HomeMy WebLinkAboutMin - Economic Development Corporation - 2024 - 05/24 - Special CalledMEM
ALLEN ECONOMIC DEVELOPMENT CORPORATION
BOARD OF DIRECTORS SPECIAL CALLED MEETING
WEDNESDAY, MAY 22,2024
Board Staff Guests
Kristina Holcomb Daniel Bowman Ben Trahan
Brent Berg Claire Benson Robert Ray
Ben Patterson Nicole Bywater Manny Ybarra
Emad Siddiqi David Ellis Dillon Buhrkuhl
Baine Brooks Eileen Gonzales Randy Irlbeck
Jan Jungmann Dan Johnston
Pete Smith Kaitlin Agnone
Call to Order and Announce a Quorum Present
With members Kristina Holcomb, Brent Berg, Ben Patterson,Emad Siddiqi and Baine Brooks in
attendance,the Special Called Meeting of the Allen Economic Development Corporation(AEDC)
Board of Directors was called to order by President Holcomb at 6:01 p.m. on Wednesday, May 22,
2024 at the Allen Economic Development Corporation office.
1. Approval of Minutes of the Regular AEDC Board Meeting on April 17, 2024
On a motion by Emad Siddiqi, seconded by Brent Berg, the Board unanimously approved the minutes
of the April 17, 2024 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. Consider Items Related to the Economic Development Agreement with Inbenta Holdings, Inc.
On a motion by Brent Berg, seconded by Ben Patterson,the Board unanimously approved a motion to
authorize the AEDC Executive Director to waive the lease commencement date requirement and
accept the grant payment request that was submitted outside the timeframe established in the Incentive
Agreement with Inbenta Holdings, Inc. as presented.
4. 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. Discuss One Bethany North Project
b. Consider Termination of Economic Development Agreement with Micron Technology, Inc.
c. Discuss Purchase of Real Property Located at SH 121 and Chelsea Boulevard
AFDC Meeting Minutes
May 22, 2024-Page 2
The Board convened into closed session at 6:08 p.m.
Reconvene into Open Session
The Board reconvened into open session at 6:57 p.m.
5. Actions Resulting from Executive Session
On a motion by Ben Patterson, seconded by Brent Berg, the Board unanimously approved a motion to
authorize the AEDC Executive Director to negotiate and sign an agreement to purchase Lot 2, Block
A,of Lots 1-3, Block A, 121 Technology Park,an addition to the City of Allen, Texas in accordance
with the terms and purchase price proposed in closed session and to sign on behalf of the corporation
such other documents necessary to close on such purchase.
6. Approval of Amendment to Resolution 2018-1 Establishing a Purchasing Policy for AEDC
On a motion by Baine Brooks, seconded by Brent Berg,the Board unanimously approved a motion to
authorize the AEDC Executive Director to increase the spending authority of the AEDC Executive
Director to an amount not to exceed $50,000.
7. Approval of AEDC Budget for FY 2024-2025 and Mid-Year Revisions to the AEDC Budget for
FY 2023-2024
The AEDC Executive Director Daniel Bowman presented the AEDC Budget for FY 2024-2025 and
Mid-Year Revisions to the AEDC Budget for FY 2023-2024.
On a motion by Baine Brooks, seconded by Ben Patterson,the Board unanimously approved the
AEDC Budget for FY 2024-2025 and Mid-Year Revisions to the AEDC Budget for FY 2023-2024 as
presented.
8. Determine Next Regular Meeting Date
The next AEDC Board meeting was scheduled for Saturday,June 15, 2024 at 8:30 a.m.
9. Discussion of Future Agenda Items
None.
AEDC Meeting Minutes
May 22, 2024-Page 3
10. Adjournment
On a motion by Ben Patterson, seconded by Baine Brooks,the meeting was adjourned at 7:21 p.m.
These Minutes approved this 15`h day of June 2024.
a omb, sident Ben Patterson, Secretary /Treasurer
RESOLUTION NO. 2024-1
1- A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ALLEN
ECONOMIC DEVELOPMENT CORPORATION, ADOPTING AN AMENDED
PURCHASING POLICY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Allen Economic Development Corporation ("AEDC") is organized
as a Type A corporation under the Development Corporation Act, Chapters 501-505 of
the Texas Local Government Code (the "Act"); and
WHEREAS, pursuant to Resolution No. 2018-1 dated February 21, 2018, the
Board of Directors of the AEDC established a policy governing the AEDC procurement
and the spending authority of the AEDC Executive Director; and
WHEREAS, the Board of Directors of the AEDC desires to adopt an amended
policy increasing the Executive Director approval limit from $25,000.00 to $50,000.00;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
ALLEN ECONOMIC DEVELOPMENT CORPORATION:
SECTION 1. That the AEDC Board of Directors hereby adopts the following amended
policy relating to procurement and delegation of authority of the AEDC Executive Director
(AEDC Chief Executive Officer) to make purchases, execute contracts and approve change
orders and contracts for expenditures without further approval of the Board of Directors.
1. AEDC is not subject to the same state laws governing procurement and purchasing that
apply to the City of Allen, including but not limited to Chapter 252 Texas Local Government
Code.
2. AEDC is not required under state law to conduct competitive bidding or solicit competitive
proposals for expenditure of AEDC funds. The AEDC will solicit at least three (3)
competitive proposals for expenditure of AEDC funds for purchases of goods or services
(other than professional services) in the amount of$50,000 or greater.
3. AEDC is not subject to the same state law requirements that apply to the City of Allen
regarding the sale, lease or purchase of real property and improvements.
4. AEDC may expend funds for marketing and business development activities undertaken by
the AEDC.
5. AEDC Executive Director is authorized to make payments relating to AEDC grants, rents
and incentives in accordance with the terms and conditions of agreements approved by the
AEDC Board of Directors.
6. AEDC Executive Director is authorized to expend AEDC funds not to exceed $50,000.00 for
contracts for goods and services, if provided in the AEDC budget, without further action by
the AEDC Board of Directors.
7. AEDC Executive Director is authorized to approve change orders subject to any restrictions
imposed by Board of Directors provided there are budgeted funds to cover any increase in
cost to the AEDC; and provided the original contract cost is not increased by more than
$50,000.00.
8. AEDC Executive Director has implied authority to do what is proper, usual, and necessary
to exercise the authority that has been expressly delegated by the Board of Directors
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including, but not limited to, sign and execute contracts and change orders on behalf of the
r AEDC.
SECTION 2. That this Resolution shall become effective May 22, 2024.
DULY RESOLVED AND ADOPTED BY THE BOARD OF DIRECTORS OF THE ALLEN
ECONOMIC DEVELOPMENT CORPORATION THIS THE 15TH DAY OF JUNE 2024.
APPROVED: /
risti m , s t
ATTEST:
Ben Patterson, Secretary
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