HomeMy WebLinkAboutMin - Economic Development Corporation - 2022 - 07/20 - Regular ---
ALLEN ECONOMIC DEVELOPMENT CORPORATION
;, BOARD OF DIRECTORS REGULAR MEETING
I 1 WEDNESDAY,JULY 20,2022
Board Staff Guests
Michael Schaeffer Daniel Bowman Dave Comette
Tim Litinas David Ellis Brent Berg
Kristina Holcomb Eileen Gonzales Ben Trahan
Carl Clemencich Jan Jungmann Jacob Jimenez
Emad Siddiqiâabsent Christian Smith Brad Domak
Pete Smith Jenkins Bender
Mike Todryk
Cuyler Esposito
Call to Order and Announce a Quorum Present
With members Michael Schaeffer,Tim Litinas,KristinaHolcomb,and Carl Clemencich in attendance,
the Regular Meeting of the Allen Economic Development Corporation(AEDC)Board of Directors was
called to order by President Schaeffer at 6:00 p.m.on Wednesday,July 20,2022 at the Allen Economic
Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on June 15,2022
On a motion by Tim Litinas,seconded by Michael Schaeffer,the Board unanimously approved the
minutes of the June 15,2022 Regular AEDC Board Meeting.
2. Approval of AEDC Quarterly Financial Reports
City of Allen Assistant CFO Chris Landrum presented the AEDC Quarterly Financial Reports and
answered questions regarding the reports.
On a motion by Kristina Holcomb, seconded by Tim Litinas,the Board unanimously approved the
Quarterly Financial Reports as presented.
3. Review of Allen Office and Industrial Vacancy and Absorption Reports
AEDC Staff presented the Allen Office and Industrial Vacancy and Absorption Reports and answered
questions regarding the reports.
4. Convene into Closed Executive Session: Pursuant to Texas Government Code, Section 551.087:,
Deliberation of Economic Development Negotiations;To Deliberate Commercial and Financial
Information and Economic Incentives for the Following and Pursuant to Texas Government Code,
Section 551.072 Deliberation Regarding Real Property:
AEDC Meeting Minutes
July 20,2022-Page 2
a. Update on Construction of Office Buildings Planned for SH 121 and Chelsea Boulevard
b. Consider Incentives to Support the Recruitment of Project Rebound
c. Update and Input on Mixed-Use Projects on SH 121 in Allen
The Board convened into closed session at 6:35 p.m.
Reconvene into Open Session
The Board reconvened into open session at 8:22 p.m.
5. Actions Resulting from Executive Session
On a motion by Kristina Holcomb,seconded by Tim Litinas,the Board unanimously approved the
motion to authorize the AEDC Executive Director to negotiate and execute an incentive agreement on
behalf of the AEDC with Armor Brewing Company to provide an incentive in the amount of$200,000
with$125,000 to be paid upon issuance of certificate of occupancy and$75,000 to be paid on first
anniversary of the date of certificate of occupancy.
6. Approval of Economic Development Agreement with HUB-WPCM RVF II Partners I,LLC
On a motion by Tim Litinas,seconded by Kristina Holcomb,the Board unanimously approved the
Economic Development Agreement with HUB-WPCM RVF II Partners I,LLC
7. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday,August 17,2022 at 6:00 p.m.
8. Discussion of Future Agenda Items
None.
9. Adjournment
On a motion by Tim Litinas,seconded by Kristina Holcomb,the meeting was adjourned at 8:31 p.m.
These Minutes approved this 17th day of August 2022.
Michael Schaeffer,President Emad Siddiqi, Secretary/Treasurer