07-12-2022 (WEDC) Minutes inutes
ie Economic Development Corporation
Board of irectors Meeting
July 12, 2022—8:30 A.M.
WEDC Offices—Conference Room
250 S Hwy 78—Wylie, TX 75098
CALL TO r ER
Announce the presence of a Quorum
President Demond Dawkins called the meeting to order at 8:31 a.m. Board Members present were Tim Gilchrist
and Blake Brininstool.Board Member Melisa Whitehead arrived at 8:35 a.m.
Ex-Officio Members Mayor Matthew Porter and City Manager Brent Parker were present.
WEDC staff present included Executive Director Jason Greiner, Senior Assistant Rachael Hermes,
Administrative Assistant Marissa Butts, and Intern Will Kelly.
Government Capital Corporation Representatives present included Stewart Shirey and Kevin Lerner.
INVOCATION& PLEDGEOF ALLEGIANCE
President Dawkins gave the invocation and led the Pledge of Allegiance.
COI ENTS ON NON-AGENDA ... E... S
With no citizen participation,President Dawkins moved to Consent Agenda.
CONSENT AGE r
All matters listed under the Consent Agenda are considered to be routine by the WEDC Board of Directors and
will be enacted by one motion. There will not be a separate discussion of these items. If discussion is desired,
that item will be removed from the Consent Agenda and will be considered separately.
A. Consider and act upon approval of i utes from the June 1 ,2022 Regular Meeting oft e WEDC
Board of Directors.
President Dawkins removed Item A from Consent Agenda and moved it to Regular Agenda at the
request of staff.
REGULAR AGE rA
1. Consider and act upon Resolution 2022= 1(R) between the WEDC and Government Capital
Corporation.
Staff Co ents
Staff discussed the process of borrowing funds to finance the costs of construction for improvements to
City infrastructure in order to promote economic development in the City of Wylie. Approval of
Resolution 2022-01(R) authorizes the borrowing of funds for a loan in the principal amount of
$8,108,000. If approved, the resolution will be presented to council on July 12, 2022 for ratification,
with funding anticipated by July 20,2022. Staff noted that proceeds from the loan are required to be
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July 12,2022
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used specifically for public improvements. The Board inquired about prepayment of the Series 2022
Note.Government Capital representatives Kevin Lerner and Stewart Shirey advised the Board that the
note will be eligible for prepayment after the 60th payment and discussed the benefits of a public note.
The Board inquired as to if the use of funds would be limited to infrastructure specifically called out in
the loan agreement. Government Capital advised that the use of funds would be eligible for any public
improvements project, as permitted under the act. Staff discussed the numerous infrastructure projects
necessary to promote economic development that could be funded directly or through infrastructure
reimbursements from performance agreements.
Board Action
A motion was made by Blake Brininstool, seconded by Tim Gilchrist, to approve Resolution 2022-
01(R) between the WEDC and Government Capital Corporation. A vote was taken, and the motion
passed 4-0.
2. Consider and act upon a Residential Real Estate Agreement between the WEDC and anif
Parupia&Zahida Parupia.
Staff Comments
Staff reviewed the real estate contract for purchase of 200 W Brown and noted the adjacent properties
already acquired by WEDC.
Board Action
A motion was made by Tim Gilchrist,seconded by Melisa Whitehead, to approve a Residential Real
Estate Agreement between the WEDC and Hanif Parupia&Zahida Parupia and authorize the purchase
of 200 W Brown in the amount of$157,500 and pay all closing costs, further authorizing the WEDC
Board President to execute all documentation necessary to effectuate the transaction.A vote was taken,
and the motion passed 4-0.
President Dawkins moved to Consent Agenda Item A.
A. Consider and act upon approval of Minutes from the June 15,2022 Regular Meeting of the WEDC
Board of irectors.
Staff Comments
Staff noted that the adjournment time for the June 15,2022 meeting would need to be updated to reflect
the accurate time.
,..Board Action
A motion was made by Blake Brininstool, seconded by Tim Gilchrist,to approve Item A as corrected.
A vote was taken, and the motion passed 4-0.
DISCUSSION ITEMS
DS1. Discuss issues surrounding the FY 2022-2023 WEDC Budget.
Staff Comments
Staff discussed the FY 22-23 Budget and noted that there had been no changes to the WEDC Narrative
for the current FY other than the addition of one employee. Staff highlighted the projected ending
revenue balance of$23.32 MM,which includes the proceeds from the Series 2022 Note. The projected
expenses for the remainder of the FY were reviewed,resulting in a projected beginning fund balance of
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July 12,2022
Page 3 of 4
$9.82 MM for FY 22-23. Personnel Services anticipates a 2%cost of living increase and the potential
for up to 3% merit increase. The most notable change to Operating Expenses can be found in Special
Services. Working with the finance department, staff has reclassified the WEDC Expenses in
Infrastructure Projects (Streets & Alleys) to the Special Services. These expenses have always been
accounted for in Capital Outlay,however, since the WEDC does not maintain ownership of the street,
alley,water,sewer,or natural gas lines,they have been moved to Special Services.The Special Services
Account has been split into three sub-categories to more adequately track the taxable vs.non-tax nature
of these expenses for reporting purposes due to the Series 2022 Note in the amount of$8.1MM. Staff
will track all expenses funded by the Series 2022 Note to ensure compliance regarding use of funds for
public infrastructure. Funds have been reserved for the 544 Gateway Property, Wylie Logistics Park
and several other projects resulting from Executive Session within Incentives,which may or may not
be utilized in the form of infrastructure reimbursements.Based on Executive Session,staff has allocated
$2 MM for land purchase.Revenues for FY 23 are estimated at$8.18 MM and Expenses for FY23 are
estimated at$16.14 MM. Staff estimates at FY 23 ending fund balance of$1.85 MM. Staff noted that
the ending fund balance for FY 23 could increase dependent upon Board direction and project
completion.
EXECUTIVE SESSION
Recessed into Closed Session at 9:01 a.m.in compliance with Section 551.001,et.seq.Texas Government Code,
to wit:
Sec. 551.072. DELIBE TION REGA' 1.ING REAL PROPERTY; CLOSED EE .
ES1. Consider the sale or acquisition of roperties located at Ballard/Brown, Brown/Eubanks,
137 ar er,FM 544/Cooper,FM 544/Sanden, State Hwy 78/Alanis,and State Hwy 78/Brown
Sec.551.674.PERSONNEL MATTERS; CLOSED EET G.
ES2. Evaluation of C Staff.
Sec. 551.087. DELIBE'' TION REGA 'ONG ECONOMIC ...DEVELOP I T NEGOTIATIONS;
CLOSED NG.
ES3. Deliberation regarding commercial or financial information that the WEDC has received from a
business prospect and to discuss the offer of incentives for Projects: 2020-11b,2021-2d,2021-4a,
2021-5a,2021-6a,2021-6c,2021-8a,2021-9a, 2021-9e,2021-9f,2021- 1a, 2021-12a,2 22-1a, and
2022-7a.
RECONVENE INTO . PEN SESSION
Take any action as a result of the Executive Session.
President Dawkins reconvened into Open Session at 9:09 a.m.
FUT ';E AGENDA ITEMS
There were no Items requested for inclusion on future agendas.
ADJOURNMENT
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July 12, 2022
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With no further business,President Dawkins adjourned the WEDC Board meeting at 9:09 a.m.
vR
Demond Dawkins,President
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Jasone l er,Exe eve erector
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