09-24-2012 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Monday, September 24, 2012 12:00 P.M.
WEDC Offices—Conference Room
250 South Highway 78 —Wylie, Texas
CALL TO ORDER
Announce the presence of a Quorum
Vice President Mitch Herzog called the meeting to order 12:04 p.m. Board Members present
were: Demond Dawkins, Todd Wintters, and John Yeager. President Marvin Fuller arrived at
12:09.
WEDC staff present was Executive Director Sam Satterwhite and Senior Assistant Gerry Harris.
Ex-officio member Mindy Manson was present.
CITIZEN PARTICIPATION
There being no citizen participation, Vice President Mitch Herzog proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 — Consider and act upon approval of the September 21, 2012 Minutes of the
Wylie Economic Development Corporation (WEDC)Board of Directors Meeting.
MOTION: A motion was made by Todd Wintters and seconded by John Yeager to
approve the September 24, 2012 Minutes of the Wylie Economic
Development Corporation. The WEDC Board voted 4 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 2 — Consider and act upon issues surrounding refinancing a Real Estate Lien
Note between James L. Hughes and the WEDC.
Staff reviewed that on July 25, 2006 the WEDC executed a Real Estate Lien Note with James L.
Hughes in the amount of$340,000 at a 6% interest rate for a period of 10 years. On January 21,
2011 Mr. Hughes modified the note to reflect an adjusted interest rate of 5% on the remaining
balance of$211,749.09.
During the course of submitting an RFP for financing the extension of Woodbridge Parkway and
refinancing the Ascend note, the WEDC received what staff thought was a verbal commitment
from ANB to refinance the Hughes note at a fixed rate of 2.99%. The remaining balance of the
note as 9-25-12 is $153,600.74. Due to a miscommunication between staff and ANB the actual
rate offered was a fixed rate of 3.99%, still a full percentage point below the existing note.
Based upon previous action taken by the Board reflecting a 2.99% rate, staff recommended that
the WEDC Board of Directors authorize President Fuller to execute all documentation necessary
WEDC—Minutes
September 24, 2012
Page 2 of 2
to effectuate refinancing debt associated with a Real Estate Lien Note between the WEDC and
James L. Hughes with American National Bank at a fixed rate of 3.99%for 5 years.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
authorize President Fuller to execute all documentation necessary to
refinance the Hughes debt at 3.99% for 5 years. The WEDC Board voted 5 —
FOR and 0—AGAINST in favor of the motion.
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 12:10 p.m. in compliance with Section
551.001 et.seq. Texas Government Code to wit:
Recess into Closed Session in compliance with Section 551.001, et.seq. Texas Government Code,
to wit:
Section 551.087 (Economic Development) of the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act).
• Request for assistance from Aventine Development Corporation.
• Request for Proposal - Project Detroit.
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 12:36 p.m. and took no action.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 12:36 p.m.
(71/1G1ti�
Marvin Fuller, President
ATTEST:
Samuel Satterwhite,Director