11-30-2007 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Friday,November 30, 2007—6:00 A.M.
Inwood National Bank—Conference Room
200 South Highway 78—Wylie,Texas
CALL TO ORDER
Announce the presence of a Quorum
President Fuller called the meeting to order at 6:10 a.m. Board Members present were: Mitch
Herzog, Chris Seely, John Yeager, and Merrill Young.
Staff present was Executive Director Sam Satterwhite and Administrative Assistant Gerry Harris.
City Manager/Ex-Officio Board Member Mindy Manson was present.
CITIZEN PARTICIPATION
There being no citizen participation, President Fuller proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 — Consider and Act Upon Approval of the October 19, 2007 Minutes of the
WEDC Board of Directors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the October 19, 2007 Minutes of the WEDC Board of Directors
Meeting. The WEDC Board voted 5 — FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. 2 — Consider and Act Upon Issues Surrounding Approval of the October 2007
WEDC Treasurer's Report.
MOTION: A motion was made by Merrill Young and seconded by Chris Seely to
approve the October 2007 WEDC Treasurer's Report. The WEDC Board
voted 5 —FOR and 0—AGAINST in favor of the motion.
EXECUTIVE SESSION
The WEDC Board of Directors convened into Executive Session at 6:28 a.m.
I. Consider and Act Upon Issues Surrounding the Purchase of Properties Located on Cooper
Drive as Authorized in Section 551.072 (Real Property) of the Local Government Code,
Vernon's Texas Code Annotated (Open Meetings Act).
WEDC—Minutes
November 30, 2007
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II. Consider and Act Upon Issues Surrounding Economic Development Negotiations Between
the WEDC and Savage Precision Fabrication, Inc. as Authorized in Section 551.087
(Economic Development Negotiations) of the Local Government Code, Vernon's Texas
Code Annotated(Open Meetings Act).
III. Consider Issues Surrounding a Sales Tax Reimbursement Agreement Between the WEDC
and Greenway Development Company as Authorized in Section 551.087 (Economic
Development Negotiations) of the Local Government Code, Vernon's Texas Code
Annotated(Open Meetings Act).
IV. Consider Issues Surrounding the Provision of Economic Assistance to Direct Development
as Authorized in Section 551.087 (Economic Development Negotiations) of the Local
Government Code,Vernon's Texas Code Annotated(Open Meetings Act).
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 7:25 a.m.
Executive Session Item No. I: Staff had recommended to the WEDC Board of Directors a
purchase price of$3.25 per square foot for a±0.3055 acre tract located on Cooper Drive. While
the tract is not contiguous to other WEDC properties in the area, the ability to acquire the site at
a reasonable price led staff to the conclusion that pursuing the purchase would benefit the
WEDC's long-term redevelopment efforts on Cooper Drive.
MOTION: A motion was made by Mitch Herzog and seconded by Merrill Young to
make an offer of $3.25 per square foot to the Kansas City Southern
Railway Company for the purchase of a ±0.3055 acre parcel located
within Wylie Industrial Park. The WEDC Board voted 5 — FOR and 0 —
AGAINST in favor of the motion.
No further action was taken as a result of discussions held in Executive Session.
ADJOURNMENT
With no further business, President Marvin Fuller adjourned the WEDC Board meeting at 7:26
a.m.
7771/1 -
Marvin Fuller, President
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November 30,2007
Page 3 of 3
ATTEST:
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Samuel D.R. Satterwhite
Executive Director