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12-19-2000 (WEDC) Minutes Minutes WYLIE ECONOMIC DEVELOPMENT CORPORATION Tuesday,December 19,2000 Board Members Present: Gary Bowland Marvin Fuller Kevin St. John John Yeager Merrill Young Staff Present: Samuel Satterwhite, Executive Director With notice of the meeting posted in time and manner required by law and a quorum of Board members present, the Board of Directors of the Wylie Economic Development Corporation (WEDC) met in Regular Session on December 19, 2000 in the Board Room of the Wylie Chamber of Commerce at 108A W. Marble St., Wylie, Texas. The meeting was called to order by President John Yeager at 2:15 p.m. ITEM NO. 1 — Consider and Act upon Approval of Minutes for the November 21, 2000 Regular Board of Directors Meeting of the Wylie Economic Development Corporation. MOTION: A motion was made by Marvin Fuller and seconded by Gary Bowland to approve minutes for the November 21, 2000 regular Board of Directors Meeting of the Wylie Economic Development Corporation. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 2 — Consider and Act upon Approval of the September, 2000 Treasurer's Report for the Wylie Economic Development Corporation. MOTION: A motion was made by Merrill young and seconded by Gary Bowland to remove the September, 2000 Treasurer's Report from the table. The WEDC Board of Directors voted 5 — FOR and 0 — AGAINST in favor of the motion. WEDC—Minutes December 19, 2000 Page 2 The WEDC Board of Directors had inquired at a previous meeting why a note payable to American National Bank was not classified as a liability on the WEDC balance sheet. City of Wylie Assistant Finance Director was present to answer questions regarding governmental accounting practices. MOTION: A motion was made by Gary Bowland and seconded by Merrill Young to approve the September, 2000 Treasurer's Report. The WEDC Board of Directors voted 5 -FOR and 0 - AGAINST in favor of the motion. ITEM NO. 3 — Consider and Act upon Approval of the October, 2000 Treasurer's Report for the Wylie Economic Development Corporation. MOTION: A motion was made by Kevin St. John and seconded by Merrill Young to approve the September, 2000 Treasurer's Report. The WEDC Board of Directors voted 5 -FOR and 0 -AGAINST in favor of the motion. ITEM NO. 4 — Consider and Act upon Issues Surrounding a Loan Agreement Between DELEWARE PAYNE (TX),LP and the Wylie Economic Development Corporation. Staff explained to Board members that a representative of DELEWARE PAYNE (DP) had approached the WEDC and requested a release of the note held on the 17.206 acres on which Extruders has been constructed. The argument being that the shell of the facility has been completed, but a final Certificate of Occupancy is based upon Extruders relocating their equipment. Therefore, the intent of the agreement has been met. Board member St. John commented that a final CO has not been issued. Therefore, DP has not complied with the Loan Agreement. Board member St. John indicated that at the time a CO is issued,the WEDC will release the note should there be no event of default. MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to deny a request by DELEWARE PAYNE for release of a not held by the WEDC on a certain 17.206 acre tract. The WEDC Board of Directors voted 5 —FOR and 0—AGAINST in favor of the motion. ITEM NO. 5—Discuss Issues Surrounding a Loan Agreement Between Atrium Companies, Inc. and the Wylie Economic Development Corporation. Staff updated the Board regarding the relocation of Extruders from their lease facility on Highway 78 to their new facility on Hensley. One new extrusion press is installed and operational and a second new press is being installed currently. Following the second WEDC—Minutes December 19, 2000 Page 3 installation, the two existing presses located at the Highway 78 facility will be relocated. Estimated final relocation will be May of 2001. ITEM NO. 6 — Discuss Issues Surrounding a Loan Agreement Between Louis P. Gigliotti and the Wylie Economic Development Corporation. Staff explained to the Board that Mr. Gigliotti is in default of his Loan Agreement with the WEDC. Mr. Gigliotti was issued a final certificate of occupancy based upon the commitment to put in place landscaping to City of Wylie specifications. At the regularly scheduled WEDC Board meeting in February 2001, Mr. Gigliotti's final payment ($8,610,.66) under the Loan Agreement will be considered by the Board. Staff informed the Board that Mr. Gigliotti will be notified of the default under the Loan Agreement and be provided a 30-day cure period. ITEM NO. 7—Discuss Issues Surrounding the Relocation/Expansion of Mann Made,Inc. The WEDC Board of Directors, met with Mr. Joe Edge, President/Owner of Mann Made, Inc. Mr. Edge explained to the Board that he intends to expand his operation to a 52,500 square foot facility, and add a $500,000 extrusion press. Mr. Edge expressed concern over attaining the proper zoning in the area of Regency Business Park. Staff reminded the Board that the Regency area is master planned for single family housing. Board member Fuller assured Mr. Edge that the WEDC and City of Wylie are eager to assist Mr. Edge with his expansion efforts. Staff indicated that when Mr. Edge decides on a specific parcel of property to relocate his operations to, the WEDC will represent Mr. Edge and the land owner in obtaining the zoning, and the WEDC will work with Mr. Edge to design an incentive package which will meet the needs of Mann Made, Inc. Mr. Edge appreciated the assistance and indicated that he will contact the WEDC office prior to February 1, 2001 to discuss a specific site. ITEM NO. 8 —Discuss Issues Surrounding a Retail Development Generally Located at the Southwest Corner of Westgate Way and F.M. 544. Staff presented issues presented issues surrounding the Tractor Supply project, which the Board has discussed at previous meetings. With the support of the WEDC Board of Directors, and a letter of intent in place between the WEDC and Greenway Enterprises, staff informed the Board that a public hearing will be scheduled in February 2001, to meet state regulation regarding assistance with projects which the community deems important to economic development. WEDC—Minutes December 19,2000 Page 4 ITEM NO. 9—EXECUTIVE SESSION: The WEDC Board of Directors convened into Executive Session at 3:10 p.m. to deliberate the purchase of real property as authorized in the Texas Local Government Code, Section 551.072 ITEM NO 10—RECONVENE FROM EXECUTIVE SESSION: • The WEDC Board of Directors reconvened from Executive Session at 3:23 p.m. No action was taken as a result of Executive Session. ITEM NO. 11 - Citizen Participation. There being no citizen participation, President Yeager proceeded to Item No.12. ITEM NO. 12 -Adjourn. There being no further business, the"meeting was adjourned at 7:25 a.m. J. Ye r, President Attest: Lam— That Samuel D.R. Satterwhite Executive Director