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ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS REGULAR MEETING
WEDNESDAY,OCTOBER 18,2023
Board Staff Guests
Michael Schaeffer Daniel Bowman Dave Corvette
Daren Meis Claire Benson Eric Heidt
Kristina Holcomb—absent Nicole Bywater Pete Phillis
Emad Siddiqi David Ellis Ben Trahan
Brent Berg—via videoconference Eileen Gonzales
Pete Smith
Call to Order and Announce a Quorum Present
With members Michael Schaeffer,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,October 18,2023 at the Allen
Economic Development Corporation office.
1. Presentation of the Community Economic Development Award(CEDA)for Innovativeness in
Recognition of The Farm in Allen
The AEDC CEO presented the 2023 Community Economic Development Award(CEDA)from the
Texas Economic Development Council. The award was received for The Farm in the category of
Innovativeness. The project was also recognized as a CEDA finalist in the population category
100,001-250,000.
2. Approval of Minutes of the Regular AEDC Board Meeting on September 20,2023
On a motion by Emad Siddiqi, seconded by Daren Meis,the Board unanimously approved the minutes
of the September 20,2023 Regular AEDC Board Meeting.
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 Emad Siddiqi, seconded by Daren Meis,the Board unanimously approved the
Quarterly Financial Reports as presented.
4. Election of Officers of the AEDC Board of Directors
On a motion by Daren Meis,seconded by Emad Siddiqi,the Board unanimously approved the election
of AEDC Board Officers as follows: Michael Schaefer,President;Kristina Holcomb,Vice President;
and Emad Siddiqi,Secretary/Treasurer.
AEDC Meeting Minutes
October 18, 2023-Page 2
5. Presentation of the Fiscal Year End Review of the AEDC Marketing Program
AEDC Marketing Director Eileen Gonzales presented the 2023 Fiscal Year End Review of the AEDC
Marketing Program and answered questions.
6. Consider Items Related to the Economic Development Agreement with Verado Energy,Inc.
Staff updated the Board on the Economic Development Agreement with Verado Energy, Inc. On a
motion by Emad Siddiqi,seconded by Daren Meis,the Board approved a motion to authorize the
AEDC Executive Director to negotiate and execute on behalf of AEDC an Amendment reducing the
required employment count from 13 to 10 positions for the Incentive Agreement with Verado Energy.
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 Real Estate and Incentives Items Related to Project Prime on SH 121
b. Update and Consideration of Incentives for Retention and Expansion of a Local Employer
The Board convened into closed session at 6:14 p.m.
Reconvene into Open Session
The Board reconvened into open session at 7:35 p.m.
8. Actions Resulting from Executive Session
On a motion by Daren Meis,seconded by Brent Berg,the Board approved a motion to authorize the
AEDC Executive Director to negotiate and execute on behalf of AEDC a Letter of Intent and other
related agreements for the sale of 22.4 acres to Project Prime.
9. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday,November 15, 2023 at 6:00 p.m.
10. Discussion of Future Agenda Items
None.
11.Adjournment
On a motion by Emad Siddiq, seconded by Daren Meis,the meeting was adjourned at 8:28 p.m.
AEDC Meeting Minutes
October 18,2023-Page 3
These Minutes approved this 15th day of November 2023.
Michael Schaeffer,President Emad Sicdigi, Secretary/Treasurer
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