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Home My WebLink AboutMin - Economic Development Corporation - 2004 - 09/15 - RegularALLEN ECONOMIC DEVELOPMENT CORPORATION (AEDC) BOARD OF DIRECTORS REXT'ULAR MEETING September 15, 2004 Board Jiai Brazeal: chalas se ("aarield FredGans Ken I"Lilk Jclljii(P r G611,1111 Mark Stah I Kurt Kizer Dan Bowman Tim Wood Maxine Sweet Call to Order and AnnounceRLionf',ye im sqnt, -.-- � _Q_ With a quorum of the Board present, the Regular Fleeting of the Allen Economic Development Corporation (AEDC) Avas called to order by President Jim Brazeal at 6:17 pi), on Wednesday, September 15, 2004 at the AFDC. Office. The ffillowing items Nvere diseusqed: Approve Minutes of the August 18, 2004 Regular Nlecting, of the AEDC Board or Directors. The minutes of the August 18,2004 Regl,llffl- Mecting of the AEDC Board of Directors were approve,d as submitted on as motion by Ken Fulk, seconded by Kurt Kizer. Convene into Closed Exec The Board convened into, closed executive session at 6:19 p.m. to deliberate the sale of'property owned by the AEDC at the southeast corner of Ridgeniont Drive and US 75 to Project Security and to (10iberate conimercial and financial, information and economic incentives Supporting Pi -inject Security. Reconvene hito ReguvI�jLSat ssjpli.. "['lie Board, reconvened into regular session at approximately T24 p.m. Review Proposed Developilient Scenarios and Consider and take Action Re'),li"(fing the Sale of p rive and US 75 and Related Incenflygs fives IL(Laing ProjectSecurity. Project Security is interested in having as two-stot�y, 60,000 S!"office building constructed to house their corporate headquarters, They are considering approximately 4.77 acres on the Southern POftiOn Or the AFDC -owned tract at the SOLIthCast corner of 1�idgcmont Drive and US 75. The company's broker indicated that Fred Gans, Cornerstone Development, is the chosen developer for the prQject-The AEDC Board considered the project il the August meetingand offered incentives and land pricing based on information provided by the company and Cornerstone, Allen Ecoliontic Development Corporation Regular fleeting, September 15, 2004 Page 2 The Board reviewed prelimin"wy site concept plans and elevation renderings. The Board agreed that a design combining aspects from several of the proposed site concept plans and including both rock and brick would be preferable. Protect Security will only take 35,000 square feet of the office building for occupancy, 'The developer will construct either a 5,0,00101 or 60,000 square foot building depending on whether they* arse able to sign, a second tenant (who has as relationshipwith Project Secutity). In either case, the taxable value or the building will be $5 million. The general consensus of tile Board was to postpone any final decisions on the project until the next AEDC Boarchnecting, giving Cornerstone Development all opportunity to clarify infrastructure costs, design requirements and building size, Ken Fulk and Tim Wood, were appointed to serve oil a subcommit ee to work with the developer. s t Considerand take Action Regqs&m EDC, in Millennium Technol n, 0 at th€;w' outheast Conler ofCcritur Drive and Butler Drive to P� .... . ......... LIA�L Protect Flag is considering construction of an approximately 23,000 square foot facility oil 3.5 to 4acres. The company has a process for site selection in which possible site localions fironi districts across the country are submitted to their national headquarters and are in competition with one another For site selection. In conversations Nvith company officials, one thing, that would greatly enhance Allen's chances in the VCIT competitive process would be the donation of land. Tlic ARDC owns 4.24 acres ill MillelliliLlIll Technology Park at the southeast corner of Century Drive and Butler Drive. Local compally officials stated that the site would work for their needs and wouldprovide a location that is highly accessible to all points in the community. Oil a Motion by Maxine Sweet, seconded by "Fini Wood, thio Board approved offering to sell 4.24 acres in Millennium Technology Park to Project Flag for $100, contingent upon the contpany's immediate construction of facility on the location. Considerand take Action Regarding Infrastructure InceritivesSuPJ2(2,Cq!1g, flu E.