01-22-2016 (WEDC) Agenda Packet NOTICE OF MEETING
Wylie Economic Development
CORPORATION
Regular Meeting Agenda
January 22, 2016—6:30 A.M.
WEDC Offices—Conference Room
250 South Highway 78—Wylie, Texas
Marvin Fuller....., ................. ... ............... . .. . ......... ........... ........... ........, President
MitchHerzog....... . .......... .... . .. . ............ . .... . ........ .. .................. ...............Vice President
John Yeager Secretary
ToddWintters......... ... . ........ . . ........... . ....... ........ . .. ............. .. ........... . Treasurer
Demond Dawkins Board Member
MayorEric Hogue ......... ......... .......... ........... .......... ................Ex-Officio Member
Mindy Manson,City Manager.,,.. .Ex-Officio Member
Samuel Satterwhite ......... ......... ..... ............... ......... Executive Director
Jason Greiner....... ......... ......... Assistant Director
Angel Wygant...... ......... ......... ..................... ......... ......... Senior Assistant
In accordance with Section 551.042 of the Texas Government Code, this agenda has been posted at the Wylie
Municipal Complex, distributed to the appropriate news media, and posted on the City Website:
www.wvlietexas.gov within the required time frame.
CALL TO ORDER
Announce the presence of a Quorum.
CITIZEN PARTICIPATION
Residents may address the WEDC Board regarding an item that is or is not listed on the agenda. Residents must
provide their name and address. The WEDC Board requests that comments be limited to three (3) minutes. In
addition, the WEDC Board is not allowed to converse, deliberate or take action on any matter presented during
citizen participation.
ACTION ITEMS
I. Consider and act upon approval of the December 18, 2015 Minutes of the Wylie Economic
Development Corporation(WEDC)Board of Directors Meeting.
II. Consider and act upon approval of the December 2015 WEDC Treasurer's Report.
III. Consider and act upon a Commercial Lease Agreement for office space at 250 South
Highway 78.
IV. {Remove from Table} Consider and act upon a Performance Agreement between the
WEDC and Freudiger Holdings, LLC
V. Consider and act upon issues surrounding the WEDC 2015 Annual Report.
VI. Consider and act upon a Performance Agreement between WEDC and B&B Theatres
Operating Company, Inc.
WEDC—Agenda
January 22, 2016
Page 2 of 2
VII. Consider and act issues surrounding a Performance Agreement between the WEDC and
Ascend Custom Extrusions, LLC.
VIII. Consider and act upon issues surrounding the development of WEDC properties near the
intersection of State Highway 78 and Cooper Drive.
DISCUSSION ITEMS
IX. Staff report: review issues surrounding Performance Agreements between WEDC and:
Woodbridge Crossing, Ascend Custom Extrusions, CSD Woodbridge, Exco Tooling
Solutions, Von Runnen Holdings, All State Fire, Remodeling of 710 Business Way, 106 N.
Birmingham, venue for WEDC Board Meetings, ICSC 2016,regional housing starts.
EXECUTIVE SESSION
Recess into Closed Session in compliance with Section 551.001, etseq. 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 sale or acquisition of properties located near the intersection
of:
• Cooper Drive & State Highway 78
• Martinez and Alanis
• Hooper and F.M 544
Section 551.087 (Economic Development) of the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act). Consider the sale or acquisition of properties located
near the intersection of:
• Project 2016-la
• Project 2016-lb
• Project 2016-1c
RECONVENE INTO OPEN MEETING
A D.IOT TRNMFNT
CERTIFIc A TION
I certib, that this Notice of Meeting was posted on this 18t day of January at 5:00 p.m. as required by law in
accordance with Section 551.042 of the Texas Government Code and that the appropriate news media was
contacted. As a courtesy, this agenda is also posted on the City of Wylie website:www.wylietexas.gov.
Carole Ehrlich,City Secretary Date Notice Removed
Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Friday, December 18, 2015 —6:30 A.M.
WEDC Offices—Conference Room
250 South Highway 78—Wylie, Texas
CALL TO ORDER
Announce the presence of a Quorum
President Marvin Fuller called the meeting to order at 6:34 a.m. Board Members present were
Mitch Herzog, John Yeager, Demond Dawkins and Todd Winners.
Ex-officio member City Manager Mindy Manson was present.
WEDC staff present was Executive Director Sam Satterwhite and Sr. Assistant Angel Wygant.
CITIZEN PARTICIPATION
Lynn Grimes was in attendance and expressed holiday greeting to the Board. With no further
citizen participation, Mr. Fuller proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 — Consider and act upon approval of the December 8, 2015 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 December 8, 2015 Minutes of the Wylie
Economic Development Corporation. The WEDC Board voted 5 — FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 2 — Consider and act upon approval of the December 8, 2015 Minutes of the
Special Joint Work Session of the WEDC Board of Directors and Wylie City Council.
MOTION: A motion was made by John Yeager and seconded by
Demond Dawkins to approve the December 8, 2015 Minutes of the Special
Joint Work Session of the WEDC Board of Directors and Wylie City
Council. The WEDC Board voted 5 — FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. 3 — Consider and act upon approval of the November 2015 WEDC Treasurer's
Report.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the November 2015 WEDC Treasurer's report. The WEDC Board
voted 5 —FOR and 0—AGAINST in favor of the motion.
WEDC —Minutes
December 18, 2015
Page 2 of 7
ITEM NO. 4 — Consider and act upon a Performance Agreement between the WEDC and
the Wedge Corporation.
Staff reviewed the terms of the attached Performance Agreement and reminded the Board that
the WEDC funded a $275,000 loan (economic assistance) for the construction of qualified
infrastructure for The Wedge Corporation located at 2600 West FM 544. As per Section II (c) of
the Agreement, a $91,666.67 credit toward the repayment of said loan will be approved by the
WEDC Board of Directors so long as The Wedge has continuously occupied and operated the
facility located at 2600 West FM 544. The WEDC was in receipt of a letter from The Wedge
owner Don Bellis confirming continuous occupancy and operation.
Real property improvements at 2600 West FM 544 are valued at $1.5 mm with personal property
valued at $418,000. In developing the Performance Agreement, the WEDC had estimated that
real and personal property improvements would equal $1.75 mm.
MOTION: A motion was made by Demond Dawkins and seconded by Todd Winners
to approve a $91,666.67 credit toward a loan between the WEDC and The
Wedge Corporation. The WEDC Board voted 5 —FOR and 0—AGAINST
in favor of the motion.
ITEM NO. 5 — Consider and act upon issues surrounding a Performance Agreement
between the WEDC and Gardner Regency,LLC.
Staff reviewed the terms of the attached Performance Agreement which obligated the WEDC to
reimburse Savage (Gardner Regency, LLC) for moving expenses in the amount of $254,357.
The grant was payable in five equal and annual payments of$50,871.40. The first installment
was paid at the issuance of the certificate of occupancy on 1-9-09, with the fifth and final
payment paid on 1-3-13.
The WEDC holds a note on the 3.87 acres sold to Gardner Regency in the amount of$421,443.
Should there be no Default as identified within Sections 3 and 4 of the Performance Agreement,
the WEDC shall forgive all payments associated with the Note over a seven year period in equal
amounts beginning on the anniversary date Savage receives a certificate of occupancy. No event
of Default has been identified as the cumulative appraised value equals $4.63 mm and Savage
having 42 employees which exceed the required 35 called for in the Agreement.
With no event of Default existing, staff recommended that the WEDC Board of Directors forgive
the Final Payment (Payment #7) associated with the Real Estate Lien Note in the amount of
$60,206.16.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approved the Final Payment (Payment #7) associated with the Real Estate
Lien Note in the amount of $60,206.16. The WEDC Board voted 5 —
FOR and 0—AGAINST in favor of the motion.
WEDC—Minutes
December 18, 2015
Page 3 of 7
ITEM NO. 6 — Consider and act upon a Performance Agreement between the WEDC and
Freudiger Holdings,LLC.
Staff requested that this item be tabled until the next Regularly Scheduled Meeting of the WEDC
Board in January 2016.
MOTION: A motion was made by Todd Wintters and seconded by John Yeager to
table discussion of this issue until the next Regularly Scheduled Meeting
of the WEDC Board in January 2016. The WEDC Board voted 5 —FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 7 — Consider and act upon issues surrounding the redevelopment of WEDC
properties located on Industrial Court and Cooper Drive.
Staff reviewed a spreadsheet of all properties within the redevelopment zone identifying lease
expiration, square footage, lease income, and for analysis only, appraised value. The proposed
buyer of the Buchanan property has executed a letter of intent and has committed to providing
the WEDC with a contract by the end of December. Assuming two weeks for review and
finalizing comments between attorneys, staff believes it is realistic to be under contract by
January 22, 2016. The engineer for the buyer has indicated that it will take 4 months for design
and approvals. Therefore, all things being equal, the WEDC will need to begin median and
access improvements no earlier than May 23, 2016.
Staff continued that even with the Cazad lease expiring on April 30, 2016, demolition can begin
on or about April 1, 2016 and start with the Buchanan (Exco) building. It has been estimated
that demolition will take approximately 60 days. Exco and Mann Made will not be an issue in
terms of the tenants vacating the premises with move out dates expected to be February 1st and
March 1st respectively.
While staff recommended giving notice for all tenants on Industrial Court to vacate no later than
April 30, 2016, Board President Fuller commented that several tenants will need as much time as
possible to locate an appropriate site and an additional 30 days to vacate does not seem to
complicate the redevelopment process. Staff suggested to send out notices to vacate on
December 18th with the move out date being May 31, 2016. Staff continued that should the real
estate transaction for the Exco site encounter complications in February or as late as March, the
Board can make the decision at that time to suspend the demolition which could impact the need
for companies to vacate WEDC buildings.
Staff is finalizing demolition proposals to distribute and is requesting that all bids be returned on
or about January 22nd. It is being requested that the bids identify costs associated with the 1.53
acre tract called out in the Letter of Intent for the Exco property. In speaking with the
prospective buyers, language is being placed within the contract which calls for the
reimbursement of those identified costs should the WEDC undertake demolition prior to closing.
Staff recommended that the WEDC Board of Directors authorize termination of leases on
Industrial Court with a notice to vacate on or before May 31, 2016.
WEDC—Minutes
December 18, 2015
Page 4 of 7
MOTION: A motion was made by John Yeager and seconded by Mitch Herzog to
terminate the leases along Industrial Court effective May 31, 2016. The
WEDC Board voted 5 —FOR and 0—AGAINST in favor of the motion.
DISCUSSION ITEMS
ITEM NO. 8 — Staff report: review issues surrounding Performance Agreements between the
WEDC and: Woodbridge Crossing, Ascend Custom Extrusions, CSD Woodbridge, Exco
Tooling Solutions, Von Runnen Holdings, All State Fire, B&B Operating Company, Inc.,
proposed mixed-use development on Jackson Street, redevelopment of 801 S. State Highway 78,
remodeling of 710 Business Way, sporting events and regional housing starts.
Woodbridge Crossing
Attached for the Board's review was the Sales Tax Reimbursement Report which identifies all
sales taxes received through September 2015 within Woodbridge Crossing for the City General
Fund, the WEDC, and the 4B. As a reminder, the City and WEDC reimbursed 85% of all sales
tax generated within Woodbridge Crossing through September 2013 with the reimbursement
percentage reduced to 65% thereafter. Due to the default under the Amended and Restated
Performance Agreement, Woodbridge Crossing is only eligible to receive up to $6 million in
sales tax reimbursement through September 2021 as opposed to the maximum reimbursement of
$12 million originally contemplated.
$3,210,867.71 in reimbursement has been earned through November 2015 with net receipts of
$2,396,798.83 after reimbursements. As well, it is estimated that $3.5 mm has been paid in ad
valorem taxes to the City of Wylie (excluding the WISD).
As shown on the Sales Tax Reimbursement Report, $108,521.03 was generated in sales tax in
September 2015 versus $117,148.19 in September 2014. This increase represents an 11% gain
over 2014 receipts.
Ascend Commercial Lease and Perjbrnmance Agreement
Attached for review was the Ascend Custom Extrusion Critical Dates Analysis and Performance
Agreement Monitoring Procedures. Payment #4 of 5 for the Economic Incentives has been
funded with Ascend meeting all Performance Obligations within Sections A and B of the
attachment.
Also attached for review was the summary of a second Performance Agreement between the
WEDC and ACE which was approved in December 2013. Payment #2 of 4 has been funded
with Ascend meeting all Performance Obligations within Section A of the attachment.
CSD Woodbridge Performance Agreement
On July 15, 2013 a certificate of occupancy (CO) was issued for Kroger Marketplace. Beginning
October 1, 2013 and ending October 1, 2023, Clark Street Development is eligible to receive a '/2
WEDC—Minutes
December 18, 2015
Page 5 of 7
cent sales tax reimbursement from the WEDC (City of Wylie not part of sales tax reimbursement
agreement). Quarterly payments will be made to Clark Street based upon the data provided by
the Comptroller. In addition to the $100,000 reimbursement incentive paid by the WEDC at CO,
Clark Street is eligible to receive cumulative incentives of $1,100,000 over the life of the
Agreement.
Along with a summary of the Performance Agreement, a Sales Tax Reimbursement Report was
included for the Board's review.
Exco Tooling Solutions
Exco has begun construction of its 30,000 square foot facility within Premier Business Park. All
indications point to a Final CO being issued by January 15, 2016. As provided in the Summary
of Performance Obligations, the WEDC will fund an $87,000 incentive upon issuance of a CO
followed by four payments of$20,000 over the following four years.
Von Runnen Holdings
Von Runnen Holdings anticipates a Certificate of Occupancy (CO) being issued no later than
January 1, 2016 as required by the WEDC Performance Agreement. Upon issuance of a CO and
confirmation of$1.25 mm in construction costs, the WEDC will issue Incentive Payment No. 1
of $20,000. Two additional payments of $10,000 each will be issued over the following two
years.
All State Fire Equipment
All State Fire Equipment was issued a building permit on July 2, 2015 and held their Ground-
Breaking ceremony on September 18, 2015. Work is progressing well and ASFE appears to be
on track to receive a Certificate of Occupancy by mid-February, well before the August 1, 2016
deadline as required within their Performance Agreement.
B&B Theatres Operating Company, Inc.
B&B qualified for the third incentive payment of$25,000 plus sales tax reimbursements equal to
those monies generated from the 1/2 cent WEDC sales tax. B&B qualified for the incentive under
the First Amendment to the Performance Agreement which restructured the incentive program
by voiding City of Wylie participation equivalent to an additional V2 cent sales tax
reimbursement. The restructuring was the result of a default by B&B under the original
Performance Agreement related to the required appraised value of B&B real and personal
property. Staff will bring this issue to the Board in January for formal consideration and
approval.
Proposed Mixed-use development on Jackson Street
Being that a more comprehensive evaluation of the entire Ballard/Jackson Street area was the
direction given at the Joint Work Session, the City Manager has directed Renae' 011ie to develop
WEDC—Minutes
December 18, 2015
Page 6 of 7
a Request for Qualifications from planning firms with experience in land planning, traffic
studies, downtown redevelopment, and possibly even open space/parks.
Redevelopment of 801 S. State Highway 78
Via a local real estate broker, the City Manager and staff met with an investment group that has
the `Wylie Community Hospital' site under contract. Following closure of the Hospital in the
mid 1990's, Presbyterian attempted to operate the facility along with a bariatric hospital. The
hospital facility has been vacant for 10 years with the adjacent multi-story office building going
underutilized at best with only one doctor remaining in the offices.
The site is made up of 21 acres with approximately 10 acres in the floodplain. The hospital is
comprised of 47,000 square feet with the medical office building at 21,000 square feet.
The investment group has no specific plans for the hospital and will most likely update the office
space and lease it out for general office use. The 21 day due diligence period expires on
December 21St with a required closing by the end of the year. Hopefully a change in ownership
will at least create activity and would have to result in upgrading the property so that it can start
generating income.
Remodeling of 710 Business Way
There have been continued challenges with establishing permanent power at 710 Business Way,
but Oncor could be complete with their work as soon as December 16th. Should that be the case,
Able Machinery Movers will begin as scheduled on December 21 st. Able anticipates being done
moving and Mann Made being operational on or about January 18, 2016.
Sporting Tickets
Attached for the Board's review was a WEDC Promotional Activities spreadsheet which
documents the use of Dallas Mavericks tickets.
Regional Housing Starts
Thirty-three homes were permitted in Wylie for November 2015. Sachse, Lavon, and Murphy
permitted a combined thirty homes over the same period.
No action is requested by staff for this item.
EXECUTIVE SESSION
Recessed into Closed Session at 7:34 a.m. in compliance with Section 551.001, et.seq. Texas
Government Code, to wit:
WEDC—Minutes
December 18, 2015
Page 7 of 7
Section 551.072 (Real Estate) of the Local Government Code, Vernon's Texas Code Annotated
(Open Meetings Act). Consider the sale or acquisition of properties located near the intersection
of:
• Cooper Drive & State Highway
• Ballard Street and Oak Street
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 7:54 a.m. and took no action.
ADJOIJRNMENT
With no further business,President Fuller adjourned the WEDC Board meeting at 7:54 a.m.
Marvin Fuller,President
ATTEST:
Samuel Satterwhite, Director
Wylie Economic Development Corporation
MEMORANDUM
TO: Samuel Satterwhite, Executive Director
FROM: Angel Wygant, Senior Assistant(
SUBJECT: December 2015 Treasurer's Report
DATE: January 11, 2016
Issue
Consider and act upon approval of the December 2015 WEDC Treasurer's Report.
Analysis
From the Balance Sheet,page 1:
Deposits - $7,000. This amount reflects a deposit WEDC paid to Wylie Industrial Court for the
current location of the WEDC office in the amount of $2,000 and a $5,000 deposit held in
escrow for the purchase of the 400 South Hwy 78 property.
Loan Receivable - $69,800.35. This represents the balance of the Wylie Ice Cream Holdings
note, which is reduced by the principal paid each month. There was a starting balance of$93,950
as of December 2012. Wylie Ice Cream Holdings has 48 payments remaining with a balloon
payment of$33,248.44 due on 12-15-19.
Account Rec—Forgivable Loans - $685,206.16. This is the remaining balance of a note between
Savage Precision Fabrication in the amount of$60,206.14 and the WEDC which is reflective of
the purchase price of their property on Martinez, less six payments which have been forgiven,
being that there has been no Event of Default. Forgiveness of the seventh payment was made on
January 8, 2016 which will be reflected in the January financials. The first payment of The
Wedge loan in the amount of$91,666.67 was also approved in December and will be reflected in
the January Financials. Assuming The Wedge remains in compliance with their Performance
Agreement, forgiveness of their remaining loan balance will be made in 2 additional payments in
the amount of $91,666.67 each on 12/31/16 and 12/31/17 respectively. The figure above also
includes the loan made to Exco Extrusion Dies in the amount of $350,000. Assuming Exco
remains in compliance with the terms of the Performance Agreement, this loan will be forgiven
in 5 equal amounts of $70,000 beginning on the one year anniversary of their Certificate of
Occupancy(CO).
WEDC December 2015 Treasurer's Report
January 11, 2016
Page 2 of 3
Deferred Outflows - $826,518. This is a total of incentive payments which are due in the future.
A breakdown of these charges include: T. W. Snider & Assoc. - $120,000, Ascend Extrusion—
Phase I - $76,518 and Phase II - $48,000, B & B Theatres - $100,000, Dank Real Estate -
$15,000, GetSet - $20,000, All State Fire - $60,000, Von Runnen Holdings - $40,000, Exco
Extrusion Dies—$167,000, KREA $100,000, VIAA $50,000 and Patna Properties $30,000.
From the Balance Sheet,page 2:
Deferred Inflow - $226,792.06. The Deferred Inflow Account tracks loans receivable from
Savage Precision, Wylie Ice Cream Holdings and Exco Extrusion Dies. The Savage loan is
reduced by $60,206.15 annually with 6 of 7 payments forgiven. During the Audit, it was
determined that there was a $98,917 loss on the Savage transaction that needed to be accounted
for. Therefore, a journal entry was made into Deferred Inflow in the amount of$84,786 which
represents 6 /7 of the loss that had occurred as of the end of the Fiscal Year. With Forgiveness of
the seventh and final payment approved for January, the remaining $14,131 loss will be
accounted for in the January Treasurer's Report. The "Loss" was calculated by establishing the
market value of the land as determined via the Savage Loan ($421,443) less actual WEDC cost
($98,917.20) which creates a potential net gain of$322,525.80 had the WEDC not forgiven the
loan over the past seven years. Being that the loan was forgiven, the loss of$98,917.20 has to be
accounted for as referenced above.
The Wylie Ice Cream loan receivable is reduced by the monthly principal payment which for
December was $702.72. The Exco Extrusion Dies loan will be reduced by $70,000 annually for
5 years beginning one year from Certificate of Occupancy.
Revenue and Expense Report,page 2:
Interest Earnings - $293.76. Interest earnings from the Wylie Ice Cream Holdings.
Loan Repayment- $702.73. Principal payment from the Wylie Ice Cream Holdings.
Rental Income — $13,250. Helical Concepts - $400, Superbikes - $2,100, JC Ornamental -
$2,000, Trimark Catastrophe - $750, Reliable Estate Services - $1,500, Wylie Mirror & Glass -
$1,000, Exco - $5,000, Richmond Hydromulch- $500.
