07-29-2011 (WEDC) Minutes Minutes
Wylie Economic Jevelopment Corporation
Board of Directors Meeting
Friday, July 29, 2011 — 6:30 A.M.
WEDC Offices — Conference Room
250 South Highway 78 — Wylie, Texas
CALL TO ORDER
Announce thepresencc of a Quorum
President Marvin Fuller called the meeting to order at 6:30 a.m. Board Members present were:
Mitch Herzog, John Yeager, Todd Winners, and Chris Seely.
WEDC staff present was Executive Director Sam Satterwhite and Administrative Assistant
Gerry Harris.
Ex-officio members Mindy Manson and Mayor Eric Hogue were present.
CITIZEN PARTICIPATION
There being no citizen participation, President Fuller proceeded to Action Items,
ACTION ITEMS
ITEM NO. 1 — Consider and act upon approval of the July 15, 2011 Minutes of the WEDC
Board of Directors Meeting.
MOTION: A motion was made by Chris Seely and seconded by John Yeager to
approve the July 15, 2011 Minutes of the WEDC Board of Directors
Meeting. The WEDC Board voted 5 -- FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. 2 — Consider and act upon issues surrounding a WEDC Budget Transfer for FY
2010 - 2011.
Staff had presented in June a Budget Transfer for 'legal but had underestimated expenses
relating, to proceedings with Sander' and annual audit expenses. Staff requested an additional
S7,500.
Due to the Bonus recently awarded to the Executive Director, there will be a 59,593 impact to
the Budget. Per the Board's direction at the July 15th Board meeting, the personnel and the
above legal expenses will be reallocated from the Incentives account.
Staff further reported that during recent discussions with the Finance department concerning the
booking of Ascend expenses it was determined that there were errors made in the classification
of expenses associated with the Holland improvements. The original wire transfer from
WEDC — Minutes
July 29, 2011
Page 2 of 3
Ascend/Highlander of SI39,500 was credited to the Building Account. Included within the wire
was 525,275 intended for Holland improvements. The WEDC also paid 50% of the Holland
improvements from its Land Account. Holland improvements should have been paid out of the
Special Services Account being that improvements on property not owned by the WEDC cannot
be considered a capital expenditure (the Building Account is a capital account).
To correct the above, Finance reclassified the expenses from Land and Building to the Special
Services account, thus increasing the Special Services budget.
Finance did not note any other accounting error in the Building Account and is fully prepared to
present the Ascend project to the Auditors upon their arrival the week of September 12th.
Staff requested a total Budget Transfer in the amount of$67,642.80.
Funds to accommodate Legal and Personnel will be transferred from the Incentives Account with
a total reduction of S17,092.80.
Funds to correct the classification error will be transferred in equal amounts of S25,275 from the
Building and Land Accounts to the Special Services account.
Staff recommended that the WEDC Board of Directors approve Budget Transfer Request EDC7-
29-1 I in the amount of$67,642.80.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the Budget Transfer Request EDC7-29-11 in the amount of
S67,642.80. The WEDC Board voted 5 — FOR and 0 — AGAINST in favor
of the motion.
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 6:38 a.m. in compliance with Section
551.001, et.seq. Texas Government Code to wit:
Section 551.071 (Consultation with Attorney) of the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act).
• Receive legal advice concerning Cause No. 366-01521-2011 in the 366th Judicial District
in the case styled Wylie Economic Development Corporation vs. Sanden International
(U.S.A.), Inc.
Section .551.087 (Economic Development) of the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act).
• Consider issues surrounding Clark Street Development.
• Consider issues surrounding Multi-Machining. Board Member Todd TVintters signed an
Affidavit Stating Conflict 0/Interest to be/lied with the original Minutes,
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July 29, 2011
Page 3 of 3
• Consider issues surrounding B&B Theatre.
• Consider issues surrounding Medical uses considering a site near the intersection of F.M.
544 and Sanden Blvd. Board Member Mitch Herzog signed an Affidavit Stating Conflict
of Interest to be filed with the original Minutes.
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 7:39 a.m.
Actions taken from Executive Session:
I. The Board of Directors directed staff to present a Letter of Intent to Multi-Machining with
correction of the date of the appraised value of $4,250,000 from the Collin County Central
Appraisal District be changed from January I, 2012 to January 1, 2013.
MOTION: A motion was made by John Yeager and seconded by Chris Seely to
approve the execution of the Letter of Intent to Multi-Machining. The
WEDC Board voted 4 — FOR and 0 — AGAINST in favor of the motion.
Board Member Todd Wintters abstained from the vote.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 7:40 a.m.
/7r
Marvin Fuller, President
ATTEST:
Samuel DR. Satterwhite
Executive Director