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Home My WebLink AboutMin - Economic Development Corporation - 2009 - 02/18 - RegularALLEN F.('ONOMI ' DEVELOPMENT C-ORPORATION (AFD(') BOARD OF DIRECTORS REGULAR MEETING WF.DNF.SDAY, FEBRUARY 18, 2009 Boat Siall Guests Kurt Kizer Robert Winninghom Joey I Jerald Tint Wood Jcnnifcl Grimm Cathy Dinkel Cm'I Clemencich Daniel Bowman Pyrone Wilson Gaty Qtplingel Nete Sntith Maxine Sweet Call to Eder and Announce aQuo,11111 PI client With a looumt of the Boaid pre>cnl, the Reg[dal Meeting ol'the Allen Economic Development Cmpotnnou (AFDC') was called to oidel by husldenl Kid Kilo m 6:24 p.m. on Wednesday, Febl only 18, 2009 al the AFDC Off ice. 1 1. Aj;pioval of Minutes of -the -Jammy 21, 2009 Recibir Mee On it million by Maxine Sweet, econded by Call Clemencich, the Board unammously approved the minuleS of the January 21, 2000 Regular Mccling as presented. 2 Itati llcalam of Pconnmic Ihyelopmmt Agicentent with Vaulh onics,.I,I (' Gary Caplingcl inquired ih Vaul»onics, I.L(' was planning to occupy the emiro budding. Robert Winninghaul noted that the company woUld occupy Iluce quarters of the building, with the remainder of the building being occupied by it physivan's office. The company owns the entire building. On a lotion by Maxine Sweet, Seconded by Gary ('aplinger, [lie Board unnnimouxly approved ratificn»on ofthe Economic Development Agteemenl with Vaullrones, LJ.(' 3. C'onsidcr and lake Action_ iq Approval of I'urch[ue of F\CCmI\'C Pulse Robert Winningh:un uowd that Business Rclenlion and Expansion is a kcy component of the Allen City Council Strategic Plat, as well as one of the AFD("s key prim itics. With the current dowiltuln in the economy and the slow growllt being expel fenced by most Allen contpmtic., Busnress ILelculion an[I lixpammn iv becoming a mole unpurlmtt Junction of the AI -.UC' 'file 1 AFDC nec[Is to know intpor tial details about local companies, includ mg the toning lin Icasc expo atrntrs, employment needs, and plans fa fiiUuc grawlh. I be AP:UC s1alT cm icntly works to uhedule monthly meetings wFh Incnl nnploya s, but ttndd use an ad[hhunal wwm ce such as I:xcc Ul we Pu Ise to help coolhnale , clwit ics. . I01C llnurd,# lhre I,., Regale, A/oeon, I ' eb, m, I/S. 20(19 - l'ugv Daniel Bowman described LXCCULIvu Hulse, ccononuc development son Iva Ie developed specifically to heel the needs of the professional econoinic development community I he solhva'e allows Ibe AFDC to coordinate its internal activities by organving projects, coil aces, [asks, and meetings. Each local Allen employer is entered late the syslem as a sepmate project, and meetings, tasks, contacts, and olha pertinent infnrnnalion ac tracked through the system. I he AE'DC call also track new business prospects, which are filler converted to 'existing businesses' if and when they choose In locale in Allen. 'I lie software Would allow each AFDC stat nromben to input the relevant information regarding their specific work nn individual projects, solid tasks out to other staff members, and ensure Ihnl their efforts ore cooldmated with eweyone else in the office 'Phe system allows for extensive surveying and reporting, so the AFDC can bend keep track of company infomnatioo and Ieport the tangible results of AFDC staff el'fon its. Cal I Clemencich noted that the sof ware seemed usoftil. (nary Caplinger inquued as to ehelbe AE.DC staff had checked with other 1'exas economic developers that were using the software and, If so, o'ha( they had to stiv about the usefulness of file product. Fo vnimi noted that he had talked With a couple of Texas economic developers that provided glowing acvicW> of'the sufhvauc Kurt Kizm noted Thal he needed mole infounauon in oidm'to detei mine it the snilwarc would be worth the cost of approximately $10,000. Caplingei agreed, requesting that AFDC staff undei take additional research to dem mine other economic developers that me using file software, and plastic the possibility of hying the