HomeMy WebLinkAboutMin - Economic Development Corporation - 2023 - 07/19 - Regular _ _
ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY,JULY 19,2023
Board Staff Guests
Michael Schaeffer Daniel Bowman Tommy Baril
Daren Meis Nicole Bywater Dave Cornette
Kristina Holcomb David Ellis Pete Phillis
Emad Siddiqi Eileen Gonzales Marita Moran
Brent Berg Jan Jungmann
Kevin Laughlin
Call to Order and Announce a Quorum Present
With members Michael Schaeffer,Kristina Holcomb,Daren Meis,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,July 19,2023 at the
Allen Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on June 21,2023
On a motion by Kristina Holcomb,seconded by Emad Siddiqi,the Board unanimously approved the
minutes of the June 21,2023 Regular AEDC Board Meeting.
2. Approval of Economic Incentive Grant Payment to Longhorn Creek,LTD
The AEDC Executive Director provided an overview of the Economic Development Agreement with
Longhorn Creek,LTD. On a motion by Kristina Holcomb,seconded by Brent Berg,the Board
unanimously approved the early payment of the Economic Incentive Grant to Longhorn Creek, LTD
on October 1,2023.
3. Approval of AEDC Quarterly Financial Reports
City of Allen CFO Pete Phillis presented the AEDC Quarterly Financial Reports and answered
questions regarding the reports. On a motion by Brent Berg,seconded by Kristina Holcomb,the
Board unanimously approved the Quarterly Financial Reports as presented.
4. Termination of Economic Development Agreement with US Medical IT,LLC
The AEDC Executive Director provided an overview of the Economic Development Agreement with
US Medical IT,LLC. On a motion by Kristina Holcomb,seconded by Emad Siddiqi,the Board
unanimously approved the termination of the Economic Development Agreement with US Medical IT,
LLC.
AEDC Meeting Minutes
July 19,2023-Page 2
5. Consider Items Related to the Economic Development Agreement with NetScout Systems Texas.,
LLC
The AEDC Executive Director provided an overview of the Economic Development Agreement with
NetScout Systems Texas,LLC. On a motion by Emad Siddiqi,seconded by Kristina Holcomb,the
Board unanimously approved a waiver for the payback clause due to employment deficiency for July
27,2022—July 27,2023 for the Economic Development Agreement with NetScout Systems Texas,
LLC.
6. Consider Items Related to the Economic Development Agreement with Portable Solar,LLC
The AEDC Executive Director provided an overview of the Economic Development Agreement with
Portable Solar,LLC. On a motion by Brent Berg,seconded by Kristina Holcomb,the Board
unanimously approved a waiver for the Economic Development Agreement with Portable Solar,LLC
to adjust the required date for obtaining a Certificate of Occupancy and occupying 805 Central
Expressway South to be on or before May 1,2023.
7. 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. Consider AEDC Support for Collin College
b. Consider the Purchase of Land in Downtown Allen
The Board convened into closed session at 6:39 p.m.
Reconvene into Open Session
The Board reconvened into open session at 7:10 p.m.
8. Actions Resulting from Executive Session
On a motion by Brent Berg, seconded by Emad Siddiqi,with Kristina Holcomb recusing herself from
the item and vote,the Board unanimously approved a payment to the Collin College Foundation to
fund additional scholarships,with a preference to Allen High School graduates.
On a motion by Kristina Holcomb,seconded by Emad Siddiqi,the Board unanimously approved a
motion to authorize the AEDC Executive Director to negotiate and execute Purchase and Sale
Agreements to purchase the properties at 102 N.Anna Drive and 100 Boyd Drive and take such other
actions necessary to close said transactions including execution of all closing documents.
9. 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.
•
AEDC Meeting Minutes
July 19,2023-Page 3
10. Update on the Process for Funding Under the Federal CHIPS for America Act
Staff presented an update on the Federal CHIPS for America program and Allen companies who are
for the program. Staff also answered questions regarding the program.
11. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday,August 23,2023 at 6:00 p.m.
12.Discussion of Future Agenda Items
None.
13. Adjournment •
On a motion by Kristina Holcomb, seconded by Brent Berg,the meeting was adjourned at 7:50 p.m.
These Minutes approved this 23rd day of August 2023.
Michael Schaeffer,President Emad Siddiqi, S etary/Treasurer