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01-30-2012 (WEDC) Minutes Minutes Wylie Economic Development Corporation Board of Directors Meeting Monday, January 30, 2012 11:30 A.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 12:07 p.m. Board Members present were: Mitch Herzog and Todd Wintters. WEDC staff present was Executive Director Sam Satterwhite and Senior Assistant Gerry Harris. Ex-officio member Eric Hogue was present. Also in attendance was City of Wylie Assistant City Manager Jeff Butters. CiTi7EN PARTICIPATION There being no citizen participation, President Fuller proceeded to Action Items. ACTION ITEMS ITEM NO. 1 — Consider and act upon approval of the January 20, 2012 Minutes of the WEDC Board of Directors Meeting. Staff noted that the date on the Agenda was incorrectly noted as January 30, 2012 and should have been January 20, 2012. MOTION: A motion was made by Mitch Herzog and seconded by Todd Wintters to approve the January 20, 2012 Minutes of the WEDC Board of Directors Meeting as amended. The WEDC Board voted 3 —FOR and 0 —AGAINST in favor of the motion. ITEM NO. 2 — Consider and act upon issues surrounding a Performance Agreement with CSD Woodbridge, LLC (Clark Street Development) and the WEDC. Staff presented the second draft of the Clark Street Development Performance Agreement. Staff informed Clark Street that the amended performance measures and Default language had been approved by the Board. Clark Street inquired if there was any room for negotiation of the Default language with staff indicating the only options were 100% or 50% reduction of Reimbursement Incentives upon default. While Clark Street could choose the 100% option and hope for reconsideration in the future should there be a default,the 50% option was accepted. WEDC—Minutes January 30, 2012 Page 2 of 4 The only new item to be reviewed was language addressing a scenario under which Clark Street is declared in default for not meeting square footage requirements and Clark Street has already been reimbursed in excess of the reduced reimbursement amount of$550,000 (Section 2-f). The question from Clark Street was whether sales tax reimbursements over the $550,000 would have to be returned. It was staffs' opinion that excess reimbursements over the 50% reduced total would not need to be returned to the WEDC because for that scenario to take place, sales taxes generated from a smaller concept (less square footage) will be so far and above WEDC projections that the City and 4B would be in a stronger position than originally anticipated. Further, staff didn't believe there was much likelihood of this scenario taking place and was willing to accept this request from Clark Street. Staff recommended that the WEDC Board of Directors approve the Performance Agreement between CSD Woodbridge, LLC (Clark Street Development) and the WEDC and approve presenting the same to the Wylie City Council on February 14, 2012. MOTION: A motion was made by Todd Wintters and seconded by Mitch Herzog to approve the Performance Agreement between CDS Woodbridge, LLC and WEDC. The WEDC Board voted 3 —FOR and 0 —AGAINST in favor of the motion. DISCUSSION ITEMS ITEM NO. 3 — Staff Report: review issues surrounding WEDC participation at ICSC 2012, City of Wylie 19-acre tract/sewer line extension, extension of Woodbridge Parkway, B&B Theatres, PM Realty, and a Performance Agreement with Dr. Shad Reif. ICSC Staff proposed that the WEDC participate in the annual ICSC Conferences in Las Vegas,Nevada May 20 — 23, 2012. With funding approved in the FY 2011 — 2012 WEDC Budget, the Board needed to determine which Members would be attending. The Mayor had expressed an interest in attending and staff had requested that the City Manager determine if any other Council members are interested. City of Wylie 19-acre Tract/Sewer Line Extension As staff reported earlier, bids will be requested from approximately six firms for the proposed sewer line extension to serve 50 acres of commercial property north of F.M. 544 in the general vicinity of Sanden Boulevard and F.M. 544. All easements have been verbally secured with the WEDC committing to provide a sewer tap to each property. Staff intends to bring to the Board on February 17th an outline of how the City of Wylie/WEDC should master-plan and market the 19-acre tract. This plan will contemplate issues surrounding FEMA/flood plain, surveying, developing a site plan, determining market value, and how to best market the site. WEDC—Minutes January 30, 2012 Page 3 of 4 Extension of Woodbridge Parkway Staff indicated that the Commissioners Court would be considering County participation during a Regular meeting in February. Staff will be attending and one or more Board members may be requested to attend as well. B&B Theatres Staff had no new information on this project. PM Realt Staff commented that Oncor was close to finalizing the overhead burial. While an exact dollar amount was not provided, an Oncor representative did indicate that the multi-year payout of the cost was approved. Dr. Shad Reif On April 20, 2011, the Board directed staff to present to Dr. Shad Reif the WEDC's intent to fund a Performance Agreement in the amount of $14,400. Dr. Reif has broken ground on a commercial project near the intersection of Jackson and State Highway 78. The project has a proposed value of dz$30,000. 'I`he Board will be presented with a Performance Agreement detailing the WEDC.participation at the February 17, 2012 Regular Board Meeting. Ex-offtcio member Eric Hogue left the meeting at 12:35 p.m. EXECUTIVE SESSION The WEDC Board recessed into Closed Session at 12:35 p.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 551.072 (Real Estate) of the Local Government Code, Vernon's Texas Code Annotated (Open Meetings Act). • Consider the sale of WEDC property located at the intersection of Cooper Drive and F.M. 544. WEDC—Minutes January 30,2012 Page 4 of 4 RECONVENE INTO OPEN MEETING The WEDC Board of Directors reconvened into open session at 12:46 p.m. and took no action. ADJOURNMENT With no further business, President Fuller adjourned the WEDC Board meeting at 12:46 p.m. Marvin Fuller,President ATTEST: Samuel Satterwhite Executive Director