HomeMy WebLinkAboutMin - Economic Development Corporation - 2022 - 12/21 - Regular ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY,DECEMBER 21,2022
Board Staff Guests
Michael Schaeffer Daniel Bowman Mark Christenson
Carl Clemencich Nicole Bywater Ken Cook
Kristina Holcomb David Ellis Carol Cook
Emad Siddiqi Eileen Gonzales Dave Corvette
Brent Berg Jan Jungmann Dave Shafer
Christian Smith Ben Trahan
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 6:00 p.m. on Wednesday,December 21,2022 at
the Allen Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on November 16,2022
On a motion by Emad Siddiqi, seconded by Brent Berg,the Board unanimously approved the minutes
of the November 16, 2022 Regular AEDC Board Meeting.
2. Review of AEDC Sales Tax Reports
Staff presented the AEDC Sales Tax Reports and answered questions regarding the reports.
3. Review of Allen Office and Industrial Vacancy and Absorption Reports
Staff presented the Allen Office and Industrial Vacancy and Absorption Reports and answered
questions regarding the reports.
4. Presentation of the AEDC BRE Program Update
Business Retention and Expansion(BRE)Manager Jan Jungmann presented the AEDC BRE Program
Update and answered questions regarding the program.
AEDC Meeting Minutes
December 21,2022-Page 2
5. Consider Approval of Consent to Assignment of Economic Development Agreement with Bonus
XP,Inc.
Staff updated the Board on the request by NewBonus, Inc. for the Letter to Consent to Assignment of
the Economic Development Agreement with Bonus XP, Inc.
On a motion by Emad Siddiqi,seconded by Brent Berg,with Michael Schaeffer absent for the vote,
the Board unanimously approved the motion to authorize the AEDC Executive Director to execute on
behalf of the AEDC the Letter to Consent to Assignment with Bonus XP,Inc. and NewBonus,Inc.
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 Codes
Section 551.072 Deliberation Regarding Real Property:
a. Consider Approval of Economic Development Agreement with Project Paella
b. Consider Incentives to Support the Recruitment of Project Rebound
c. Consider Items Related to the Economic Development Agreement with MD7,LLC
The Board convened into closed session at 6:01 p.m.
Reconvene into Open Session
The Board reconvened into open session at 6:58 p.m.
7. Actions Resulting from Executive Session
On a motion by Emad Siddiqi, 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 Inbenta.
On a motion by Kristina Holcomb, seconded by Brent Berg,the Board unanimously approved the
motion to modify the previous incentive offer for Armor Brewing to increase the incentive package by
$250,000 for a total of$450,000 subject to the implementation of an agreement to secure long-term
transferable parking rights.
On a motion by Brent Berg, seconded by Emad Siddiqi,the Board unanimously approved the motion
to authorize the payment of the first Relocation Grant under the Incentive Agreement with MD7,Inc.
to be paid three months in advance of the company's current anniversary date of March 14,2023.
8. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday, January 18, 2023 at 6:00 p.m.
AEDC Meeting Minutes
December 21,2022-Page 3
9. Discussion of Future Agenda Items
None .
10. Adjournment
On a motion by Emad Siddiqi, seconded by Brent Berg,the meeting was adjourned at 7:51 p.m.
These Minutes approved this 15th day of February 2023.
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Michael Schaeffer,President Emad Siddiqi, Secretary/Treasurer