HomeMy WebLinkAboutMin - Economic Development Corporation - 2024 - 01/16 - Special Called ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS SPECIAL CALLED MEETING
TUESDAY,JANUARY 16,2023
Board Staff Guests
Michael Schaeffer Daniel Bowman Ben Trahan
Baine Brooks Claire Benson Pete Phillis
Kristina Holcomb Nicole Bywater John Albers
Emad Siddiqi David Ellis Marc Parker
Brent Berg Eileen Gonzales Sami Simula
Jan Jungmann Marivel Romo
Pete Smith
Call to Order and Announce a Quorum Present
With members Michael Schaeffer, Baine Brooks, Kristina Holcomb, Emad Siddiqi and Brent Berg in
attendance,the Special Called Meeting of the Allen Economic Development Corporation(AEDC)
Board of Directors was called to order by President Schaeffer at 6:00 p.m. on Tuesday,January 16,
2024 at the Allen Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on November 15, 2023
On a motion by Kristina Holcomb, seconded by Emad Siddiqi, the Board unanimously approved the
minutes of the November 15, 2023 Regular AEDC Board Meeting.
2. 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 Kristina Holcomb, the Board unanimously approved the
Quarterly Financial Reports as presented.
3. 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 Incentives to Support the Relocation of Project Soar
b. Consider Incentives to Support the Relocation of Project Slide
c. Consider Incentives for the Retention and Expansion of Project Reactor
The Board convened into closed session at 6:12 p.m.
AEDC Meeting Minutes
January 16, 2024-Page 2
Reconvene into Open Session
The Board reconvened into open session at 8:16 p.m.
4. Actions Resulting from Executive Session
On a motion by Brent Berg, seconded by Kristina Holcomb,the Board approved a motion to authorize
the AEDC Executive Director to negotiate and execute on behalf of AEDC an Incentive Agreement
for the Relocation of Albers Aerospace.
On a motion by Emad Siddiqi, seconded by Brent Berg,the Board approved a motion to authorize the
AEDC Executive Director to negotiate and execute on behalf of AEDC an Incentive Agreement for
the Relocation of Playground Boss.
On a motion by Kristina Holcomb, seconded by Emad Siddiqi,the Board approved a motion to
authorize the AEDC Executive Director to negotiate and execute on behalf of AEDC an Incentive
Agreement for the Retention and Expansion of Reaction Technology/Littelfuse.
5. Review 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.
6. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Wednesday, February 21, 2024 at 6:00 p.m.
7. Discussion of Future Agenda Items
None.
8. Adjournment
On a motion by Kristina Holcomb, seconded by Emad Sidiqi,the meeting was adjourned at 8:45 p.m.
These Minutes approved this 21'day of February 2024.
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H o resi ent Ben Patterson, Sec etary/Treasurer