enflwaic on a tenpoouy basis before purchasing Bowman noted that the cost of costomizing the sothvare may make it cost-prohiblive fur the developers of Exeentive Pulse to alluW the AFDC temporny access to the full product, but lie would definitely check on the possibility 'I he general consensus of the Iluard was to have AFD(' staff hr iog the den back to the Board is the point whew the additional newarch had [cell cnnq)leold 4 Utimidcr and fake Action @n Apgrnval of Assignment of Ilse Final Incentive Payment fol Greens(reet FuJ)caiies of'_] exmLl,C In the Bank of the O'arks Robed Winningham explained Gicenstecl Properties has contacted the AFDC still'[ to sec it the Baud will ennsider assignment otthe final installment of $375,000 to the Bank of the Ozarks Bank of the Oruks is considering taking (irecnstrcel's conduction loan, as the pmvmus lenders have dissolved. It was noled that Ilse Boar',] previously approved early payment of $375,000 of the economic development giant to he provided to Oteenslrecl Rnpettics per the Fconoaic Development Agreement between fine Ali DC and (iaccnslrcel Progenies ol`Pcxas, LEC I his agreement. which stipulates a lolal mnentive pa}inenl ill $1 million Gum AIDC when all the tern hake been me, was assigned to Greensuecl by Bloc Star, the previous developer ofthe connnmcial property located at SI 1 121 and Waucis Road Winningham mentioned that, under the conenl terms of the agnecmenl, the company now construct 75,000 square feel of new tela) space oil of before January 31, 2011 in oiler to receive the final payment of $375,000. Article 3 1 ol'the Amended and Restated I'conomic Development Agreement between the AFDC, Bloc Slip Land and (heensticet, dated December 12, 2006, staled that [lie company world not be allowed In assign the agreement to it financial institution. I LDC Rom J n/Un rr/are Regulw Aleelmg hehr'um 1, LY, _'009 - P,Nv 3 Kort Kim inquired as to whether the AI'I7Cwould be at risk if the company were to not perforin ace ur dung to the Icqu u e nt cats of the aflec nt ell Pete Smith noted that in the event Ihat (ireensheet does not perloini. the bank will request Ihat the AFDC send notice and provide an oppo tunny to cmc Deal nig with this Ill hd party wdl complicate the Ii ancaction. Jenndcr Grimm noted that AFDC' stall has not received Iced back Ilom Suikz regm'ding the proposed Economic Development Agrccmcal. Grimm was under the impression That when the Board oa'iginally drafted (lie Economic Development Agreement with Gicemitect Properties, the Board had explicitly slated (hat they did not want to assign the agreement to a diffclent developer at any point ill Ilic f ttm'c. Pete Smith noted that there is a dilfercnce between assigning the entire agreement to the bank and pledging the payment of the final incentive payment to the bank. fhc assignment of the full agreement involves the I allsicr of all the rights and respoosibilities under the afreemenl, whereas simply assigning payment of the final incentive grant to the book would still leave Gieonsn'ecl responsible to fulfill their obligations under the agreement No action was liken on this mem. 5 CORMIC into Closed E.\eCntlVe Session: I lie Boaid convened into closed executive session at 7 05 p.m to deliberate commercial and 1 linanead inlbl'nrltion mrd econonuc incentives lin the Retention and P<p imion of Local Businesses Reconvenc in Coen Session I he Bored rccorrvcned into regular session a( 7 58 p nt G Ac_lions Reslillmg fall H>nvtivc Session No actions Weic taken on the dean discussed is executive session. 