Resolution 2016-331
RESOLUTION NO. 2016-33(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE,
COLLIN, DALLAS AND ROCKWALL COUNTY, TEXAS,
AUTHORIZING AND APPROVING A WEDC RESOLUTION NO. 2016-02
(R) ADOPTED BY THE BOARD OF DIRECTORS OF THE WYLIE
ECONOMIC DEVELOPMENT CORPORATION AUTHORIZING A
LOAN IN THE AGGREGATE AMOUNT OF $300,000 FROM BILLY R.
JARRARD, JR. AND PLEDGING THE % CENT SALES TAX FOR
ECONOMIC DEVELOPMENT AS COLLATERAL TO SECURE THE
REPAYMENT OF SAID LOAN.
WHEREAS, the Wylie Economic Development Corporation was established by
ordinance of the Wylie City Council subsequent to an election to impose and assess a one-half cent
sales tax for economic development within the City of Wylie;
WHEREAS, one of the purposes for which the Wylie Economic Development
Corporation was established is to provide for the creation of jobs and increase the tax base of the
City of Wylie;
WHEREAS, the Board of Directors of the Wylie Economic Development Corporation
intends to recruit companies which will provide jobs and increase the tax base by implementing
qualified projects;
WHEREAS, the Board of Directors of the Wylie Economic Development Corporation has
duly adopted a Resolution that approves a loan from Billy R. Jarrard, Jr. in an aggregate amount of
$300,000.00 to assist the financing of qualified projects; and
WHEREAS, Section 501.204(a) of the Texas Local Government Code, as amended, ("the
Act") requires that the governing body of the City of Wylie approve the resolution of the Wylie
Economic Development Corporation providing for the approval of the loan no more than sixty
(60) days prior to the execution and delivery of the documents evidencing such debt.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WYLIE, COLLIN COUNTY, TEXAS, THAT:
Section 1. The Wylie City Council approves the resolution adopted by the Board of
Directors of the Wylie Economic Development Corporation on the 7th day of December, 2016
authorizing a loan in an aggregate amount of $300,000.00 from Billy R. Jarrard, Jr. and pledging
the 1/2 cent sales tax for economic development as collateral to secure the repayment of said loan.
Section 2. This resolution was approved by the Wylie City Council at a council
meeting duly posted in accordance with the Texas Open Meeting Act and at which a quorum was
present and voting.
Resolution No. 2016-33(R)
Approving WEDC $300,000.00 Loan
RESOLVED AND ADOPTED by the Wylie City Council on the 13th day of December, 2016.
ATTEST:
Carole Ehrlich, a ty Secretary
Resolution No. 2016-33(R)
Approving WEDC $300,000.00 Loan
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Eric Hogue, Mityor
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RESOLUTION NO. 2016-02(R)
RESOLUTION APPROVING A PROGRAM AND THE EXPENDITURE
OF FUNDS BY THE WYLIE ECONOMIC DEVELOPMENT
CORPORATION AND ENACTING OTHER PROVISIONS RELATING
TO THE SUBJECT.
