HomeMy WebLinkAboutMin - Economic Development Corporation - 2022 - 11/16 - Regular ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY,NOVEMBER 16,2022
Board Staff Guests
Michael Schaeffer Daniel Bowman Bruce Heller
Carl Clemencich Nicole Bywater Elizabeth Morris
Kristina Holcomb Eileen Gonzales ,
Emad Siddiqi Jan Jungmann
Brent Berg Pete Smith
Call to Order and Announce a Quorum Present
With members Michael Schaeffer,Kristina Holcomb, Carl Clemencich,Emad Siddiqi and Brent Berg
in attendance,the Regular Meeting of the Allen Economic Development Corporation(AEDC) Board of
Directors was called to order by President Schaeffer at 6:01 p.m. on Wednesday,November 16,2022 at
the Allen Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on October 19,2022
On a motion by Kristiana Holcomb,seconded by Brent Berg,the Board unanimously approved the
minutes of the October 19,2022 Regular AEDC Board Meeting.
2. Approval of Minutes of the Special Called AEDC Board Meeting on November 7,2022
On a motion by Kristiana Holcomb,seconded by Brent Berg,the Board unanimously approved the
minutes of the November 7,2022 Special Called AEDC Board Meeting.
3. Review of AEDC Sales Tax Reports
Staff presented the AEDC Sales Tax Reports and answered questions regarding the reports.
4. Presentation of the Annual AEDC Impact Report by Insight Research Corporation
Elizabeth Morris, CEO of Insight Research Corporation,presented the AEDC Impact Report for the
period ending at the end of calendar year 2021. Staff answered questions regarding the report.
5. Presentation of the AEDC Compliance Program
AEDC Specialist Nicole Bywater presented the AEDC Annual Compliance Program overview and
answered questions regarding the program.
AEDC Meeting Minutes
November 16, 2022-Page 2
6. 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:
a. Update on The Farm in Allen and Review of Project Incentives
b. Discuss Incentives to Support an Office Project Near SH 121 and Exchange Parkway
c. Discuss Purchase, Sale and Value of Real Property in the SH 121 Corridor in Support of City
Economic Development Strategies
d. Discuss Possible Amendments to the Agreements Relating to the Purchase and Sales of a Portion
of Lot 2, Block A,North System Exchange Parkway Addition and Lot 1R,Block A,First
Christian Church Addition
The Board convened into closed session at 6:59 p.m.
Reconvene into Open Session
The Board reconvened into open session at 8:34 p.m.
7. Actions Resulting from Executive Session
On a motion by Kristina Holcomb,seconded by Brent Berg,the Board unanimously approved the
motion to authorize the AEDC Executive Director to negotiate and execute on behalf of the AEDC
amendments to The Farm Project Agreements to extend the completion of Phase I projects to
December 31,2024.
On a motion by Brent Berg, seconded by Kristina Holcomb,the Board unanimously approved the
motion to authorize the AEDC Executive Director to negotiate and execute on behalf of the AEDC an
incentive agreement with Cope Equities consisting of a Master Lease to support construction of the
12-story Cope Tower.
On a motion by Emad Siddiqi, seconded by Brent Berg,the Board unanimously approved the motion
to authorize the AEDC Executive Director to negotiate and execute a Purchase Agreement for the
purchase of a 15.1±acre tract out of the John W. Roberts Survey,Abstract No. 762, located at the
southwest corner of the intersection of Stacy Road and SH 121 and to sign such other agreements and
documents and take such other actions as necessary to close such transaction.
On a motion by Kristina Holcomb, seconded by Brent Berg,the Board unanimously approved the
motion to authorize the AEDC Executive Director to negotiate and execute on behalf of the AEDC
such amendments and extensions to the Agreements relating to the Purchase and Sale of a portion of
Lot 2, Block A,North System Exchange Parkway Addition and Lot 1R,Block A, First Christian
Church Addition without increasing any costs to AEDC.
8. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday, December 21,2022 at 6:00 p.m.
AEDC Meeting Minutes
November 16,2022-Page 3
9. Discussion of Future Agenda Items
The Board requested an update on the AEDC Business'Retention&Expansion(BRE)Program and
the AEDC Small Business Grant Program.
10. Adjournment
On a motion by Kristina Holcomb, seconded by Emad Siddiqi,the meeting was adjourned at 8:44 p.m.
These Minutes approved this 21st day of December 2022.
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Michael Schaeffer,President Emad Siddiqi, Secret /Treasurer
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