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Home My WebLink AboutMin - Economic Development Corporation - 2009 - 04/15 - Regular11 1 ALLEN ECONOMIC DEVELOPMENT C'ORPORA'TION (AFDC) BOARD OF DIRECTORS REGULAR MEETING WEDNESDAY, APRIL 15, 2009 Board Staff Guests lint Wood Robcrl Winningham Pete Smith Carl Clentencich Jennifer Urnom Pelet Vargas Gary Caplinger Daniel Bowman Joey Herald Maxine Sweet Lee Battle Call to Order and Announce a Quorum Present With a quorum of the Board present, the Regular Meeting of Ilse Allen Ecmtonric Development Corporation (AFDC) was called to order by President Tim Wood at 6:01 p.m. on Wednesday. April 15. 2009 at the ABDC 0111ce. 1. Approval of Minutes of the March 18,2009 Reuular Mectine On a ntntion by Car] Clemencich, seconded by Maxine S\1'eet, the Board unanimously approved the minutes of the Mmch 18, 2009 Regatta Meeting as presented. 2. Approval of Economic Development Acieemenl with I lomeland Ilea] thcar�_I nc_ Robert Winningham updated the Board on the poijecl and noted that the Board approved an incentive grant in the anrornt of 8150,000 to support l lomeland Healthcare, Inc. at the March 2009 AEDC Board meeting. The Board pievious]y gave the AFDC Executive Director direction to negotiate an Economic Development Agreement and bring it back to the Board for approval. Jennifer Grimm stated that the company hopes to move into space in the Offices at Wattas Creek by August of Septentbet of this year. Af:DC' staff was able to secure the company in Allen by offering a 91150.000 giant. The company would stall with 18,272 -rentable square feet and move up to 40,000 -rentable square feel over time. Prior to receiving their second instal Intent of the ALDC grant, the company will have grown to a total of 8o employees, file company eventually plans to employ 150 individuals in Allen. Cifirnin also noted that the company has indicated that Lm ich may eventually purchase l lomeland l-Icalthcat'c. The Bcunomic Development Agreement has clswbnck provisions that would require the company to repay the Al4DCgrant if they relocate. '!'litre is also the possibility that the AFDC Board could recruit Lutich to locate in Allen at a later date. ILD(B... Id NOrrecmr'+ R,,,tm d9rer/ne din d 1.5. 2009 - Age Grimm indicated that'I he Offices at Watters Creek are approximately 40 -percent leased at this point in time. Carl Clemencich inquired if the Watters Creek apartments were also 40 - percent (cased. Robert Winningham smicd they were approximately 25 -percent leased and apartment leasing should accelerate in the summer months. Winningham also noted that the Board is saving $50,000 on this deal. Clemencich stated that he is glad to see this project move forward as it will help the Watters Creek development. On a motion by Maxine Sweet, seconded by Gaty Caplinger, the AFDC Board unanimously voted to approve the Economic Development Agreement with I lotneland Ifeahlicare, Inc. as presented. 3. Convene into Closed Executive Session: The Board convened into closed executive session at 6:15 p.m. to delibet ate commercial laid financial information and economic incentives for the Ibllowing: • Approval of Economic Development Agreement with Project PDC2 • Discussion of AFDC Incentive Grant Policy loot the Purpose of Business Retention and Expansion and New Prospect Recruitment I Reconvene in Open Session The Board reconvened into regular session at 7:23 p m. 4. Actions Resullinu from Executive Session No actions were taken on the items discussed in executive session, 5. Approval ol'A1DC Financial (reports Daniel Bowman presented the AFDC Financial Reports, The Board inquired about City and AFDC sales tax collections and the outlook for the future Peter Vargas noted that they are seeing a dichotomy between the sales tax collection numbers that are coming in below budget, and the fact that it is evident many people are out shopping at the various Allen retail establishments. Robert Winningham indicated tluu the Allen Premium Outlets are doing well because they offer a perceived value to consumers in this