WHEREAS, the Wylie Economic Development Corporation (the "Corporation") has
been incorporated and exists and operates as a duly constituted authority and instrumentality of
the City of Wylie, (the "City"), pursuant to Chapter 501 of the Texas Local Government Code
(the "Development Corporation Act" or "Act"), and governed as a Type A Corporation under the
Act and Chapter 501 and 504 of the Texas Local Government Code, is qualified to do business,
and in good standing; and
WHEREAS, no proceedings for forfeiture of the certificate of incorporation or for
voluntary or involuntary dissolution of the Corporation are pending; and
WHEREAS, neither the articles of incorporation nor the bylaws of the Corporation limit
the Board of Directors to adopt this Resolution; and
WHEREAS, the City which is the authorizing unit for the Corporation, as required by
Chapter 501 of the Texas Local Government Code, must authorize said program and expenditure
of the Corporation; and
WHEREAS, the Wylie Economic Development Corporation Board of Directors finds and
determines that it is appropriate to approve the Project as an authorized program and expenditure
of the Corporation; and
WHEREAS, the Corporation approves the terms and conditions of the Loan Documents,
including but not limited to, a Promissory Note and Security Agreement in order to fmance the
purchase of Lot 1, Railroad Industrial Park, an additional of the City of Wylie, Collin County,
Texas, as recorded in Volume C, Page 748 of the Map Records of Collin County (the "Project"),
in the amount of $300,000 from Billy R. Jarrard, Jr. in order to promote economic development
in the City of Wylie; and
WHEREAS, the President, Marvin Fuller, is hereby authorized in the name of this
Corporation and as its own act to execute the Promissory Note, the Security Agreement and all
other documents necessary to fmance the Project and to pledge the Corporation's sales and use
tax receipts as security for such Note; and
WHEREAS, the Secretary of the Corporation is directed to certify the minutes of this
meeting and the contents of these resolutions and to deliver the certification in support of the
authority of the Director named above to act on behalf of this Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE WYLIE ECONOMIC
DEVELOPMENT CORPORTION BOARD OF DIRECTORS:
SECTION 1: The recitals set forth in the preamble hereof are incorporated herein and
shall have the same force and effect as if set forth in this Section. The undertaking of the
Projects and the expenditure and pledging of funds of the Corporation in connection therewith
are hereby approved.
SECTION 2: This Resolution shall take effect immediately upon its passage.
DULY PASSED AND APPROVED by the Board of Directors of the Wylie Economic
Development Corporation on this 7th day of December, 2016.
Marvin Fuller, President
ATTEST TO:
John Yeager, WEDC Secretary
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Legal Description
Lot 1, Railroad Industrial Park, an Addition to the City of Wylie, Collin County, Texas,
according to the map or plat thereof recorded in Volume C, Page 748 of the Map
Records of Collin County, Texas.
A=96.32'
R=108.35'
D=50'56'12"
B=N54 22'02"E
C=93.18'
bot?.2Q
Replot of Railroad Industrie/ Pork
Vol. 2006, Pg. 526, CCMR
Surveyor's Certification
1, F.E. 8emenderfer, Jr., do hereby certify to: Billy .R. Jarrard Jr., Mlle Economic
Development Corporation, Lawyers Title Company and Fidelity National Title
insurance Company that (1) this survey 'nos mode upon the ground of the Property
described herein on October 5, 2016 by myself or under my supervision, (2) the description
contained hereon and the location of rights—of—way, visible easements, set—back lines,
visible improvement, and encroachments, that I hove knowledge of or have been informed
of are accurately reflected hereon, (3) all monuments shown hereon actually exist and the
location, size and type of material thereof are correctly shown, (4) No part of the subject
property lies within a Special Flood Hazord Area inundated by 100—year flood per Map
Number 48085C 0420J of the F.E.MA Flood Insurance Rote Maps for Collin County, Texas
& Incorporated Areas dated June 2, 2009. (Zone X). (5) the property reflected hereon has
access to Jackson Street, (6) the relationship of the Property to all contiguous real estate
is correctly shown hereon.
Notes: 1) Source bearing per Railrood Industrial Pork, an addition to the City of Wylie as
recorded in Volume 0, Page 748 of the Collin County Map Records. 2) This survey hos
been performed with the benefit of Title Commitment GF No. 19135-1913502855 issued
October 12, 2016. 3) CM is a controlling monument. 4) Surveyor's signature will appear
in red ink on certified copies. 5) Esm't. to Gulf Refining Company and Gulf Oil Corporation
in Vol. 308, Pg. 110 does not affect the subject property. 6) Esm t. to Finis Roberts, Jr.
and Joy A. Adams, Partnership to allow for an encroaching concrete driveway is not
necessary because the driveway no longer encroaches.
Aline Otis
Vol. 1407, Pg. 2J7, CCMR
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20 40
Scale: 1'=20'
Revised: October 17 (Title Commitment)
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