08-10-1993 (WEDC) Minutes DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC.
MINUTES
AUGUST 10 , 1993
The Directors of the Development Corporation of Wylie, Inc . met
in regular session at 4 : 00 P.M. on Tuesday, August 10 , 1993 in
the Development Corporation's office at 108 W. Marble, Wylie,
Texas . A quorum was present and notice of the meeting had been
posted in the time and manner required by law . Those present
were President Raymond Cooper, Vice President John Tobin,
Secretary/Treasurer John Yeager and member John Mondy . Executive
Director Charlie Womack, and Mayor John Akin were also present .
In attendance from the City Staff was Anita Collins . Tim
Robinson was absent from the meeting .
President Raymond Cooper called the meeting to order.
DISCUSS AND CONSIDER APPROVAL OF MINUTES OF JULY 13 , 1993
REGULAR MEETING AND THE JULY 29 , 1993 SPECIAL MEETING: There
being no corrections to either set of minutes John Yeager made a
motion that they be approved, seconded by John Tobin. The
motion carried with all in favor.
DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: Total
corporate funds as of July 31 , 1993 were $457 , 527 . 70 . Expenses
for May were $7 , 463 . 55 and revenues were $14 , 650 . 04. Total
available funds were $336, 104 . 55 . A motion was made by John
Tobin to accept the Treasurer's Report as read and was seconded
by John Mondy. The motion carried with all in favor . (See
attached report at the end of these minutes) .
REPORT FROM EXECUTIVE DIRECTOR:
A. Physicians Regional Hospital Status Report - All tornado
damage to the hospital and the medical plaza building have
been repaired. Expense for the repairs was fully paid by
insurance coverage, but there was approximately $45 ,000 of
downtime expense that was not covered by their business
interruption insurance policy . The hospital is currently
looking for two family certified physicians to occupy a
vacated space in the medical plaza. The bankruptcy
proceeding are continuing and American National Bank filed
an amended motion with the Bankruptcy Court to lift the
automatic stay .
B . Major Employer Relocation Status Report - A recent
conversation revealed that a site in Wylie is still under
consideration. Mr . Womack' s source reported the company has
made no decision but he will be attending a corporate
meeting in Jacksonville, Flordia during the latter part of
August . He feels that the company will make a decision at
this meeting to relocate or continue operating from their
present facility . He promised to make contact when he
returns from this trip to Florida.
C . Jim Meara, D/B/A the Meara Company Status Report - Mr .
Meara reported that all new lots have been surveyed and
staked and the utility lines have been marked. A new plat
will be filed during the first week of August . A contract
has been signed with General Homes , Inc . They have three
weeks to complete their due diligence and feasibility study.
They should take down the first four lots by September 1 ,
1993 , and their model home should be stared by the middle of
September, 1993 .
D. Applied Powder Technologies , Inc . - A recent telephone
call with Mr. Chad revealed that they were still considering
a move to this area provided they could get their financial
affairs in order . They are still negotiating with a
financial group that appears to be ready to close a deal
that would permit them to complete their relocation plans .
E. Roberts Manufacturing Company - Mr . Larry Doyle,
Distribution Facilities Manager for Roberts Manufacturing
Company called and subsequently came by our office . He
represents a manufacturing company located in California
since 1936 . The company manufactures plumbing fixtures and
distributes their products throughout eight regional
warehouses; one of which is located in Dallas . He will be
taking a video tape with him on a trip to the corporate
office during the middle of August . He promised to be in
touch as soon as he has additional information regarding the
company' s relocation plans .
F. Staubach Company - Mr . Tom McCarthy called on July 26th
requesting information regarding any incentives being
offered by Wylie to attract new businesses to the City . He
claimed to represent the Staubach Company and they have been
commissioned to find a relocation site for a manufacturing
company which would employ approximately one hundred fifty
people . I immediately responded to this request and will
continue to be in contact with Mr . McCarthy until he informs
me there is no interest in relocating to Wylie .
G. Westcon ' 93 Trade Show - A meeting for all Collin
County participants was held in McKinney on Friday,
July 16th. Collin County Community College will design and
make the backdrop to be used in the booth. A working
committee was appointed by the chairman and they will have a
report ready for our next meeting in August . Everyone
seemed excited and feels this show will provide the exposure
that is needed to promote economic growth for the Collin
County area.
DISCUSS AND APPROVE RUTLEDGE CRAIN & COMPANY, P . C. TO AUDIT THE
FINANCIAL STATEMENTS OF THE DEVELOPMENT CORP . OF WYLIE, INC. FOR
THE YEAR ENDING 09/30/93 : The engagement letter from Rutledge
Crain & Company was discussed. Based on their preliminary
estimates the fee should not exceed $1,000 . A motion was made by
John Yeager to engage the firm of Rutledge Crain & Company to
prepare the financial audit for the year ending 09/30/93. The
motion carried with all in favor.
RECESS OPEN MEETING
CONVENE TO EXECUTIVE SESSION:
A. Status Report on Land Purchase and Current Negotiations
With Prospect to develop into Industrial Park.
B. Review and Make Decision for Financial Assistance Request
From Three Local Businesses .
ACTION FROM EXECUTIVE SESSION
A. No action taken.
B. A motion was made by John Yeager that the Development
Corporation make a loan to Wylie Machine Shop in the
amount of $10 ,000 . 00 . Loan is to be repaid over a three (3)
year period at the prime rate . A motion was made by John
Tobin and seconded by John Yeager to make this loan. The
motion carried with all in favor .
CITIZEN PARTICIPATION: None
There being no other business for discussion a motion was made
and seconded that the meeting be adjourned .
Minutes of the August 10 , 1993 , regular meeting approved by the
Board of Directors at its meeting on September 14 , 1993 .
Raym,Ond 'Cooper/, President
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PREPARED BY:
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Anita Collins