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Home My WebLink AboutMin - Economic Development Corporation - 2004 - 08/18 - RegularBqgrd Jim Brazeal Ken Fulk Kurt Kizer Tim Wood .11m�kft--Sll ALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDQ BOARD OF DIRECTORS REGULAR MEETING August 18, 2004 Staff, Charisse Canfield Jennifer Grimm Dan Bowman Others David Hoover Brandon Davidson Chris Mason Thomas �Owens Don Evans David Bishop LAIR# #1111! 174;r #1 1 1 Q; I ill ' WINITIM—AIC August 18, 2004 at the AEDC Office. The following items were discussed: 'The minutes of the July 21, 2004 RAED,C Board of Directors were approved as subinitied on a motion by Ken Fulk, seconded by Kurt Kizer. I- - ----- ---- I I I I 1 0 1 0 1 j I A # a .311rol NEX1311 11111 Nt" r!] W!l Prom The Board, also deliberated commercial and financial information and economic incentives for Project Spotlight to locate to the: Blue Star Development. "T14*011mrorr"WITT M111M=1am#= - w022 =1 Ord MUM I LTA pre t W; M, M. UVIw wcmluff-WWUMM David Bishop updatedthe Board on the 4.9 -acre development located on the southeast corner of US 7j and Exchange Parkway. He discussed additional unanticipated costs associated with developing the site including: Allen Ecol Development Corporation Regular Mectiin& August 18, 2004 Page 2 • Cost of raising the property in order to clear, a shallowly buried water main located on the southern border of the: property to allow for water and sewer lines to e installed. • Cost of boring underneath the railroad tracks toinstall storm drains at thie northern edge of the property - Cost of retaining walls. He also mentioned indirect costs that inhibit the development of the property, including,, • Restrictions on the square footage of the buildings. • The inability of the property to support more than 38,0100 square feet of office space. • Problems with accessing the property from US 75. • The high price that has been paid to purchase the property, I'll I IM11111ilillillpir rillill I Planning Director, explained to the Board that issues related to w of the! water line: did not surface! during thic Technical Review Committee's, review of the project. On a motion by Kurt Kizer, seconded by Ken Fulk, the Board approved an infrastructure incentive up to $175,0100, to be paid following the issuance of a certificate: of occupancy for the first building on the property, given that the following requirements are met, 0 $1.5 million taxable value for the first building. 0 Construction,of the first bu illd iing, within 18 months to get the certificate of occupancy. 0 Infrastructure receipts must be provided for reimbursement. 0 10,000 square feetminimum, on the first building 0 15 employees on location. OWN MOM 10TWIT17111M MM The Board,considered the request of Project Security to divide the 9.29 usable acres of the A.EDC- owned Ridgemont Tract at the southeast comer of Ridgemont Drive and US 75. Project Security only desires a 4.77 -acre plortion of the property. The: company is interested in constructing a two-story, 60,000 SIF corporate headquarters on the southern portion of the Ridgemiont Tract.The developer is seeking relief for the developmental costs associated with the steeptopography of the property. On a motion by Kurt Kizer, seconded by Ken Fulk, the Board approved the following: 0 An offer of land up to 4.77 acres (usable! portion) plus floodplain consisting of approximately 7.0 26 acres (which is to be dedicated to City of Allen) for a total of up to 11.796 acres. 0 Land, price of $2.00/square foot based on usable portion up to 4.77 acres. 9 Recommendation to the City of Allen and Collin County for consideration of a 50%, tax abatement for 10 years ion the building. a Up to S 100,000, infrastructure grant to be paid based on invoices submitted for reimbursement The incentives offired were contingent upon the following:, Approval of the architectural, lighting and landscaping plans for the project by the AE,DC Board of'Directors. -J a Electric lines adjoining the property must gounderground. The Apay for pilaci�ng the electric lines undergrounid adjoining their remaining property. 0 TaxabS. on the building of at least $5 million (fbr tax abatement purposes). Regular Meeting,, August 18, 2004 Page 3 The property must provide access/parking for the proposed trailhead to be located within the floodpl�ain as part of the parks & Trails master plan. Access is via a sidewalk leading to the main trail. Project must develop with an office product 1111,not officeltech or uses requiring dock doors. Building must not be tilt -wall with a preference toward brick, stone or, a combination thereof Snotl iaht to tfireBlue Star_Devel0m Project Spotlight is interested in locating a 56,000 SF destinationfentertainment facility in the Blue P Star Development along SH 12 ]1. The company a peared before the AEiDC Board n July for consideration of incentives. Following the Board's decision, the company selected the Blue Star site for Us project pending modification of several items in the contract including: 0 Prorating the infrastructure! grant in years 6-10 in the event of a default. if the company went of out of business anytimein the first 5 years, they would owe the full incentive: grant. 0 The compor consideration on the minimum $7 million Wable personal property value that must be maintained fbr 10 years. They preferred the amount be stated as an al value required, The Board reviewed a draft incent Eve contract. with Project Spotlight and made recommendations. On motion by Ken Fulk, seconded by Tim Wood, the Board approved prorating Project Security's infrastructure grant in years 6-10. to the event of default within the first 5 years the company wou ld owe the full incentive grant and in years 6-10 the company would owe the prorated amount for the years not in compliance. The Board also approved a $7 million taxable personal property value for th first year and authorized Jim Brazeal to, negotiate the fine details of the incentivecontract. IMMAFTMOTO DWI M 1175M. MMt M-1112 " — rom rl i :1111 111 llllli�lilriil� 1 llir liMMEEM Regular Meetin& August N;', Page 4 ImilliIIIIIIIII �14 1 1, IIIIIIIIIIIiIIIIII11ill'? ,ig i! i 11 111 11 1 1 �� [is Jig :77 rr n� j azeal, President 2004� A I'me t Fulk, Secretary