Revenue and Expense Report,page 3:
Incentives - $264,297.81. B&B Incentive #3 ($44,087.01), Business Way Remodel—Payment 2
($220,210.80).
Special Services — $10,681.20. Mowing ($480), Janitorial Services ($315), Environmental Svcs
- 605 Commerce ($3,275.81), Environmental Svcs - Mann Made ($3,359.76), Roof Repair 207
Industrial Ct. ($275), Generator($2,843.15), Gas Can($37.48), Qrtly Pest Control ($95).
WEDC December 2015 Treasurer's Report
January 11, 2016
Page 3 of 3
Advertising- $4,000. Connection Ad—Nov/Dec ($3,000), Chamber Directory Ad ($1,000).
Community Development - $1,649. WHS Theater ($200), Playoff Ads ($250), Lions Club
Sponsor($700), Care Center Luncheon($60), May Tickets ($439),
Travel & Training - $812.59. Prospect Recruitment/Bus. Mtgs ($812.59),
Dues & Subscriptions - $1,215.12. PWCC Sept Dues ($607.56),PWCC Oct Dues ($607.56).
Insurance—(1.56). A correction was made in the assessment from the City of Wylie for property
insurance for the Bus. Way property and the removal of 104 N. Jackson. The result was a credit
of$1.56.
Audit & Legal — $9,848.50. Attorney Fees: Business Way ($60), Edge ($8,856), General —
RMA($814), Conferences: Chase Letter(18.50), Edge (100).
Recommendation
Staff recommends that the WEDC Board of Directors approve the December 2015 Treasurer's
Report.
Attachments
December 2015 Treasurer's Report
Sales Tax Revenue
M
I-1 1-201 C 08:51. AM ('IT)' OF WY L IE PAGE... 1
BALANCE 21EE1
AS OF: DECEMBER 31 SI, 2015
11 1-114YLI E ECONOMIC DEVEL COR P.
ACCOU NT# TITLE
ASSET'S
1000-1 0110 C LA I M ON CASH AND CANN EVIJI V, 1,173,.111.96
1000-101.15 CASH - WEOC,' - I NW 00 0. 0.00
1000-1 0135 ESCROW 0.00
1000-40i 80 DEPOS(TO ?,000,,00
1000-1 04 98, OTHER - MI SC CLEARI NG 0.00
1000,10341 TEX POOL 0.00
1001,-1 0343 3.18TI C. 0.0(4
1000-1.0481„ I N TE RE ST REtE'IVAB LE 0„00
1001-11511 A C CIS 40101 - MI SC 100.00
I.000-11517 A C.C.::T S REC - SALES TAX 0,00
1000-12810 LEASE PAYMENTS RECEIVABLE 0.00
1010-12950 LOAN PROCEEDS PECTIMABLE 0.00
1000-12996 LOAN. RECE1 vAa LE 69,800.35
1.0 00-12997 !(COTS RE C - T TM TECH 0.01
1000-1 2998 /ICCTS REC - FORG I VEABLE, LOANS 685,206-16
1000-14112 t NVEN t ORY - MATERIAL/ SUPPLY 0-00
1000-4 4 Al 6 t NVEN TOBY - LAND & HUI LDINGS 6,818,663.46
1000-4.1118 I NMEN TOR1 - BAY CO i S A NDEN BLVD 0.00
1000-14310 PREPAID E XPENSES - 5152' 0,.00
1000-1 4410 DEFERRED OUTFLOW$ 826,018.00
_....„..„—„.....................„.„.„.„.................„.„.--
9,580,999.93
TOTAL ASSETS 9,580,9.99„99
LIABILITIES
2000-20110 Et DERAL INCOME TAX PKYABLE 0.06
2000-2 0111 MEDICARE PA Y ABLE 0„00
2000-20112 (MILD SUPPORT PAY ABLE 0.00,
2000-20113 CREDIT UNION PAYABLE 0,00
21)00-20114 IRS LEVY PAIAB LE 0.00
2000-20115 NAT I ONW T.19E DE FERRED COMP 0.00,
2000-20116 HEALTH I N.SU R PAY,ENP LO Y EE 0„15
2000-20417 TORS. PA TABLE 1,086,65
2000-21118 ROTH 1 RA PA TAB L E 0.00
2000-20419 WORE.ER S COMP PAIABL E 0.00
2000-2 04 20 Fl..CA PAYABLE 0.00.
2000-21121 Ter. PAYABLE 0.00
2000-2 0122: STUDENT LOAN LEVY PAY ABLE 0.00
2000-211 23, AI I MON Y PAY AB LE 0.00
2000-21124 BANPRUPTCY PAYABLE 0.00
2000-2 0125 VALI C Del!EARtO COMP 0_00
2008-20126 I CMA PA YABLE 0.00
2000-20127 IMP, I EGAL GERVI cps. PATABL E 0-00
2001-20130 FLEX1 B LE SPENDING ACC OUNI. (1,00
2000-201.3't. EDWARb JONES DEFERR,ED COMP 0 00
2000-201 32 EMP CARE ELITE 1:2.00
2000-2 0151. ACCRUED WADES PAYABLE 0.00
2000-201 81 ADDIT EMPLOYEE INS1JR PAY 0.00
2011-20190 MI SC PATROL L PAY1)131E 0.00
I-1.1-2016 00 31 AM CITY OF WYLIE PAGE 2
BALANCE SHEET
AS OF: DECFMMER 3IST, 2015
Ill-WYLIE ECONOMIC DEVEL CORP'
ACCOUNT* TITLE
2000-20201 Al' PENDING 0.00
2000-20210 ACCOUNTS PAYABLE 7,53216
2600-20530 PROPERTY TAXES PAYABLE 0„00
2000-20540 NOTES PAYABLE 826,518.09
2000-20810 DUE TO GENESAL FUND 0.90
2000-22270 DEFERRED INFLOW 310,675.51
2000-11175 DEB INFLOW - LEASE PRINCIPAL 0,60
2000-22280 DEFERRED 'INFLOW - LEASE INT 0.09
2000-22915 RENT/IL DEPOSITS 2,500.00
TOTAL LIABILITIES 1,140,521.47
EQUITY
3006-34110 FUND PALANCE - RESERVED 0,69
3004-34590 FUND BALANCE-UNRESERV/UNDFSIG 7,984,197,6,0
TOTAL BEGINNING EQUITY 7,984,197.60
TOTAL REVENUE: 1441,3.09.20
TOTAL EXPENSES 693,031.34
_.......
REVENUE OVER/(UNDER) EXPENSES 440,277.86
TOTAL EQUITY 3 OVER/CUNDER) 8,432,475.46
TOTAL LIABILITIES, EQUITY' 1 OVER/(UNDER 9,580,99983
3.....„.„..„....., ................. ........... __ . _.
I-11-1116 06:N AM. CI T Y. OF W Y LI IF PAGE: 1
BALANCE SHEET
Al OF t DECEMBER. 31 ST, 201
922-13E14. LONG TERM DEBT (WED.C1
ACCOUNT 4 TITLE
ASSETS
1011-I 0312 GOVERNMENT NOTES 0.61)
1010-181..10 LOAN - UNDC 0.01
1011-1.8120 LOAN - BIRMINGHAM 0:00
1011-18110. AMOUNT ('I DE PROVIDED I):(10
I 0/0-1622 0 DI R(41 N GRP,M LOAN 0.00
1010-1 9011 DES ()VISION - CONTE:T.13071 ON) 21,4.47,00
1000-I 90q 5 OFF ON IELOW - 1 NVESIMEN I EMI° 5,062.00
1.0.00-4 910.0 DEE OUT FLOW - AC,T. EST/A S S114 P 2,114.00
30,003,00
II))Al ASNET S 90,861.,00
LOAN ILI T I ES
211 00-20310 COMPENSATED ABSENCES'. PAYABLE 44,297.90
2010-20111 COMP ABSENCES PAYABLE-CNRREN T 0.00
2.000-21410 ACCRUED INTEREST PAYABLE 4,01.8.84.
2000-28205 WEDC LOANS. - OD PPE NT 382,612,17
2010-11120 BI RMI NG HAM LOAN 0.00
7000-282 981 INWOOD LOAN, 0.01
2000-28232 AND. 'LOAN. - E ME 0,00
20/0-292 33 AND. LOAN - PEDDI CORD 7 WH ITN 616,779.19
2000-282 3 4 ANN LOAN - EANDAC K./AUGURS I 9.8,636.31.
2000.-292915 AND, LOAN. 0:01
2000-202 9.0 AND CONSTRUCTION LOAN 0.00
2000.-282 17 ANS ROAD CONSISUCT I ON LOAN 690,66.7.94.
2000-282 38 ANN LOAN - BUCHANAN 24 2,652,,,5 6,
';?.0 0 0-212 3.0 ANn LOAN' - JONES/I HOBART PAYOFF 2/6,4113.'73
2000-28240 UNCAP S LOAN 0.00
2000-202 DO CITY OF. WYLIE LOAN) 0-01
2010-28260 PRIME NUTS. LOAN 0,00
2000-28170 BDW LAND/ANDER s ON LOAN. 0.0/,
2010-262 60 CAP IIAL ONE 1A2210 LOAN 0.01.
2000-14280 aoaART/VIMMERCE LOAN 0,00
2000-2 9151 NEI PENSION LIABILITY 147,1 0 6„0 0
TOTAL L IABI L I T1 ES 2,541,601.,60
EQUITY
1000-14591 FUND BALANCE-ON RES ERV/UN DESIG:( 2,5.25,176-19P
1001-.3 5001 0061SIDI1)TED NET POSIT'ON ( 114,969,004
TOTAL BED(NNI ND EQ.U I T1 ( 2,640,1.49-19)
TOTAL REVENUE 0 00
TOIAL (XTN'N ENS ( 127,216.59)
..............................................................................___.,.
REVENUE OVER/(UNDER I EXPENSES (27,206,59.
TOTAL E1004TY I OVER/(UNDER...) ( 2,5(2,91.8,60)
1-11-2016 08:51 AM CITY OF WYLIE PAGE 2
BALANCE SHEET
AS OF:. DECEMBER 31ST, 2015
922-GEN LONG TERM DEBT (WEDC)
ACCOUNT* TITLE
TOTAL LIABILTTIES, EQUITY & OVER/(UNDER) 30,663.00
1-11-2016 ON:53 AA CITY OF WYLIE PAGE', 1
NE AND EXPENSE REPORT - (UN2UDITED1
AS OF, DECEMBER 3IST, 2 0 1 5
1 11-WY T.IE ECONOMIC DEVEL CORE
FINANCIAL SUMMARY
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D OUDGET Y OE
BUDGET PER/0D PO ADJUST. ,AC T 1)01 ENCUMBRANCE BALANCE BUDUET
REVENUE SUMMARY
TAXES 2G 257',8729.00 166,41a-48 11.01 166,418.48 0,00 2,091,41.0.52 7..17
'INTERGOVERNMENTAL REV„ 0.00 0,00 0.00 0.00 0,00 O.00 0„00
INTEREST INCOME '12,'15e o o 996,40 0.00 3,154.72 0.00 9,803,28 24,35
MISCELLANEOUS INCOME 141,200.00 13,250.00 0„00 4 1,350„00 0.OD 98,85(1.00 28.28
OTHER FINANCINU SOURCES 0 op 0.00 0,00. 930,386„00 0.00 ( 930,386700) 11,00
TOTAL REVENUES 2,411,987.00 180,664.,97 0,00 1,1.41,319,„20 0.01 1,270,6177.80 47.32
l'3)'JTPP 3.TPR5 1111114gsPY
DEVELOPMENT CORP-INEOC 3,858,411.012 366,901.94 0.00 693,031.34 10,886.83 3,154,4 92,83 1.8.24
TOTAL EXPENDITURES 3,858,411.00 3.66,901.94 0„00 693,031.34 10,88.6.83 3,154,4 92.83 I8,24
REVENUE OVER/f UNDER) EXPENDITURES ( 1,446,424.00) ( 186,236.97) 3.30 448,277.86 ( 10,886.811 ( 1,883,815.03) 30.24-
1.-:1..1-2016 08:53 AM CITY. OF WYLIE PAGE: 2
REVENUE AND EXPENSE! REPORT -- (UNAUDITED}
AS OF: D'ECEMBER. 34.ST, 201.5
11.1--WY'L I:E; ECONOMIC DE U)I, CORP
REVENUES
CURRENT CURRENT PRIOR YEAR Y-T-D Y-T-D BUDGET % OF
BUDGET PERIOD PO ADJUST. ACTUAL ENCUMBRANCE BA:I:,ANCE BUDGET
TAXES
4000--40:150 REV IN LE.IU OF TAXES 0.00 0.00 0„0(:) 0.00 0.00 0.00 0„00
4000-40210 SALES TAX 2,257,829.00 166,418.48 0,.00 166,418..48 0.00 2,091,4:10.52 7„37
TOTAL TAXES 2,257,829.00 166,418 48 0..00 166,418.48 „�..... 0.00 2,091,410.52 7
....... ....._.37
INTERGOVERNMENTAL REV.
4000-43518 380 ECONOMIC AGREEMENTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL INTERGOVERNMENTAL REV. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INTEREST INCOME
.4000-46050 CERTI
FICATE F'FCATE OF DCP0,5IT 0..00 0.00 0.00 0.00 O,00 0.00 0.O0
4000-46110 ALLOCATED .INTEREST EARNINGS 1,000.00 0.00 0.00 165.25 0..00 834.75 16.53
4000-461413 TEXPOUL INTEREST 0.00 0.00 0.00 0.00 0„.00 0.00 0.00
4000-46143. LOGIC .INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4000-46150 INTEREST EARNINGS 3,817.00 293.76 0.00 890.02 0..00 2,926.98 23.32
4000-46:160 LOAN REPAYMENT (PRINCIPAL) 8,:1..41.00 702.73 0.00 2,099.45 0,00 6,041.55 25.79
400O-462:1O BANK MONEY MARKET INTEREST 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL, INTEREST .INCOME; 12.,958.00 996.49 0.00 3,154. 72 0.00 9,803.28 24.35
MISCELLANEOUS INCOME
4000--48110 RENTAL INCOME 141,200.00 1.3,250.00 0.00 41,350.00 0.00 99,850.00 29.28
4000-48310 RECOVERY - PRIOR YEAR EXPEN 0.00 0,00 0.00 0.00 0.00 0.00 0,00
4000-484:10 MISCELLANEOUS INCOME 0.00 0.00 0.00 0.00 0,00 0.00 0.00
4000-48430 GAIN/(LOSS) SALE OF CAP ASS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL MISCELLANEOUS INCOMF. 141,200.00 13,250.00 0.00 41,350.00 0.00 99,850 00 29.28
OTHER. FINANCING SOURCES
4000-4.9160 TRANSFER FROM GENERAL, FOND 0,00 0.00 0.00 0.00 0,00 0.00 0„00
4000-49325 BANK NOTE PROCEEDS 0,00 0.00 0.00 930,386.00 0,00 ( 930,386.00) 0,00
4000-4.9550 LEASE PRINCIPAL PAYMENTS (0 0.00 0.00 0..00 0.00 0.00 0.00 0.:00
'TOTAL, OI''1 R FINANCING .SOURCES 0.00 0,00 0.00 930,386.00 0.00 ( 930,386.00) 0.00
TOTAL REVENUE:'; 2,411,987.00 180,664.9'7 0.00 1,141,309.20 0.00 1,270,677.80 47.32
t
1-11 .2016 0853 AM CITY OF WYLIE PAGE: 3
REVENUE AND EXPENSE REPORT - (UNAUDITED)
AS OF DECEMBER 31ST, 2015
111-WYLIE ECONOMIC DEVEL CORP
DEVELOPMENT CORP-WEDC
DEPARTMENTAL EXPENDITURES
CURRENT CURRENT PRIOR YEAR Y-T-D BUDGET % OF
BUDGET PERIOD PO AD0UST. ACTUAL ENCUMBRANCE BALANCE BUDGET
PERSONNEL SERVICES
5611-51110 SALARIES 238,052.00 14,465.40 0.00 41,783.31 0.00 196,268.69 17.55
5611 51130 OVERTIME 0.00 0.00 0,00 0.00 0,00 0.00 0.00
5611-51140 LONGEVITY PAY 1,073.00 0.00 0.00 1,024,00 0.00 49,00 95.43
5611-51145 SICK LEAVE BUYBACK 0.00 0.00 0,00 0.00 0.00 0.00 0.00
5611 51160 CERTIFICATION INCENTIVE 0.00 0.00 0.00 0.00 0,00 0,00 0.00
5611-51170 PARAMEDIC INCENTIVE 0.00 0.00 0,00 0,00 0.00 0.00 0.00
5611-51210 CAR ALLOWANCE 12,600.00 870.78 0.00 2,519,04 0,00 10,080.96 19.99
5611-51220 PHONE ALLOWANCE 4,656.00 0.00 0.00 864,00 0,00 3,792.00 18.56
5611 51230 CLOTHING ALLOWANCE 0.00 0.00 0,00 0.00 13,00 0.00 0.00
5611 51260 MOVING ALLOWANCE 5,000.00 0.00 0.00 0,00 " 0,00 5,000.00 0.00
5611-51310 TMRS 36,677.00 0.00 (1.00 4,219,62 0,00 32,457.38 11.50
5611 .51410 HOSPITAL & LIFE INSURANCE 38,107.00 3,747.74 0.00 5,621,61 0,00 32,485.39 14.75
5611-51415 EXECUTIVE HEALTH PLAN 0.00 0.00 0,00 0.00 0,00 0.00 0.00
5611-51420 LONG.TERM DISABILITY 1,357.00 105.76 0,00 211.52 0.00 1,145.48 15.59
5611-51440 FICA 15,607.00 215.47 0.00 621,85 0,00 14,985.15 3.98
5611-51450 MEDICARE 3,650.00 216.99 0,00 640,58 0,00 3,009.42 17.55
5611 51470 WORKERS COMP PREMIUM 663.00 0.00 (Lou 569.70 0.00 93.30 85.93
5611-51480 UNEMPLOYMENT COME (TWO) 810.00 0.00 0,00 0,00 0.00 810.00 0.00
„„
,
TOTAL PERSONNEL SERVICES 358,252.00 19,622.14 0.00 58,075.23 0.00 300,176.77 16.21
SUPPLIES
5611-52010 OFFICE SUPPLIES 3,500.00 182.80 0,00 182.80 191.57 3,125.63 10.70
5611-52040 POSTAGE & FREIGHT 980.00 9.80 0.00 9.80 0.00 970.20 1.00
5611-52130 TOOLS/ EQUIP (NON.CAPITAL) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5671-52810 FOOD SUPPLIES 2,000.00 116.98 0,00 212.73 0.00 1,787.27 10.64
0611 .52990 OTHER 5 000.00 0.00 0,00 0.00 0.00 . ,000:00 0Y00
TOTAL SUPPLIES 11,480.00 309.58 0.00 405.33 191.57 10,888.10 5.20
MATERIALS FOR MAINTENANC
)0,11 -54630 TOOLS & EQUTPMENT 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-54810 COMPUTER 1••IARD/SOFTWARE 3,000.00 450.00 0,00 450.00 0.00 2,550.00 15.00
5611 .54990 OTHER 0.00 (1.00 0,00 0,00 0.00 0.00 0.00
TOTAL MATERIALS FOR MAINTENANC 3,000.00 450.00 0.00 450.00 0.00 2,550.00 15.00
CONTRACTUAL SERVICES
5611-56030 INCENTIVES 2,014,914.00 264,297.81 0.00 407,645.11 0,00 1,607,268.89 20.23
5611-56040 SPECIAL SERVICES 112,900.00 10,681.20 0.00 20,459.77 1,920,00 90,520,23 19.82
5611-56080 ADVERTISING 35,280.00 4,000.00 0.00 8,554.00 0,00 26,726,00 24.25
5611-56090 COMMUN= DEVELOPMENT 47,250.00 1,649.00 0.00 9,192.32 0,00 38,057.68 19.45
5611 56110 COMMUNICATIONS 5,960.00 510.96 0.00 1,321.49 0,00 4,638.51 22.17
5611-56180 RENTAL 29,400.00 2,444.00 0.00 8,382.00 0,00 21,018.00 28.51
5611 .56210 TRAVEL & TRAINING 29,450.00 812.59 0.00 1,905.42 0,00 27,544,58 6.47
5611-56250 DUES & SUBSCRIPTIONS 18,890.00 1,215.12 0.00 4,290.12 0.00 14,599.88 22.71
5611 .56310 INSURANCE 4,310.00 ( 1.56) 0.00 5,684.51 0,00 ( 1,374.51) 131.89
5611-56510 AUDIT & LEGAL SERVICES 23,000.00 9,848.50 0.00 9,848.50 0,00 13,151,50 42.82
5611-56570 ENGINEERING/ARCHITECTURAL 20,000.00 0.00 0.00 0.00 8,642.21 11,357.79 43.21
5611 56610 UTILITIES ELECTRIC 2 000.00 1,126.73 0.00 1,549.43 133,05 317.52 84.12
TOTAL CONTRACTUAL SERVICES 2,343,354.00 296,584.35 0.00 478,832.67 10,695.26 1,853,826.07 20.89
1.(.1 2016 08(53 AM CETY OF WYLIE PAGE: 4
REVENUE AND EXPENSE REPORT (UNAUDITED)
AS OF" DECEMBER 31ST, 2015
1I(-WYLIF ECONOMIC DEVEL CORP
DEVELOPMENT CORR-WEDC
DEPARTMENTAL EXPENDITURES
CURRENT CURRENT PRIOR YEAR YTG Y-T-D BUDGET % OF
BUDGET PERIOD I/O ADjUST. ACTUAL ENCUMBRANCE BALANCE BUDGET
DEBT SERVICE & CAP, REPL
5611-57110 DEBT SERYICE 686,825.00 0.00 0.00 0.00 0.00 686,825.00 0.00
5611-57410 PRINCIPAL, PAYMENT 0.00 39,758.85 0.00 126,861.22 0.00 ( 126,861.22) 0.00
