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12-28-2005 (WEDC) Minutes Minutes WYLIE ECONOMIC DEVELOPMENT CORPORATION December 28,2005 Board Members Present Gary Bartow Gary Bowland Marvin Fuller John Yeager Merrill Young Staff Present Samuel Satterwhite, Executive Director With notice of the meeting posted in time and manner required by law and a quorum of Board members present, the Board of Directors of the Wylie Economic Development Corporation (WEDC) met in Regular Session on December 28, 2005 in the Conference Room of Inwood National Bank located at 200 South Highway 78, Wylie, Texas. The meeting was called to order by President Marvin Fuller at 7:05 a.m. ITEM NO. 1 — Executive Session: Convene into Executive Session to Hold Deliberations Regarding Real Property (Purchase of Real Property Located at 706 Cooper Drive by the WEDC) as Authorized in Section 551.072 if the Local Government Code, Vernon's Texas Code Annotated (Open Meetings Act). The WEDC Board of Directors convened into Executive Session at 7:06 a.m. ITEM NO. 2—Reconvene into Open Meeting. The WEDC Board reconvened into Open Meeting at 7:45 a.m. Based upon direction from the Board, staff indicated that the WEDC was under contract with Mr. Bob Heath and Mr. Dick Sharman to purchase a .464 acre tract located on Cooper Drive. The purchase price is $185,000 and is scheduled to close on December 31, 2005 should the Board ratify the contract and approve the sale. Per the contract, the WEDC is required to pay all closing costs, including the title policy, which equals $1,934.22. The Board discussed that the Heath/Sharman tract has potential even despite its location on the north side of Cooper. Being that there is only one property to the east with an empty lot comprising V2 acre and a single structure on a second V2 acre, the goal of redeveloping eastward towards Baylor is attainable with less difficulty than within the interior of Cooper Drive. WEDC—Minutes December 28, 2005 Page 2 MOTION: A motion was made by Gary Bowland and seconded by Merrill Young to ratify the contract between the WEDC and Heath/Sharman, approve the purchase of property located at 709 Cooper Drive, and authorize WEDC President Fuller to execute all documentation necessary to effectuate the purchase. The WEDC Board of Directors voted 5 — FOR and 0 — AGAINST in favor of the motion. ITEM NO. 3—Citizen Participation. There being no citizen participation, President Fuller proceeded to Item No. 4. ITEM NO. 4—Adjourn. There being no further business, the meeting was adjourned at 7:50 a.m. 1104 Marvin Fuller, President Attest: Samuel D.R. Satterwhite Executive Director