12-02-2011 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Friday, December 2, 2011 3:00 P.M.
WEDC Offices—Conference Room
250 South Highway 78 —Wylie, Texas
CALL TO ORDER
Announce the presence of a Quorum
President Marvin Fuller called the meeting to order at 3:00 p.m. Board Members present were:
Mitch Herzog, and John Yeager. Chris Seely arrived at 3:03 p.m.
WEDC staff present was Executive Director Sam Satterwhite and Senior Assistant Gerry Harris.
Assistant City Manager Jeff Butters was 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 November 17, 2011 Minutes of the
WEDC Board of Directors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the November 17, 2011 Minutes of the WEDC Board of Directors
Meeting. The WEDC Board voted 3 — FOR and 0 —AGAINST in favor of
the motion.
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 3:02 p.m. in compliance with Section
551.001, et.seq. Texas Government Code to wit:
Section 551.072 (Real Estate) of the Local Government Code, Vernon's Texas Code Annotated
(Open Meetings Act).
• Consider issues surrounding the purchase of property located near the intersection of
Cooper Drive and State Highway 78.
Section 551.071 (Consultation with Attorney) of the Local Government Code, Vernon's Texas
Code Annotated(Open Meetings Act).
WEDC—Minutes
December 2, 2011
Page 2 of 2
• 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.
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 4:00 p.m.
Staff presented a draft Real Estate Contract between the WEDC and Duel Products, Inc. The
Board had previously directed staff to negotiate for the purchase of the 0.5 acre tract. Staff
reported that Duel Products representatives are currently reviewing the contract which has a
purchase price of$125,000, but no formal acceptance had taken place. The Contract has a 45
day feasibility period with all standard and customary closing costs attributed to the buyer and
seller. Staff further proposed to seller a closing date prior to December 31,2011.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
authorize the Executive Director to execute a contract between the WEDC
and Duel Products, Inc. in the amount of $125,000 for the purchase of
property located at 702 Cooper Drive, and further authorize the Executive
Director to make minor modification to the Contract as necessary. The
WEDC Board voted 4—FOR and 0—AGAINST in favor of the motion.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 4:01 p.m.
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Marvin.Fuller, President
ATTEST:
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Samuel Satterwhite
Executive Director