5611-57415 INTEREST EXPENSE 0.00 10,177.02 0.0(1 28,406.89 0.00 ( 28,406.89) 0.00
5611-57710 BAD DEBT EXPENSE 0.00 0.00 0,00 0.00 0.00 0.00 0.00
TOTAL DEBT SERVICE & CAP. REPEL 686,825.00 49,935.87 0.00 155,268.11 0.00 531,556.89 22.61
CAPITAL OUTLAY
5611-58110 LAND-PURCHASE PRICE 200,000.00 0,00 0.00 950,3E16.00 0.00 ( 750,386.00) 475.19
5611-55120 DEVELOPMENT FEES 0.00 0,00 0.00 0.00 0.00 0.00 0.00
5611-1)5150 LAND-BETEERMENTS 0.00 0.00 0.00 0.00 0,00 0,00 0.00
5611-55210 STREETS & ALLEYS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-55410 SANITAR1 SEWER 0.00 0,00 0.00 0.00 0.00 0.00 0.00
5611-58810 COMPUTER HARD/SOFTWARE 3,000.00 0,00 0.00 0.00 0,00 3,000.00 0.00
5611-58830 FURNITURE & FIXTURES 2,500.00 0.00 0.00 0.00 0.00 2,500.00 0.00
11611 -55910 BUILDINGS 250,000.00 0,00 0.00 0.00 0,00 250,000.00 0.00
5611-58995 CONTRA CAP/TA]), OUTLAY 0.00 0,00 0.00 ( 91)0,356.00) 0.00 950,386.00 0.00
TOTAL CAPITAL, OUTLAY 455,500.00 0.00 0.00 0.00 0.00 455,500.00 0.00
OTHER FINANCING (USES)
5611 59111 TRANSFER TO GENERAL, FUN)) 0.00 0,00 0.00 0.00 0.00 0.00 0.00
5611-59190 TRANSFER TO THORUCHFARE IMP 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5611-59410 TRANSFER TO CAPITAL FOND 0.00 0,00 0.00 0.00 0.00 0.00 0.00
5611-59990 PROTECT ACCOUNTING 0.00 0,00 0.00 0.00 0.00 0.00 0.00
TOTAL OTHER FINANCING (USES) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTAL DEVELOPMENT CORP-14E0C 3,858,411.00 366,901.94 0.00 693,031.34 10,886.83 3,154,492.83 18.24
TOTAL EXPENDITURES 3,858,411.00 366,901.94 0.00 693,031.34 10,886.83 3,154,492.83 18.24
REVENUE OVER (UNDER) EXPENDITURES ( 1,446,424.00) ( 186,236.97) 0.00 448,277.86 ( 10,886.83) ( 1,883,815.03) 30.24-
',** END OF REPORT *,*
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12/21 *wamu� mFT� uumu4o '1res9 aOaen mrm MEAL maumzo 8271 mmvzs wroawT 10.19 194.34
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4.-.11....201.6 8 .55 AM D E T A I: I, LISTING PACE: 2
FUND 111-WYL:IE ECONOMIC DEVIL, CORP PERIOD TO USF, Dec-201.5 TIIRU Dec--201.6
DEPT : 61.1 DEVELOPMENT CORP--WEDC ACCOUNTS: 561.1.....52010 T'EIRU 5611.--58910
POSY' 02501E "0RA.N # REFERENCE PAC:KN'1 --DESCRIPTION---- .... VEND INV/:D'E #
5611.--548.:1.0 COMPUTER HARD/SOFTWARE
BEGINNING BALANCE 0.00
12/30/15 12/130 A48515 CHIC: 079562 77990 QRTLY MAINT _. REPAIRI. 003339 2540 WEDC 450.00 450.00
,,. "�...,,, DECEMBER ACTIVITY Dd3 4.50.00 CR: 0.00 450.00
�a•�s: ���.� Yr.CC¢yUNT' TO"I'AI:.: DB: 450.00 CR° 0.00
561.:1.--54990 OTHER
BEGINNING BALANCE 0,00
5 6 11.--5 6030 INCENTIVES
BEGINNING BALANCE .14.3,347..30
12/14/15 .12/14 A47480 CNN: 079.316 77655 B&B INCENTIVE #3 (103925 121115 #3 WEDC 25,000.00 1.68,347.30
12/:14/1.5 12/1.4 A47480 CHK° 079316 77655 BOB INC .3-SLS TAX RE 003925 121115 #3 WEDC 19,087.0:1 187,434..3:1
12/18/1E 12/18 A48003 CHK¢ 079438 77834 710 BUS. WAY - PMNT #2 003269 PAY APP #2 142 220,210.80 407,645..11
-._: DECEMBER ACTIVITY DB: 264,2.97.81 CR: 0.00 264,297..8:1
1/07/16 1/07 A48908 CHK'.: 0796591 78155 MANN MADE MVNG-_PMNT 1 004503 108933 1?AY #1 83,000.00 490,645..11
,t_--.:.- „�_ *,•: JANUARY ACT--.TVTTY DB° 83,000.00 CR: 0.00 83,000.00
__. •-_ :::. ACCOUNT TOTAL, DB° 347,297.81 CR t. 0,00
5561:1--56040 SPECIAL SERVICES
BEGINNING BALANCE 9,778.57
12/01/15 12/01 A46350 011K: 07.9032 77262 ENVIR - 605 COMMERCE 004337 21232 WEDC: 3,103.31 12,88.1.88
12/01/15 12/01 A46351 CNK: 079032 77262 ENVIRON - MANN MADE 004337 21264 WEDC 3,359.76 16,241.64
12/09/1.5 12/09 8471.55 014K: ((79247 77533 MOW-IIWY 78 001.1.73 112415 WEDC 100.00 16,341.64
12/09/15 12/09 2547155 011K: 079247 77533 MOW--DIIEL PROD 001173 11.2415 WEDC 60.00 16,401..64.
12/09/15 12/09 A47155 CNN°, 079247 77533 MOW-COOPER DR 001173 1.12415 REDO 60,00 16,461.64
12/09/.15 12/09 A471..55 CFIK: 079.247 77533 MOW--WALGREEN LOT 001173 11.241.5 WEDC 60.00 16,.52.1..64
12/09/15 12/09 A47155 CNN: 079247 77533 MOW-UDOH 001173 112415 WEDC 40.00 16,561.64
12/09/15 12/09 25.47.15.5 1,11K: 079247 77533 MOW--K&M 001.173 1.12415 WEDC 40.00 16,601.64
12/09/15 12/09 A47155 CHK: 079247 77533 MOW-PO5T OFC 00.1173 112415 WEDC: 120.00 16,721.64
:12/14/15 12/14 A47475 CNN: 0793:13 77655 ORTLY PEST CONTROL 000792 72413 WEDC 95.00 16,8.16.64
12/16/1.5 12/16 A47747 CNN: 079388 77751. FIEB1.5 CLEANING SERVICES 0023.:30 12704 WED(.; 157.50 16,974.1.4
.12/18/15 12/18 A4.7985 VOID:: 079435 77822 REVERSE VOIDED CHECK 00.1320 V0P0037616 OCT15 483..2SCR 16,490.139
12/18/15 :12/18 A47965 CNN: 079435 77820 65O COMM VCP OCT/NOV 00:1320 VCP003761.6 OCT15 483.2.5 16,974.14
1.2/1.8/15 12/1.8 A47966 CHK° 07.9436 77820 650 COMM VCP SEPT 001.320 VCPO037963 SER15 172..50 17,146.64
12/21/15 :12/21 A4806.5 DOT: 000042 77855 GAS CAN FOR GENERATO 0009:12 8277 NOV15 SATTER 37..411 .17,.184.12
:12/2.1/15 .12/2.1 A4.8065 DOT° 000042 77855 GENERATOR 0009:12 8277 NOV15 RATTER 2,843.1.5 20,027.27
12/21/15 12/21 A48065 DOT: 000042 77855 207 IND CT ROOF REP 000912 6277 NOV15 1ATTER 275.00 20,302.27
12/28/15 12/28 A48320 CHK° 079508 '77929 JANITORIAL SVC: ' OF.CEM11E 002330 20240 REDO 157.50 20,459.77
„r"1=µ,, ,_- - DECEMBER ACTIVITY DB: :11,.164..45 CR: 483.25(.JR .10,68.1..20
1 11-2016 8S5 AM DETAIL LISTING RAGE 3
FUND 111-WYLIE ECONOMIC DEVEL CORP PERIOD TO USE, Dec-2015 THRU Dec-2016
DEPT 611 DEVELOPMENT CORR-WEDC ACCOUNTS 5611-52010 THRN 5611-58910
POST DATE TRAM I) REFERENCE
1/04/16 1/04 1148E39 CHK 079604 78039 INDUST. CT. ROW SURVEY 003073 641.6 1,200.00 21,659.77
1,200.00 CR: 0.00 1,200.00
DII, 12,364.45 CR: 483.25CR
--------
5611-56080 ADVERTISING
BEGINNING BALANCE 4,554.00
12/14/15 12/14 1147472 CHK. 079325 77655 CONNECTION AD NOV 000468 7248 WEDC 1,500.00 6,054.00
12/14/15 12/14 A47474 CHK 07932,:: 77655 CONNECTION AD DEC 000468 7363 NOD) 1,500.00 7,554.00
12/30/15 12/30 1148534 CliK 070570 77994 2016 DIRECTORY ijSTING 000468 7437 WEDC 1,000.00 8,554.00
IlECEMBER ACTIVITY DB: 4,00000 OR: 0.00 4,000.00
ACCOUNT TOTAL DB: 4,000.00 CR: 0.00
5611-56090 CORMENITY DEVELOPMENT
BEGINNING BALANCE 7,543.32
12/01/15 12/01 1146308 011K: 079018 77256 SRONSO-DINNER THEATE 004488 112315 WEDC 200.00 7,743.32
12/10/15 12/10 7847241 CHK: 079270 77565 PLAYOFF SUPPORT ADS 000391 10100 WEDC 250.00 7,993.32
12/14/15 12/14 1/47470 CHIC: 079326 77615 LIONS CLUB SPONS 000388 121115 WED:, 700.00 6,693.32
12/14/15 12/14 AA7473 CHK: 079325 7/655 CARE CTR- HANKS LUNC 000468 7352 WEDC 60.00 8,753.32
12/21/15 12/21 A48065 DFT: 000042 77855 MAV TICKETS 000912 8277 NOV15 BATTER 439.00 9,192.32
DECEMBER ACTIVITY OF: 1,649.00 CR: 0.00 1,649.00
ACCOUNT TOTAL 06: 1,649.00 CR: 0.00
5611-56110 COMMUNICATIONS
BEGINNING BALANCE 810.53
12/14/15 12/14 1147417 CHIC: 079314 77655 (PAD SVC 002374 Y12042015 WEDC 32.50 843.03
12/15/15 12/15 A47586 CHK: 079347 71711 INTERNET SVC NV25 0024 000190 2820367756 NV25-DE 203.72 1,046.75
12/18/15 12/18 1148002 CHK: 079439 77834 TABLET CV WEDC NOV2-DFC 001797 822495799-07 NOVL 11397 1,160.72
12/21/15 12/21 A48065 DFT: 000042 77855 CHARGER 000912 8277 NOV15 SATTER 32.46 1,193.18
12/21/15 12/21 A48065 DFT: 000042 7/855 TELEPHONE SVC 000912 8277 NOV15 SETTER 126.31 1,321.49
510.98 CR 0.00 510.96
ACCOUNT TOTAL DB: 510.96 CR: 0.00
5611-56180 RENTAL
BEGINNING BALANCE 5,938.00
12710/15 12/10 A47280 CHK. 071273 71568 COPIER RENTAL 003509 91064 194.00 6,132.00
12/30/15 12/30 1148,513 CHK. 079561 77990 JAN 2016 - RENT 003231 122915 JAN16 2,250.00 6,382.00
-,----------,,- DECEMBER ACTIVITY DI:i 2,444.00 CR: 0.00 2,444.00
------,,------- ACCOUNT TOTAL DI; 2,444.00 CR; 0.00
1-1.1.-2016 855 AM D E T A. I L LISTING PAGE: 4
FUND : 111•-WYLIE ECONOMIC DEVEL CORP PERIOD TO USE:: Dec-20.15 THRU Dec-2016
DEPT : 611 DEVELOPMENT CORP.-.WEDC ACCOUNT,:;: 5611.---520.10 THRU 5611---5891.0
POST DATE TRAN #' REFERENCE PACKET DESCRIPTION- e-- VEND INV/JE # 1..4OTE ====eAMOUNTe=e= ===BALANCE--
5611.......56210 TRAVEL rti TRAINING
BEGINNIN C:a B A. L A N C E 1,092.83
.1.2/21/15 12/21 A48065 DFT: 000042 7.7855 BU.. MID-PARKER., HER. 00091.2 8277 NOV.15 RATTER 41.72 1,134.55
12/21/15 12/21. A46065 DFT: 000042 77855 BUSINESS MTG 0009 .2. 8277 NOV15 SATTER 750.87 1,885.42
12/21/15 12/21 A48065 DFT. 000042 7785:5 BUS MTG - COOPER 000912 8277 NOV15 SATTER 20.00 1,905.42
-e- DECEMBER ACTIVITY DR. 8.12.59 CR.' 0.00 812..59
--,---,, ,,, ACCOUNT TOTAL DB: 8:1.2.59 CR 0..00
56.31--56220 PROFESSIONAL TRAINING
BEGINNING BALANCE 0.00
561.1--56250 DOTES & SUBSCRIPTIONS
BEGINNING B A. :L A. N C E 3,075.00
12/2:1./:1.5 12/21 A48065 DFT: 000042 77855 PWGC: DUES SEP/OC':I:' 000912 8277 NOV.15 .>ATTER 1,215.12 4,2.90.:12.
,,w= , ,>+;.r. DECEMBER ACTIVITY D:l3: 1,215.12 CR a 0.00 1,215.:.1.1.
,,,,, e .,,,,. ACCOUNT TOTAL DB;. 1,21.5..12 CR„ 0.00
561.1--563:1..0 INSURANCE
BEGINNING BALANCE 5,686.07
.1.2/14/15 12/14 B49590 137.57 3E22892 CORRECT PO #65194 JE# 022892 695..15CR 4,990.92.
12/14/15 1.2/14 R49590 13757 ,7E22892 CORRECT PO #65194 2816 022892 1,244...41CR .3,746.51.
:1.2/17/15 12/17 A.4791.9 CHK:. 079426 77802 Add 71.0 Business Way 0003.52. 5345 DE01.5 2,1.92.00 5,938.5:1.
:12/17/15 12/17 A4'7.9:1.9 CHI:¢ 079426 77802 Removed .Laur,d:roma.t 000352 5345 UEC15 254„00CR 5,684.51
-•.�� ae,.»::. ,+, DECEMBER. ACTIVITY D137 2,192.00 CR: 2,1.93.56CR. 1..56CR.
=R.;.µ»� »_:.. ACCOUNT TOPA:I, DH:: 2,:192.00 CR.: 2,1.93.06CR
561.1.-.5651.0 AUDIT & LEGAL SERVICES
BEGINNING BALANCE 0.00
12/14/:1.5 12/:1.4 A47461 CHK:: 079312 77655 ATTY FEES-BUS WAY 000023 3 2793---0069M WEDC 60.00 60.00
12/1.4/1.5 12/14 A47462 CHK'.:: O79312 7765.5 ATTY FEES-EDGE 000023 4 2193-0070M WEDC 8,856.00 8,916.00
12/.14/11 12/.14 A4746.3 CHK: 079312 77655 ATTY CF'1CS-RMA 000023 8.9 2793---0001.M WEDC: 814.00 9,730.00
1.2/22/1.5 .1.2/22 A48.169 CHK:: 079465 77893 CONF.. -- CHASE LETTER 000023 90 2793-0001M. WEDC :1.8..50 9,748..50
12/22/1.5 12/22 A461.69 CIIK: 079465 77893 CUNF EDGE TITLE POL 00002.3 90 2793---0001.M WEDC 1.00.00 9,848.50
-r,,:.-, _ DECEMBER ACTIVITY DP..: 9,848.50 GR 0.00 9,848.50
--' „w-° :'., ACCOUNT TOTAL DB: 9,848.50 CR: 0.00
1.-1.➢. '201.6 8W55 AM DETAIL LISTING PAGE 5
FUND 111--WYLIE ECONOM:I:C BEVEL CORP PERIOD TO USE: Dec--2015 "1'HRU Dcz:-2016
D PT 0 611. DEVELOPMENT CORP-WEDC ACE0UIN'1. 5611. 52010 "LHRU 561.1-5891.0
POST DATE TRAIN Yk REFERENCE ERENCH: F'AC;1Sd,'I :_::. DE:SClNI Q'I"ION=== -=:: VEND 1NV/JE 46
5611.-565711 ENGINEERING/ARCHITECTURA.L
BEGINNING BALANCE 0.00
1/04/16 1/04 A48645 CHE: 079601 78039 PROF SERV JACKSON -- :INV 003615 2 .15009 736.80 736.80
m,,,, ,,, JANUARY ACTIVITY DB 736.80 CR:. 0.00 736..80
,_, mm.m. ACCOUNT TOTAL D.I3¢ 736.80 CR 0.00
5811."56610 U`I'ILITIE,S-ELECTRIC
BEGINNING BALANCE 422.70
12/14/15 12/14 1147468 C1lK° 0793.15 77655 GAS SETUP - BUS. WAY 000246 40.13587903 OT28-NV 470.24 8.92.94
12/22/15 12/22 A48182 CHK 079468 77893 BUS WAY GAS--NOV. 15 000246 4013587903 NV6-DC4 45..82 938.76
12/30/15 .72/30 A48.530 CHE: 079563 77994 WA'TE.R-10 BUS WAY-WEDC 000101 :.126-0600--02 NOV15 6.10..67 1,549.43
- + -..,----- DECEMBER ACTIVITY DB,a .1,126.73 CR: 0.00 1,126.73
1/04/16 1/04 A48641 CHK. 079600 78039 UT:IL/CLIP.0 - WEDC NOV15 003302 1171655189 NOV:15 95.06 1.,644..51.
1/04/16 1/04 A48642 CH.K 079600 78039 WATER - WEDC NOV15 003302 122--1040--0.1 NOV15 20.35 .1,664.86
1/04/16 1/04 A48643 CHE:' 079600 78039 UTI:f/GAS - WEDC 'NOV.15 003302 3029287066 NOV15 17.62 1,682.48
,._ .:,. JANUARY ACTIVITY DB:: 133..05 CRr. 0.00 .133.05
IOB 1,259.70 CR:: 0.00
561.].--571.1.0 DEBT SERVICE
BEGINNING BALANCE 0.00
5611--5741.0 PRI'NCIPA:f PAYMENT
BEGINNING BALANCE 87,102.37
12/02/15 12/14 1349546 Bnk Oft 1.20215 13779 3E22849 Kill PMT #3 JE# 022849 7,503.97 .94,606..34
1.2/10/.15 1.2/14 B49576 Bnk Oft 12101' 13748 3E22879 PEDDICORD/WHITE PMT#12 JE# 022079 5,044..36 99,650.70
12/15/15 12/16 549622 Bnk rift 1.21.51.5 13771. J:E22.91.6 WB DEWY PMT 016 JE# 022916 11.,51.3..01. 111,163.71
12/22/15 :1.2/30 R4.9764. Bnk. Dft 122215 1.37.97 3E22959 BUCHANAN PMT #1.6 JE# (722959 6,366„74 1.17,530.45
12/28/15 12/30 1497"78 Bnk Oft 1.22815 13800 JE22967 IIUGHES/RANDACK PMT#37 jE# 022967 9,330.77 126,1361.22
--:. -..,,. DECEMBER ACTIVITY DB: 39„758.85 CR: 0.00 39,758..85
mm...,,,,.,. ACCOUNT TOTAL DB: 39,758..85 CRC 0.00
5611"5'74➢.`.': INTER.ES'T EXPENSE
BEGINNING BALANCE :18,229.87
12/02/15 12/14 849546 Bnk,. D:Ct .120215 13739 3E22849 KIM PMT #3 JE# 022849 1,241..28 19,47.1.15
12/10/15 12/14 B49576 Bnk. DLL 12.101.5 .13748 JE22879 PEDD.ICORID/WHITE PM".1"#12 3E# 02287.9 2,3.38.09 21,609.24
12/.15/.15 12/16 049622 Bnk. D:Ct. 12151.5 .1:377.1 3E22916 WB DEWY PMT #16 JEll 022916 1,7.54..92 23,564.:16
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12/22/15 12/30 a^yro^ uvx nft, z#zzs z'09V ono/mean puo W,, Jo* mxz*sm 965.21 27,630.6*
12/28/15 z2./»u o"arra o^^ mr" zuMs 138*0 aou296'? ouoaam/mAuo^ou rmrmxI Jom eoym 7�6.2a 28.406.89
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Wylie Economic Development Corporation
Balance Sheet Sub Ledger
December 31, 2015
Notes Payable
Date of Rate of Principal
Purchase Payment Beginning Bal. Principal Interest Interest Balance
December 1, 2015 3,318,258.00
ANBTX-88130968 HUGHES/RANDACK(37 of 60) 10/23/12 10,107.00 233,376.27 9,330.77 776.23 3.99 224,045.50
ANBTX-88130976 WOODBRIDGE PKWY (#16 of 60) 8/15/14 13,267.93 806,859.39 11,513.01 1,754.92 2.61 795,346.38
ANBTX-88148481 BUCHANAN(#16 of 60) 8/13/14 7,331.95 307,227.66 6,366.74 965.21 3.77 300,860.92
ANBTX-88149711 PEDDICORD/WHITE(#12 OF 120 12/12/14 7,382.45 668,024.78 5,044.36 2,338.09 4.20 662,980.42
ANBTX-88158043 K&M(3 0f48) 9/2/15 8,745.25 372,383.90 7,503.97 1,241.28 4.00 364,879.93
ANBTX-88157334 LINDUFF(3 of 9 Interest only) 10/21/15 3,101.29 930,386.00 0.00 3,101.29 4.00 930,386.00
December 31, 2015 $39,758.85 $10,177.02 3,278,499.15
Note: Principal and Interest payments vary by date of payment.
