02-08-1994 (WEDC) Minutes DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC.
MINUTES
FEBRUARY 8, 1994
The Directors of the Development Corporation of Wylie, Inc. met in
regular session at 4:00 P.M. on Tuesday, February 8, 1994 in the
Chamber of Commerce Boardroom 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 members John Mondy and Marvin Fuller arrived late.
Executive Director Charlie Womack, Mayor John Akin, City Manager
Steve Norwood and Administrative Assistant Mike Collins were also
present. In attendance from the City Staff was Anita Collins.
President Raymond Cooper called the meeting to order.
DISCUSS AND CONSIDER APPROVAL OF MINUTES OF JANUARY 11, 1994:
REGULAR MEETING: There being no corrections to the minutes John
Mondy made a motion that they be approved, seconded by John Tobin.
The motion carried with all in favor.
DISCUSS AND CONSIDER TREASURER'S REPORT ENDING 01/31/93: Total
money market funds available during December were $317,108. 35.
Expenses for December were $10,934.09 and revenues were
$19, 374. 28. Copy of report is attached for further details. A
motion was made by John Mondy to approve the report as written.
The motion was seconded by John Tobin. The motion carried with
all in favor.
REPORT FROM EXECUTIVE DIRECTOR: Mr. Womack gave a report of the
December activities. See copy of reported which is attached.
REVIEW AND APPROVE REQUEST FROM PERNA TUNE ELECTRONICS FOR
REIMBURSEMENT OF ADDITIONAL EXPENSES CONNECTED WITH THEIR MOVE FROM
ANAHEIM, CALIFORNIA. THE REMAINING UNPAID BALANCE ON OUR
COMMITMENT OF JANUARY 20, 1993 IS $3,046.30 AND THEY HAVE FILED A
REQUEST FOR A REIMBURSEMENT TOTALLING $2,247.63: The board
discussed the success of their venture here and felt that it had
been a success. The board also instructed Mr. Womack to get the
newspaper to do a story on this company and the Development
Corporation's involvement in their relocation to Wylie. The
request for reimbursement is being honored in accordance with the
commitment made in January of 1993.
REVIEW AND APPROVE PAYMENT TO WYLIE INSURANCE AGENCY, INC.
TOTALLING S821.00 FOR PAYMENT OF FIDELITY BOND RENEWAL INSURANCE
POLICY: Mr. Yeager informed the board that the renewal cost is
$821.00 and that is an increase over the last time. Mr. Yeager
also informed the board that regardless of who he placed the policy
with the cost would be the same since this is a bond. Mr. Tobin
made a motion that we approve the payment and Marvin Fuller
seconded the motion. The motion carried with all in favor with the
exception of Mr. Yeager who abstained.
DISCUSS POSSIBLE ADVERTISING PROGRAM TO PROMOTE THE SALE, LEASE OR
TO BUILD ON THE LOTS LOCATED IN THE 544 INDUSTRIAL PARK: The board
discussed the various ways the advertising could be done and the
various media in which the advertising could be placed. A motion
was made by John Tobin to place an ad for one month in the Dallas
Business Journal at a cost of $120.00. The motion was seconded by
Mr. Yeager. The motion carried with all in favor.
DISCUSS THE EMPLOYMENT OF AN OUTSIDE ARCHITECTURAL AND PLANNING
CONSULTANT TO STUDY AND DEVELOP A PLAN TO BEST UTILIZE THE BUILDING
LOTS IN THE 544 INDUSTRIAL PARK: After much discussion regarding
this matter it was decided to have a set of prints prepared.
RECESS OPEN MEETING:
CONVENE TO EXECUTIVE SESSION:
A. DISCUSS LEGAL BRIEF PREPARED BY MARK HOUSER, ATTORNEY
B. DISCUSS CURRENT STATUS OF HOSPITAL
RECONVENE OPEN MEETING:
ACTION FROM EXECUTIVE SESSION, IF ANY:
John Yeager made a motion that we pay the legal bill from Mark
Houser, seconded by John Tobin. The motion carried with all
favor.
CITIZEN PARTICIPATION:
Marvin Fuller addressed the board.
There being no other business for discussion a motion was made and
seconded that the meeting be adjourned.
Minutes of the February 8, 1994 , regular meeting approved by the
Board of Directors at its meeting on March 8, 1994.
R y nd Cooper, President
SUBMITTED BY:
Anita Collins
Development Corporation of Wylie
TREASURER'S REPORT ENDING 1/31/94
ENDING BALANCE - 11/30/93
Provident Bank - Wylie 92,332.46
American National Bank - Wylie 205,401.61
American National Bank-Terrell (C/C) 8,590.52
Petty Cash, Provident Bank - Wylie 419.23
Total funds available 12/31/93 306,743.82
INCOME
Money Market funds 1/1/94 297,734.07
Sales tax revenue 18,741.00
Interest earned 633.28
Total M/M funds available 317,108.35
EXPENSES
GTE Southwest, Inc. 79.43
Oakridge Country Club 73.95
Provident Bank (941 tax payment) 470.00
City of Wylie (contract services) 51.00
C.C. Womack (salary) 1,683.00
McWilliams & Houser- Legal fees 225.13
Hargrave Home Repair, Inc. 1,620.00
Internal Revenue Service 56.00
Wylie School Tax Collector 3,894.33
Collin County Tax Collector 900.82
City of Wylie Tax Collector 1,595.43
A.A.R.P. Group Health Ins. Program 177.50
Bookkeeping Matters 100.00
Total expenses M/M accounts (10,926.59)
PETTY CASH FUNDS
Balance available 1/1/94 419.23
Wylie Chamber of Commerce 7.50
Total funds available 411.73
OTHER CORPORATE FUNDS
American National Bank - Terrell (C/C) 8,590.52
Total Corporate Funds 2/1/94 315,184.01
RECAP OF FUNDS ON DEP. W/ LOCAL BANKS
American National Bank- Wylie 205,829.45
Provident Bank - Wylie 100,764.04
American National Bank - Terrell (C/C) 8,590.52
Total Funds Available 1/1/94 315,184.01
Contingent Liabilities:
(1) 1/20/93 commitment totaling $10,000.00 to reimburse Perma-Tune Electronics, Inc. for moving expenses from
Anaheim, California. Current unfunded balance is $3,036.30.
(2) 1/20/93 commitment not to exceed $6,000.00 to reimburse Perna-Tune Electronics, Inc. for partial expenses to train
six(6) new employees who are permanently employed for a period of twelve (12) months.
(3) 8/10/93 commitment to loan Wylie Machine Shop, Inc. a total of$10,000.00 to help defray current operating
expenses due to building being destroyed by tornado.
(4) Disputed legal expense of$5,123.71 submitted by American National Bank for legal services rendered in our behalf
as a creditor of Healthcare Enterprises of North Texas, Ltd., a/k/a Physicians Regional Hospital.
Total corporate funds available for future investments $291,024.00