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03-20-2009 (WEDC) Minutes Minutes Wylie Economic Development Corporation oard of Directors Meeting Friday, MarcH 20, 2009 — 6:30 ANI. Inwood National tank — Conference Room 200 South ighway 78 —Wylie, Texas CALL TO 0 I ER Announcejhe resence o a uorum President Fuller called the meetiHg to order at 6:30 a.m. Board Members present were: John Yeager, Mitch ' 'erzog, and Chris Seely. WE C staff present was Executive Director Sam Satterwhite and Administrative Assistant Gerry Harris. Ex-Officio ii.oard Mei bers Mindy Manson and Mayor Eric Hogue were present. CITIZEN PARTICIPATION There being no citizen participation, President Fuller proceeded to Presentation Items, PRESENTATION I. Consider issues surrounding a Real Estate Sales Contract between the WEDC and Crossroads Management IV, Ltd. for the purchase of approximately 18,000 square feet generally locate near the intersection of .M. 544 and Regency Drive. Staff presented an executed contract between the WEDC and Crossroads Management IV, Ltd. The purc ase price is $8.50 per square foot with the buyer providing the survey a d title policy. Closing is to take place following approval of the plat by the Wylie City Council, but no later than June 15, 2009. Closing is also contingent upon the removal of a 20' access easement locate. upon WED C property and the Seller cooperating with the platting process. ACTION ITEMS ITEM NO. 1 — Consider and act ue o roval of the March 9, 2009 Minutes of the WE,IC oard of Directors Meeting. MOTION: A motion was made by Mitch Herzog and sec& ded by John Yeager to approve the March 9, 2009 Minutes of the WEDC Board of Directors WEDC Minutes March 20, 2009 Page 2 of 4 Meeting. The WEDC board voted 4 — FOR and 0 — AGAINST in favor of the motion. ITEM NO. 2 — Consider and Act Upon Approval of the February 2009 WEDC Treasurer's eport. MO ' ION: A motion was made by Chris Seely and seconded by John Yeager to approve the Feb Lary 2009 WEDC Treasurer's Report. The WEDC Board voted 4— FOR and 0 — AGAINST in favor of the motion. IT M Nt. 3 — Staff Update: review staff activities surrounding a Performance Agreement between the WEDC and T.W. Snider and Associates, a WEDC study surroun ing development fees, the disposition of WEDC office equipment, an Ad Valorem Tax Abateme t and Sales Tax Reimbursement Agreement between the WEDC, City of Wylie, and Gree way Investments, and the 2009 ICSC Real Estate Conference. Perfbrmance Agreement between the WEDC and T. Pf/: Snider and Associates: On January 16, 2009, the WEDC Board of Directors amended the terms of the above referenced Performance Agreement. The original terms called for a 4,800 square foot office shell to be constructed with 1,200 square feet being finished out no later than August 1, 2009. The amended terms call for an October 1, 2009 completion date of the identical terms. Staff has been informed that there have been further delays with the project based upon contracts that have been cancelled and additional requirements being placed upon Mr. Snider by his lending institution. Loa committee meets on Monday to discuss revised lending terms for Mr. Snider which would allow him to begin the project with only one of four contracts in hand. If the new terms are ot approved, the agent marketing the project for Mr. Snider is prepared to execute a contract himself for one of the three remaining units which will 1 eet the banks' loan requirements for Phase I Staff should have thirther information on Monday, March 3rd. WEDC Study Surrounding Development Fees: Staff has yet to finalize collectio of all data necessary to complete its analysis of Wylie development fees as they compare to surrounding communities. Staff believes a special meeting will need to be called for April 3.rd or 10th to present staff's findings to the Board, The presentation on those dates to the WE IC Board will allow for the same findings to be presented to the City Council by April 28th. Dis osition o WEDC Office Equipment: On ifuly 12, 2009, the agreement With Wells Fargo Financial expires for the lease of the WEDC copier/scannerfax machine. The WEDC currently leases the equipment for S319 per month with an expense for copies of S125 - S150 monthly. The lease allows for repairs ad supplies at no cost. Staff had contemplated a new 36 mil th lease with Xerox for approximately the same terms and cost. However, the existing cosier can be purchased for $950 with the WEDC responsible for WEDC Minutes March 20, 2009 Page 3 of 4 costs associated with, supplies and repairs. To er can cost up to $1,750 per year with maintena ce fees at approximately $100 per hour. Mainte ance on the existing copier has taken place approximately 0,1,7o times per year over the past three years (keeping in mind the copier was new when it was initially leased). Major repairs/replaceillents ave been a new motherboard within the last four months and a new drum within the last year. Barring any significant malfunction between now and July, the WEDC will be purchasing its existing copier. On-going costs will be monitored against the cost of a new copier and associated lease. Greenway Abatement and Sales Tax Reimbursement Agreement: Staff had indicated that the Appraisal District had in error not applied the a atement to the Greenway 2008 taxes. As indicated by the Appraisal ' istrict, the strip center located on F.M. 544 was considered incomplete even though Papa Murphy's was finished out. Staff conti es to process the status of the environmental remediation, or lack thereof, with the assistance of Integrated Environmental Solutions. 2009 ICSC Real Estate Conference: Aside for a possible meeting with Kohl's to reassure them of the community's eagerness to have them locate to Wylie, the Wylie contingency will for the first time not have an identifiable goal prior to attending ICSC. In an effo to maximize our efforts, staff contacted Direct Developme t and requested the nal es of retailers which may be 'on the bubble' in terms of their interest in Woodbridge Crossing. Of the 33 retailers provided by Rirect, 20 have already registered and have been sent a letter indicating that Wylie would like to schedule an appointment. Those letters will be followed by an email requesting a specific appointment time and phone call if unsuccessful to that point. Over the next week, staff will als, be identifying all restaurants registered for the event that would be a good fit for Wylie and atternet to schedule an appointment or make a point to stop by their booth. With the conference beginnig May 17th, the a' ove goals need to be accomplished within the next 30 days. EXECUTIVE SESSION The WEDC Board of Directors convened into Executive Session at 6:49 a.m. I. Consider a request for assistance for a business locating to 1327 Century Way as authorized in Section 551.087 (iconomic Development Negotiations) of the Local GoveH ITkent Code, Vernon's Texas Code Annotated (Open Meetings Act). II. Consider issues surrounding a Performance Agreement between the WEDC and Woodbridge Crossing, L.P. as authorized in Section 551.087 (Economic Development Negotiations) of the Local Gover ment Code, Vernon's Texas Code Annotated (Open Meetings Act). \\TES C mutes March 20, 2009 Page 4 of 4 Rh CO VENE INTO OEN MEETING The WEDC Board of Directors reconvened into ope,, session at 7:08 a.m. No actio was taken as a result of discussions held in Executive Session. ADJOUs ENT With no Hrther business, President Marvin Fuller adjourned the WI ItC Boar* meeting at 7:08 a.m. Mary L:r 1,‘ Fuller, President ATTEST: Samuel D.R. Satterwhite Executive Director