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HomeMy WebLinkAboutMin - Economic Development Corporation - 2010 - 07/21 - RegularI 0 ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REGULAR MEETING WEDNESDAY, JULY 21, 2010 Board Staff Guests Tim Wood Robert Winningham Peter Vargas Susan Bartlemay Daniel Bowman Lee Battle Gary Caplinger Ryan Shook David Rippy Carl Clemencich Veronica Merrick Bill Jackson Maxine Sweet Pete Smith Bob Ikel Kent Lowder Rob Meche John Wright Kerby Smith Call to Order and Announce a Ouomm Present With a quorum of the Board present, the Regular Meeting of the Allen Economic Development Corporation (AEDC) was called to order by President Tim Wood at 6:12 p.m. on Wednesday, July 21, 2010 at the AEDC Office. 1. Recognition of the AEDC as a Recipient of the Economic Excellence Award from the Texas Economic Development Council Robert Winningham announced that the AEDC received the Economic Excellence Award from the Texas Economic Development Council for the second consecutive year. The award distinguishes Allen as one of thirty-five communities in Texas that have exemplified excellence in economic development in the past year. The award will be presented to the Allen City Council on Tuesday, July 27, 2010. 2. Approval of Minutes of the lune 16 2010 Regular Meeting Dan Bowman noted the date on page one of the minutes has been changed from April 28, 2010 to May 19, 2010. On a motion by Maxine Sweet, seconded by Susan Bartlemay, the Board unanimously approved the Minutes of the June 16, 2010 Regular Meeting as presented with the aforementioned changes. 3. Convene into Closed Executive Session - The Board convened into closed executive session at 6:15 p.m. to deliberate real property, commercial and financial information and economic incentives for the following: July 21, 2010 - Page 2 • Consider Incentives for the Recruitment of Project Mastermind • Consider the Purchase of a Building in Allen to Support the Expansion of a Local Business • Consider Amendment of the Economic Development Agreement with Trademark Property Company • Consider Incentives for the Recruitment of Project Scout • Consider Incentives for the Recruitment of Project Homecoming Reconvene in Open Session The Board reconvened into regularsession at 8:45 p.m. 4. Actions Resulting from Executive Session On a motion by Susan Bartlemay, seconded by Gary Caplinger, the AEDC Board unanimously approved authorizing the Executive Director to negotiate an Economic Development Agreement with Project Bonfire On a motion by Gary Caplinger, seconded by Maxine Sweet, the AEDC Board unanimously approved authorizing the Executive Director to negotiate an amendment to the existing Economic Development Agreement with Trademark Property Company 5. Approval of AEDC Financial Reports Dan Bowman presented the AEDC Financial Reports. Susan Bartlemay inquired if the AEDC sales tax revenues for the current fiscal year are lower than projected. Bowman noted that revenues are roughly two -percent lower than projected. He also noted that the annual revenues for the AEDC are nine -percent higher than they were the preceding year in July. On a motion by Susan Bartlemay, seconded by Maxine Sweet, the Board unanimously approved the AEDC Financial Reports as presented. 6. Discuss Administrative and Marketing Activities of the AEDC and Upcoming Local Events Robert Winningham discussed the administrative and marketing activities of the AEDC and upcoming local events. Winningham noted that the recent Cabela's groundbreaking ceremony was very successful and that the project was the result of an excellent collaboration between the AEDC and City Staff. He mentioned that Gary Caplinger represented the AEDC well during his presentation at the groundbreaking Winningham also noted that the design for the new AEDC website is in progress and will be launched following the completion of a few minor adjustments. Winningham announced that the new promotional sign for the City of Allen has been unveiled at Love Field Airport. July 21, 2010 - Page 3 Winningham also stated that AEDC and City staff recently hosted a group from Berazategm, Argentina. The visit was very informative and educational for both sides. Allen recently received accolades from CNBC, ranking Texas as the number one state for business, and Money Magazine, ranking Allen 16" in the "Best Places to Live." 7 AEDC Executive Director's Report Regarding Office Industrial Data Center, and Retail Projects and Local Partnerships Robert Winningham updated the Board on AEDC projects, announcing that Micron recently signed a lease to occupy approximately 30,000 -square feet at 805 Central Expressway. It was also noted that Winningham and Bo Bass will be presenting a development update at a City Council workshop on Tuesday, July 26. Winningham introduced Ryan Shook, who was recently hired by the AEDC for a full-time position as Economic Development Specialist Winningham announced that this is the final Board meeting for Veronica Merrick, as her summer internship will be ending in early August. Maxine Sweet announced that the AEDC will be recognized at the Experian Open House on Friday, July 23. Guy Caplinger noted that discussions regarding the appointment of new AEDC Board members will be held following the budget retreat. Caplinger also noted that the deadline for the submission of Board member applications is August 6, 2010. 8. Scheduling of Next AEDC Board of Directors Meeting The next AEDC board meeting was scheduled for Wednesday, August 18, 2010 at 6:00 p.m. 9. Adiourn The meeting was officially adjourned on a motion by Susan Bartlemay, seconded by Maxine Sweet, at 9:08 p.m. These minutes approved this 18'" day of August 2010 Tim Wood, President D Carl Clemencich, Secretary/Treasurer