* Balance adjusted $514.68 at payoff of ANBTX-88122627 (Martinez)
Monthly Payments: 46,834.58
Annual Payments: 562,014.96
Wylie Economic Development Corporation
Inventory Subledger
December 31, 2015
Inventory - Land
Date of Pur. Address Acreage Improvements Cost Basis Sub-totals
Cooper McMasters 7/12/05 709 Cooper 0.48 n/a $202,045
Heath 12/28/05 706 Cooper 0.46 $32,005 3,625 186,934
Perry 9/13/06 707 Cooper 0.49 Demo 200,224
Bowland/Anderson 10/9/07 Cooper Dr. 0.37 n/a 106,419
KCS 8/1/08 Cooper Dr. 0.41 n/a 60,208
Duel Products 9/7/12 704 Cooper Dr. 0.50 n/a 127,452
Randack 10/23/12 711-713 Cooper Dr. 1.09 217,500 8,880 400,334
Lot 2R3 7/24/14 Cooper Dr. 0.95 n/a 29,056 $1,312,672
Industrial Ct. Hughes 7/25/06 211 -212 Industrial 0.74 209,801 10,000 420,361
R.O.W. 0.18 41,585
Prime Kuts 10/8/07 207 Industrial 0.20 182,223 4,550 229,284
R.O.W. 0.11 n/a 77,380
Cazad 3/17/08 210 Industrial 0.27 128,083 3,900 200,782
Buchanan 8/13/14 400 S. Hwy 78 1.25 68,294 12,750 503,233
Glenn 4/24/15 209 Industrial Ct 0.18 69,426 2,900 326,773
R.O.W. 0.12 n/a 1,799,398
Regency Ferrell 9/29/05 2806 F.M. 544 1.09 Demo 239,372
Sale of R.O.W. 2/14/07 -0.09 n/a -20,094
Crossroads 6/12/09 2804 F.M. 544 0.44 24,696 2,800 171,842
Regency Pk. 6/4/10 25 Steel Road 0.65 n/a 25,171 416,290
Commerce Hobart Investments 11/12/13 Commerce 1.60 n/a 156,820
Hobart 1/6/14 605 Commerce 1.07 396,263 20,000 386,380 543,200
Jackson Heath 3/17/14 104 N. Jackson 0.17 Demo 220,034
Udoh 2/12/14 109 Marble 0.17 n/a 70,330
Peddicord 12/12/14 108/110 Jackson 0.35 155,984 4,444 486,032
City Lot 12/12/14 100 W. Oak St 0.35 n/a
Jones (K&M) 9/3/15 106 N. Birmin ham 0.21 42,314 4,125 190,596 966,992
Alanis White Property(Alanis) 12/12/14 Alanis 6.63 n/a 420,336 420,336
South Ballard Birmingham Trust 6/3/15 505 -607 S. Ballard 0.95 Demo 409,390 409,390
Business Way Linduff Property 10/21/15 710 Business Way 2.11 649,716 15,000 950,386 950,386
Total 23.48 $1,526,589 92,974 $6,818,664 $6,818,664
*A Journal entry was made by auditors to adjust the cost of the Hughes land by$4,638.79. This amount was for taxes owed and not part of land value.
*Prime Kuts total purchase price was$306,664.45. The distribution between 207 Industrial and R.O.W. purchased was developed by Seller for tax purposes.
WEDC Senior Assistant
JPMorgan Chase
Expense Report
November 2015
I DATE 1 VENDOR I PURPOSE AMOUNT
11/9/15 Walmat Kitchen Supplies 55.18
11/16/16 Kroger WEDC Board Meets Meal 1 16.37
11/19/15 USPS Stamps 9.80
11/19/15 Kroger WEDC Board Meeting Meal 16.85
11/20/15 McDonalds WEDC Board Meeting Meal 10.19
11/20/15 Ballard St. Café Thanksgiving Luncheon 18.39
Total 126.78
WEDC EXECUTIVE DIRECTOR
J P MorganChase
Expense Report
November 2015
I
DATE PAYEE AMOUNT BUSINESS PURPOSE 1 INDIVIDUAL/GROUPS PRESENT
12/02/15 Cytracom 128.31 Telephone Svc N/A
.
11/06/15 Grainger 37.48 Gas can for Generator Business Way Remodel
11/06/15 Grainger 2,843.15 Generator Business Way Remodel
11/09/15 Cheddars 41.72 Business Meeting Satterwhite, Herzog, Parker, Cooper
11/11/2015 Dallas Mavericks 439.00 Project White N/A
11/13/15 Prestonwood 1,965.99 Dues, Bus Mtgs/Pros Recruitment August, September and October
11/13/15 Dickeys 20.00 Business Meeting Satterwhite, Cooper
11/30/15 Pirate Roofing 275.00 Roof-207 Ind. Ct N/A
12/02/15 Cellular World 32.46 Phone Charger N/A
TOTAL) 5,783.11 1
WYLIE ECONOMIC DEVELOPMENT CORPORATION
SALES TAX REVENUE
FOR THE MONTH OF JANUARY 2016
MONTH WEDC WEDC WEDC DIFF % DIFF
2014 2015 2016 15 VS 16 15 VS 16
DECEMBER $134,371 $154,719 $166,418 $11,700 7,56%
JANUARY 128,968 156,685 163,463 6,778 4.33°d
FEBRUARY 213,877 241,858
MARCH 121,483 171,741
APRIL 124,866 134,475
MAY 200,476 211,645
J U N E 145,137 161,426
JULY 149,537 159,973
AUGUST 193,751 216,962
SEPTEMBER 154,328 195,347
OCTOBER 152,545 160,876
NOVEMBER 213,292 226,078
Sub-Total $1,932,632 $2,191,785 $329,882 $18,478 5.93%
AUDIT ADJ
TOTAL $1,932,632 $2,191,785 $329,882 $18,478 5.93%
WEDC SALES TAX ANALYSIS
$300,000 ....._. ... .. ..._,,,,._,,,,.,Y....._.uY
$250,000
/17
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Wylie Economic Development Corporation
MEMORANDUM
TO: WEDC Board of Directors
FROM: Samuel Satterwhite, Executive Directo, ,?
SUBJECT: WEDC Office Space
DATE: January 19, 2016
Issue
Consider and act upon issues surrounding a Commercial Lease Agreement for office space at 250
South Highway 78.
Analysis
Staff became aware in January that the WEDC Commercial Lease for office space with Wylie
Industrial Court Development, Ltd. (ICD) had expired as of November 30, 2015. The current
lease allows for a 60 month extension should the WEDC exercise the same. ICD has indicated
that the extension will be honored should the WEDC choose to extend.
The WEDC has three offices, a dedicated work/copy room, filing room, a dedicated conference
room which accommodates six, and a shared conference room within which WEDC Board
meeting are held. Utilities are shared according to percent of office space utilized with the
WEDC responsible for its own cleaning services. As approved in the FY 2015 — 2016 WEDC
Budget, a monthly lease rate of$2,250 is paid to ICD.
Staff cannot identify another option for alternate WEDC offices unless the Board would like to
discuss utilizing office space at the Wylie Municipal Complex. Short of City Hall, there is no
adequate alternative regardless of price.
While staff is confident that office space at the Municipal Complex could be financially
beneficial, there is still value in having a perceived separation when dealing with developers and
business owners.
Staff Recommendation
Staff recommends that the WEDC Board of Directors authorize the Executive Director to
exercise a 60 month extension of a Commercial Lease between the WEDC and Industrial Court
Development, Ltd. for the lease of office space at 250 S. Highway 78, Wylie, Texas.
Wylie Economic Development Corporation
MEMORANDUM
TO: WEDC Board of Directors
FROM: Samuel Satterwhite, Executive Direct r
SUBJECT: Fruediger Holdings
DATE: January 20, 2016
Issue
{Remove from Table} Consider and act upon a Performance Agreement between the WEDC
and Fruediger Holdings, LLC.
Analysis
Staff has still not completed its final analysis for this item. In order for Board Members to have
time to review the balance of the packet as soon as possible, we are delivering an incomplete
packet. Staff hopes to deliver this item on the afternoon of the 21sY. Thank you for your
continued patience.
Wylie Economic Development Corporation
MEMORANDUM
To: WEDC Board of Directors
From: Samuel Satterwhite, Executive Directs
77,7
Subject: WEDC 2015 Annual Report
Date: January 19,2016
Issue
Consider and act upon issues surrounding the WEDC 2015 Annual Report.
Analysis
As per the WEDC By-laws, the WEDC must present an annual report to the Wylie City Council
no later than January 31 St of each year. The report must include, but is not limited to, a review of
all expenditures made by the Board, a review of accomplishments, and a review of other than
direct economic development. Staff believes the attached Report meets the intent of the
requirements of the By-laws with the same being presented to the Wylie City Council on January
26, 2016.
Recommendation
Staff recommends that the WEDC Board of Directors approve the 2015 WEDC Annual Report
as presented by staff and recommend it be presented to the Wylie City Council.
Attachment
WEDC 2015 Annual Report
Wylie Economic Development Corporation
2015 Annual Report
January 22, 2016
Financial Condition
The Wylie Economic Development Corporation (WEDC) continues to make financial reporting
and accountability a priority. While the City of Wylie audit is not complete at this time,
meetings with the auditors (Weaver, LLP) have not revealed any reporting deficiencies or
recommended changes to existing accounting practices.
For the fifteenth consecutive fiscal year, WEDC sales tax receipts have increased over prior year
figures. Up 13.4% over 2014, 2015 sales tax receipts reached $2,191,785. Following a modest
gain•of 4.2% in 2014, this increase eclipses all previous years' receipts. The most significant
sales tax generators added in 2015 were The Rock Wood Fired Kitchen and TJ Maxx/Home
Goods. FY 2015 — 2016 monthly sales tax receipts are averaging gains of 5.9% over the prior
year.
As determined via reports from the Comptroller of Public Accounts, sales taxes generated within
Woodbridge Crossing for the prior twelve months reflect a 23.3% gain over the prior year with
total sales taxes generated for the City of Wylie, WEDC, and 4B at $1,339,965.
Real and personal property valuation within Woodbridge Crossing equals $64.7 mm which is a
9% gain over 2014. Cumulative property taxes paid to the City of Wylie since the inception of
the incentive agreement equals $3.55 mm. The Sales Tax Reimbursement Agreement with
Direct Development has resulted in incentive payments of$3.2 million over the past 6 years with
net sales taxes collected and ad valorem taxes paid totaling $5.9 mm. The City of Wylie and
WEDC currently reimburse 65% of all sales tax generated within Woodbridge Crossing to Inland
Real Estate Corporation and will do so until 2021 or until such time that a cumulative $6 mm in
sales tax has been reimbursed. Based only upon current sales taxes generated and assuming no
growth, Inland will receive the maximum incentive of$6 mm in approximately 5 years.
The WEDC expended $768,396 on grants and engineering services directly attributed to
incentive packages, $1,858,520 on the purchase of real property, $272,191 on personnel services,
$131,855 on marketing and promotion, and debt service of $795,654. The WEDC also had
$202,400 in income from the lease of WEDC facilities, and $11,958 in income from a loan
receivable. Finally,the WEDC ended the FY 2014-15 with a fund balance of$1,367,391.
In FY 2015-2016, the WEDC is contractually obligated to fund $1,608,018 in direct incentive
programs including sales tax rebate programs for infrastructure improvements executed with
Direct Development, Clark Street, and B&B. These ongoing, multi-year commitments represent
fifteen projects which the WEDC has previously approved or is in the process of negotiating
currently. Non-allocated funding for incentive programs equals $397,000 within incentives and
$200,000 within land acquisition.
The WEDC currently owns 23.48 acres of property with a cost basis of$6,818,664. Annual debt
service of $686,825 has been budgeted for FY 15-16 with an outstanding principal balance of
$3,278,499 as of December 31, 2015. On or about February 1, 2016, the WEDC will incur an
additional $750,000 in debt to acquire 1.23 acres located at 398 South Highway 78 which will be
further referenced with the Redevelopment section of this Report.
- 2 -
In 2014-2015 the WEDC executed a Loan Agreement and borrowed $722,365 to fund the
purchase of the Bart Peddicord Community Center and the City Parking lot from the City of
Wylie as well as a 6.6 acre industrial tract on Alanis Blvd. An additional loan was executed in
the amount of$387,317 to fund the purchase of 106 N. Birmingham and to refinance an existing
note. Finally, the WEDC borrowed $930,000 to purchase an industrial property located at 710
Business Way. This property will be conveyed to Mann Made, Inc. as the WEDC is relocating
Mann Made off of State Highway 78 to a property more conducive for industrial uses.
Finally in 2015, the WEDC conveyed its interest in 3.206 acres of land on Hensley Lane to Exco
Extrusion Dies (Texas), Inc. Exco has constructed a 30,000 square foot facility and will finalize
their relocation in January 2016.
Redevelopment
The WEDC acquired 10 properties in FY 2014 - 2015 complimenting existing redevelopment
efforts. A .30 acre tract on Industrial Court was purchased for $326,000, six contiguous
properties on Ballard Street totaling .95 acres were acquired for $409,000, two lots totaling 0.7
acre were purchased from the City of Wylie for $676,600, and a .21 acre lot at 106 N.
Birmingham was purchased for $190,000.
As previously addressed, in FY 2015-16 the WEDC will finalize the purchase of 398 S. Hwy 78
(Mann Made) which will complete the assembly of a 5 acre contiguous tract between Starbucks
and Wylie Printing. The assemblage completes a nine year effort at an expense of$4.3 mm to
acquire eight properties from six separate property owners. The redevelopment plan identifies
three, 1.6 acre restaurant pad sites with the WEDC already executing a letter of intent (LOI) for
the pad site adjacent to Cooper Drive/Starbuck's. Including the negotiated sales price within the
LOI and reasonable market rate sales price for the remaining 2 pads, the WEDC will recoup a
majority if not all of its investment.
The WEDC was also successful in attracting redevelopment to the southeast corner of F.M. 544
and Regency Drive. In 2005 and 2009 respectively, the WEDC purchased two adjacent tracts on
F.M. 544 in an effort to clean up the corridor. After tearing down a dilapidated structure in 2006,
the WEDC kept the 1.5 acres in its inventory to facilitate the combining of the two adjacent lots
into a more master planned layout. With the demolition of an adjacent woodworking shop and
billboard, a 4 acre tract will be assembled with 3 pad sites ready for development.
In 2016 the WEDC will continue to evaluate opportunities to purchase additional properties
within the Cooper Drive redevelopment areas. Price and location relating to existing WEDC
properties will be the driving factor in additional land purchases for redevelopment.
Retail/Commercial Activity
Even with the opening of TJ Maxx and Home Goods within Woodbridge Crossing in late 2014,
pad development in front of the seemingly successful junior anchors continues to be stagnate. In
staff's opinion, Inland Real Estate Corporation's focus on long term ground leases has reduced
the market for these pads and will continue to hinder development. However, with the continued
development of Wylie and Murphy properties along 544, the Inland pad sites will remain viable
options with so few options remaining.
- 3 -
The Kroger Marketplace anchored Woodbridge Centre continues to generate activity with the
opening of The Rock Wood Fired Kitchen in FY 2014-15. Kroger Marketplace occupies
114,000 with lease shop space of 22,000 square feet. Of the lease shop space constructed, only
4,500 square feet remains vacant with Papa Johns, Modern Eye Care, Orange Leaf, and Wing
Stop executing leases in 2014/2015. The Rock Wood Fired Kitchen began operation in January
2015 with record breaking success and continues to do well. The owner, Clark Street
Development out of Chicago, continues to employ Edge Realty to represent their interests. Clark
Street entered into a Performance Agreement with the WEDC under which reimbursements for
infrastructure improvements up to $1.1 mm are available should certain performance
requirements be met. Clark Street has received $224,000 in sales tax reimbursements to date.
Projected for completion in fall 2016, the Wylie community secured a La Quinta Inn & Suites in
2015 to be located near the intersection of Sanden and F.M. 544. Utilizing an Occupancy Tax
reimbursement program to be funded by the WEDC, the 45,000 square foot Hotel will generate
approximately $100,000 annually in Hotel & Motel Occupancy Tax to the City of Wylie and
have an appraised value of approximately$3.2 mm.
WEDC and City of Wylie representatives will continue to make attendance at the International
Council of Shopping Centers Conference a priority in 2016. While it is unlikely that Wylie will
attract new investors for `center' development in 2016 based upon the remaining acreage
available within the community, the WEDC will be available to Inland and Clark Street for
meetings with end users as well as promoting other retail properties in Wylie.
Two prospects generated in 2015 at ICSC are to execute real estate contracts within the next 30-
60 days in Wylie. While frustratingly slow for WEDC staff, this time frame is not uncommon.
Industrial Activity
In 2015 the WEDC purchased a 6.63 acre tract on Alanis for$420,000 to promote light industrial
development. Prior to master-planning the site and promoting it to end users, the WEDC is
evaluating other available properties in the area so as to maximize the total acreage available for
industrial development. The WEDC has been approached by a 40,000 square foot industrial user
which has initiated preliminary discussions to acquire the property. The potential investment in
the site is estimated at $2.5 - $3 mm. Prior to the sale of the site though, the WEDC will
evaluate adjacent properties in the area so as to create more opportunities for light industrial
development.
Savage Precision has completed its seventh year of the seven year Performance Agreement with
the WEDC. Savage met all performance requirements surrounding valuation and employment
and continues to stand out as a true success story for local business growth and expansion
facilitated by public/private partnerships.
Ascend Custom Extrusion is currently in compliance with all performance measures outlined
within 2 Performance Agreements with the WEDC. Ascend currently operates 3 shifts in
extrusion (3 presses) and packing, 2 shifts in shipping, and 1 ten hour shift in the paint line.
There are currently 210 Ascend employees.
-4 -
In 2014 the WEDC finalized negotiations and entered into a Performance Agreement with Exco
Extrusion Dies to construct a 30,000 square foot manufacturing facility on 3.2 acres owned by
the WEDC within Premier Industrial Park. The project is estimated to be valued in excess of
$7.5 mm on the tax roll and will be complete on or about January 31, 2016.
The WEDC completed negotiations on 5 other commercial projects in 2015 totaling $4.95 mm in
investment and 32,000 square feet of new facilities.
2016 Goals & Objectives
The KCS Intermodal served property remains the greatest opportunity for the Wylie community
in terms of potential new development. 2015 saw the completion of the intermodal
improvements as now City/WEDC staff encourage KCS leadership to provide a strategy for
encouraging light industrial/distribution development. Multi-Tech, a KCS engineering
consultant, has begun evaluating the site in an effort to determine the best development options.
Two recent requests from end users for sites supporting 500,000 square feet and up have
facilitated the development of a master plan by KCS for the property outside of rail operations
which is long overdue.
Staff is committed to bringing 4 new dining options to Wylie in 2016. Completing WEDC pad
development at Cooper and 78 is a top priority and finalizing negotiations for at least one pad
site in front of Kroger is a realistic goal.
With the hiring of a new WEDC Assistant Director, a more formalized Business Retention &
Expansion Program will be implemented. Over the past 20 years, 48% of WEDC projects have
been the result of local businesses expanding their operations. As the business community
grows, it is more difficult to develop relationships with business leaders without a more
formalized effort. With the implementation of a BRE program aimed at interfacing with all
commercial businesses over a specified time period, determining their readiness for expansion
(facilities or machinery & equipment), and the development of incentive programs to facilitate
that investment, the WEDC will not only meet its primary mission of growing and diversifying
the local tax base,but assist local businesses that have already invested in the Wylie community.