down economy Gary Caplinger noted that the Fossil and C'In istale stores have left the Allen Premium Outlets and moved to the Village at Fairview Jennifer Grimm staled that the Slatbucks in Walters Crock will be closing. this was originally announced at the Slat bucks sharchuldet' meeting in January of 2009, but it was riot stated when the Walters Creck location will be closing. Grinun invited Board members to write a letter to the Director of Global Real Estate for Starbucks asking him to reconsider the decision to close the Slatbucks location at Wallets Ctcek, I Ll )l /tuei d ul Drumm a Re uhv 11,m, Ip'd 15, 2009. fuer 3 On it motion by Call Cleniencich. seconded by Maxine Sweet, the Board unmtinwusly approved the AI?DC Financial Reports as piesenled. 8 Disc Liss Administrative and Maiketing Act ivrties of the AFDC and Uric ) Luc, Events Jennifer Grunion updated the Board on the maikcting activities of the AFDC and invited Board ntcntbers to attend the Allen Fvem ('enterPopping Off Fveut on April 23"' The event will be a conte -and -go *block patty Grimm also distributed the new AFDC pens that will be used to help market Allen to business prospects. The Millennium Business Awards eicnt is cunemlly scheduled I'or mid-September. Grimm has spoken with (he Mayoral Allen about ieevalua ling the criteria for the various award categories. Forms will be provided to solicit feedback from Board ntentbeis regarding the ciileiia for the awaids. 9 AFDC Executive Dir'ector's Reno]( Retarding Office. Industrial. Data ('enter, and Retail Protect . and Local Partnerships "O'c 1 Witminghtnn updated the Board on AFD(' projects and noted that Allen was recently t'ecognrred by the Texas Economic Development Council as being an Economic Excellence Program. chis is a great honor and the AFDC will reccivc it plague. Winningham is monitoring State legislation relater) to dna centers and emporate offices very closely and will report back to the Board on Various bills that could impact economic development Maxine Sweet inquired about ('rocker Barrel, asking it the company was still unwilling to locale in Allen because ollheir requirement to only locale oil inicistate highways. Jennifei Grimm stated that the M(I I (erring Group ptcviously had a deal wall Cracker Barrel to locate it restaurant in the Village at Allen, but the deal was nevet finalized. The restaurant would have been located on the tract w'bet e BFs Brewhouse is currently being built. Winningham staled that the AIDC Ivan will visit with the company al IC'SC next nronlh. Sweet reported (hal the Allen Central Park Properly Owners Association is moving fin'wat d. The Board of Dit'ectm's lot the Association recently tile( to discuss various issues. Dan Bowman was elected President ol'the Association. It was decided that (he Association will cut back the shrubs (hat ate located around the monument sign, power -wash the monument signs, and undertake other similar prolec(s. the corm on arca expenses will be shared between the AFDC and other property owners in (he pink beginning .lune I" Bowman noted that based on the amounts currently budgeted by the At-- DC for maintenance of the park. Shining expenses wah (he Association will save the ARD(' appioxuna(ely $30,000 annually (iiimtn stated that the (lags in the park should probably come down dui ing high winds. It was also noted that Duke is chatgmg a reasonable fee of $10,000 annually to manage the Association. 1 /'.U(' Bou. J nl Du ri IOPs Rcpda, .1 /evi,,, Ipol., _'009-pugr4 1 10. Schcduline 0l_Nexi Al D(' Boai(l of Dileclors N4ecting 'l he nest Board meeting was scheduled fur Wednesday. May 13, 2009 al 6:00 p m. Che meeting will occur one week eat ly because 01'thc ICSC trip (hal is currently planned lot the Ihu'd week in May Maxine Sweet noted that she will be unable to attend the .lune AFDC Board meeting. 11. Adjourn 'I he meeting was officially ad.iourned on it motion by Maxine Sweet. seconded by Gary C'splingu, at 7,45 p.m I hese minutes approved this 13"' day of May 2009 -- — I'im Wool, President Carl ('Icmcncich, Sccrc(ary/I'reasura I A