09-29-2003 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
September 29, 2003
Board Members Present
Gary Bowland
Marvin Fuller
Kevin St. John
John Yeager
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 September 11, 2003 in the Dividend Room of Inwood
National Bank located at 201 North Ballard, Wylie, Texas.
The meeting was called to order by President Marvin Fuller at 7:10 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the September 11, 2003,
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Gary Bowland and seconded by Kevin St. John to
approve the minutes for the September 11, 2003, Regular Board of
Directors Meeting of the Wylie Economic Development Corporation. The
WEDC Board of Directors voted 4 — FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. 2 — Consider and Act Upon Approval of the August, 2003 Treasurer's Report
for the Wylie Economic Development Corporation.
Staff informed the Board that American National Bank had agreed to a 3.5% interest rate on a 5-
year Certificate of Deposit with no early withdrawal penalty. Staff indicated that the existing
Money Market account ($105,000) held at American National will be transferred into the CD
along with an additional ±$20,000. President Fuller instructed staff to deposit an additional
$45,000 bringing the value of the CD to $150,000. The consensus of the Board was that while
the WEDC cash flow position will be tight with the additional $25,000 deposited, there is no
early withdrawal penalty for any portion of the WEDC funds should monies be required to cash
flow future projects/expenses.
WEDC —Minutes
September 29, 2003
Page 2
MOTION: A motion was made by Kevin St. John and seconded by John Yeager to
approve the August, 2003 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4—FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 3—EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:17 a.m. to hold
deliberations surrounding the sale of WEDC property located at 404 S. Highway 78 in
accordance with Section 551.072, Government Code, Vernon's Texas Code Annotated (Open
Meetings Act).
ITEM NO. 4—RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 7:50 a.m. No action was taken
as a result of Executive Session.
ITEM NO. 5—Staff Update.
Staff discussed issues surrounding the expansion to State Highway 78, Wal Mart construction,
and the Freeport Exemption as it relates to the WISD. Staff also informed the Board that JC
Ornamental Iron Works is one of three finalists for Small Business of the Year nominated by
Inside Collin County Business at the Celebration of Enterprise to be held on October 8, 2003.
ITEM NO. 6—Citizen Participation.
There being no citizen participation,President Fuller proceeded to Item No. 7.
ITEM NO. 7—Adjourn.
There being no further business, the meeting was adjourned at 8:00 a.m.
. gdf4t.
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director