08-02-1994 (WEDC) Minutes MINUTES
DEVELOPMENT CORPORATION OF WYLIE, INC.
Called Meeting
Tuesday, August 2, 1994
The Directors of the Development Corporation of Wylie, Inc. met in called session at 4:00
PM on Tuesday, August 2, 1994 in the City Council Conference Room at the Wylie
Municipal Complex, 2000 SH 78 N, Wylie, Texas. A quorum was present and notice of
the meeting had been posted in the time and manner required by law. Present were
directors John Yeager, Marvin Fuller, John Mondy and Tim Robinson; Executive Director
Charlie Womack, Administrative Assistant to the City Manager Mike Collins and Secretary
Barbara LeCocq. Representing the firm of First Southwest Company were Frank
Medanich and Victor J. Schmerbeck.
ITEM NO. 1 - INDUSTRIAL REVENUE BOND REPORT: Frank Medanich and Victor
Schmerbeck of First Southwest Company presented their report on Universal Display &
Fixture Company. Mr. Schmerbeck stated he had done a thorough search of the
company to ascertain their ability to repay debt service that would be incurred in a move
to Wylie. Mr. Schmerbeck provided handouts containing the consolidated balance sheets
for the past five years for UD&FCo. He noted prior problems reflected on the balance
sheets have been turned around in 1993 and show a healthy report thus far in 1994
following the buy-out by Mr. Phillips of the other partner. The representative from
Comerica, banker for UD&FCo, states positively the bank will buy the bonds. They have
a positive relationship with UD&FCo and feel comfortable with their ability to repay the
loan as specificed. Mr. Schmerbeck described the covenants he feels are necessary to
protect the investment of DCW and states Mr. Phillips has no problem with them. Mr.
Medanich and Mr. Schmerbeck said they were both hesitant initially but had their
concerns satisfied and considered UD&FCo as fully capable of paying the debt service
on this venture.
ITEM NO. 2 - RECESS OPEN MEETING
ITEM NO. 4 - CONVENE EXECUTIVE SESSION UNDER SECTION 551.072
GOVERNMENT CODE - UPDATE ON LAND PURCHASE.
ITEM NO. 5 - RECONVENE INTO OPEN SESSION.
ITEM NO. 6 - CONSIDER ACTION ON ITEM DISCUSSED IN EXECUTIVE SESSION -
LAND PURCHASE. A motion was made by Marvin Fuller and seconded by John Mondy
to approve the contract amount of $326,904 for the purchase of a specific parcel of land;
and to authorize an offer up to $350,000 if the first offer is rejected. Motion carried all
in favor.
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ITEM NO. 7 - ADJOURNMENT
hn ag , Acting President
Respectfully submitted:
Barbara Cocq, S retary
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