New investors have purchased the Barix Hospital property on State Highway 78 and the adjacent
3 story office building. With the hospital being vacant for the past 10 years and the office
building grossly underutilized for the same period of time, 2016 provides a tremendous
opportunity to partner with the new investment group to maximize this site's potential. Whether
it be property tax incentives, permit fee waivers, or assistance with access and infrastructure
upgrades, all options for assistance should be considered.
Finally, with the completion of a concept plan for mixed-use development on Jackson Street to
complement Wylie's Historic Downtown, the WEDC must identify investors willing to
implement this vision. While many issues directly impacting this area are as of yet unclear (i.e.
access, traffic flow, parking, building height, etc.), the public/private partnership is key to
success and must be pursued with greater urgency.
- 5 -
Wylie Economic Development Corporation
MEMORANDUM
TO: WEDC Board of Directors
FROM: Samuel Satterwhite, Executive Di rector
SUBJECT: B&B Theatres
DATE: January 19, 2016
Issue
Consider and act upon a Performance Agreement between the WEDC and B&B Theatres
Operating Company, Inc.
Analysis
The WEDC originally approved a Performance Agreement with B&B Theatres Operating
Company on December 9, 2011 and subsequently approved a First Amendment to the
Agreement on December 1, 2014. The 2011 Agreement called for real and personal property
valuation of $9.5 mm, along with confirmation of construction costs and CO, with the
Amendment allowing for a cumulative value of $7.3 mm. Also part of the negotiations for
amending the Agreement was the voiding of all commitments made by the City of Wylie due to
an Event of Default.
With cumulative values of $7,328,267, B&B is eligible to receive an economic incentive of
$25,000 plus a sales tax reimbursement equivalent to 1/2 cent collected by the WEDC. Taxes
generated by the WEDC Y2 cent tax, as reported by the Comptroller of Public Accounts for the
period beginning December 2014 and ending November 2015, equals $19,087.01.
Recommendation
Staff recommends that the WEDC Board of Directors approve payment to B&B Theatres
Operating Company in the amount of$44,087.01 as required under the terms of the Performance
Agreement and First Amendment to the same between the WEDC and B&B.
Attachments
Performance Agreement
First Amendment to Performance Agreement
PERFORMANCE AGREEMENT
Between
WYLIE ECONOMIC DEVELOPMENT CORPORATION
And
B & B THEATRES OPERATING COMPANY,INC.
This Performance Agreement(this "Agreement") is made and entered into by and between
the Wylie Economic Development Corporation(the "WEDC"), a Texas corporation organized
and existing under Chapter 501 of the Texas Local Government Code, known as the Development
Corporation Act, as amended from time to time (the "Act")and B & B Theatres Operating
Company, Inc. (the"Company"), a Missouri corporation.
RECITALS
WHEREAS,the Company proposes to acquire title to that certain tract of property located
within the corporate limits of the City of Wylie, Texas(the "City"), consisting of approximately
10.75 acres,located near the southwest corner of F.M. 544 and Woodbridge Parkway, Wylie,
Texas, as more fully described in the attached Exhibit"A" (the "Property"); and
WHEREAS,the City has entered into a Retail Development Agreement(the
"Development Agreement")with the Company to facilitate the construction of a 56,000 square
foot, 12 screen, 2,002 seat theater on the Property. The Development Agreement is effective the
same date as this Agreement; and
WHEREAS,the Company has requested financial and/or economic assistance from the
WEDC to plan and construct certain infrastructure improvements to assist in the development of
the Property for a 56,000 square foot, 12 screen,2,002 seat theater(the"Facility"); and
WHEREAS, Section 501.103 of the Act states that the WEDC may provide funding for
expenditures that are found by the Board of Directors to be required or suitable for infrastructure
necessary to promote or develop new or expanded business enterprises, limited to streets and
roads,rail spurs, water and sewer utilities, electric utilities,or gas utilities, drainage, site
improvements, and related improvements (the"Qualified Infrastructure"). Qualified Infrastructure
does not include temporary infrastructure improvements or traffic signals; and
WHEREAS, Company proposes to use the economic incentives for the construction of the
Qualified Infrastructure which will include approved public infrastructure improvements and site
improvements as may be amended from time to time, necessary for the development of the
Property and which will benefit the surrounding properties, as generally described in the attached
Exhibit"B"; and
WHEREAS, the VW'EDC has found that the Qualified Infrastructure is necessary to
promote or develop new or expanded business enterprises in the City and the WEDC has
concluded that the Qualified Infrastructure constitutes a"project", as that term is defined in the
Act, and is willing to provide Company with economic assistance as hereinafter set forth on the
terms and subject to the conditions as stated herein and Company is willing to accept the same
subject to all terms and conditions contained in this Agreement; and
Page 1 of 12
599629v5
WHEREAS, the WEDC has determined that it is in the best interest of the public and the
City and promotes the purposes authorized by the voters of the City of Wylie for which the
WEDC was established to encourage the development and use of industrial and business
properties within the City; and
WHEREAS, the WEDC is willing to provide the Company with economic assistance
hereinafter set forth on the terms and subject to the conditions as stated herein and Company is
willing to accept the same subject to all terms and conditions contained in this Agreement.
NOW, THEREFORE,for and in consideration of the promises, covenants and
agreements set forth herein,the receipt and sufficiency of which are hereby acknowledged,the
WEDC and Company agree as follows:
1. Economic Assistance. Subject to the terms of this Agreement,the WEDC will provide
Company economic assistance in the form of a Performance Economic Incentive
('`Economic Incentive"). The combined Economic Incentive from the WEDC and the sales
tax reimbursement from the City through the Development Agreement shall not exceed the
sum of$600,000.
Upon meeting the qualifications and requirements (the"Performance Requirements"),the
Company shall be entitled to the following Economic Incentive:
Economic Incentive and Performance Requirements Schedule:
Economic Project WEDC WEDC Eligibility
Incentive Economic Cumulative Period
Number Incentive Economic Expiration
Incentive Date
No. 1 Completion of the Qualified $100,000 $100,000 12/31/2013
Infrastructure improvements
as outlined in Exhibit B.
No.2 $25,000 plus $125,000 12/31/2014
.005 sales tax plus sales tax
reimbursement reimbursement
No.3 $25,000 plus $150,000 12/31/2015
.005 sales tax plus sales tax
reimbursement reimbursement
No.4 $25,000 plus $175,000 12/31/2016
.005 sales tax plus sales tax
reimbursement reimbursement
No.5 $25,000 plus $200,000 12/31/2017
.005 sales tax plus sales tax
reimbursement reimbursement
No.6 $25,000 plus $225,000 12/31/2018
.005 sales tax plus sales tax
reimbursement reimbursement'
Total Cumulative Economic Incentive from the WEDC and the City shall not exceed$600,000.00
Page 2 of 12
599629v5
II. Requirements for each Economic Incentive.
a. A maximum Economic Incentive of$100,000.00 will be paid to Company upon
completion of the following Performance Requirements for Incentive No. 1:
1) Documentation that Company has acquired title to the Property on or before March
31,2012; and
2) Documentation of construction and completion of the Qualified Infrastructure to
serve the Property in accordance with all applicable City Codes and Ordinances on
or before December 31, 2013; and
3) Documentation of final acceptance of the construction and completion of the
Qualified Infrastructure by the City on or before December 31, 2013;and
4) Documentation reasonably acceptable to the WEDC verifying the actual cost of the
Qualified Infrastructure to be at least$600,000 on or before December 31, 2013;
and
5) Documentation that the Company has expended at a minimum the sum of
$10,000,000,for the cost of the Property, construction of the improvements, and
the personal property located on the Property; and
6) Documentation of receipt of a permanent Certificate of Occupancy (`CO") from
the City for the Facility on or before December 31,2013; and
7) Compliance documentation shall be submitted as required below in Article III,
General Provisions(b).
b. A maximum Economic Incentive of$25,000.00 plus an amount equal to a 1/2 cent
(.005) sales tax based upon the total taxable sales generated by the Facility during the
preceding twelve month period will be paid to Company upon completion of the
following Performance Requirements for Incentive No. 2:
1) Documentation on or before December 31, 2014, of an appraised value for the
Facility(including land,improvements, and personal property)of not less than
$10,000,000, as certified by the Central Appraisal District.
2) Documentation from the Comptroller of the total sales tax generated for the Facility
for the twelve month period ending December 31, 2014.
3) Compliance documentation shall be submitted as required below in Article III,
General Provisions (b).
c. A maximum Economic Incentive of$25,000.00 plus an amount equal to a '/2 cent
(.005) sales tax based upon the total taxable sales generated by the Facility during the
Page 3 of 12
599629v5
preceding twelve month period will be paid to Company upon completion of the
following Performance Requirements for Incentive No. 3.
1) Documentation on or before December 31, 2015, of an appraised value for the
Facility(including land, improvements, and personal property) of not less than
—,
$9, 00 00 0, as certified by the Central Appraisal District.
5. .,.
2) Documentation from the Comptroller of the total sales tax generated for the Facility
for the twelve month period ending December 31, 2015.
3) Compliance documentation shall be submitted as required below in Article III,
,,rig, General Provisions (b).
d. A maximum Economic Incentive of$25,000.00 plus an amount equal to a % cent
(.005) sales tax based upon the total taxable sales generated by the Facility during the
preceding twelve month period will be paid to Company upon completion of the
following Performance Requirements for Incentive No. 4.
1) Documentation on or before December 31, 2016,that the Company has created,
staffed and maintained employment of at least five (5) full-time employees and
twenty(20)part time employees in the City.
2) Documentation from the Comptroller of the total sales tax generated for the Facility
for the twelve month period ending December 31, 2016.
3) Compliance documentation shall be submitted as required below in Article III,
General Provisions(b).
e. A maximum Economic Incentive of$25,000.00 plus an amount equal to a Y2 cent
(.005)sales tax based upon the total taxable sales generated by the Facility during the
preceding twelve month period will be paid to Company upon completion of the
following Performance Requirements for Incentive No. 5.
1) Documentation on or before December 31, 2017,that the Company has created,
staffed and maintained employment of at least five(5) full-time employees and
twenty(20)part time employees in the City.
2) Documentation from the Comptroller of the total sales tax generated for the Facility
for the twelve month period ending December 31, 2017.
3) Compliance documentation shall be submitted as required below in Article III,
General Provisions (b).
f. A maximum Economic Incentive of$25,000.00 plus an amount equal to a 1/2 cent
(.005) sales tax based upon the total taxable sales generated by the Facility during the
Page 4 of 12
599629v5
preceding twelve month period will be paid to Company upon completion of the
following Performance Requirements for Incentive No. 6.
1) Documentation on or before December 31, 2018, that the Company has created,
staffed and maintained employment of at least five (5)full-time employees and
twenty(20)part time employees in the City.
2) Documentation from the Comptroller of the total sales tax generated for the Facility
for the twelve month period ending December 31, 2018.
3) Compliance documentation shall be submitted as required below in Article III,
General Provisions (b).
For the purposes of this Agreement, "square feet" is defined as the actual square footage in
the premises owned by the Company.
For the purposes of this Agreement, a"full-time employee"is defined as an employee
hired to work a minimum of thirty-eight (38)hours per week, including allowance for vacation
and sick leave,with full company benefits and employed exclusively and on-site at the Company's
Project in the City of Wylie,Texas. A"part time employee"is defined as an employee hired to
work a minimum of thirty(30)hours per week and is employed exclusively and on site at the
Company's Project in the City of Wylie, Texas.
III. General Provisions.
a. Term of the Agreement: The term of this Agreement shall begin on the date of
execution by the WEDC and will expire the earlier of(i)the full payment of the
Economic Incentive, or(ii) on December 31, 2018, or as otherwise provided within the
Agreement.
Notwithstanding the above, if the Company fails to execute and deliver this Agreement
to the WEDC on or before 5:00 p. m. on the thirtieth(30th) day following the date of
approval by the WEDC,this Agreement shall be null and void.
b. Submittal of Performance Documentation: Supporting documents must be submitted
in a format acceptable to the WEDC not more than thirty(30)days from the Eligibility
Period Expiration Date for each Economic Incentive.
c. Verification and Compliance: The Company will certify and provide,to the extent
necessary, Company records, documents, agreements, construction contracts both at
the prime and sub-contractor level, and other instruments in furtherance of the
following purposes: (i)to insure Company's compliance with the affirmative
covenants as set forth within the Performance Agreement; (ii)to determine the
existence of an event of default; (iii)to insure compliance with any terms or conditions
set forth in the Agreement or related documents. Company will provide reports
certifying the status of compliance and any other relevant information until the
termination of the Agreement.
Page 5 of 12
599629v5
d. Payment of Economic Incentives: Subject to the terms of this Agreement,the
Economic Incentives shall be paid as follows:
i) the WEDC shall pay the Economic Incentives within forty-five (45) days of
receipt of the required documentation from the Company, subject to verification by the
WEDC that the Performance Requirements have been met or exceeded by the
Company. The "payment date" of each Economic Incentive shall be the date of the
check each Economic Incentive is paid. Not more than one(1)Economic Incentive
shall be paid within a period of twelve(12)months;
ii) The parties agree that the dollar amount of retail sales eligible for the
Reimbursement Incentives payable to Company will be derived from sales and sales
tax information furnished by the Comptroller's Office of the State of Texas or any
successor agency charged with collecting such information and preparing such reports.
The WEDC shall pay Company a grant each calendar year within forty-five (45) days
of receipt of the WEDC's share of the sales tax revenue from the State and a Texas
Comptroller's Report indicating the municipal retail sales tax collections reported to
the Texas Comptroller for the Project. Company, its successors and assigns to the
Property and any tenants of the Property will use commercially reasonable efforts to
have all occupants of the Property sign and submit to the WEDC and the Texas
Comptroller, a Waiver of Sales Tax Confidentiality form marked Exhibit C and
attached hereto to allow the WEDC to obtain sales tax information collected from
businesses on the Property;
iii) In the event the State of Texas determines that the WEDC erroneously
received sales tax receipts, or that the amount of sales tax paid the WEDC exceeds the
correct amount of the sales tax for a previous taxable year for which Company has
received any Reimbursement Incentives payment, Company shall not be required to
refund such overpayment and the WEDC shall adjust the payment(s)for such periods
immediately following such State of Texas determination for such incorrect amount
accordingly;
iv) In the event that any one or more of the occupants of the Facility file an
amended sales tax return, or report, or if additional sales taxes are due and owing by
such occupant, as determined by or as approved by the State of Texas for a previous
tax year, then the Reimbursement Incentives for the succeeding tax year shall be
adjusted upward to reflect such additional taxes payable by such occupant;
v) In the event of any legislative or judicial interpretation that limits or
restricts the WEDC's or the City's ability to rebate the Reimbursement Incentives
and/or the Tax Grants (as applicable)provided or otherwise extracts,imposes any
penalty, or other restriction,the WEDC and Company will agree to work together in
good faith to provide the Company with a reasonably equivalent value,to the extent
permitted by law, and to otherwise accomplish the purpose of this Agreement.
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599629v5
e. Non-Attainment of Performance Requirements: In the event the Company does not
meet or exceed the Performance Requirements as specified in Section II, the WEDC
Economic Incentive will be voided. After the Expiration Date of an Eligibility Period,
the Company will not be eligible to receive any portion of that Economic Incentive.
Regardless of Company's failure to meet the Performance Requirements for a specific
Economic Incentive, this Agreement shall still be in effect and the Company shall still
have the ability to earn the remaining eligible Economic Incentives due hereunder.
f. Employee Hiring, Materials and Supplies Purchase: Although not an event of default
or a condition to this Agreement, WEDC requests that the Company endeavor to
satisfy its need for all additional employees from Wylie residents and purchase all
materials, supplies and services necessary to affect the occupancy of the Property from
Wylie merchants and businesses. The Company will use reasonable efforts to place
Company-managed hotel room nights, related to the Company's business, at hotel
facilities located in the City whenever practicable.
g. Community Involvement: Although not an event of default or condition of any
advance hereunder,the Company agrees to endeavor to actively participate in
community and charitable organizations and/or activities, the purpose of which are to
improve the quality of life in the City of Wylie, Texas,and to actively encourage its
employees to be involved in such organizations and/or activities.
h. Non-Payment of Economic Incentives: Notwithstanding anything herein to the
contrary, WEDC shall have no obligation to pay any of the Economic Incentives if the
Company becomes insolvent and fails to perform its obligations under this Agreement,
makes material false statements in regard to this Agreement or any of the information
required to be provided under this Agreement,fails to pay any valid municipal
payments to the City of Wylie, Texas (but this shall not prevent the Company from
contesting such charges in good faith),files a suit against the City and/or the WEDC,
or otherwise materially defaults under the terms of this Agreement.
i. Notification Obligations: The Company shall notify the WEDC in writing of any
material changes in the Company ownership or management within thirty(30)days of
any such change.
j. Termination of Economic Assistance: This Agreement may be terminated(1)by mutual
written consent of the parties or(2)by the non-defaulting party upon the uncured default
of the other party to this Agreement. Regardless of Company's level of attainment of the
Performance Requirements as set forth in this Agreement, the WEDC's obligation to pay
a portion or all of the Economic Incentives to the Company will expire ninety(90)days
following the Eligibility Period Expiration Date of the last Economic Incentive,except
that the obligations of WEDC to pay the Company under this Agreement will remain in
effect until paid so long as the Company has fully complied with the Performance
Requirements for such unpaid Economic Incentives prior to the expiration date,including
reasonable compliance with the documentation requirements set forth herein.
Page 7 of 12
599629v5
IV. Miscellaneous.
a. This Agreement shall inure to the benefit of the parties hereto and shall not be
assignable by Company without the prior written consent of the WEDC except to an
entity or affiliate that is owned by the Company or its principals, which consent may be
withheld by the WEDC in its sole and absolute discretion.
b. This Agreement shall be construed according to the laws of the State of Texas and is
subject to all provisions of the Act, which are incorporated herein by reference for all
purposes. In the event any provision of the Agreement is in conflict with the Act,the
Act shall prevail.
c. This Agreement contains the entire agreement of the parties regarding the within
subject matter and may only be amended or revoked by the written agreement executed
by all of the parties hereto.
d. This Agreement shall be governed by the laws of the State of Texas and is specifically
performable in Collin County, Texas.
e. Any notice required or permitted to be given under this agreement shall be deemed
delivered by depositing the same in the United States mail, certified with return receipt
requested,postage prepaid, addressed to the appropriate party at the following
addresses, or at such other address as any part hereto might specify in writing:
WEDC: Mr. Samuel D. R. Satterwhite
Executive Director
Wylie Economic Development Corporation
250 South State Highway 78
Wylie,Texas 75098
With copy to: Abernathy Roeder Boyd&Joplin P.C.
1700 Redbud Blvd., Suite 300
McKinney, Texas 75069
Attention: Mr. G.Randal Hullett
COMPANY: B &B Theatres Operating Company, Inc.
2101 W.Kansas Street
Liberty,MO 64068
Attn:
By the execution hereof, each signatory hereto represents and affirms that he is acting on
behalf of the party indicated,that such party has taken all action necessary to authorize the
execution and delivery of the Agreement and that the same is a binding obligation on such party.
Page 8 of 12
599629v5
WEDC this ' '' �,;:y of b .� I'. �" ,2011.
WEDC:
IECONO IC DE LOP ENT
TION
:
Marvin Fuller, President
ated :
COMPANY:
B & B TUEAT1 E, OPERA I G COMPANY,
INC,a Missouri corporation
1 "
Name:
Dated: -Cm
Page 90 12
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EXHIBIT B
WYLIE CINEMA 12
WOODBRIDGE CENTRE PHASE II
Exhibit B
January 25th, 2012
Qualified Infrastructure Costs:
HARD COSTS
Off Site $ 38,530.00
Site Work/Utilities/Etc $ 1,040,769.92
Site Work Estimates/Other $ 558,046.96
Contingency $ 163,734.69
TOTAL HARD COSTS $ 1,801,081.57
SOFT COSTS
Civil Engineering $ 99,822.00
Impact Fees $ 226,954.70
City Fees $ 18,434.72
Construction Testing $ 37,929.00
Architectural $ 10,000.00
Legal Fees $ 8,000.00
Contingency $ 40,114.04
TOTAL SOFT COSTS $ 441,254.46
TOTAL HARD AND SOFT COSTS $ 2,242,336.03
EXHIBIT C
Waiver of Sales Tax Confidentiality
Date:
I authorize the Comptroller of Public Accounts to release sales tax information pertaining to the
taxpayer indicated below to the City of Wylie. I understand that this waiver applies only to our
retail store located in
Please print or type the following information as shown on your Texas Sales and Use Tax permit:
Name of Taxpayer Listed on Texas Sales Tax Permit
Name Under Which Taxpayer is Doing Business (d/b/a or Outlet Name)
Taxpayer Mailing Address
Physical Location of Business Permitted for Sales Tax in Wylie, Texas
Texas Taxpayer ID Number
Authorized Signature*
Printed Name of Authorized Signature
Position of Authorized Signature
Phone Number of Authorized
..__._.._ zed Signature
nature
* The authorized signature must be an owner, officer, director,partner,or agent authorized
to sign a Texas Sales Tax Return. If you have any questions concerning this waiver of
confidentiality,please contact the Texas Comptroller of Public Accounts at 1 (800) 531-5441.
Page 12 of 12
529403-3
FIRST AMENDMENT TO THE
PERFORMANCE AGREEMENT
Between
WYLIE ECONOMIC DEVELOPMENT CORPORATION
And
B&B THEATRES OPERATING COMPANY,INC.
