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HomeMy WebLinkAboutMin - Economic Development Corporation - 2010 - 11/17 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REGULAR MEETING WEDNESDAY, NOVEMBER 17, 2010 Board Staff Guests Tim Wood Robert Winningham Joey Herald Gary Caplinger Daniel Bowman Bo Bass Scott Sutherland Ryan Shook Peter Vargas Susan Bartlemay —Absent Pete Smith John Baumgartner Carl Clemencich —Absent Stan Partee — Applied Concepts 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 6:07 p.m. on Wednesday, November 17, 2010 at the AEDC Office. 1. Approval of Minutes of the October 20 2010 Regular Meeting. On a motion by Gary Caplinger, seconded by Scott Sutherland, the AEDC Board unanimously approved the Minutes of the October 20, 2010 Regular Meeting as presented. 2. Approval of Economic Development Agreement with Atlas Cooco Drilling Solutions. LLC Dan Bowman presented the Economic Development Agreement with Atlas Copco Drilling Solutions, LLC that was drafted based on direction provided by the AEDC Board. Bowman noted that Atlas Copco will be renewing its lease at 815 Enterprise Boulevard for a period of 7.5 years. The new lease will overlap 6 -months of the previous lease and extend their occupancy in Allen for 7 years. In the Economic Development Agreement, the AEDC would provide a $150,000 incentive grant to be paid in two equal installments of $75,000. The first installment will be paid on the commencement date of the company's 7.5 year lease, but no earlier than January 1, 2011. The second installment of the grant will be paid upon the expiration of the company's termination option as specified in the company's lease agreement. Atlas Copco has committed to maintaining a minimum taxable value of $1,500,000 in ® Business Personal Property and 70 employees for a period of 3.5 years in order to retain the Efirst installment of the incentive grant, and a minimum taxable value of $1,500,000 in Business Personal Property and 70 employees for an additional 3 years in order to retain the second installment of the incentive grant. AFDC Meeting Minutes November 17, 2010 - Page 2 1 On a motion by Gary Caplinger, seconded by Scott Sutherland, the AEDC Board unanimously approved the Economic Development Agreement with Atlas Copco Drilling Solutions, LLC as presented. 3. Convene into Closed Executive Session. The Board convened into closed executive session at 6:43 p.m. to deliberate real property, commercial and financial information and economic incentives for the following: • Consider Incentives for the Recruitment of Project Predator • Consider Incentives for the Recruitment of Project Race Car Reconvene into Open Session: The Board reconvened into regular session at 728 p.m. 4. Actions Resulting from Executive Session No action was taken. 5. Consider Approval of Economic Development Marketing Funds for the Recruitment of Businesses in the Allen Mission Critical Data Center Park. No action was taken. 11 Fitzhugh Survey, Abst No 321 City of Allen Collin County, Texas Robert Winningham requested that the Board consider a final amendment to the current Purchase and Sale Agreement between Southern One -Twenty -One Properties and the AEDC to extend the AEDC's purchase option through March 21, 2011 and release the option for an approximately 23 -acre portion of the tract. No action was taken on this item. 7 Discussion of Allen Central Business District Bo Bass presented the City's plan to invest in the Allen Central Business District (CBD) in order to encourage the development of a unique downtown setting in the community Bass 1 explained that the CBD will incorporate both business and residential elements into a lively mixed-use environment Sustained development in Allen's CBD will require a significant investment and commitment on the part of the City Bass noted that the City has been AFDC Meeting Minares Nocembei 17,1010 - Page 3 successful with large projects in the past, citing Watters Creek at Montgomery Farm and the Allen Event Center. John Baumgartner noted that a significant investment in streetscape will be necessary to attract investment from the private sector. Baumgartner also noted that the City has been working with Allen landowner, Steve Meier, to develop a high class, two-story building in the CBD that would necessitate public investment in the streetscape along Main Street. Gary Caplinger noted that the City should take initiative to spark further investment from the private sector. He also acknowledged that it will be a slow process and would involve careful planning. Tim Wood agreed that the City must be diligent and meticulous in its planning in order to ensure the success of the CBD. Robert Winningham noted that the design of the CBD should differentiate it from the atmosphere of the Watters Creek Development, and that development of the CBD will be ultimately market driven. 8. Approval of AEDC Financial Reports Dan Bowman presented the AEDC financial reports. Bowman stated that recent incentive grant payments have been made to Cisco Systems and Chelsea Properties. Bowman also noted that the Chelsea incentive grant payments will expire in June of 2011. It is anticipated that the AEDC will make incentive grant payments to Homeland Healthcare and KONE in November. Bowman also mentioned that sales tax revenue for the current fiscal year is up 12 -percent from the previous fiscal year. On a motion by Gary Caplinger, seconded by Scott Sutherland, the Board unanimously approved the AEDC Financial Reports as presented. 9 Discuss Administrative and Marketing Activities of the AEDC and Upcomintz Local Events. Robert Winningham discussed the administrative and marketing activities of the AEDC and upcoming local events. Winningham mentioned that Bo Bass and he will present at the Eggs `N Issues breakfast hosted by the Allen Chamber of Commerce on Friday, November 19'" at the Twin Creeks Golf Club. He noted that the AEDC office will be open through Wednesday, November 24'" and closed November 25`h and 26" Maxine Sweet will be honored by the Allen City Council for her service on the AEDC Board. Winningham noted that the AEDC Holiday Open House will be held on December 2n° from 4-7 p m. at One Allen Center. Winningham also noted that the AEDC will host a broker event at the Allen Event Center on December 3`d Dan Bowman stated that the Information Management Network (MIN) Data Center Conference in Los Angeles was a very successful event that provided excellent opportunities to network with data center operators, developers and financiers Bowman also noted that the AEDC has completed a map of Allen's fiber optic infrastructure that includes all the local fiber providers. This map will be very useful in marketing Allen to technology firms. AFDC Meering Minutes November 17 2010 -Page 4 Robert Winningham noted that the Texas Stampede was a very successful event and had a large turnout of brokers and site selectors. Winningham mentioned that guests of the AEDC were very impressed with Allen and the Texas Stampede. 10 AEDC Executive Director's Report Regarding Office Industrial Data Center Retail Proiects, and Local Partnerships The AEDC Executive Director did not report on any additional projects. 11. Determine Next Meeting Date The next AEDC Board meeting was scheduled for Wednesday, December 15, 2010 at 6:00 p.m. 12. Adjourn The meeting was officially adjourned on a motion by Tim Wood, seconded by Gary Caplinger, at 7:52 p.m These Minutes approved this 15'" day of December 2010. G, -) wj 7 Tim Wood, President Cal Clemencich, Secretary/Treasurer I