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HomeMy WebLinkAboutMin - Economic Development Corporation - 2006 - 05/17 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REGULAR MEETING May 17, 2006 Board Staff Guests Kurt Kizer Charisse Bodisch At Blaine Tim Wood Jennifer Grimm Dave Noble Ken Fulk Dan Bowman Bruce Heller Maxine Sweet Bill Kaupas Carl Clemencich Blair Oden Call to Order and Announce a Ouomm Present With a quomm of the Board present, the Regular Meeting of the Allen Economic Development Corporation (AEDC) was called to order by President Kurt Kizer at 6:01 p.m. on Wednesday. May 17, 2006 at the AEDC Office. The following items were discussed: Approve Minutes of the April 19 2006 Regular Meeting and the May 4 2006 Special Called Meeting The minutes of the April 19, 2006 Regular Meeting and the May 4, 2006 Special Called Meeting of the AEDC Board of Directors were approved as submitted on a motion by Ken Fulk, seconded by Maxine Sweet. Convene into Closed Executive Session. The Board convened into closed executive session at 6:04 p.m to deliberate commercial and financial information and economic incentives for development of office/tech space on parcels 2. 3 and 4 in Allen Station Business Park. Reconvene into Regular Session The Board reconvened into regular session at 7:05 p.m. Consider Approval of Architectural Design for an Office/Tech Building in Twin Creeks Business Park. Al Blaine, Bradford Development, presented building elevations to the Board for Phase I of a development that will contain three speculative office/flex buildings containing approximately 180,000 total square feet on approximately 12 acres at the southwest comer of Watters Drive and Raintree Circle in Twin Creeks Business Park. The AEDC Board previously offered incentives to support the development. As part of the incentive agreement, Bradford must receive AEDC Board approval of the architectural, landscaping and lighting plans prior to commencing construction. Allen Economic Development Corporation Regular Meeting, May 17, 2006 Page 2 The building design consists of tilt -wall construction with rock/stone facade used in some areas and includes panels that break up the appearance of the Flat tilt -wall on the exterior of the building. The general consensus of the Board was in favor of the building design presented for Phase I of the project The Board requested that the budding design include central panels with "pop -ups" that rise higher than the other budding panels. The company must return to the Board at a later date to receive approval of the final landscape, lighting and site plans. Consider Approval of Architectural Design for a Medical Rehabilitation Center in Twin Creeks Business Park. Bruce Heller, JaRyCo Development, presented building elevations to the Board for a 42,000 square foot medical rehabilitation center (with room for expansion) to be constructed in Twin Creeks Business Park. The building will be a combination of single and two-story construction. The AEDC Board previously offered incentives to support the development. As part of the incentive agreement, the company must receive AEDC Board approval of the architectural, landscaping and lighting plans prior to commencing construction The building design consists of brick and tilt -wall construction and is similar to buildings in the existing Twin Creeks Medical Center. The design includes oversized windows. JaRyCo plans to commence construction on the budding in July 2006. On a motion by Carl Clemencich, seconded by Ken Fulk, the Board approved the architectural elevation as presented. The company must return to the Board at a later date to receive approval of the final landscaping, lighting and site plans. Consider Approval of Architectural Design for Millennium Corporate Center. Blair Oden, Duke Realty, appeared before the Board to discuss the rendering for a Class A, 150,000 square foot, 5 -story budding that was previously presented to the Board. The company is still in the process of designing the northern entryway for the building Oden explained that there will not be any major changes to the rendering presented; however, the company will adjust minor details of the building design throughout the process of constructing the building including the design of the walkway from the building to the parking garage. The Board gave input on the budding design, stating their preference for more architectural interest at the main entry on the north side of the building and changing the coloring of the band at the top of the building above the main entryways to blend with the building. The Board also stated a preference for earth -tone building colors Consider Approval of a Name Change for Millennium Corporate Center. As part of ongoing conversations between the AEDC and Duke Realty regarding the development of Millennium Corporate Center, Duke has requested consideration by the AEDC to change the time of Millennium Corporate Center and the name of Epoch Drive to give the park a more dynamic marketing presence. Allen Economic Development Corporation Regular Meeting, May 17, 2006 Page 3 The Board brainstormed ideas and suggested several names for the park, including Allen Central Park, One Allen Center and Allen Corporate Park. The Board also brainstormed and suggested several street names, including Park Place, Park Avenue and Park Boulevard. The Board requested the AEDC staff to consult with the attorney regarding changing the name of the park from Millennium Corporate Center to Allen Central Park. AFDC staff will also check on the cost of changing the signage in the park to reflect the new name. On a motion by Maxine Sweet, seconded by Carl Clemencich, the Board approved renaming Millennium Corporate Center to Allen Central Park, with building addresses in the park being One Allen Center, Two Allen Center, etc. Review the Allen Economic Development Corporation's Prelimi ary Budget for Fiscal Year 2006-07 and Adiustments for Fiscal Year 2005-06. Chansse Bodisch presented the preliminary AFDC Budget for Fiscal Year 2006-2007 and recommendations for adjustments to the Fiscal Year 2005-2006 AEDC Budget. Of special note were adjustments to the following accounts: • Travel — increasing for additional ICSC expenses, corporate visits and recruitment visits • Marketing — increasing for additional direct marketing expenses, advertising and other marketing initiatives in the AFDC strategic plan. • Regional