This First Amendment (this "Amendment") to the Performance Agreement between the
Wylie Economic Development Corporation and B & B Theatres Operating Company, Inc., dated
January 18, 2012 (the "Agreement') is made and entered into by and between the Wylie
Economic Development Corporation (the "WEDC"), a Texas corporation organized and
existing under Chapter 501 of the Texas Local Government Code, known as the Development
Corporation Act, as amended from time to time (the "Act"), and B & B Theatres Operating
Company,Inc.,a Missouri Corporation(the "Company").
RECITALS
WHEREAS,the WEDC and Company have previously entered into the Agreement;and
WHEREAS, the Agreement provided for the WEDC to provide economic assistance by
providing funding in the form of a Reimbursement Incentive to the Company;and
WHERAS, certain Performance Requirements for a Reimbursement Incentive for the
Company were set forth in the Agreement;and
WHEREAS,the WEDC has made full payment to Company of Incentive No. 1;and
WHEREAS, WEDC and Company desire to amend the Agreement to modify a portion of
the Performance Requirements to qualify for the remaining Economic Incentives.
NOW,THEREFORE,for and in consideration of the promises,covenants and agreements
set forth herein, the receipt and sufficiency of which are hereby acknowledged, the WEDC and
Company agree as follows:
1. Section II,Paragraph B(1),is hereby amended and substituted with the following;
1) Documentation on or before December 31,2014,of an appraised value for
the Facility (including land, improvements, and personal property) of not
less than$7,300,000,as certified by the Appraisal District.
2. Section II,Paragraph C(1),is hereby amended and substituted with the following:
1) Documentation on or before December 31,2015,of an appraised value for
the Facility (including land, improvements, and personal property) of not
less than$7,300,000,as certified by the Appraisal District.
Page[ of2
656896v5
Except as expressly amended herein,the Agreement remains unchanged,and is a valid and binding
obligation of WEDC and the Company,
By the execution hereof,each signatory hereto represents and affirms that he is acting on behalf of
the party indicated, that such party has taken all action necessary to authorize the execution and
delivery of the Amendment and that the same is a binding obligation on such party.
SAC
EXECUTED this ( Tday of ,C ,2014,
WEDC:
Wylie Economic Develop:: nt Corporation
13 '
yM Marvin Fuller,President
III
COMPANY:
B&B Theatres Operating Company,Inc.,a Missouri Corporation
By:
Robe E.Bagby,President
Page oft
6565%vS
Wylie Economic Development Corporation
MEMORANDUM
TO: WEDC Board of Directors
FROM: Samuel Satterwhite, Executive Director
SUBJECT: Ascend Custom Extrusions
DATE: January 19, 2016
Issue
Consider and act upon issues surrounding a Performance Agreement between the WEDC and
Ascend Custom Extrusions, LLC.
Analysis
Attached for the Board's review is a Performance Agreement between the WEDC and Ascend
which was executed on November 19, 2010. In order to qualify for the 5th and final incentive
payment of $76,518 Ascend must maintain continuous occupancy of the facility and have
cumulative personal property value of not less than $7,100,000.
Ascend currently has personal property valued at $8,951,010, real property valued at
$8,863,2887, in addition to 225 employees. As the Ascend project was being negotiated in 2010,
the total appraised value for the project was estimated at $14.3 mm.
Payment of Incentive #5 will finalize the WEDC commitment per the attached Performance
Agreement. The WEDC still owes two payments of$24,000 each associated with the real and
personal property expansion completed in 2014.
Recommendation
Staff recommends that the WEDC Board of Directors approve an incentive payment of$76,518
to Ascend Custom Extrusions, LLC per the terms of the Performance Agreement between the
WEDC and Ascend.
Attachments
Performance Agreement
PERFORMANCE AGREEMENT
Between
WYLIE ECONOMIC DEVELOPMENT CORPORATION
And
ASCEND CUSTOM EXTRUSIONS,LLC
This Performance Agreement (this "Agreement") is made and entered into by and between
the Wylie Economic Development Corporation (the "WEDC"), a Texas corporation organized
and existing under Chapter 501, of the Local Government Code, known as the Development
Corporation Act, as amended from time to time (the "Act"), and Ascend Custom Extrusions,LLC -
(the "Company"), a Delaware limited liability company.
RECITALS
WHEREAS, the Company and WEDC desire to enter into a build-to-suit lease with an
option to purchase that certain property and its improvements located at 1405 Martinez Lane,
Wylie, Collin County, Texas, being 22.42 acres, more or less, and described more fully on Exhibit
A attached hereto (the"Property"), to be developed by Company into an aluminum extrusion
business in the City of Wylie, Texas (the "Project"); and
WHEREAS, the WEDC has entered into a contract to purchase 1.36 acres from SAF-
Holland USA, Inc. ("SAF-Holland"), which acreage is included in the description of the Property
described herein(the"Holland Property"). The contract for the Holland Property contains a
requirement that the WEDC pay to relocate a fence and storage area on the balance of the property
owned by SAF-Holland; and
WHEREAS,to help facilitate the purchase of the Holland Property, and as part of the
Performance Requirements for the economic incentives described herein, the Company agrees to
pay to the WEDC the lesser of(i) fifty percent (50%) of the acquisition cost of the Holland
Property(including the cost for relocating the fence and storage area), or(ii) $150,000(the
"Holland Property Consideration"). The Company agrees to pay this amount to the WEDC on or
before three (3) days prior to the expiration of the Feasibility Period described in the contract for
the Holland Property; and
WHEREAS, the WEDC has agreed to enter into a lease agreement with the Company in
the form attached hereto as Exhibit B, whereby the WEDC shall lease the Property and construct
improvements on the Property and to grant the Company an option to purchase the Property on
terms and conditions acceptable to both parties (the "Lease"); and
WHEREAS, the Company has requested that the WEDC provide economic assistance to
facilitate this Project by entering into the Lease and providing cost reimbursement for the purchase
of equipment to be used at the Property; and
WHEREAS, for the public purpose of promoting economic development and diversity,
increasing employment, reducing unemployment and underemployment, expanding commerce and
stimulating business and commerce activities in the State of Texas, Collin County, and the City of
Page of 9
5324364
Wylie, the WEDC desires to provide economic assistance to the Company as more particularly
described in this Agreement; and
WHEREAS, the WEDC is willing to provide the Company with economic assistance
hereinafter set forth on the terms and subject to the conditions as stated herein and Company is
willing to accept the same subject to all terms and conditions contained in this Agreement.
NOW,THEREFORE, for and in consideration of the promises, covenants and agreements
set forth herein, the receipt and sufficiency of which are hereby acknowledged, the WEDC and
Company agree as follows:
Economic Assistance. Subject to the terms of this Agreement and the payment by the
Company of the Holland Property Consideration, the WEDC will provide Company
economic assistance in the form of performance based reimbursement incentives
("Reimbursement Incentives") in an amount up to, but not to exceed, Three Hundred
Eighty-six Thousand Eight Hundred Thirty-five Dollars ($386,835.00) during a specified
period. The Reimbursement Incentives will be paid according to the criteria set forth
herein with the WEDC's obligation to pay the Reimbursement Incentives terminating on
January 30, 2017, regardless of the Company's level of attainment of the Performance
Requirements set forth below.
Upon the Company providing documentation reasonably satisfactory to the WEDC that it
has met the qualifications, conditions, and requirements set forth below(the"Performance
Requirements"), the Company shall be entitled to the following economic Reimbursement
Incentives:
Economic Incentive and Performance Requirements Schedule:
Sq.Ft Business(Personal WEDC WEDC Total Expiration
Year Incentive Occupied Taxable Property Incentive Incentive Date
2012 No. 1 96,000 $4,700,000 $76,518 S 76,518 12-31-12
2013 No.2 96,000 $5,700,000 $76,518 $153.036 12-31-13
2014 No.3 96,000 $6,400,000 $76,518 $229,554 12-31-14
2015 No.4 96,000 $7,100,000 S 76,518 $306,072 12-31-15
2016 No.5 96,000 $7,100,000 $76,518 $382,590 12-31-16
II. Requirements for each Reimbursement Incentive.
a. A maximum Reimbursement Incentive of$76,518 will be paid to Company upon
completion of the following Performance Requirements for Incentive No. 1:
1) Payment of the Holland Property Consideration:
2) Execution and delivery of the Lease:
Page 2 of 9
582436.4
3) Documentation on or before issuance of a Certificate of Occupancy for the
Project (the"Permit Date") of the purchase and installation of equipment
and inventory in the City of Wylie with a cost of not less than$4,700,000;
4) Eligibility expiration for the Company to qualify for this Incentive No. 1 is
December 31, 2012.
b. A maximum Reimbursement Incentive of$76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 2:
1) Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation
or casualty;
2) Documentation on or before twelve months from the Permit Date of
equipment and inventory in the City of Wylie with an ad valorem value of
not less than $5,700,000;
3) Eligibility expiration for the Company to qualify for this Incentive No. 2 is
December 31, 2013.
c. A maximum Reimbursement Incentive of$76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 3:
1) Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation
or casualty;
2) Documentation on or before twenty-four months from the Permit Date of
equipment and inventory in the City of Wylie with an ad valorem value of
not less than$6,400,000;
3) Eligibility expiration for the Company to qualify for this Incentive No. 3 is
December 31, 2014.
d. A maximum Reimbursement Incentive of$76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 4:
1) Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation
or casualty;
2) Documentation on or before thirty-six months from the Permit Date of
equipment and inventory in the City of Wylie with an ad valorem value of
not less than$7,100,000;
3) Eligibility expiration for the Company to qualify for this Incentive No. 4 is
December 31, 2015.
Page 3 of 9
5824364
e. A maximum Reimbursement Incentive of S76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 5:
1) Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation
or casualty;
2) Documentation on or before forty-eight months from the Permit Date of
equipment in the City of Wylie with an ad valorem value of not less than
S7,100,000;
3) Eligibility expiration for the Company to qualify for this Incentive No. 5 is
December 31, 2016.
For the purposes of this Agreement, "rentable square feet" is defined as the actual
rentable square footage at the Property that is occupied by the tenant.
For the purposes of this Agreement, the "payment date" of each Reimbursement
Incentive shall be the date the Reimbursement Incentive is actually paid, or the date the
Reimbursement Incentive would have been paid if earned.
III. WEDC Payment of Economic Assistance. Supporting documents must be submitted to
the WEDC not more than thirty(30) days from the eligibility expiration for each incentive.
Subject to the terms of this Agreement, the WEDC shall pay the Reimbursement Incentives
within approximately forty-five (45) days of receipt of the required documentation from the
Company, subject to verification by the WEDC that the Performance Requirements have
been met or exceeded by the Company.
IV. Non-Attainment of Performance Requirements, In the event that the Company does not
meet or exceed a Performance Requirement as specified in Section II, the WEDC
Reimbursement Incentive will be voided in advance of payment at the sole discretion of the
WEDC,provided that WEDC shall provide the Company at least 20 days advance notice of
its intention to void the WEDC Reimbursement and an opportunity to meet the
Performance Requirement. The Company will not be eligible to receive any portion of a
reduced Reimbursement Incentive after the date of the performance time period has
expired.
V. Economic Assistance Termination. The Agreement may be terminated by mutual
agreement of the parties or by either party, upon the failure of the other party to fulfill an
obligation as set forth in the Agreement. Regardless of the Company's level of attainment
of the Requirements set forth in the Performance Agreement the WEDC's obligation to pay
a portion or all of the Economic Incentive to the Company will expire in full on January 30,
2017, except in the event that the Company has fully complied with the Performance
Requirements for such unpaid Reimbursement Incentives, including reasonable compliance
with the documentation requirements set forth herein.
Page 4 of 9
582436-4
VI. Cessation of Advance. Notwithstanding anything herein to the contrary, WEDC shall
have no obligation to make reimbursement payments or disburse WEDC funds if the
Company becomes insolvent, files a petition in bankruptcy or similar proceedings, or is
adjudged bankrupt, or is delinquent on municipal payments or an Event of Default under
the terms of this Agreement occurs.
VII. Non-Payment of Reimbursement Incentives . The following will constitute an Event of
Default and the Company shall not be entitled to any Reimbursement Incentive following:
(i) the Company knowingly making false statements to the City, the WEDC, or the State of
Texas, (ii)the Company filing for protection under bankruptcy laws and/or being adjudged
bankrupt, (iii) the Company's failure to pay ad valorem taxes when due(the Company
retaining the right to contest any such ad valorem taxes in the manner provided by law).
The Company shall be entitled to notice and an opportunity to cure as provided for in
Section IV above.
VIII. Employee Hiring, Materials and Supplies Purchase. Although not an event of default or
a condition of the payment of any Reimbursement Incentive in this Agreement, WEDC
requests that the Company satisfies its need for all additional employees from Wylie
residents and purchase all materials, supplies and services necessary to affect the
renovations and subsequent occupancy of the leased space from Wylie merchants and
businesses.
IX. Sales Tax Situs. The Company agrees that any and all contracts for the construction of the
improvements on the Property in the case where the Company is an owner, will (i)
separately identify labor and materials components for purposes of determining sales and
use tax pursuant to Section 151.056(b) of the Texas Tax Code resulting in the value of the
materials being separately identified from other costs and (ii) state that the situs of any
sales and use tax paid and related thereto will be Wylie, Texas. The WEDC's remedy for a
violation of this section is for the Company to pay the sales and use taxes that would
otherwise be collected by the City in accordance with this section. The WEDC shall have
the right from time to time to require the Company to deliver copies of all construction
contracts and periodic billings/payments related to any improvements in the case where the
Company is an owner, to the WEDC within 15 days after receipt of such written request
from WEDC. The Company agrees to make a good faith effort to inform all contractors
both prime and sub and any other buyers of the Property owned by the Company that the
WEDC desires the situs of sales and use taxes to be Wylie, Texas. Further, the Company
agrees to make Wylie, Texas, the situs for all sales taxes collected and paid for any
materials or products sold by the Company while it is located on the Property.
X. Community Involvement. Although not an event of default or condition of any payment
hereunder, the Company agrees to actively participate in community and charitable
organizations and/or activities, the purpose of which are to improve the quality of life in the
City of Wylie, Texas, and to actively encourage its City of Wylie employees to be involved
in such organizations and/or activities.
XI. Verification and Compliance. The Company will allow the WEDC to audit, if necessary,
all of the Company's records, documents, agreements and other instruments in furtherance
Page 5 of 9
582436-4
of the following purposes: (i) to ensure the Company's compliance with the affirmative
covenants set forth in this Agreement; (ii) to determine the existence of an Event of Default
under the tenns of this Agreement; (iii) to ensure compliance with any other terms and
conditions set forth herein or any related documents. Company will provide reports
certifying the status of compliance, new investments and any other relevant information
until the termination of this Agreement.
XII. Termination. This Agreement may be terminated by mutual written consent of the parties
or by either party, upon the failure of the other party to fulfill an obligation as set forth in
this Agreement. Regardless of the Company's level of attainment of the Performance
Requirements as set forth in this Agreement, the WEDC's obligation to pay a portion or all
of the Reimbursement Incentives to the Company will expire on January 30, 2017.
XIII. Miscellaneous.
a, This Agreement shall inure to the benefit of the parties hereto and shall not be
assignable by Company(except to an affiliate of the Company) without the prior
written consent of the WEDC, which consent may be withheld by the WEDC in its sole
and absolute discretion.
b. This Agreement shall be construed according to the laws of the State of Texas and is
subject to all provisions of the Act, which are incorporated herein by reference for all
purposes. In the event any provision of the Agreement is in conflict with the Act, the
Act shall prevail.
c, This Agreement contains the entire agreement of the parties regarding the within
subject matter and may only be amended or revoked by the written agreement executed
by all of the parties hereto.
d. This Agreement shall be governed by the laws of the State of Texas and is specifically
performable in Collin County, Texas.
e, Any notice required or permitted to be given under this agreement shall be deemed
delivered by depositing the same in the United States mail, certified with return receipt
requested, postage prepaid, addressed to the appropriate party at the following
addresses, or at such other address as any part hereto might specify in writing:
WEDC: Mr. Samuel D.R. Satterwhite
Executive Director
Wylie Economic Development Corporation
108-C West Marble
Wylie,Texas 75098
With copy to: Abernathy, Roeder, Boyd & Joplin, P.C.
1700 Redbud Blvd., Suite 300
McKinney, Texas 75069
Attention: Mr. G. Randal Hullett
Page 6 of 9
582436-4
COMPANY: Ascend Custom Extrusions, LLC
c/o Highlander Partners, LP
3811 Turtle Creek Blvd., Suite 250
Dallas,TX 75219
Attention: Chris McRorie
By the execution hereof, each signatory hereto represents and affirms that he is acting on behalf of
the party indicated, that such party has taken all action necessary to authorize the execution and
delivery of the Agreement and that the same is a binding obligation on such party.
EXECUTED this .... day of_ ,2010.
��_01(Earn -..___
WEDC:
WYLIE ECONOMIC DEVELOPMENT
CORPORATION
y: Prof
Marvin Fuller
President
COMPANY:
ASCEND CUSTOM EXTRUSIONS, LLC,
a Delaware limited liability company
By: 6,079
Page 7 of 9
582436-4
Exhibit A
Legal Description of Land
Lot 2R of the Premier Plaza Addition, an addition to the City of Wylie, Texas according to the
plat thereof recorded in Volume 2010, Page 240 in the Map Records of Collin County, Texas in
addition to that certain 1.33 acre tract of land being purchased by the WEDC and Ascend from
SAF-Holland USA, Inc. more particularly described and attached hereto.
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x anVNQana 2010 Page 240 IARCCT,
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Pago / of2
EXHIBIT
BEING a tract of land situated in the E.C. Davidson Sumey, Abahooi No. 267. in the City of VVyio. Collin
County, Tuxan, being a part of Lot 1 of the Holland Hitch Addihon, an addition to the City dWylie, Texas,
according to the plat thereof recorded in Volume N, Page 257 in the Map Records of Collin County, Texas
(K8RCCT), and being more particularly described as follows;
BEGINNING at a 5/8-inch iron rod with plastic cap stamped"Sparr Surveys"found in the east line of Martinez
Lane (50 foot hght-nf-way), at the southwest corner nfsaid Lot 1, same being the westerly northwest onmor
of Lot 2R of Premier P|aza, an addition to the City of Wylie, Toxax, according to the plat thereof recorded
in Volume 2O1O. Pago24O /WRCCT;
THENCE N 03058'02^ E. along the ouot line of said Martinez Lane, 105.53 feet to a 5/8'inoh iron rod with
plastic cap stamped^Span Surveys"set;
THENCE S 88034'50^ E. departing the oast line of said Martinez Lane, 734.75 feet 8mo 5/8-inch iron rod
with plastic cap stamped^Sparr Surveys"set in the east line of said Lot 1. same being the northerly west line
of said Lot 2R;
THENCE SO0"4737 VV. along the east line ofsaid Lot and northerly west line nf said Lot 2R. 51.83foo
to 5/8-inch iron rod with plastic cap stamped ''Sparr Surveys" found at the southeast corner ofsaid Lot 1
and interior corner ofsaid Lot2R;
THENCE S87"10'20^ VV. along the south line of said Lot 1 and westerly north line of said Lot 2R. 741.O0
feet 0o the POINT of BEGINNING and CONTAINING 1.33 acres ofland.
BradSpon
Registered Professional
Land Surveyor No.3701
Exhibit B
(The Lease Agreement)
Page 9 of 9
582436-4
Wylie Economic Development Corporation
MEMORANDUM
TO: WEDC Board of Directors
FROM: Sam Satterwhite, Executive Direeto
SUBJECT: Redevelopment of Cooper/Industrial Court
DATE: January 20, 2016
Issue
Consider and act upon issues surrounding the development of properties near the intersection of
State Highway 78 and Cooper Drive.
Analysis
All WEDC tenants on Industrial Court have received notice to vacate on or before May 31, 2016.
Staff has yet to receive demolition bids for the 8 subject buildings on Cooper and Industrial
Court. Staff has yet to receive final bids on the demolition but with Mann Made occupying their
offices until at least March 1, 2016, final consideration of the complete bid packages can wait
until February.
In working with J. Volk Consulting, staff has received cost estimates for proposed site work for
the benefit of three restaurant pad sites as shown on the attached exhibit. Median modification
and site improvements are summarized below:
1. Driveway&Fire Lane Access (at Williams) $79,400
2. Median Modification(left turn lane) 81,200
3. Right Turn Lane at Cooper(with oversized decel lane) 114,600
4. Right Turn Lane at Driveway(Williams St. decel lane) 55,900
In terms of importance to the overall project, the items are listed in order of priority from highest
to lowest (in staffs opinion). Item No. 1 is required to provide a second access point to the site
closest to Starbucks in addition to fire lane access to the middle pad site. Item No. 2 would
enable north bound traffic to access the property in a safer manner with 115' of stacking or
storage in addition to enhancing the marketability of the two remaining restaurant pad sites. Item
No. 3 is an oversized deceleration lane for Cooper Drive not only accommodating increased
traffic to the WEDC properties but also existing traffic from Starbucks. Standard deceleration
lanes are 200' with the probable cost contemplating 300'. If the final design is 200' there would
be a cost reduction of approximately $40,900. Item No. 4 is a 200' deceleration lane at the
Williams Street entrance. Staff does not believe the proposed pad sites warrant a second
deceleration lane but J. Volk was asked to run the numbers for a comprehensive analysis.
