04-11-2023 (WEDC) Minutes Special Called Inutes
ylie Economic 1..
Board of Directors Special CalledMeeting
April 11, 2023— 12:00 P.M.
WEDC Offices—Conference Room
250 S Hwy 78 Wylie, TX 75098
CALL TO 0 r ER
Announce the presence of a Quorum
President Demond Dawkins called the meeting to order at 12:00 p.m. Board Members present were Melisa
Whitehead,Gino Mulliqi, and Aaron Jameson.
Ex-Officio Member City Manager Brent Parker was present.
WEDC staff present included Executive Director Jason Greiner,BRE Director Angel Wygant, Senior Assistant
Rachael Hermes,and Administrative Assistant Marissa Butts.
INVOCATION GE OF ALLEGCE
President Dawkins gave the invocation and led the Pledge of Allegiance.
COS ON NON-AGE i.A ITEMS
With no citizen participation,President Dawkins moved to Regular Agenda.
REGULAR AGENDA
1 Consider approval of the First Extension and od i icatio of eal Estate Lien ote, Sec i
Interest and Lien with e Echo Brewing LLC to extend a maturity date of the loan.
Staff Comments
Staff referred the Board to the agenda report and attachment for information regarding the First Extension
and Modification of Real Estate Lien Note, Security Interest and Lien with Glen Echo Brewing LLC to
extend the maturity of the loan. Staff discussed the SBA process and their identification of an issue
between the length of the loan with the SBA versus the length of the Seller Note. Staff reminded the
Board of the original promissory note with the maturity date for the Note and Deed of Trust being due in
three years, while the Glen Echo SBA Loan reflects a 25-year term. The Board attributed the need for
these changes due to the shortened feasibility period. Staff also noted that another option available, but
not recommended, was to opt out of having a secure position in this agreement. The Board further
discussed restructuring the loan from 3 years to 25 years,until 2048.
Board Action
A motion was made by Melisa Whitehead, seconded by Aaron Jameson to approve the First Extension
and Modification of Real Estate Lien Note,Security Interest and Lien and to authorize the Board President
or his designee to negotiate,finalize,and execute said document.A vote was taken,and the motion passed
4-0.
FUTURE AGENDA ITEMS
WEDC Minutes
April 11,2023
Page 2 of 2
There were no Items requested for inclusion on future agendas.
I J U MENT
T
With no further business,President Dawkins adjourned the WEDC Board meeting at 12:14 p.m.
Ito
Demand awkins,President
ATTEST:
Jason GI, ner,\ExecutiveDirector