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HomeMy WebLinkAboutMin - Economic Development Corporation - 2008 - 03/19 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REGULAR MEETING WEDNESDAY, MARCH 19, 2005 Board Staff Guests Kurt Kizer Robert Winningham Joe Gorda Tim Wood Jennifer Grimm Carl Clemencich -Absent Daniel Bowman Gary Caplinger 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 Kurt Kizer at 6:03 p.m. on Wednesday, March 19, 2008 at the AEDC Office. 1. Approval of Minutes of the February 20 2008 Reeular Meeting On a motion by Tim Wood, seconded by Maxine Sweet, the Board unanimously approved the Minutes of the February 20, 2008 Regular Meeting of the AEDC Board of Directors. 2. Approval of Assignment of the Amended and Restated Economic Development Agreement by and between Montgomery Farm AEDC and Coventry 11 DDR/Trademark Montgomery Farm L.P., a Texas limited partnership to Compass Bank The City of Allen, AEDC and ACDC have been working with Trademark Property Company on the development of Watters Creek at Montgomery Farm since 2006. During this time, a Tax Increment Finance (TIF) District has been created and Trademark has broken ground on over 1 million -square feet of retail, office and residential space, located at the southwest comer of Bethany Drive and US 75. The AEDC previously executed an Amended and Restated Economic Development with Trademark Property Company to support the development. Joe Gorda, AEDC Attorney, updated the Board on a request from Trademark Property Company for the assignment of the Amended and Restated Economic Development Agreement by and between Montgomery Farm, AEDC and Coventry 11 DDR/Trademark Montgomery Farm L.P., a Texas limited partnership, to Compass Bank. The AEDC has already executed a letter of assignment with Trademark Property Company and it is now being requested that the Board ratify the letter of assignment This letter states that the agreement may be assigned to Trademark's lender in the event that Trademark defaults on their loan and the lender becomes the owner of the property. Peter Vargas, City Manager, has already signed the letters on behalf of the City of Allen and the ACDC. On a motion by Gary Caplinger, seconded by Maxine Sweet, the Board ratified the letter of assignment related to the Amended and Restated Economic Development Agreement by and between Montgomery Farm, AEDC and Coventry 11 DDR/Trademark Montgomery Farm L.P., a Texas limited partnership. AEDC Board of Directors Regular Meeting March 19, 1008 Page 1 3. Approval of Economic Development Agreement with Amphenol Fiber Systems On February 20, 2008, the AEDC Board approved an incentive grant to support the retention of Amphenol Fiber Systems headquarters in Allen. An Economic Development Agreement has been drafted based on the incentive offer approved by the Board. On a motion by Tim Wood, seconded by Maxine Sweet, the Board approved the Economic Development Agreement with Amphenol Fiber Systems as presented. 4. Convene into Closed Executive Session: The Board convened into closed executive session at 6:18 p.m. to deliberate commercial and financial information and economic incentives for the following: • Recruitment of Project Kids • Recruitment of Project Safety • Recruitment of Project Blue Sky • Discussion of Economic Development Agreement with Experian Information Solutions Reconvene in Open Session The Board reconvened into regular session at 7:20 p.m. 1, Consider and Take Action for the Recruitment of Proiect Kids The Board discussed the project and considered providing assistance. No action was taken on this item. 6. Consider and Take Action for the Recruitment of Proiect Safety The Board discussed the project and considered providing assistance. No action was taken on this item. 7 Consider and Take Action for the Recruitment of Proiect Blue Skv The Board discussed the project and considered providing assistance. No action was taken on this item. 8. Approval of Economic Development Agreement with Experian Information Solutions The Board discussed the project and considered the terms of a proposed Economic Development Agreement. No action was taken on this item. 9. Anproval of AEDC Financial Reports Daniel Bowman presented the AEDC Financial Reports, explaining that AEDC monthly cash balances will be low near the end of the current fiscal year. Kurt Kizer stated that the AEDC should have enough funds to secure projects to Allen during the current fiscal year, since the corporation can take on additional debt if necessary. The Board inquired about the revenue and AEDC Board of Directors Regular Meeting March 19, 1008 Page 3 expense line items listed on the AEDC Financial Report supplied by the City of Allen Finance Department. Bowman stated that he believes that the additional revenues listed on the sheet resulted from the recent sale of AEDC bonds. On a motion by Tim Wood, seconded by Maxine Sweet, the Board unanimously approved the Financial Reports as submitted. 10. Administrative and Marketing Activities of the AEDC /Executive Director's Report Jennifer Grimm updated the Board on the marketing activities of the AEDC. She invited the Board to attend a tour of the Trademark development on March 246 and the Allies Day Tour and Golf Tournament on May 5° The tour will take place in the morning and golf will take place in the afternoon. Robert Winningham updated the Board on AEDC projects, explaining that Allen had recently been a leading contender for the Blue Cross Blue Shield data center that ultimately decided to locate in Fort Worth. Winningham also noted that the AEDC recently mailed data center marketing flyers in advance of the AEDC recruitment trip to the AFCOM Data Center World Conference and Expo. AEDC staff has received much feedback on these flyers, which were designed by Jennifer Grimm. Daniel Bowman mentioned that a large developer of data centers, CRG West, is currently evaluating sites in Allen for the possible location of a co -location data center facility. Winningham noted that Project Eleven is currently "on hold" for the time being. Brio Italian Restaurant will be opening in the Trademark development on April 2°d Tim Wood inquired as to whether tenants in the Trademark development were receiving an adequate number of applications to staff their operations. Grimm stated that application submission was slow at first, but the number of applications submitted has increased over time. Grimm is currently in discussions with Trademark Property Company and the Allen Chamber to organize a job fair for the retailers in the development. Winningham updated the Board on the NTCAR Tour, which is tentatively planned for June 6, 2008. The AEDC is working to convey to the brokerage community that Allen is an "office market." AEDC staff is working with Duke Realty and Trademark Property to plan an event that will bring brokers to Allen and showcase the new developments at Bethany Drive and OS 75. 11. Scheduling of Next AEDC Board of Directors Meeting The next Board meeting was scheduled for Wednesday, April 16, 2008 at 6:00 p.m. 12. Adioum On a motion by Maxine Sweet, seconded by Tim Wood, the meeting was officially adjourned at 7,48 p.m. These minutes approved this 21' day of April 2008. P id Kurt Kizer, em Carl Clemencich, Secretary