WEDC—Redevelopment
January 20, 2016
Page 2 of 2
Assuming Item No. 4 is not developed, there are between $234,300 and $275,200 in
infrastructure improvements which may be required with an absolute minimum of$79,400 for a
new entrance off of 78 and fire lane access.
The Board may choose to only provide the second Highway 78 entrance to the property and
spend the bare minimum, but to address traffic congestion which will be created with the
development of the pad site closest to Starbucks, the above options must be discussed.
Recommendation
Staff has no recommendation at this time.
Attachments
J. Yolk Exhibit
Opinion of Probable Cost
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OPINION OF PROBABLE COST
HWY78-CFA
CITY OF WYLI ,TEXAS DATE: 1/7/2015
ITEM No. DE;iERII'I"101MI QTY. LIMIT UNIT PRICE TOTAL "
DRIVEWAY&FIRELANE ACCESS _
1 TRAFFIC CONTROL 1 LS $1,000.00 51.000.00'
2 UNCLASSIFIED EXCAVATION 500 CY $20.00 $10.000.00
3 SAWCUT&REMOVE EXISTING PAVING 10 SY 560.001 $600.00
4 SUBGRADE PREP 800 SY $10.00 $8,000.00
5 REINFORCED CONCRETE PAVING 727 SY $60,00 $43,620.00
6 SODDING/RESTORATION 1 LS $1,000.00 $1,000.00
7 IRRIGATION SYSTEM REPAIR 1 LS 52.000.00 $2,000.00
SUBTOTAL $66,220.00;
CONTIGENCY(20%) $13,200.00
TOTAL CONSTRUCTION $79,400.00
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OPINION OF PROBABLE COST
HWY78-CFA
CITY OF WYLIE,TEXAS DATE: 1/7/2101S
I'E M. o,"DESCRIPTION Qv, 1 rot uNrr P kiCE TI7 si
ILEFTTURN LANE MODIFICATION
1 TRAFFIC CONTROL
2 UNCLASSIFIED EXCAVATION $10 $250 CY S30.00
UN L $7,500.00
3 SAWCUT&REMOVE EXISTING PAVING 150 SY S25.00 $3,750.00I
4 SUBGRADE PREP 250 SY $40.00 $10,000.00
5 REINFORCED CONCRETE PAVING 250 SY $90.00 $22,500,00
6 IMONOLITHIC MEDIAN NOSE 1 EA $2,000.00 $2;000.00
7 IMEDIAN PAVEMENT 140 SY $60.00 $8,400,00
8 1REMOVE EXISTING STRIPING 1 LS $1,000.00 $1.000.00
9 STRIPING&SIGNAGE 1 LS $2,500.00 S2.500.00
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SUBTOTAL $67,660.00
CONTIGENCY(20%) $1 ,500.00
TOTAL CONSTRUCTION $81,200.00
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11)3Pr.No F111062
OPINION OF PROBABLE COST
HINY 78-CFA
CITY OF WYLIE,TEXAS DATE: 1/7/201S
ITEM No, DESCRIPTION APOrr, OW PRICE TOTMCOST
RIGHT TURN AT COOPER DRIVE
1 TRAFFIC CONTROL 1 LS $5 000.00 $5,000.00
2 UNCLASSIFIED EXCAVATION 400 CY $20.00 $8,000.00
3 SAWCUT&REMOVE EXISTING PAVING 100 SY $20.00 $2,000.00
4 SUBGRADE PREP 560 SY $35.00 $19,600.00
5 REINFORCED CONCRETE PAVING 510 SY $90.00 $45,900.00
6 SODDING/RESTORATION 1 LS 51.000.00 51.000.00
7 IRRIGATION SYSTEM REPAIR 1 LS $2.000.00 52.000.00
8 STRIPING&SIGNAGE 1 LS 52.000.00 $2,000.00
9 DEMO EXISTING INLET 1 EA $2.500.00 $2,500.00
10 CONSTRUCT NEW INLET W/PIPE CONNECTION 1 EA $7,500.00 $7,500.00
SUBTOTAL $95,500.00
CONTIGENCY(20%) $19,100.00
TOTAL CONSTRUCTION $114,600.00
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OPINION OF PROBABLE COST
HVVY 78-CFA
CITY OF WYLIE,TEXAS DATE: 1/7/201S
otstotoihatiK -; , PAO TOM"ST
RIGHT TURN AT DRIVEWAY
1 TRAFFIC CONTROL 1 LS 55,000.00 $5,000.00
2 UNCLASSIFIED EXCAVATION 200 CY $20.00 $4,000.00
3 SAWCUT&REMOVE EXISTING PAVING 30 SY S40.00 $1,200.00
4 SUBGRADE PREP 280 SY $35.00 $9,800.00
5 REINFORCED CONCRETE PAVING 240 SY $90.00 $21,600.00
6 SODDING/RESTORATION 1 LS $1,000.00 $1,000.00
7 IRRIGATION SYSTEM REPAIR 1 LS $2,000.00 $2,000.00
8 STRIPING&SIGNAGE 1 LS 52.000.00 52,000.00
SUBTOTAL 546.600.00
CONTIGENCY(20%) $9.300.00
I TOTAL CONSTRUCTION S55.900.00
111.111
Wylie Economic Development Corporation
MEMORANDUM
TO: WEDC Board of Directors
FROM: Samuel Satterwhite, Executive Durcctor
17
SUBJECT: Staff Report
DATE: January 20, 2016
Issue
Staff report: review issues surrounding Performance Agreements between the WEDC and:
Woodbridge Crossing, Ascend Custom Extrusions, CSD Woodbridge, Exco Tooling Solutions,
Von Runnen Holdings, All State Fire, B&B Theatres Operating Company, Inc., proposed mixed-
use development on Jackson Street, redevelopment of 801 S. State Highway 78, remodeling of
710 Business Way, sporting events and regional housing starts.
Analysis
As a reminder to Board members, the Board may not discuss an item which is not specifically
identified on the agenda. Only those items listed above can be discussed. Should any Board
member want an issue be placed on the agenda at any time prior to a Board meeting, please
contact the WEDC President or staff
Woodbridge Crossing
Attached for the Board's review is the Sales Tax Reimbursement Report which identifies all
sales taxes received through September 2015 within Woodbridge Crossing for the City General
Fund, the WEDC, and the 4B. As a reminder, the City and WEDC reimbursed 85% of all sales
tax generated within Woodbridge Crossing through September 2013 with the reimbursement
percentage reduced to 65% thereafter. Due to the default under the Amended and Restated
Performance Agreement, Woodbridge Crossing is only eligible to receive up to $6 million in
sales tax reimbursement through September 2021 as opposed to the maximum reimbursement of
$12 million originally contemplated.
$3,258,412.42 in reimbursement has been earned through December 2015 with net receipts of
$2,446,781.73 after reimbursements. As well, it is estimated that $3.5 mm has been paid in ad
valorem taxes to the City of Wylie (excluding the WISD).
As shown on the Sales Tax Reimbursement Report, $97,527.61 was generated in sales tax in
October 2015 versus $92,795.93 in October 2014. This increase represents a 5% gain over 2014
receipts.
WEDC- Staff Report
January 20, 2016
Page 2 of 4
Ascend Commercial Lease and Performance Agreement
Attached for your review is the Ascend Custom Extrusion Critical Dates Analysis and
Performance Agreement Monitoring Procedures. Payment #5 of 5 for the Economic Incentives
will be funded pending Board approval with Ascend meeting all Performance Obligations within
Sections A and B of the attachment.
Also attached for your review is the summary of a second Performance Agreement between the
WEDC and ACE which was approved in December 2013. Payment #2 of 4 has been funded
with Ascend meeting all Performance Obligations within Section A of the attachment. Board
consideration of Payment#3 will take place in February.
CSD Woodbridge Performance Agreement
On July 15, 2013 a certificate of occupancy (CO) was issued for Kroger Marketplace. Beginning
October 1, 2013 and ending October 1, 2023, Clark Street Development is eligible to receive a '/2
cent sales tax reimbursement from the WEDC (City of Wylie not part of sales tax reimbursement
agreement). Quarterly payments will be made to Clark Street based upon the data provided by
the Comptroller. In addition to the $100,000 reimbursement incentive paid by the WEDC at CO,
Clark Street is eligible to receive cumulative incentives of $1,100,000 over the life of the
Agreement.
Along with a summary of the Performance Agreement, a Sales Tax Reimbursement Report is
included for the Board's review.
Exco Tooling Solutions
Exco has completed construction of its 30,000 square foot facility within Premier Business Park,
moved the majority of equipment, and received a temporary Certificate of Occupancy. All
indications point to a Final CO by January 31, 2016. As provided in the Summary of
Performance Obligations, the WEDC will fund an $87,000 incentive upon issuance of a CO
followed by four payments of$20,000 over the following four years.
Exco has experienced challenges with the installation of their new age oven and is still utilizing
the old age oven located at their Highway 78 location. Staff has agreed to extend their lease of
the 78 property until February 15th at no cost to accommodate their use of the age oven.
On January 25th, staff will present the Wylie ISD with a check for $7,195.76 in avoided taxes
collected from Exco over the last 11 months. The City of Wylie will also receive $1,186.56 in
avoided taxes for the period beginning October 1, 2015 thru January 31, 2016.
Von Runnen Holdings
Von Runnen Holdings has received a temporary Certificate of Occupancy (CO). A Final CO is
anticipated in January as required by the WEDC Performance Agreement. Upon issuance of a
CO and confirmation of $1.25 mm in construction costs, the WEDC will issue Incentive
WEDC- Staff Report
January 20, 2016
Page 3 of 4
Payment No. 1 of$20,000. Two additional payments of $10,000 each will be issued over the
following two years.
All State Fire Equipment
All State Fire Equipment was issued a building permit on July 2, 2015 and held their Ground-
Breaking ceremony on September 18, 2015. Work is progressing well and ASFE appears to be
on track to receive a Certificate of Occupancy well before the August 1, 2016 as required in their
Performance Agreement.
Remodeling of 710 Business Way
Able Machinery Movers has completed the moving of Mann Made equipment to Business Way
and Pulliam Construction Management (PCM) has received a Temporary Certificate of
Occupancy. The WEDC will have an as-built survey completed by January 22nd which is the
final item required of the WEDC to close on the purchase of the Edge property on 78. Assuming
no unanticipated issues arise, closing is scheduled for the week of January 25t .
Final costs have not been received yet from PCM but it appears as though we will come in under
budget. Staff hopes to have a more specific figure prior to the Board Meeting.
While temporary phone lines have been installed by Verizon to service the fire alarm monitoring
system, the extension of fiber will not be complete until the middle of February. Therefore,
Mann Made will maintain their office at the 78 site until fiber improvements are completed.
Under the existing contract Mann Made is allowed to utilize the 78 site for a period not to exceed
60 days post-closing. Mr. Edge has indicated that there will be no reason to remain following
the completion of fiber.
106 N. Birmingham
A WEDC tenant located on Industrial Court has inquired as to the possibility of occupying the
K&M building. Being that there is no clear direction for future use, staff has an initial interest so
long as the use does not negatively impact adjoining properties (i.e. no outside operations or
excessive traffic generated). If the right use/tenant is identified, the property would require less
maintenance by the WEDC and the property would not deteriorate as quickly.
Venue for WEDC Board Meeting
With a third WEDC staff person and seven Board Members, the Board may want to discuss the
possibility of meeting at an alternative location. The only reasonable option that staff can
identify would be the City Council Conference Room at the Wylie Municipal Complex which
comfortably seats twelve at the conference table with ample room for guests around the
perimeter. Staff does not believe this is an immediate need as there is still room for guests in our
existing Board room but would be interested in feedback from the Board on the issue.
WEDC- Staff Report
January 20, 2016
Page 4 of 4
ICSC 2016
ICSC will be held May 22 — 25, 2016. Two staff members will be in attendance and Mayor
Hogue and Board Member Wintters have expressed an interest in attending as well. Should any
other Board member be interested in attending,please contact staff at your earliest convenience.
Regional Housing Starts
Thirty-eight homes were permitted in Wylie for December which created a 73% gain over 2015.
Sachse, Lavon, and Murphy permitted a combined eighteen homes over the same period.
No action is requested by staff for this item.
Attachments
Woodbridge Crossing Sales Tax Reimbursement Report
Ascend Critical Dates Analysis &Monitoring Procedures
Ascend Performance Agreement, 12-20-13
CSD Woodbridge Performance Obligations
CSD Sales Tax Reimbursement Report
Exco Summary of Performance Requirements
Regional Housing Permits
Woodbridge Crossing
Sales Tax Reimbursement Report
Filing Allocation City of 4B WEDC Applicable WEDC City Total
Period Period Wylie(1%) (0.5%) (0.5%) Total Rate (%) Reimbursement Reimbursement Reimbursement
Oct-09 Dec-09 $17,612.55 $8,806.27 $8,806.27 $35,225.09 0.85 7,485.33 $14,970.66 $22,455.99
Nov-09 Jan-10 21,995.30 10,997.65 10,997.65 43,990.60 0.85 9,348.00 18,696.01 28,044.01
Dec-09 Feb-10 40,289.26 20,144.63 20,144.63 80,578.52 0.85 17,122.94 34,245.87 51,368.81
Sub-Total 159,794.21 33,956.27 67,912.54 101,868.81
Jan-10 Mar-10 16,017.96 8,008.98 8,008.98 32,035.92 0.85 6,807.63 13,615.27 20,422.90
Feb-10 Apr-10 18,392.59 9,196.29 9,196.29 36,785.17 0.85 7,816.85 15,633.70 23,450.55
Mar-10 May-10 24,382.07 12,191.03 12,191.03 48,764.13 0.85 10,362.38 20,724.76 31,087.13
Sub-Total 117,585.22 24,986.86 49,973.72 74,960.58
Apr-10 Jun-10 16,991.53 8,495.76 8,495.76 33,983.05 0.85 7,221.40 14,442.80 21,664.19
May-10 Jul-10 19,588.24 9,794.12 9,794.12 39,176.48 0.85 8,325.00 16,650.00 24,975.01
Jun-10 Aug-10 24,662.64 12,331.32 12,331.32 49,325.28 0.85 10,481.62 20,963.24 31,444.87
Sub-Total 122,484.81 26,028.02 52,056.04 78,084.07
Jul-10 Sep-10 18,344.56 9,172.28 9,172.28 36,689.12 0.85 7,796.44 15,592.88 23,389.31
Aug-10 Oct-10 20,401.73 10,200.87 10,200.87 40,803.46 0.85 8,670.74 17,341.47 26,012.21
Sep-10 Nov-10 22,301.22 11,150.61 11,150.61 44,602.43 0.85 9,478.02 18,956.03 28,434.05
Sub-Total 122,095.01 25,945.19 51,890.38 77,835.57
Oct-10 Dec-10 18,800.19 9,400.10 9,400.10 37,600.38 0.85 7,990.08 15,980.16 23,970.24
Nov-10 Jan-11 25,735.09 12,867.54 12,867.54 51,470.17 0.85 10,937.41 21,874.82 32,812.23
Dec-10 Feb-11 42,668.92 21,334.46 21,334.46 85,337.83 0.85 18,134.29 36,268.58 54,402.87
Audit Adjust.
Oct-10 5,065.71 2,532.86 2,532.86 10,131.42 0.85 2,152.93 4,305.85 6,458.78
Sub-Total 184,539.80 39,214.71 78,429.42 117,644.12
Jan-11 Mar-11 18,295.33 9,147.66 9,147.66 36,590.65 0.85 7,775.51 15,551.03 23,326.54
Feb-11 Apr-11 25,185.02 12,592.51 12,592.51 50,370.04 0.85 10,703.63 21,407.27 32,110.90
Mar-11 May-11 39,822.31 19,911.15 19,911.15 79,644.61 0.85 16,924.48 33,848.96 50,773.44
Sub-Total 166,605.30 35,403.63 70,807.25 106,210.88
Apr-11 Jun-11 33,456.49 16,728.25 16,728.25 66,912.98 0.85 14,219.01 28,438.02 42,657.02
Woodbridge Crossing
Sales Tax Reimbursement Report
Page 2
Filing Allocation City of 4B WEDC Applicable WEDC City Total
Period Period Wylie (1%) (0.5%) (0.5%) Total Rate (%) Reimbursement Reimbursement Reimbursement
May-11 Jul-11 50,192.64 25,096.32 25,096.32 100,385.28 0.85 21,331.87 42,663.74 63,995.62
Jun-11 Aug-11 43,639.11 21,819.56 21,819.56 87,278.22 0.85 18,546.62 37,093.24 55,639.87
-
Sub-Total 254,576.48 54,097.50 108,195.00 162,292.51
Jul-11 Sep-11 31,551.34 15,775.67 15,775.67 63,102.67 0.85 13,409.32 26,818.63 40,227.95
Aug-11 Oct-11 32,798.19 16,399.09 16,399.09 65,596.37 0.85 13,939.23 27,878.46 41,817.69
Sep-11 Nov-11 36,136.64 18,068.32 18,068.32 72,273.27 0.85 15,358.07 30,716.14 46,074.21
Sub-Total 200,972.31 42,706.62 85,413.23 128,119.85
Oct-11 Dec-11 31,701.68 15,850.84 15,850.84 63,403.35 0.85 13,473.21 26,946.42 40,419.64
Nov-11 Jan-12 40,631.94 20,315.97 20,315.97 81,263.88 0.85 17,268.57 34,537.15 51,805.72
Dec-11 Feb-12 66,403.17 33,201.59 33,201.59 132,806.34 0.85 28,221.35 56,442.69 84,664.04
Sub-Total 277,473.57 58,963.13 117,926.27 176,889.40
Jan-12 Mar-12 28,180.49 14,090.24 14,090.24 56,360.97 0.85 11,976.71 23,953.41 35,930.12
Feb-12 Apr-12 32,824.36 16,412.18 16,412.18 65,648.71 0.85 13,950.35 27,900.70 41,851.05
Mar-12 May-12 42,213.75 21,106.88 21,106.88 84,427.50 0.85 _ 17,940.84 35,881.69 53,822.53
Sub-Total 206,437.18 43,867.90 87,735.80 131,603.70
Apr-12 Jun-12 33,749.69 16,874.85 16,874.85 67,499.38 0.85 14,343.62 28,687.24 43,030.85
May-12 Jul-12 35,756.08 17,878.04 17,878.04 71,512.15 0.85 15,196.33 30,392.66 45,589.00
Jun-12 Aug-12 43,423.09 21,711.55 21,711.55 86,846.18 0.85 18,454.81 36,909.63 55,364.44
Sub-Total 225,857.71 47,994.76 95,989.53 143,984.29
Jul-12 Sep-12 32,945.51 16,472.76 16,472.76 65,891.02 0.85 14,001.84 28,003.68 42,005.53
Aug-12 Oct-12 33,981.49 16,990.74 16,990.74 67,962.97 0.85 14,442.13 28,884.26 43,326.39
Sep-12 Nov-12 39,669.19 19,834.60 19,834.60 79,338.38 0.85 16,859.41 33,718.81 50,578.22
Sub-Total 213,192.37 45,303.38 90,606.76 135,910.14
Oct-12 Dec-12 61,352.09 30,676.05 30,676.05 122,704.18 0.85 26,074.64 52,149.28 78,223.91
Nov-12 Jan-13 13,760.37 6,880.18 6,880.18 27,520.73 0.85 5,848.16 11,696.31 17,544.47
Dec-12 Feb-13 68,951.35 34,475.67 34,475.67 137,902.69 0.85 29,304.32 58,608.64 87,912.96
Sub-Total 288,127.60 61,227.11 122,454.23 183,681.35
Jan-13 Mar-13 37,264.78 18,632.39 18,632.39 74,529.55 0.85 15,837.53 31,675.06 47,512.59
Woodbridge Crossing
Sales Tax Reimbursement Report
Page 3
Filing Allocation City of 4B WEDC Applicable WEDC City Total
Period Period Wylie (1%) (0.5%) (0.5%) Total Rate (%) Reimbursement Reimbursement Reimbursement
Feb-13 Apr-13 32,499.58 16,249.79 16,249.79 64,999.15 0.85 13,812.32 27,624.64 41,436.96
Mar-13 May-13 42,416.25 21,208.13 21,208.13 84,832.50 0.85 18,026.91 36,053.81 54,080.72
Sub-Total 224,361.20 47,676.76 95,353.51 143,030.27
Apr-13 Jun-13 31,950.38 15,975.19 15,975.19 63,900.76 0.85 13,578.91 27,157.82 40,736.73
May-13 Jul-13 35,623.93 17,811.97 17,811.97 71,247.86 0.85 15,140.17 30,280.34 45,420.51
Jun-13 Aug-13 44,805.27 22,402.63 22,402.63 89,610.53 0.85 19,042.24 38,084.48 57,126.71
Sub-Total 224,759.15 47,761.32 95,522.64 143,283.96
Jul-13 Sep-13 30,171.94 15,085.97 15,085.97 60,343.87 0.85 12,823.07 25,646.14 38,469.22
Aug-13 Oct-13 31,615.59 15,807.80 15,807.80 63,231.18 0.85 13,436.63 26,873.25 40,309.88
Sep-13 Nov-13 34,215.75 17,107.88 17,107.88 68,431.50 0.85 14,541.69 29,083.39 43,625.08
Sub-Total 192,006.55 40,801.39 81,602.78 122,404.18
Oct-13 Dec-13 30,192.68 15,096.34 15,096.34 60,385.36 0.65 9,812.62 19,625.24 29,437.86
Nov-13 Jan-14 40,059.94 20,029.97 20,029.97 80,119.87 0.65 13,019.48 26,038.96 39,058.44
Dec-13 Feb-14 60,106.82 30,053.41 30,053.41 120,213.63 0.65 19,534.71 39,069.43 58,604.14
Sub-Total 260,718.86 42,366.81 84,733.63 127,100.44
Jan-14 Mar-14 34,887.18 17,443.59 17,443.59 69,774.35 0.65 11,338.33 22,676.66 34,015.00
Feb-14 Apr-14 39,550.17 19,775.09 19,775.09 79,100.34 0.65 12,853.81 25,707.61 38,561.42
Mar-14 *May-14 50,095.00 25,047.50 25,047.50 100,190.00 0.65 16,280.88 32,561.75 48,842.63
Sub-Total 249,064.69 40,473.01 80,946.02 121,419.04
Apr-14 Jun-14 42,836.52 21,418.26 21,418.26 85,673.03 0.65 13,921.87 27,843.73 41,765.60
May-14 Jul-14 44,483.44 22,241.72 22,241.72 88,966.88 0.65 14,457.12 28,914.24 43,371.35
Jun-14 Aug-14 54,191.06 27,095.53 27,095.53 108,382.12 0.65 17,612.09 35,224.19 52,836.28
Sub-Total 283,022.03 45,991.08 91,982.16 137,973.24
Jul-14 Sep-14 41,601.13 20,800.56 20,800.56 83,202.25 0.65 13,520.37 27,040.73 40,561.10
Aug-14 Oct-14 46,838.76 23,419.38 23,419.38 93,677.52 0.65 15,222.60 30,445.19 45,667.79
Sep-14 Nov-14 58,574.10 29,287.05 29,287.05 117,148.19 0.65 19,036.58 38,073.16 57,109.74
Sub-Total 294,027.96 47,779.54 95,559.09 143,338.63
Oct-14 Dec-14 46,397.97 23,198.98 23,198.98 92,795.93 0.65 15,079.34 30,158.68 45,238.02
Woodbridge Crossing
Sales Tax Reimbursement Report
Page 4
Filing Allocation City of 4B WEDC Applicable WEDC City Total
Period Period Wylie (1%) (0.5%) (0.5%) Total Rate (%) Reimbursement Reimbursement Reimbursement
Nov-14 Jan-15 62,438.87 31,219.43 31,219.43 124,877.73 0.65 20,292.63 40,585.26 60,877.89
Dec-14 Feb-15 93,019.09 46,509.54 46,509.54 186,038.17 0.65 30,231.20 60,462.41 90,693.61
Sub-Total 403,711.83 65,603.17 131,206.34 196,809.52
Jan-15 Mar-15 42,919.35 21,459.67 21,459.67 85,838.69 0.65 13,948.79 27,897.57- 41,846.36
Feb-15 Apr-15 44,299.71 22,149.86 22,149.86 88,599.42 0.65 14,397.41 28,794.81 43,192.22
Mar-15 May-15 61,991.88 30,995.94 30,995.94 123,983.76 0.65 20,147.36 40,294.72 60,442.08
Sub-Total 298,421.87 48,493.55 96,987.11 145,480.66
Apr-15 Jun-15 47,156.82 23,578.41 23,578.41 94,313.63 0.65 15,325.96 30,651.93 45,977.89
May-15 Jul-15 51,820.00 25,910.00 25,910.00 103,639.99 0.65 16,841.50 33,683.00 50,524.50
Jun-15 Aug-15 63,530.67 31,765.34 31,765.34 127,061.34 0.65 20,647.47 41,294.94 61,942.40
Sub-Total 325,014.96 52,814.93 105,629.86 158,444.79
Jul-15 Sep-15 49,814.04 24,907.02 24,907.02 99,628.08 0.65 16,189.56 32,379.13 48,568.69
Aug-15 Oct-15 52,333.38 26,166.69 26,166.69 104,666.76 0.65 17,008.35 34,016.70 51,025.05
Sep-15 Nov-15 54,260.52 27,130.26 27,130.26 108,521.03 0.65 17,634.67 35,269.33 52,904.00
312,815.87 50,832.58 101,665.16 152,497.74
Oct-15 Dec-15 48,763.81 24,381.90 24,381.90 97,527.61 0.65 15,848.24 31,696.47 47,544.71
Nov-15 Jan-15 0.00 0.00 0.00 0.65 0.00 0.00 0.00
Dec-15 Feb-15 0.00 0.00 0.00 0.65 0.00 0.00 0.00
97,527.61 15,848.24 31,696.47 47,544.71
Totals 5,705,194.15 1,086,137.47 2,172,274.95 3,258,412.42
Ascend Custom Extrusion Critical Dates Analysis
Performance Agreement Monitoring Procedures
Reimbursement Schedule
Start Date 2012
End Date 2016
Economic Incentive and Performance Requirements Schedule:
1. Payment#1 (Expiration Date 12-31-12) $76,518
2. Payment#2 (Expiration Date 12-31-13) $76.518
3. Payment#3 (Expiration Date 12-31-14) $76,518
4. Payment#4 (Expiration Date 12-31-15) $76,518
5. Payment#5 (Expiration Date 12-31-16) $76,518
Total reimbursements not to exceed $382,590, THREE HUNDRED-EIGHTY-TWO
THOUSAND, FIVE HUNDRED AND NINETY DOLLARS.
