04-11-2014 (WEDC) Minutes mutes
Wylie Economic Development Corporation
Board of Directors Meeting
Friday, April 11, 2014 7:00 A.M.
WEDC Offices—Conference Room
250 South Highway 78 —Wylie, Texas
CALL TOO ' 1ER
Announce the presence of a Quorum
President Marvin Fuller called the meeting to order 7:00 a.m. Board Members present were John
Yeager, Todd Wintters, and Mitch Herzog.
Ex-officio members Eric Hogue and Mindy Manson were present as well as Lieutenant Anthony
Henderson.
WEDC staff present was Executive Director Sam Satterwhite and Senior Assistant Gerry Harris.
CITIZEN PARTICIPATION
Lynn Grimes invited everyone to attend the Taste of Wylie on April 28, 2014. Mr. Fuller
thanked her and proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 —Consider and act upon approval of the March 28,2014 Minutes of the Wylie
Economic Development Corporation (WEDC) Board of Directors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the March 28, 2014 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 a Resolution authorizing the sale of WEDC
p[property located at 1405 Martinez Lane to Ascend Custom Extrusions LLC.
Staff reported that attorneys for Highland/Ascend are preparing all closing documents necessary
to convey title to 22.42 acres and all improvements located thereon to Ascend Custom
Extrusions LLC. The closing date has been set for April 14, 2014.
As per the Commercial Lease Agreement and Terms of the Purchase Option, the purchase price
shall be equal to the outstanding loan balance on the indebtedness the WEDC undertook to
finance the construction of the original 96,000 square foot manufacturing facility Ascend
currently occupies. The gross amount due from Ascend to pay off the ANB loan is
$4,282,285.47. The Title Policy and standard closing costs due by the WEDC equals
$21,442.87.
WEDC—Minutes
April 11, 2014
Page 2 of 2
Staff presented WEDC Resolution 2014-01 authorizing the sale of the subject property and
improvements to Ascend Custom Extrusions LLC and further authorizing WEDC Board
President Marvin Fuller to execute all documentation necessary to effectuate the sale of the
property.
Staff recommended that the WEDC Board of Directors approve Resolution No. 2014-01.
MOTION: A motion was made by Todd Winners and seconded by John Yeager to
approve Resolution 2014-01 authorizing the sale of Ascend Custom
Extrusions LLC and further authorizing President Marvin Fuller to execute
all documentation necessary to effectuate the sale. The WEDC Board voted
4—FOR and 0—AGAINST in favor of the motion.
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 7:02 a.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 the acquisition of property located near the intersection of:
• Oak& Jackson
• Stone & Birmingham
• Steel &Hooper
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 7:46 a.m. and took no action.
• I JOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 7:46 a.m.
Marvin Fuller, President
ATTEST:
Samuel Satterwhite, Director