12-21-2006 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Thursday,December 21,2006—6:00 A.M.
Inwood National Bank—Conference Room
200 South Hwy. 78—Wylie,Texas
CALL TO ORDER
Announce the presence of a Quorum.
President Fuller called the meeting to order at 6:00 a.m. Board Members present were: John
Yeager, Merrill Young, and Mitch Herzog(departed at 8:25).
Staff present was Executive Director Sam Satterwhite and Administrative Assistant Gerry Harris.
Board Member Bartow and Ex-Officio Members City Manager Mindy Manson and Mayor John
Mondy were not present.
Also present was Melissa Beard, City of Wylie Finance Department,who arrived at 7:50 a.m.
CITIZEN PARTICIPATION
There being no citizen participation, President Fuller proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 —Consider and Act Upon Approval of the November 16, 2006 Minutes of the
WEDC Board of Directors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the November 16, 2006 Minutes of the WEDC Board of Directors
Meeting. The WEDC Board voted 4— FOR and 0 —AGAINST in favor of
the motion.
President Fuller chose to postpone discussion of Item 2 and Item 3 to follow Executive
Session.
ITEM NO. 2 —(MOTION TO REMOVE FROM THE TABLE): Consider and Act Upon
Issues Surrounding Approval of the October 2006 WEDC Treasurer's Report.
MOTION: A motion was made by Merrill Young and seconded by Mitch Herzog to
remove the October 2006 Treasurer's Report from the table. The WEDC
Board voted 4—FOR and 0—AGAINST in favor of the motion.
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WEDC—Minutes
December 21, 2006
Page 2 of 4
The Board directed staff to revise the Inventory Subledger to reflect two separate tracts
associated with the Hughes Tract. The revision will separate the site with existing facilities from
the adjacent right-of-way which was purchased. The Board further directed staff to inquire with
the Finance Department as to why incentive commitment with Extruders division of Atrium
Companies and Sanden International are not categorized as a Deferred Charge similar to the
Southern Fastening$50,000.
MOTION: A motion was made by John Yeager and seconded by Merrill Young to
approve the October 2006 Treasurer's Report subject to the amendment to
the Inventory Subledger. The WEDC Board voted 3 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO.3—Consider and Act Upon Issues Surrounding Approval of the November 2006
WEDC Treasurer's Report.
The Board again directed staff to revise the Inventory Subledger to reflect two separate tracts
associated with the Hughes Tract. President Fuller also directed staff to clarify the classification
of the Southern Fastening System `Deferred Charge' of $50,000 as an asset when it would
appear to be a liability.
MOTION: A motion was made by John Yeager and seconded by Merrill Young to
approve the November 2006 Treasurer's Report subject to the above
amendment. The WEDC Board voted 3 —FOR and 0 —AGAINST in favor
of the motion.
ITEM NO. 4 — Consider and Act Upon Issues Surrounding an Incentive Agreement
Between the WEDC and JTM Technologies, Inc.
Staff informed the Board that Chase Bank has entered into a Letter of Intent to Finance the JTM
project. Presented for Board consideration was the conceptual location of the JTM site. As
presented over the past year, the 2.01 acre site has been located on the northwest corner of
Premier South. Staff recommends the north side be subdivided into smaller lots first in the event
a single user locates to the park. This recommendation was made based upon the south side
being wider and more accommodating to a single user. Staff also sought direction on drafting
the final incentive agreement.
President Fuller agreed with staffs assessment of the location of the JTM site. The Board also
directed staff to prepare the final Incentive Agreement for presentation to the Board.
MOTION: A motion was made by Mitch Herzog and seconded by Merrill Young
directing staff to locate the JTM site to the northwest corner of Premier
South and proceed with drafting the Incentive Agreement between JTM and
the WEDC. The WEDC Board voted 4 —FOR and 0 — AGAINST in favor
of the motion.
WEDC—Minutes
December 21, 2006
Page 3 of 4
ITEM NO.5—Consider and Act Upon Issues Surrounding the Paving of Martinez Lane.
Staff presented preliminary paving plans for Martinez to the Board. Final consideration of bids
should be presented by the January 2007 WEDC Board Meeting. Staff also indicated that
negotiations were taking place between the WEDC and the City of Wylie for cost participation
for paving. Staff estimated that to repave the area adjacent to Holland Hitch, there is a $90,000
shortfall. However, regardless of City participation, the Board concluded that paving project will
move forward.
No recommendation was made by staff requiring action by the Board.
ITEM NO. 6 — Consider and Act Upon Issues Surrounding a Development Agreement
between the WEDC and Bayco Products,Ltd.
As per the Development Agreement between the WEDC and Bayco Products, Ltd., Section 2(e)
states that Bayco must render all real and personal property at a value of not less than
$6,400,000. Staff has confirmed that Bayco has a combined real and personal property value of
$6,402,000. This valuation complies with Section 2(e). After reviewing the Agreement further,
Section 2(f) requires that Bayco pay all ad valorum taxes due on the property by January 31s` of
the year after they are assessed and written evidence of such payment is received by February
28t. Therefore, staff is unable to declare Bayco in compliance for 2006 as previously
anticipated. Staff plans to bring this back as a discussion item to the first Board Meeting in
March, 2007.
President Fuller suggested that the Board acknowledge Bayco's compliance subject to staff s
confirmation that 2006 taxes are paid.
MOTION: A motion was made by John Yeager and seconded by Mitch Herzog to
confirm Bayco's compliance with the Development Agreement subject to
the Executive Director confirming that 2006 taxes had been paid. The
WEDC Board voted 4—FOR and 0—AGAINST in favor of the motion.
EXECUTIVE SESSION
The WEDC Board of Directors convened into Executive Session at 6:47 a.m.
I. Convene into Executive Session to Consider and Act Upon Issues
Surrounding an Incentive Agreement for the Benefit of
Commercial/Retail Development Near the Intersection of Westgate
Way and F.M. 544 as Authorized in Section 551.087 of the Local
Government Code, Vernon's Texas Annotated (Open Meetings Act).
WEDC—Minutes
December 21, 2006
Page 4 of 4
II. Convene into Executive Session to Consider and Act Upon Issues
surrounding the Purchase of WEDC Property by Collin County as
Authorized in Section 551.072 of the Local Government Code,Vernon's
Texas Annotated (Open Meetings Act)>
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 7:50 a.m.
Item I
The Board took no action surrounding discussions of an Incentive Agreement for the benefit of
commercial/retail development near the intersecio0tn of Westgate Way and F.M. 544.
Item II
Staff indicated that the Collin County Commissioners Court had approved the purchase of the
Ferrell tract which impacts F.M. 544 right-of-way. Staff further indicated that it is pursuing
reimbursement of the appraisal fee and insisting that Collin County fund all closing costs.
President Fuller, with unanimous support from the Board, directed staff to close the sale based
upon the purchase price and pursue reimbursement from the County for all expenses. However,
should staff not succeed with reimbursement of expenses,proceed with sale.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager
approving the sale of 0.0915 acres to Collin County in the amount of
$23,085.93 further authorizing President Fuller to execute all documentation
necessary to effectuate the sale. The WEDC Board voted 4 —FOR and 0 —
AGAINST in favor of the motion.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 9:01 a.m.
—//1 Ark,' g
Marvin Fuller, President
ATTEST:
--eLk
Samuel D.R. Satterwhite
Executive Director