Business Center Phase II which would consist of approximately 60,000 square feet and be designed to complement the exteilor of Phase I. As part of the incentive agreement, American Diversified must receive AEDC Board approval of the in chuectural, landscaping and lighting plans prior to commencing construction. Dennis Sheridan, American Diversified, presented preliminary elevations to the AEDC Board for input The budding design includes painted tilt wall panels that are alternated with brick on the front and sides of the building. The tilt wall panels are overlapped to create dimension and make the building visually interesting. The developer intentionally minimized the landscaping on the preliminary elevation so the Board could see the full visual effect of the building. Dennis assured the Board that the final plans will include ornamental trees and other landscaping in front of the building.'I'he building design included metal canopies at the enhances. American Diversified will use brick that is complimentary to Allen Business Center Phase 1, but has more contrast and variation in color. Phase B will be approximately four feet taller than Phase I and will share a common truck court and trash receptacle with Phase I. Allen Economic Development Corporation Regular Meeting, March 15, 2006 Page 3 The Board recommended that American Diversified enhance the landscaping, use more brick and change the architecture of the budding to add relief and create depth and then return to the AEDC Board for approval. Consider Enterine into a Purchase and Sale Am cement with the City of Allen for the Purchase of Brent Wicker, representing DBSI Discovery Real Estate Service (an investment group), appeared before the Board to request that the AFDC facilitate the sale of 1.449 acres of City -owned land to DBSI. The company is in the process of purchasing approximately 137 acres at the southwest corner of SH 121 and Alma Di rve fon a mixed-use development with office and retail uses. As pan of them evaluation of the site, the company has expressed interest in a 1.449 acre tract owned by the City of Allen. Purchasing the City h act will provide DBSI with enhanced access to the development fi ora Alma Drive The City of Allen supports the sale of the tract. On a motion by Ken Falk, seconded by Maxine Sweet, the Board approved a recommendation to the City of Allen to purchase 1 449 acres of City -owned land for resale to DBSI Discovery Real Estate Service and approved a commission agreement with Brent Wicker The Board also approved corporate resolutions authonzmg the President of the AEDC Board to negotiate and execute the put chase and sale conk acts. Convene into Closed Executive Session The Board convened into closed executive session at 7:59 p.m. to deliberate commercial and financial information and economic incentives for development of office/tech space in Twin Creeks Business Park. Reconvene into Regular Session The Boat reconvened into regular session at 8.47 p.m. Consider Approval of Incentives Supporting Office/Tech Development in Twin Creeks Business Park and Authouzmg the President to Negotiate and Execute all Agreements Bradford Development is in negotiations with Twin Creeks Business Park to purchase approximately 24.21 acres at the southwest comer of Watters Drive and Ramtree Circle for the construction of three speculative buildings containing approximately 180,000 total square feel. Al Blaine, Bradford Development, appeared before the Boatd to request infrastructure assistance from the AEDC to assist with lowering the cost of the project and making it more competitive in the local market. The buildings would be constructed primarily of tilt wall, but would also include stone and other decorative features to give them more of an "office" look. Allen Economic Development Co}roation Regular Meeting, March 15, 2006 Page 4 The AEDC Board took into consideration that extending the infrastructure to Bradford's site will provide surrounding properties with the benefit of access to utilities. The AEDC Board gave Bradford input on the budding design. The general preference of the Board was for the use of stone, offsets and gables/caps in the building design. On a motion by Maxine Sweet, seconded by Carl Clemencich, the Board approved $250,000 in nrfiastrucmre incentives to be paid to the company on the following schedule: • $100,000 paid upon ieceipt of the final certificate of completion for the first three buildings. • $150,000 paid on the first anniversary of the certificate of completion. The incentives are contingent upon the company maintaining a taxable value of $5 million on the improvements for 3 full taxable years, maintaining 0 employees and submitting qualifying infrastructure receipts fin expenses inclined by the company. The incentives are also contingent upon the Board's approval of the final architectural, landscaping and lighting plans The Board authorized the Piesident of the AEDC Bomd to negotiate and execute the contract. Approval of AEDC Financial Repots. Dan Bowman presented the AFDC financial reports On a motion by Ken Fulk, seconded by Maxine Sweet, the Board approved the AEDC financial reports as presented. Discuss Administrative and Marketing Activities of the AEDC Jennifer Cmmm updated the Board on the mm keting activities of the AEDC The Family First event originally scheduled for Apr it has been postponed. The Spring TEDC conference will be held in Fi isco on April 19 — 21 and the City of Allen Arbor Day Celebration will be held on April 1 at Montgomery Farm. Charisse updated the Board on the status of various projects. Charisse and Kurt will participate in a discussion (facilitated by the City of Allen) on land use along the SH 121 corridor in Allen Convene into Closed Executive Session. The Board convened into closed executive session at 9:30 p.m. to deliberate compensation for the executive doecloi Reconvene into Regular Session. The Board reconvened into regular session at 10:10 p.m. Consider Approval of Compensation for the Executive Director. The AEDC Board determined to continue the AEDC Executive Director's evaluation on an annual basis. Allen Economic Development Corporation Regular Meeting, March 15, 2006 Page 5 Scheduling of Next AFDC Board of Directors Meeting The next Regular Board meeting was scheduled for April 19, 2006 at 6:00 p.m. A Special Called Board meeting was tentatively scheduled for March 30 at 5:30 p.m. Adjourn. On a motion by Tim Wood, seconded by Maxine Sweet, the meeting was officially adjourned at 10:15 p.m. These minutes approved this 19' day of April, 2006. Kurt Kizer, Isresident Ken Fulk, Secretary