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HomeMy WebLinkAboutMin - Economic Development Corporation - 2009 - 03/18 - RegularI I ALLEN ECONOMIC DEVELOPMENT CORPORATION (AFDC) BOARD OF DIRECTORS REGULAR MEETING WEDNESDAY, MARCH 18, 2009 Board Kut t Kizer -A bsent Tim Wood Carl Clcmencich Gary Caplinger Maxine Sweet Staff Hobert Winningham Jennifer (n'inmt Daniel Bowman Call to Order and Announce a Ouoi um Present. Guests Pete Smith Petei Vargas John Baumgartner Be Bass Pat Moore Bo Bond I likuy Holmes Misty Venlma David Stack Amy Gelber Michael Sanders Jeff Freeman David Saunders Dale Ilennmg Nathan Durham Harold Dull Guillermo Brittingham George Tamghongs With a quorum of the Bo:vd present, the Regular Meeting of the Allen keonomic Development Corporation (AFDC) was called to ordei by Vice President'fim Wood at 6:10 p.m. on Wednesday, Maich 18, 2009 at the AFDC Office. 1. Approval of Minutes of the Pebruaty 18, 2009 Regulat Mecling On a motion by Carl Clcmencich, seconded by Maxine Sweet, the Board unanimously approved the minutes of the Pebtuary 18, 2009 Regular Meeting as presented. 2. Accept the Resi�ation ol'the President of the ALD(' Board of DiieLtoic On March 9, 2009, Knit Kiicr officially resigned fi um the AI7DC Board of Directors. Carl Clemencich expressed his gratitude to Kizer for his many ),cars of service on the AFDC Board and inquired if Kizer Would be receiving a plaque in recognition of his service. Robert Winningham noted that Kira would be receiving such a plaque. 4CU( 11.... nTUueclnra'l4'gulm alcrhng Al.. ch IN, 200Q -Page 2 On a motion by Cut C'lemenench, seconded by (huy Caplinger, the AFDC Board unanimously voted to accept the resignation of Kurt Kize( as President of the AFDC Board of Directors. 3. Consider and Take Action on the Officer Positions for the AFDC Board of Directors On a motion by Maxine Sweet, seconded by Cad C'lemencich, the Board voted unanimously to appoint Tim Wood to fill the unexpired term of AFDC Board President vacated by Kurt Kizer. On a motion by Cal l Clemencich, seconded by Clary Caplinger, the Board voted unanimously to appoint Maxine Sweet to fill the unexpired term of AIDC Board Vice President vacated by Tim Wood. 4. Discussion of AFDC Business Retention and F.xpansjon and New Prospect Rea'wunent Efforts Tim Wood staled his intention to include an item on each AIaC Board Agenda that provides an opportunity for tine Board to discuss philosophical issues and long-term plans related to economic development in Allen Wood requested that Board members give him or Robert 1 Winningham feedback regarding issues that they would like the Board to discuss at future Board nncetings. He would also like to have 'joint meeting between the AFDC Board and Allen City Council to discuss these types or issues ata future date. The Board generally agreed with this proposal. Wood indicated that the topic of new company recrunment and the retention of existing companies will be included as a topic for discussion on the April Board agenda. 5. Convene into Closed Executive Session: The Board convened into closed executive session at 6.13 p in. to deliberate commercial and financial information and economic incentives for the following: • Consider Incentives for the Recruitment of Project PDC2 • Consider Incentives fur the Recruihnenl of Project Kinetic • Consider Incentives to Support the Expansion of a local Business • Consider Incentives for the Recruitment of Project Knock • Consider Incentives for the Recruitment of Project Mike & Mike • Consider Incentives Cor the Recruitment of project Cali -Bio Reconvene in Onen Session The Board reconvened into regular session at 9:31 p m. 9L D' /3nw d o/ Dui erlw a Regula, a/uei ng Ahu rh 18, 2009 - Poge 3 1 6. Actions Resulting from Executive Session On a motion by Maxine Sweet, seconded by Carl Clemencich, the Board unanimously approved an incentive giant of $5.5 million to be provided to Project PDC2 in five (5) annual installments of $1.1 million each, per the Pielininary Incentive Proposal that was presented at the meeting. 'Phe Board also approved a recommendation to the Allen City Council and the Collin County Commissione's Corot for a 40 -percent, 10 -year tax abatement on real and business personal property for Pioject PDC2. 'I he Board also approved a recommendation to the Board of Directors of the Allen Independent School District for approval of an $80 million appraised value limitation on real and business personal property for Project PDC2, as authorized by Chapter 313 of the State fax Code, The Board required that the Economic Development Agreement with Project PDC2 include employment and taxable value clauses reflecting the information presented in the Board packet. The Board authorized the AHDC Executive Director to negotiate the Economic Development Agreement. 7 Approval of AEDC Financial Reports Daniel Bowman presented the AFDC Financial Reports. 'file Board inquired about City and AHDC sales tax projections Peter Vargas noted that the City was very conscientious about considering the liming for when various retailers would open in Allen and basing the City's sales and use tax projections on store openings. Overall, the City of Allen's budgeted sales tax projections are only off by 6.4 -percent. Vargas also stated that the Collin County Appraisal District has infouned the City that appraised values in Allen will probably remain flat. In many cities the appraised values :lie projected to significantly drop On a motion by Carl Clemencich, seconded by Maxine Sweet, the Boaud unanunously approved the AFDC Financial Reports as presented. 8. Discuss Administrative and Marketing Activities of the AIDC and Upcoming Local Events Jennifer Grinvn updated the Board on the nnarketing activities of the AFDCand invited Bound mcnbeus to attend a lunch with brokers who specialize in the US 75 Conidor/Allen Markel on May 1, 2009 9 AEDCExecutive Director's Revort Regarding Office Industrial Data Ccntcr. and Retail Proiects and Local Partnerships Robert Winningham distributed information to the Board that was taken from a recent Insight Research economic report entitled A Teras Take on the U.S. k*cono m+ Winningham thanked the Board for their lime, commitment, and hours of volunteering to support the AFDC. AFDC /Rua d u( Pira lar v Rrgedm Akefm,4 AM, H, IN, 7009 - rage 4 10. Scheduling of Next AF.DC Board of Ditectol s Meeting The next Board meeting was scheduled for Wednesday, April 15, 2009 at 6:00 p.m. 11 Adjourn 'rhe meeting was officially adjourned on a motion by Maxine Sweet, seconded by Carl C leniencich, at 9:50 p.m. These minutes approved this 151' day of April 2009 i int Wood, President Carl Cllcmencich, Secretary/Treasurer C 0