Performance Obligations
A. A maximum Reimbursement Incentive of $76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 1:
1. Payment of the Holland Property Consideration;
2. Execution and delivery of the Lease;
3. Documentation on or before issuance of Certificate of Occupancy for the Project
(the "Permit Date") of the purchase and installation of equipment and inventory in
the City of Wylie with a cost of not less than$4,700,000;
4. Eligibility expiration for the Company to qualify for this Incentive No. 1 is
December 31, 2012.
B. A maximum Reimbursement Incentive of $76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 2:
1. Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation or
casualty;
2. Documentation on or before twelve months from the Permit Date of equipment
and inventory in the City of Wylie with an ad valorem value of not less than
$5,700,000;
3. Eligibility expiration for the Company to qualify for this Incentive No 2 is
December 31, 2013.
C. A maximum Reimbursement Incentive of $76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 3:
1. Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation or
casualty;
2. Documentation on or before twenty-four months from the Permit Date of
equipment and inventory in the City of Wylie with an ad valorem value of not less
than$6,400,000;
3. Eligibility expiration for the Company to qualify for this Incentive No. 3 is
December 31, 2014.
D. A maximum Reimbursement Incentive of $76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 4:
1. Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation or
casualty;
2. Documentation on or before thirty-six months from the Permit Date of equipment
and inventory in the City of Wylie with an ad valorem value of not less than
$7,100,000;
3. Eligibility expiration for the Company to qualify for this Incentive No. 4 is
December 31, 2015.
E. A maximum Reimbursement Incentive of $76,518 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 5:
1. Documentation of continuous occupancy of the leased space at the Property,
except to the extent such occupancy may be disrupted due to condemnation or
casualty;
Page 2 of 3
lou
2. Documentation on or before forty-eight months from the Permit Date of
equipment and inventory in the City of Wylie with an ad valorem value of not less
than$7,100,000;
3. Eligibility expiration for the Company to qualify for this Incentive No. 5 is
December 31, 2016.
For the purposes of this Agreement, "rentable square feet" is defined as the actual
rentable square footage at the Property that is occupied by the tenant,
For the purposed of this Agreement, the "payment date" or each Reimbursement
Incentive shall be the date the Reimbursement Incentive is actually paid, or the date the
Reimbursement Incentive would have been paid if earned.
Page 3 of 3
Performance Agreement between the WEDC and Ascend Custom Extrusion
12-20-13
Reimbursement Schedule
Start Date 2013
End Date 2017
Economic Incentive and Performance Requirements Schedule:
1. Payment#1 (Expiration Date 2-1-14) $49,871
2. Payment#2 (Expiration Date 2-1-15) $24,000
3. Payment#3 (Expiration Date 2-1-16) $24,000
4. Payment#4 (Expiration Date 2-1-17) $24,000
Total reimbursements not to exceed$121,871, ONE HUNDRED-TWENTY ONE
THOUSAND, EIGHT HUNDRED AND SEVENTY-ONE DOLLARS.
Performance Obligations
A. A maximum Reimbursement Incentive of$49,871 will be paid to City of Wylie upon
completion of the following Performance Requirement for Incentive No. 1:
1. Issuance of a certification of occupancy for a 21,000 square foot expansion to the
Project; and
2. Documentation that the building permit associated with the Improvements has a
minimum cost of$1,000,000.00; and
3. Eligibility expiration for the Company to qualify for this Incentive No. 1 is
February 1, 2014.
B. A maximum Reimbursement Incentive of $24,000 will be paid to Company upon
completion of the following Performance Requirement for Incentive No.2:
1. Documentation satisfactory to the WEDC of the installation and operation of a 3rd
extrusion press at the Project with a purchase price (plus installation cost) of not
less than$4,500,000.00; and
2. Eligibility for this Incentive No 2 begins twelve (12) months from the issuance of
the certificate of occupancy for the 21,000 square foot expansion and expiration
for the Company to qualify for this Incentive No. 2 is February 1, 2015.
C. A maximum Reimbursement Incentive of $24,000 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 3:
1. Documentation satisfactory to the WEDC of the installation and operation of a 3rd
extrusion press at the Project with a purchase price (plus installation cost) of not
less than$4,500,000.00; and
2. Eligibility expiration for the Company to qualify for this Incentive No. 3 is
February 1, 2016.
D. A maximum Reimbursement Incentive of $24,000 will be paid to Company upon
completion of the following Performance Requirement for Incentive No. 4:
1. Documentation satisfactory to the WEDC of the installation and operation of a 3rd
extrusion press at the Project with a purchase price (plus installation cost) of not
less than$4,500,000.00; and
2. Eligibility expiration for the Company to qualify for this Incentive No. 4 is
February 1, 2017.
For the purposed of this Agreement, the "payment date" of each Economic Incentive
shall be the date the Economic Incentive is actually paid, or the date the Economic
Incentive would have been paid if earned.
Page 2 of 2
CSD Woodbridge,LLC Performance Obligations
Phase Ito be completed no later than: March 31, 2014.
The WEDC will provide a reimbursement to Company of$100,000 upon the issuance of
a final Certificate of Occupancy for a Kroger Marketplace with a minimum of 110,000
square feet of space. Additionally, WEDC shall provide a sales tax grant equal to 1/2
percent (.005) of the sales tax generated from the Woodbridge Centre from the Start Date
and ending on the day prior to the ten year anniversary of the Start Date. The
Reimbursement Incentives shall not exceed the cumulative sum of$1,100,000.
Sales Tax Reimbursement Start Date: Sixty (60) days after the City issues a final
Certificate of Occupancy for a Kroger Marketplace.
The payment of the sales tax grant Reimbursement Incentives shall take place on a
quarterly basis and shall be supported by a report provided by the State of Texas pursuant
to Tax Code Section 321.3022 or other statement in a form reasonably acceptable by the
WEDC setting for the collection of the sales and use taxes received by the City on behalf
of the WEDC relative to the Project
Phase 1. The Initial Phase shall include acquiring the Property by no later than July 31,
2012 and completing (as evidenced by final Certificates of Occupancy) no later than
March 31,2014, a Kroger Market place of no less than 110,000 square feet.
Phase II. The Second Phase will bring the Project to a total of 120,600 square feet of
retail space and shall be completed (as evidenced by final Certificates of Occupancy) no
later than March 31, 2015.
Phase III. The Third Phase will bring the Project to a total of 127,600 square and shall be
completed (as evidenced by final Certificates of Occupancy) no later than March 31,
2017.
Phase IV. The Fourth Phase will bring the Project to a total of 134,200 square feet and
shall be completed (as evidenced by final Certificates of Occupancy)no later than March
31, 2019.
Company, at its cost, shall complete the Qualified Infrastructure by the Start Date.
Should CSD Woodbridge be in Default of Phase I requirements, none of the
Reimbursement Incentives shall be paid to the Company and this Agreement shall
terminate. In the event Company fails to meet Phase II — IV the Reimbursement
Incentives shall be reduced so that the maximum amount that may be earned under this
Agreement shall not exceed the cumulative sum of$550,000.
CSD Woodbridge Centre
4
Sales Tax Reimbursement Report
Filing Allocation City 4B WEDC WEDC
Period Period 1.00% 0.50% 0.50% Total Reimbursement
Jan-14 Mar-14 $500.33 $250.17 $250.17 $1,000.66 $250.17
Sub-Total 1,000.66 250.17
Feb-14 Apr-14 608.31 304.16 304.16 1,216.62 304.16
Mar-14 May-14 819.13 409.57 409.57 1,638.26 409.57
Apr-14 Jun-14 1,474.84 737.42 737.42 2,949.67 737.42
Sub-Total 5,804.55 1,451.14
May-14 Jul-14 1,856.70 928.35 928.35 3,713.39 928.35
Jun-14 Aug-14 25,686.18 12,843.09 12,843.09 51,372.36 12,843.09
Jul-14 Sep-14 1,482.27 741.14 741.14 2,964.54 741.14
Sub-Total 58,050.29 14,512.57
Aug-14 Oct-14 1,927.17 963.59 963.59 3,854.34 $963.59
Sep-14 Nov-14 32,934.65 16,467.32 16,467.32 65,869.29 16,467.32
Oct-14 Dec-14 1,998.92 999.46 999.46 3,997.84 999.46
Sub-Total 73,721.47 18,430.37
Nov-14 Jan-15 2,885.15 1,442.58 1,442.58 5,770.30 1,442.58
Dec-14 Feb-15 29,624.02 14,812.01 14,812.01 $59,248.04 $14,812.01
Jan-15 Mar-15 6,488.22 3,244.11 3,244.11 $12,976.44 $3,244.11
-
Sub-Total $77,994.78 $19,498.70
Feb-15 Apr-15 5,694.92 2,847.46 2,847.46 11,389.83 2,847.46
Mar-15 May-15 31,176.75 15,588.37 15,588.37 $62,353.49 $15,588.37
Apr-15 Jun-15 5,390.41 2,695.20 2,695.20 $10,780.81 $2,695.20
Sub-Total $84,524.13 $21,131.03
May-15 Jul-15 6,467.00 3,233.50 3,233.50 12,934.00 3,233.50
Jun-15 Aug-15 32,110.31 16,055.16 16,055.16 $64,220.62 $16,055.16
Jul-15 Sep-15 5,548.58 2,774.29 2,774.29 $11,097.15 $2,774.29
Sub-Total $88,251.77 $22,062.94
Aug-15 Oct-15 5,683.49 2,841.74 2,841.74 11,366.97 2,841.74
Sep-15 Nov-15 41,414.13 20,707.06 20,707.06 $82,828.25 $20,707.06
Oct-15 Dec-15 6,007.81 3,003.91 3,003.91 $12,015.62 $3,003.91
Sub-Total $106,210.84 $26,552.71
Total $495,558.49 $123,889.62
EXCO Extrusion Dies (Texas),Inc.
Summary of Performance Obligations
EXCO is purchasing from The WEDC 3.206 acres of property located on Hensley Dr.
EXCO will build a facility of not less than 30,000 sf of combined office and
manufacturing/assembly facility.
Incentives:
1. Note Forgiveness:
The WEDC will provide assistance to EXCO up to the amount of the purchase price
of the property ($350,000) in the form of forgiveness of Seller Note. Seller note will
be forgiven over a five (5) year period in the amount of $70,000.00 per year
beginning on the first Anniversary of Certificate of Occupancy.
2. First Incentive: $87,000.00 upon issuance of CO
3. Second Incentive: $80,000.00 —Paid Annually in 4 equal installments of$20,000.00
beginning 1 year from CO.
Performance Obligations to Qualify for Incentives:
a. Commence construction of a 30,000 sf facility conforming to all City of Wylie
Codes and Ordinances by March 1, 2015.
b. Maintain value of$7,550,000.00 for all real and personal property owned by the
Company. No Additional Economic Incentive shall be paid for that year if the
value falls below $5,550,000.00. For each $100,000 below $7,550,000.00 but
above $5,550,000,the Additional Incentive paid will be reduced by$1,500.00.
c. Maintain its Texas principal place of business on the property for 5 years.
d. Complete construction, and receive CO by January 31, 2016.
e. Employ 20 Full-Time Employees at this location for five (5) years
f. No event of default as evidenced by a Bankruptcy, conveyance of the property or
its interests in the property without the express written consent of WEDC and/or
nonpayment of property taxes.
Regional Housing Permits
Wylie Lavon
07 08 09 10 11 12 13 14 15 07 08 09 10 11 12 13 14 15
January 57 34 13 28 20 16 18 14 46 January 18 0 3 8 2 4 5 4 6
February 46 34 7 18 9 22 14 20 31 February 15 1 4 7 11 2 5 11 6
March 71 36 26 20 28 18 17 30 31 March 19 7 10 8 3 6 3 17 8
p April 1 12 24 7 11
A ril 78 59 16 23 18 29 38 10 57 9 4 6 13
May 48 41 11 26 18 20 22 26 68 May 27 4 7 8 1 0 9 17 4
June 44 32 36 24 19 13 11 9 57 June 9 6 12 12 9 2 5 12 5
July 70 74 21 33 20 19 18 29 36 July 1 12 14 11 2 3 1 14 12
g August 1 14 12 9 6 3 1 5
Au ust 59 28 22 24 16 20 19 19 30 13
September 66 22 38 23 22 15 8 17 24 September 4 3 1 0 6 7 6 2 7
October 50 22 15 17 16 28 30 21 32 October '' 10 1 3 14 4 2 1 9 5
November 40 17 21 13 5 14 18 20 33 November 5 3 13 5 5 3 2 1 2
December 13 14 31 15 10 16 23 65 38 December 4 19 2 1 7 1 4 5 6
TOTAL 642 413 257 264 201 230 236 280 483 TOTAL 134 61 99 60 48 168 100 77
Mur h Sachse
07 08 09 10 11 12 13 14 15 07 08 09 10 11 12 13 14 15
January 22 14 2 14 4 7 26 13 III January 17 12 5 17 14 8 13 18 14
February
25 16 1 15 3 14 4 5 II February 19 11 8 10 3 11 8 29 17
March 27 12 4 15 9 6 6 8 4 March 21 7 11 11 9 12 1 13 24
April 50 12 7 12 8 10 23 1 3 April 15 15 12 11 8 4 13 17 12
May 34 12 7 5 11 14 7 7 2 May 11 15 6 13 11 17 10 21 6
June 28 25 12 13 6 19 15 6 7 June 16 22 17 11 8 17 14 16 38
July 24 13 12 7 7 16 7 22 4 July 23 17 11 15 7 14 15 30 12
August 33 15 6 3 4 13 15 16 2 August 12 18 12 14 5 19 10 29 41
September 17 6 12 7 4 10 10 3 3 September 4 16 13 3 12 12 17 23 27
October 16 7 4 8 I 3 16 16 4 0 October 13 25 15 3 8 15 25 18 31
November 6 3 5 7 3 17 5 5 2 November 20 10 14 4 6 9 12 27 26
December 5 3 14 9 8 7 15 4 0 December 10 9 ' 12 6 7 10 11 39 12
TOTAL 287 138 86 115 70 149 149 94 33 TOTAL 181 177 136 118 98 148 149 280 260
Wylie- Pending Developments Sachse- Pending Developments
Estates of Creekside-45 ac. 63 Lots, 3 open space Jackson Hills Phase 3A-2 - 55 Lots
Braddock Place, Phase 2 - 185 ac. - 44 Lots Heritage Park- Phase 3-81 Lots
Kreymer Estates Phase 1 - 36.475 ac. - 110 Lots Parkwood Ranch - Phase 2-102 Lots
Lewis Ranch - 53 ac. -216 Lots Jackson Hills- Phase 3B- 114 Lots
Woodbridge 16 -25.083 ac. - 111 Lots Jackson Meadows-51 Lots
Dominion of Pleasant Valley-361.4 ac. - 975 Lots Woodbridge- Phase 19- 148 Lots
Covington Estates Ph 1 - 14.308 ac. -44 lots
Bozeman Farms- 780 lots remaining (145 under cons.)
Regional Housing Permits
Alanis Crossing - Phase 1 -29.292 ac-53 Lots
Braddock Place, Phase 3 -18.322 ac. - 53 Lots, 2 open space
Wilson Creek-38 ac. 140 lots
Inspiration 2B -25 ac. 76 lots Wylie ETJ
ZC 2014-08 Nails-25 ac. 105 Townhomes
Hunter's Cove Phase I -31.414 ac 58 Lots
Bozman Farms Phase 3-50.392 ac 139 Lots
Braddock Place Phase 4-25.608 ac 77 Lots
Braddock Plase Phase 3- 18.322 ac. 53 Lots
Creekside Estates Phase VII -23.267 ac. - 11 Lots
Castle Park-31.41 ac 56 Lots
Inspiration Phase 1 &2--53 Lots