7 Approval of Al'.DC I_inancial_Repoi is Damel Bowman presculed the AFDC hmancial Reports The Buaul discussed the slate of the Walters Creek devclopntmm. Robe't Winningham indic:mcd Ibal the Jevelopmcnl has been allected by the economic duwn(uun, but remains msdrcnl m light of the situation. It was noted that the restaurant NAAN is no longer a tenant in the development Ott a motion by Carl C'lemencich, seconded by I uu Wood, the Bowd approved da AR.DC financial repo is as prescrded g. Discos Adminisbative and Marketing Activities of the ALD( and I Ipcuni ng local Events Jennilct Gi inun updated the Board on the mar kclmg actit ilics of the Af.IA: and invited Board members to attend the Wl LAM Inc open house on March 12, 2009 (it intm noted that the AFDC has hosted it number of suable business pmspecls over the past alunlh, which indicates that Aller is generally seen as a posilmc place to locate. : I1i1)C ltuor J n/ pn rr(rn r Re,¢u1m dlerlm.K A•dr oar i /3, 2009. Page J Glinun also invited the Board In attend the Topping-OfI event lin the Miunot Coralvind Hotel on Peer unpy 26"', as well as Ilie Rest Real Isore Deals event hosted by Ilie Da//us Una meas dounud Oil Fdoliaiv 26' Allen has two sepia ale projects —I lie Village at Allen and Fairview, and Watters Ch cek al Montgonnery I arm — that have been nominated tit aw•at(is, The Ci ), is moving forward on schedule with the const action of the Allen Fvem Centel, The manager Ihat previously managed the American Air fines Centel has been hired it, manage the Allen Event Centel, Grimm noted Ilia( the AFDC Is moving futwaud In oiganiiiug:m event that will be co -hosted by Bradford Prupeities and the Allen Phdhai ounic Symphony oil April 17"' The event will showcase [lie 'I\win Ci eeks Business Centel development Robert Winningham noted Thal Jenmt'a Grinun hos been commended lin her svurk to assist with the organization 01'Ihc CoicNet Global Sunurul Babeque to be held in Dallas It April. 9 AFDC Executive Director s Report Repidi ig Office. Industi ial, DataCenterand Retail Ih_o ects and Local Patoerxhips Robert Winningham updated the Board en the Slntu%of various projccls, uxphniaing that it was recently announced Ihal Piojccl Lavender will be localing in Oklahoma. Although it is disappointing to have lost the deal, Spring Air site consultant Vicki I lotion has agreed to visit with AGDC MOT in 6 weeks to discuss the project and outline the factors that were taken into consideration when evaluating the Allen site lot the poijecl. It was noted that Oklahoma has a very strong program fm recruiting these types 01'pr0jects (nary C'aplmgel mentioned that there is as existing 301,000 -square foot building located in Oklahoma ncai Interstate 35, which was a major atlmclion I'mSpring Aur Winningham stated that (lie process of parsmng Picket Lmvenderr was a positive one lot (he AIMC. Winningham also noted that At UC stall had good inlel actions wall the members of the I'cx.rs Slate LegisImut e during the Iecelrt I exas P.conum is Develuptell l COU lie iI ( IT IX Legtslalivc Conlcrence the I'.emumuc Devclupoeru Subcommittee for [lie 'I'exos I louse of Repiesenlntives was u ccently appoiuled. Winningham ouI ked on several legislative issues, including obtaining Nide money Im the Allen ISI) C'aicer-Tech (enter, moniloing h:uupurlation bills that would give local mamma 11 res more flexibility m undctlakc hanspotlmion projects, tracking legislation Ihn( could change the'feaas Prmchisc'fox. and tacking hills that affect the Im s Entetpnse Fund (TIT) and the Skulls Development fund (S)P) Winningham is hopeful that the I I'I and SUP wBl be funded Im the upcommg biennium, In ganer'al, legislates ate wmlching revenue streams my cmefully and will be very selective in thou' use of uaccolices Damsel liowmmn mentioned that it has been putposcd by several legislalous that the Slate focus its incentive lunds priunal ly on renewable encigy projects Winningham noted dial the City and AP.DC are actively looking for 01)1)01'IuniticS to ohtam fala'al SlllanlaS dollars for Allen 10 Schcdulirg uf'Ncxt At.[)(: Bonn i_ of Uueclors Mecline the next 130ard meclung was scheduled for Wednesday, Minch 18, 2009 at 6:00 p in ICU(' E.., vd u/ Dh e, lura Ragulw A/conn., /-,,I .. ..... r /.Y, 2009 - Peyer i I1 Adjourn 'I he meeting wa%Officia l ly adjnuined on a motion by 1 im Wood, seconded by Maxine Sweet, of 7.'_G p in. I hew minoteS approved this 18"day of Minch 2009 I D