�,p in Allen, ... .................................................. The Board was, updated oil the project. Presbyterian I lospital-Alien is in the ntidst of a $14 million expansion project that will add approximately 34,500 square feet of hospital space. The $14 million expansion is expected to be funded with $12 million from Texas I lealth Resources and the rem aiming $2 million frons donations. Presbyterian began an aggressive fundraising campaign and so far. $51 ,000 has been pledged, A"Ile AEDC is the only City entity that will be able to provide any incentives or funding for the proiect. According to State law, the only incentives tile AEDC nuly provide are tbr infi,astructure, 'l he hospital expansion is expectcd to incur approxiniately $129,,000 in infrastructure costs, The Board agreed that the hospital expansion has attracted millions ofdollars in surrounding niedical office Cleve lopillent and is all economic "driver" in Allen, "Hie Board reviewedall ol'.3inion of Pete Snaith, Al DC attorney, on the matter. Allen Eeonomie Developinent Corporation Regular Meeting, Septeinber 15, 2004 Page 3 On a motion by Maxine Sweet, seconded by, Kurt Kizer, the Board approved ail infirastructure HICCIlfiVC Lip 10 $200,000 to be paid upon (lie completion ofthe expanded hospital, based upon, illffilStrUCtlif-C Costs ilICUrred by the hospital for which receipts are provided, Tile incentive is contingent upoll PresbytCriall Hospital -Allen inceting a reasonable capital investmentand employniew requirement. The Board also mithOriMl the president of the AEDC Board to negotiate the contract with Presbyterian [-loSI)jtjj-Alleil and to set tile ITI I'll;, I'1111 LIM Capital investnient and employment reqUirClllef)(S based on input fi,om the hospital president. Consider and take Action for the Ap oval � capilw ill Millennium Cor or, Center, jjL_jf Scasonal L.ands Matq— The AFDC Board reviewed two landscaping options from I ladden La 11 d"Capin g four Fall seasonal color ill Millennium Corporate Center. The Board's consensus,was to select the landscaping option Nvith as cost of$3,835, which is consistent with the planting the AEDC has done in the past with pansies placed with 9 -inch spacing. Approval ol'AFM financial ReporK Oil a motion by Ktil Fulk, seconded by Maxine Sweet, the Board approved the,AEDC Financial Reports. DiSCUS's A(kninistrative and MarketinLy Activities of the AEDC Jennifer Grinim updated the Board oil marketing activities of tile AIDC; and shared tile positive Comments received oil tile Millenn4mi A\mards Luncheon. Jennifer also aillIOUTIced that as I-CCCptiOIIL will be held honoring Jim Brazeal oil October 6"' at the AFDC"' office and updated the Board oil the positive exposure Alien received at the NTC AR Expo oil Septell'iber 2, 2004. Charisse announced that (lie Allen City Council selected Carl Clemencich as a newAFIX Board member. Char isse and Dan prescritcd (lie preliminary format of the Historic Tax Abatement & Incentives Analysis. Charisse updated the Bonrd oil current projects inckiding Project Flash, 'I I lie incentives offered to Protect Flash are tied to the company purchasisig, the FS] building; however, they have arranged for a third Party to purchase the bUilding and lease it. back to them, 'File Board's consensus was to have tile company come b�ack befibre the AEDC for consideration of the same level cal' incentives spread over a longer time period. Phillip Williams is moving forward xvith tile dcvelopincrit of Moritgoniety Finns including tile commercial portion located at the southwest corner of Bethany Drive and US 75� Ile has indieated tile protect may require City and/or AEDC incentives. Ken Fulk and Kurt Kizer were appointed to a subconinlittee to work Nvith the developer/landowner oil the pr(liect. Schcdqli_li,qCNQxt ALDC Board of Directors Mectiil&. The next Board, meeting Nvm scheduled for Wednesday, October 20, 2004 at 6:00 pmi. Allen Economic Devdopnicul Corporation Regular Meeting, September 15, 20�04 Page 4 a On a motion by Maxine Sweet, seconded by Ken Folk, the meeting Nva,s ofl-icially ad . iourned at 'I'llese minutes approved this 20't" (lay of October, 2004. (�,kj I KUrt Kizer, I'Tesic1cm "u, den se—cir-et . ry