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Home My WebLink AboutMin - Economic Development Corporation - 2012 - 03/21 - RegularA I ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REGULAR MEETING WEDNESDAY, MARCH 21, 2012 Board Tim Wood Susan Bartlemay Carl Clemencich Gary Caplinger Scott Sutherland Staff Daniel Bowman John Scriven Pete Smith Call to Order and Announce a Quorum Present Guests Peter Vargas Lee Battle Dave Noble Scott Krikorian Burson Holman Maria Smith Kenny Chandler Russell Tiernan Barbara McNutt With a quorum of the Board present, the Regular Meeting of the Allen Economic Development Corporation (AEDC) Board of Directors was called to order by President Tim Wood at 6:05 p.m. on Wednesday, March 21. 2012 at the AEDC Office. 1. Approval of the Minutes of the February 15, 2012 Regular Meeting On a motion by Susan Bartlemay, seconded by Gary Caplinger, the Board unanimously approved the Minutes of the February 15, 2012 Regular Meeting as presented. 2. Presentation by North Texas Regional Center for Innovation and Communication Regarding Proposed Allen Incubator Maria Smith, Director of Stakeholder Relations for the North Texas Regional Center for Innovation and Communication (RCIC), gave a presentation regarding the mission of this organization. The RCIC mission is to provide start-up companies with mentoring, assist with obtaining capital, and provide research and academic resources. In addition, they introduce these start-ups to economic development groups and help them obtain State funding. The AEDC is working to establish a technology incubator in Allen Business Park to assist start- up businesses across all industries, with a particular emphasis on food -related technologies. Smith's interest is in obtaining funding for these start-ups so they can get their businesses established. Through RCIC efforts, over $300 million has already been invested in approximately 130 companies, of which 40 reside in the DFW area. AFDC Meenng M mules March 21. 2012 - Page 2 3. Consider Approval of the First Amendment to the Economic Development Agreement Between the AEDC and Cabela's Wholesale, Inc. Daniel Bowman provided information regarding the First Amendment to the Economic Development Agreement between the AEDC and Cabela's Wholesale, Inc. The original agreement specified that employment and sales tax would be measured on an annual basis, but did not specify the beginning date for the measurement period. The proposed agreement states that these items will be measured based on the date the company received its Certificate of Occupancy (CO) in April of 2011 On a motion by Susan Bartlemay, seconded by Tim Wood, the Board unanimously approved the the First Amendment to the Economic Development Agreement between the AEDC and Cabela's Wholesale, Inc. 4. Convene into Closed Executive Session The Board convened into closed executive session at 6:09 p.m. to deliberate real property, commercial and financial information and economic incentives for the following • Consider Incentive to Support the Retention and Expansion of a Local Allen Company • Consider Master Development Agreement for the AEDC Owned 18.5 Acre Tract in Millennium Technology Park • Discussion of Proposed Development in Allen Central Park Reconvene into Open Session: The Board reconvened into regular session at 6:45 p.m 5. Actions Resulting from Executive Session On a motion from Carl Clemencich, seconded by Gary Caplinger, the Board unanimously approved authorizing the Interim Executive Director to negotiate and execute a non-binding letter of intent with Trammel Crow TC DFW Development, Inc. stating the intent of the AEDC to enter into a Master Development Agreement for the AEDC-owned 18.5 acre tract in Millennium Technology Park. 6. Approval of the AEDC Financial Reports Daniel Bowman presented the AEDC financial reports. Bowman noted that the AEDC Fiscal Year 2011 Revenue and Expense Report shows that Temporary Salary expenditures are in excess of the budgeted amount. This can be attributed to employing temporary help while the decision to select the CEO/Director is being finalized. Bowman also pointed out that Office Supply expenditures are high because this number includes an approximate $4,000 purchase for IPADs and a $3,500 encumbrance by the office supply vendor. AFDC Meeting Minutes Murch 21, 2012 - Page 3 Bowman noted that the AEDC plans to make a rant payment to Greenling in the amount of $40,000 and that Experian has requested their 4' grant payment of $426,542. AEDC has asked Experian to provide copies of ten invoices that can be reviewed to insure contract compliance. PFSweb is expected to request a $262,000 incentive grant next month. Bowman mentioned that Sales Tax Receipts are 15 percent over budget for the current year. Retail business is strong with an uptick in the entertainment industry. Allen hotels have experienced a very high occupancy rate in the past 18 months due in part to a number of tournaments in the city. The hotel occupancy rate in Allen is at 78 percent while the industry standard is only 53 percent. On a motion by Susan Bartlemay, seconded by Gary Caplinger, the Board unanimously approved the AEDC Financial Reports as presented. 7 Executive Director's Report Regarding Administrative and Marketing Activities of the AEDC, Upcoming Local Events, Office, Industrial, Data Center, Retail, and Business Retention Proiects Daniel Bowman updated the Board on office, industrial and retail projects. Bowman mentioned that a healthcare business may be relocating to Allen with a total employment of 100-200. The AEDC is advertising in the Dallas Business Journal issue announcing the winners of Broker Awards. The Collin County Regional Partnership has a new focus and will be developing a new marketing campaign. AEDC hosted a Broker Event at the Allen Event Center on March 8`h for an Allen Americans hockey game. Brokers from CBRE, JLL, and other firms were in attendance as well as staff from PFSweb. On March 23N, the North Texas Commercial Association of Realtors (NTCAR) will be providing a bus tour for brokers to view office properties available for sale and for lease in the DFW area. Staff is coordinating with NTCAR to add Allen to the list of cities on the bus tour. The AEDC will be distributing marketing flyers for Allen Central Park to the brokers attending the NTCAR Bus Tour. Bowman mentioned that Southwest Chapter of Cornet has added him as a board member. AEDC will be collaborating with the marketing team for the Dallas Regional Chamber to bring more businesses to Allen. On April 13", the AEDC and Bradford Companies will be co -hosting the first Allen Commercial Real Estate Networking Luncheon at the Hilton Garden Inn. Bowman will speak about recent projects that have been completed and new prospect activity John Baumgartner, Director of Engineering, will give a presentation about new road projects in Allen. All participants will receive an updated list of real estate deals done in Allen over the past year. The AEDC plans to host these luncheons on a quarterly basis. Bowman will be inviting commercial real estate brokers to attend an event at Top Golf and the new AISD Football Stadium. GDSX announced plans to expand their office on the 2" floor at One Allen Center in Allen Central Park. Bowman has been in discussions with the owner of a software company in Addison that could potentially relocate to Allen. 0 A I AEDC Meeting Minutes March 21. 2012 - Page 4 8. Determine Next Meeting Date The next AEDC Board meeting was scheduled for Wednesday, April 18, 2012 at 6:00 p.m. 9 Convene into Closed Executive Session The Board convened into Closed Executive Session at 8:14 p.m. to discuss the employment of the AEDC Executive Director. Reconvene into Open Session: The Board convened into regular session at 8:54 p.m. 10. Actions Resulting from Executive Session No actions were taken. 11. Adjournment On a motion by Susan Bartlemay, seconded by Gary Caplinger, the meeting was adjourned at 8:55 p.m. These Minutes approved this 18ib day of April 2012. C - Tim Wood, President Secretary/Treasurer