02-14-2002 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
February 14,2002
Board Members Present:
Gary Bowland
Marvin Fuller
Kevin St. John
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
Others Present:
John Mondy, Mayor
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 February 14, 2002 in the Woodbridge Golf Club Conference
Room located at 7400 Country Club Drive, Wylie, Texas.
The meeting was called to order by President John Yeager at 12:05 p.m.
ITEM NO. 1 — Consider and Act upon Approval of Minutes for the January 15, 2002,
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Marvin Fuller and seconded by Kevin St. John
approving the minutes for the January 15, 2002, 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 Issues Surrounding an Incentive Agreement
Between Southern Fastening Systems, Inc. and the Wylie Economic Development
Corporation.
The parameters of the incentive agreement being considered by the WEDC Board of Directors
are as follows:
1. In Year 1, WEDC conveys a $90,000 grant to Southern following issuance, by the City of
Wylie, of a final Certificate of Occupancy for a 54,000 square foot, tilt-wall distribution;
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February 14, 2002
Page 3
2. In Years 2 — 5, the WEDC issues a $50,000 grant annually following confirmation of a
minimum of$7,250,000 in appraised value existing at the Southern site; and
3. The WEDC negotiates with the City of Wylie for waiver of the building permit fee associated
with the facility valued at approximately$10,000.
Staff indicated that Southern has received the proper zoning from the City of Wylie and has
finalized all contract negotiations with the Birmingham Land Trust for purchase of the 5-acre
tract.
MOTION: A motion was made by Gary Bowland and seconded by Kevin St. John
approving an Economic Development Incentive Agreement with
Southern Fastening Systems, Inc., further approving a resolution
authorizing the execution of the Economic Development Incentive
Agreement. The WEDC Board of Directors voted 5 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 3—Consider Issues Surrounding the FY 2001 —2002 WEDC Budget.
Staff reviewed the FY 2001 —2002 WEDC Budget with specific reference to the funds dedicated
to the Martinez Lane project. Staff indicated that should the WEDC Board of Directors
determine that property currently under contract not be purchased by the WEDC, unbudgeted
funds in the amount of $179,176 will exist. Staff presented this item as information only.
Therefore, no action was required by the Board of Directors.
ITEM NO. 4—Consider and Act Upon Issues Surrounding a Purchase Contract for WEDC
Property Located at 404 S. Highway 78.
Staff presented to the Board of Directors a purchase contract submitted by Hi-Lo Auto Supply.
Hi-Lo offered $168,300 for a±123' x 260' lot out of the 5.0795 acre tract. Staff believed that the
sale of a pad site would benefit the WEDC in that the existing note to American National Bank
would be reduced and the existing industrial facility would be demolished. The Board rejected
the argument of staff countering that the sale of a pad site would hinder the ability to develop a
more uniform site not only on WEDC property, but also throughout Cooper Drive. However, the
Board agreed that the demolition of the industrial facility may accelerate the redevelopment of
the Cooper Drive area while creating a more aesthetically pleasing environment along the State
Highway 78 corridor.
Board member Bowland instructed staff to solicit bids for the demolition of the industrial facility
located at 404 S. Highway 78 and employ the services of a land planner to assist the WEDC in
creating a development plan for the 5-acre site on State Highway 78.
MOTION: A motion was made by Merrill Young and seconded by Gary Bowland
rejecting the Purchase Contract from Hi-Lo Auto Supply. The WEDC
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February 14, 2002
Page 3
Board of Directors voted 5 — FOR and 0 — AGAINST in favor of the
motion.
ITEM NO. 5—Citizen Participation.
There being no citizen participation, President Yeager proceeded to Item No. 6.
ITEM NO. 6—Adjourn.
There being no further business, the meeting was adjourned at 12:57 p.m.
J. Y li er, resident
Attest:
Samuel D.R. Satterwhite
Executive Director