10-14-1984 (City Council) Agenda Packet C /%�(/
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AGENDA
CALLED MEETING
CITY COUNCIL FOR THE CITY OF WYLIE
FRIDAY, OCTOBER 19 , 1984
5:30 P.M. CITY HALL
CALL TO ORDER
INVOCATION
ORDER OF PAGE
BUSINESS REFERENCE BUSINESS
1 Recess open meeting
EXECUTIVE SESSION
2 Convene executive session
under the authority of Article
6252-17 of Vernon ' s Annotated
Civil Statues Section 2
paragraph "f" real estate .
3 Reconvene open meeting .
4 ADJOURN
October 19 , 1984
Mr . Stan Shively , President
First State Bank
P. 0. Box 160
Wylie , Texas 75098
Dear Mr. Shively :
Please accept this letter as the city of Wylie ' s expression
of interest for the possible purchase of the current First
State Bank of Wylie ' s buildings and properties. I have
duscussed this matter with members of the city council and
the city would be interested in such an arrangement if a
mutually agreeable price and terms can be established .
The city of Wylie would require the entire properties . In
order for the building to meet our needs , we would need to
acquire the main bank building , the adjacent vacant lots ,
the drive—in building and the parking lot across the street .
To acquire less would not justify our investment for it
would fall short of our anticipated floor space requirements
in the future .
The city would like to tentatively offer to purchase the
properties mentioned for the sum of five hundred thousand
dollars ( $500,000.00) . The city would have no problem in
working with your principals to establish an actual value
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which may be in excess of this offered amount . In so doing ,
we would hope to increase whatever beneficial tax write-off
by virtue of such a transaction .
In addition , the city would be interested in discussing with
you the possibility of acquiring the office furniture,
fixtures and equipment that are currently in the building .
We can certainly understand that if you are moving to a new
facility you would want new furnishings . However , for our
needs , many of the pieces you currently use would be usable
for us . Therefore, please consider this concept as a
portion of the financial possibilities .
We would further prefer to have the financing of the
$500, 000. 00 arranged on a lease purchase basis for a period
of fifteen ( 15) years . There may be some good reason for us
to approach the fifteen ( 15) year period with a term of
three ( 3) years initially of interest only and then twelve
( 12) years of actual payoff . We would appreciate your
calculations on both a straight fifteen ( 15) years and the
three and twelve (3 & 12) so that we may compare the
benefits of each.
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Since the city has already made plans to look at other sites
and begin construction within the next few months, we would
appreciate a timely response . If we are to select a
different site under different terms such as the old bank
facility , we would want to make that decision final and
binding by both parties as quickly as possible. The city
would not be troubled by the actual occupancy of the
building being as much as one year away. However , if we
were to change our current plans , we would want to be
assured that the bank site was a reality before discarding
our other choices.
It is our understanding that there are available significant
incentives from a tax standpoint to your holding company for
making such an arrangement as we have proposed . If by some
means , we can make the transaction even more beneficial to
your company without increasing our costs , then I believe
you will find the city of Wylie most cooperative.
We are please that you have extended to the city this unique
opportunity. We trust that mutually agreed upon
arrangements can be made so that such a proposal can become
a reality . Will you please forward this proposal to your
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principals and holding company and accept my committment to
meet and discuss this matter further should the need arise .
Gus H . Pappas
City Manager
GHP: bl
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