11-19-1996 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Tuesday,November 19, 1996
Board Members Present:
Marvin Fuller
J.C. Worley
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
Others Present:
Mindy Manson, Assistant to the City Manager
With notice of the meeting posted in time and manner required by law and a quorum of Board
members present, the Board of Directors of the Wylie Economic Development Corporation
(WEDC) met in Regular Session on Tuesday, November 19, 1996 in the Chamber of Commerce
Board Room at 108 W. Marble Street, Wylie, Texas.
The meeting was called to order by President John Yeager at 4:09 p.m.
ITEM NO. 1 - Discuss and Consider Approval of Minutes for the October 28, 1996 Regular
Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Marvin Fuller and seconded by J.C. Worley to
approve the minutes of the October 28, 1996 Regular Board of Directors
Meeting of the Wylie Economic Development Corporation. The WEDC
Board of Directors voted 4 - FOR and 0 - AGAINST in favor of the
motion.
ITEM NO. 2 - Staff Reports.
Staff discussed the necessity for Board members to have some form of economic development
training. Even if the training was somewhat redundant, there may be some approach that will be
helpful when dealing with a future project. The Board members were very receptive to this
proposal and encouraged staff to determine appropriate forums for this training. Additionally,
staff updated the Board on the Kansas City Southern recent purchase of 550 acres for a railroad
site and master planned industrial development, activities of the 1/2 Cent Sales Tax Coalition,
dealings with Lone Star Circuits and CPI Communications.
WEDC - Minutes
November 19, 1996
Page 2
ITEM NO. 3 - Discuss and Consider Issues Regarding Development Standards for Premier
Business Park.
MOTION: A motion was made by Marvin Fuller and seconded by J.C. Worley to
table Issues Regarding Development Standards for Premier Business Park
until a special meeting is held and all board members are present. The
WEDC Board of Directors voted 4 - FOR and 0 - AGAINST in favor of
the motion.
ITEM NO. 4 -Discuss and Consider a Loan Request From Novid Properties, Inc.
The WEDC Board of Directors discussed issues surrounding the development of a 14.5 acre
business park (Novid Business Park) on F.M. 1378 by Novid Properties, Inc. The first tenant
within the Park will be Walker Fence and Contracting, Inc. occupying .75 acres with a 4,500
square foot building. A loan in the amount of$20,000 has been requested to develop and install
adequate utilities to the property so as to enhance Novid's ability to develop the balance of the
tract. Walker Fence will only require a 2 inch water line. Novid proposes the installation of an 8
inch water line.
Repayment of the loan as proposed will consist of 4 annual installments of$5,000 plus interest.
The first payment will be due 12 months after completion of utility improvements and road
servicing the Walker site and every 12 months thereafter. The interest rate will be based upon
Wall Street Prime plus 1%. Security for said loan will consist of a second lien on undeveloped
property within Novid Business Park and personal guarantees by David and Tamara Walker and
Noble and Kelly Walker, principals of Novid Properties, Inc.
Forgiveness of principal payments will be based upon the successful relocation of a business to
Novid Business Park. For each new business retained in Novid Business Park for a minimum of
12 months and having a minimum of 5 employees, the WEDC will forgive $5,000 in principal
payments. Should a principal payment be forgiven in any given year, interest will be due at the
predetermined 12 month increments.
Aside from the ability to more efficiently develop the Park, Novid has committed to the WEDC
that the receipt of said loan will enable Novid to make property available at below market values.
The WEDC Board of Directors believe that the availability of reasonably priced property is vital
to economic development efforts and believe that this piece of property can be important to the
economic development of the Wylie community.
While encouraging development in this area is important to the WEDC Board of Directors,
quality development is equally important. For this reason, the WEDC Board of Directors agreed
that in an effort to emphasize the importance of aesthetic appeal in the Park, a matching
landscaping grant not to exceed $2,000 will be made available to Novid Properties, Inc. for the
development of the first .75 acres.
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November 19, 1996
Page 3
An additional request was made by Novid for a $5,000 relocation grant to Walker Fence. The
WEDC Board of Directors believed that assistance from the WEDC should be primarily to
develop the property and not to assist Walker Fence.
MOTION: A motion was made by Marvin Fuller and seconded Merrill Young to
deny a $5,000 relocation grant, approve a $20,000 loan request based
upon the aforementioned conditions, and make available a matching
landscaping grant not to exceed $2,000. The WEDC Board of Directors
voted 4 - FOR and 0 - AGAINST in favor of the motion.
ITEM NO. 5 - Discuss and Consider the Approval of the September, 1996 Treasurer's
Report for the Wylie Economic Development Corporation
MOTION: A motion was made by Merrill Young and seconded by J.C. Worley to
approve the September, 1996 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4 - FOR
and 0 - AGAINST in favor of the motion.
ITEM NO. 6 - Discuss and Consider the Approval of the October, 1996 Treasurer's Report
for the Wylie Economic Development Corporation
MOTION: A motion was made by J.C. Worley and seconded by Merrill Young to
approve the October, 1996 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4 - FOR
and 0 - AGAINST in favor of the motion.
Item NO. 7 -Adjourn.
There being no further business, the meeting was adjourned at 5:30 p.m.
John eager, President
Attest:
Samuel D.R. Satterwhite
Executive Director