08-14-2013 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Friday,August 14, 2013 6:30 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 6:30 a.m. Board Members present were
Demond Dawkins, Todd Wintters, and Mitch Herzog.
Ex-officio members Mayor Eric Hogue and Mindy Manson were present.
WEDC staff present was Executive Director Sam Satterwhite and Senior Assistant Gerry Harris.
CITIZEN PARTICIPATION
With no citizen participation, Mr. Fuller proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 —Consider and act upon approval of the August 2,2013 Minutes of the Wylie
Economic Development Corporation (WEDC) Board of Directors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by Todd Wintters to
approve the August 2, 2013 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 approval of the July 2013 WEDC Treasurer's
Report.
MOTION: A motion was made by Mitch Herzog and seconded by Demond Dawkins to
approve the July WEDC Treasurer's Report. The WEDC Board voted 4 —
FOR and 0—AGAINST in favor of the motion.
DISCUSSION ITEMS
ITEM NO. 3 — Staff Report: review issues surrounding an Amended and Restated
Performance Agreement between the WEDC and Woodbridge Crossing, Performance
Agreement between the WEDC and ACE, Performance Agreement between the WEDC and
B&B Theatres Operating Company, Performance Agreement between the WEDC and Sanden
WEDC—Minutes
August 14, 2013
Page 2 of 4
International, (U.S.A.), Inc., extension of Woodbridge Parkway, Wal Mart Neighborhood
Market, WEDC Budget presentation to Wylie City Council, and regional housing starts.
Woodbridge Crossing
The Sales Tax Reimbursement Report was presented which identified all sales taxes received
through May 2013 within Woodbridge Crossing for the City General Fund, the WEDC, and the
4B. As a reminder, the City and WEDC will be reimbursing 85% of all sales tax generated
within Woodbridge Crossing through October 2013 with the reimbursement percentage reduced
to 65% thereafter. Woodbridge Crossing is eligible for a maximum $6 million in sales tax
reimbursement through September 2021.
$1,848,272.76 has been reimbursed to date with net receipts of $1,050,978.63 after
reimbursements. As well, $1.4 mm has been paid in ad valorem taxes to the City of Wylie
(excluding the WISD).
Ascend Commercial Lease and Performance Agreement
The Ascend Custom Extrusion Critical Dates Analysis and Performance Agreement Monitoring
Procedures was presented. Payment #3 of 5 for the Economic Incentives has been funded with
Ascend meeting all Performance Obligations within Sections A and B of the attachment.
As reported previously, Ascend ordered a third extrusion press that will be delivered on or about
March 2014. An architect has been hired along with Pulliam Construction Management to
design and construct the proposed 21,000 square foot expansion. Ascend will break ground on
the project the week of August 11th and staff has received the Commitment Letter from Texas
Capital Bank to finance the project along with the purchase of the land and building from the
WEDC.
B &B Theatres Operating Company Performance Agreement
In July, the WEDC began receiving a Sales Tax Area Report from the Comptroller which tracks
taxable sales generated from the Wylie B&B Theatre. The B&B Theatre Performance
Obligations were presented. The WEDC will fund Incentive No. 2 of $25,000 plus sales tax
reimbursements following the certification by the Central Appraisal District of a minimum
appraised value of $10 mm. Being that the WEDC began tracking the sales tax generated in
April 2013; the first sales tax reimbursement from the WEDC/City of Wylie will be made up of
16 months of sales tax generated by B&B opposed to the initial 12 month period contemplated in
the Agreement. Incentive No. 3, to be paid in September 2015, will reflect 12 months of sales
taxes generated.
Performance Agreement between the WEDC and Sanden International(USA), Inc.
Sanden officials indicated that the information required for the Performance Agreement would
be received by the WEDC on July 22nd. Staff has not received any information and has not
contacted Sanden officials.
WEDC—Minutes
August 14, 2013
Page 3 of 4
Mr. Wintters mentioned that he had discussed the issue with Mr. Phaup and that the WEDC
should be receiving the requested information shortly.
Woodbridge Parkway
Utility relocation is under way on the Woodbridge Parkway extension, a pre-bid meeting will be
held on August 15th with bids opened August 27t'. Council will award the bid on either
September 10th or 24t.
Wal-Mart Neighborhood Market
Wal-Mart will be appealing the P&Z split decision to the Wylie City Council on August 27th. In
review, Wal-Mart is proposing the development of a Neighborhood Market at the corner of
McCreary and McMillan.
WEDC Budget Presentation to Wylie City Council
Staff indicated that the WEDC Budget was presented to the Wylie City Council on August 13th
and that Council received the WEDC 2013 —2014 program of expenditures favorably.
Regional Housing Starts
Eighteen homes were permitted in Wylie for July 2013. Sachse, Lavon and Murphy permitted a
combined twenty-three homes over the same period.
No action was requested by staff for this item.
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 6:42 a.m. 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).
• Project 2013-4a
• Project 2013-5a
• Project 2013-5c
• Project 2013-5d
Section 551.072 (Real Estate) of the Local Government Code, Vernon's Texas Code Annotated
(Open Meetings Act). Consider the acquisition of property located near:
• F.M. 544 & Commerce
• Cooper Drive
WEDC—Minutes
August 14, 2013
Page 4 of 4
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 7:42a.m. and took no action.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 7:42 a.m.
h4M07 ,94
Marvin Fuller,President
ATTEST:
Samuel Satterwhite, Director