Marketing — increasing because of additional ads that will mn next fiscal year as part of the Collin County initiative. • Cost Participation to Infrastructure — budgeting for the cost of constructing roads. • Direct Grants — increasing to reflect all incentives approved by the AFDC Board. • Copier Service — increasing for the expense of upgrading to a color copier. • Allen Central Park — funds will be budgeted for the cost of changing the signage in the park to reflect the new name. The Board discussed funding for additional retail resources, but decided to wait for further input from the Allen City Council. The Board suggested that the budget for the mileage account be increased to compensate for rising gas prices and nuleage reimbursement rates. The AEDC lease (which comes up for renewal in September) was discussed by the Board. The consensus of the board was to renew the AEDC lease for another year at the existing lease rate. The Board authorized the President of the AFDC Board to execute the lease Approval of AEDC Financial Reports Dan Bowman presented the AEDC financial reports. On a motion by Maxine Sweet, seconded by Ken Fulk, the Board approved the AEDC financial reports as presented. Allen Economic Development Corporation Regular Meeting, May 17, 2006 Page 4 Discuss Administrative and Marketing Activities of the AEDC Jennifer Gomm updated the Board on marketing activities of the AEDC and invited the Board to attend the Cinemark Ribbon Cutting on May 25. She presented the new Tech District Oblique Map and updated the Board on plans for the upcoming ICSC Convention in Las Vegas. Charisse updated the Board on the status of various projects. The AEDC Board Hotel/Motel Subcommittee consisting of Carl Clemencich and Tim Wood will meet to discuss Hotel/Motel grant distribution on June 8' Convene into Closed Executive Session The Board convened into closed executive session at 9 15 p in. to deliberate commercial and financial information and economic incentives for development of office/tech space on parcels 2, 3 and 4 in Allen Station Business Park. Reconvene into Regular Session. The Board reconvened into regular session at 9:40 p in Consider Approval of Incentives Supporting Office/Tech Development on Parcels 2 3 and 4 in Allen Station Business Park and Authorizing the President to Negotiate and Execute all Airreements. Trammell Crow is currently in negotiations with Allen Station Business Park to purchase approximately 22 acres consisting of Parcels 2, 3 and 4 for the development of three buildings containing approximately 281,000 total square feet. The company is initially focused on the development of Parcel 3, followed by Parcel 4 and then Parcel 2. Dave Noble, Trammell Crow, appeared before the Board to request approval of incentives to assist with the development The company is requesting incentives to help the development to be competitive in the local market, given the land price and the increased cost of construction materials. The company is willing to include the outstanding $170,000 in incentives (previously offered by the AEDC Board for the next two buildings constructed by Trammell Crow in Allen Station Business Park) as part of the new incentive package. The company is proposing to purchase Parcel 3 and Parcel 4 immediately with an option to purchase Parcel 2 within 8 months of closing on the first two tracts Each of the buildings will be designed sundar to the existing buildings in the park. Noble anticipates that the company will commence construction on the initial building in September 2006. On a motion by Maxine Sweet, seconded by Tim Wood, the Board approved the following incentives for the development: • A recommendation to the City of Allen, Collin County and Collin County Community College for consideration of a 40'7 tax abatement for 10 years on the buildings. • $300,000 incentive for construction of an approximately 95,000 square foot building on Parcel 3, to be paid in three equal installments with the first payment being made upon completion of the shell building Allen Economic Development Corporation Regular Meeting, May 17, 2006 Page 5 • $400,000 incentive for the construction of an approximately 91,000 square foot budding on Parcel 4, to he paid in three equal installments with the first payment being made upon completion of the shell building. • $300,000 incentive for the construction of an approximately 95,000 square foot building on Parcel 2, to be paid in three equal installments with the first payment being made upon completion of the shell building. • The AEDC will construct two lanes of Noble Drive adjacent to Parcel 4 and Parcel 2 in concurrence with the construction of the buildings on each of those parcels. The AEDC will have the option to either construct the two lanes of Noble Drive adjacent to the parcels or reimburse the company for the construction of each portion of Noble Drive, if doing so is more economical • The outstanding $170,000 in incentives previously offered by the AEDC Board for the next two buildings constructed by Trammell Crow in Allen Station Business Park is terminated. The incentives are contingent upon AEDC Board approval of the final landscaping, lighting and architectural designs for the buildings, the buildings being constructed on a specific timeline and the company maintaining the following minimum taxable values on the buildings: • $4.5 million for the building on Parcel 3 • $5 5 million for the building on Parcel 4 • $5 million for the building on Parcel 2 The Board authorized the President of the AEDC Board to negotiate and execute the contract. Convene into Closed Executive Session. The Board convened into closed executive session at 9,41 p.m. to discuss the Annual Performance Evaluation of the Executive Director/CEO. Reconvene into Regular Session. The Board reconvened into regular session at 10:05 p.m. Consider and take Action Related to the Performance Evaluation of the Executive Director/CEO of the AEDC. The Board approved a salary increase and bonus for the Executive Director. Scheduling of Next AEDC Board of Directors Meeting_ The next Regular Board meeting was scheduled for June 8, 2006 at 6:00 p in Adumm. On a motion by Ken Fulk, seconded by Carl Clemencich, the meeting was officially adjourned at 10:15 p.m Allen Econonuc Development Corporation Regular Meeting, May 17, 2006 Page 6 These mrnutes approved this 8' day of June, 2006. Kurt Kizer, President Ken Fulk, Secretary