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12-17-1996 (WEDC) Minutes Minutes WYLIE ECONOMIC DEVELOPMENT CORPORATION Tuesday, December 17, 1996 Board Members Present: Marvin Fuller(arrived at 4:32 p.m.) Kevin St. John J.C. Worley John Yeager Merrill Young Staff Present: Samuel Satterwhite, Executive Director Others Present: Mike Collins, 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, December 17, 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 4:17 p.m. ITEM NO. 1 - Discuss and Consider Approval of Minutes for the November 19, 1996 Regular Board of Directors Meeting of the Wylie Economic Development Corporation. MOTION: A motion was made by J.C. Worley and seconded by Merrill Young to approve the minutes of the November 19, 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 updated the Board of Directors on the status of CPI Communications, L.G. Motorsports, Novid Properties, and Kansas City Southern Railroad. In addition, interest in the WEDC owned 544 Industrial Park was addressed as well. ITEM NO. 3 - Discuss and Consider Issues Regarding Development of Premier Business Park. Over the past months, there had been considerable discussion on the strategy for developing Premier Business Park. The Board considered this issue fundamental to the WEDC marketing strategy and believed a unified vision for the property is necessary. Staff presented the two conceptual designs to the Board which were prepared by Richard Ferrara Architecture, WEDC - Minutes December 17, 1996 Page 2 Inc.. Conceptual design A focused on maximizing the use of lots within the Park by implementing minimum building size of 30,000 square feet. Conceptual design B allowed for the subdivision of large lots into appropriate tracts for 5,000 to 10,000 square foot facilities. Proponents of conceptual design A believed the construction of smaller facilities may hinder the WEDC's ability to market the property for larger users. Opponents of conceptual design A believe that the WEDC will sacrifice responsiveness to small businesses should that design be implemented. Board member Fuller stated that the availability of lots within 544 Industrial Park will satisfy small business needs. Board member St. John countered by stating that new businesses would rather be in the `Premier' business park in Wylie and proposing to those same businesses that they are not the size or the type of business desired in Premier Business Park would alienate those businesses from Wylie all together. Although there was disagreement on the development strategy, the Board believed that they must come together on this issue so that a unified stance will come from each individual Board member when dealing with potential prospects. Board member Worley requested that staff maintain a log of requests for building square footage in Wylie so that the Board may be aware of demand and better be able to evaluate this issue in the future. Board member Worley also requested that the WEDC Board of Directors evaluate this issue quarterly so as to enhance our marketing efforts of Premier Business Park. MOTION: A motion was made by J.C. Worley and seconded by Merrill Young to reserve property within Premier Business Park for facilities with a minimum size of 30,000 square feet, committing to this strategy for a period of not less than 6 months. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 4 - Discuss and Consider Issues Surrounding a Loan to Savage Precision Fabrications, Inc. As per a loan agreement between the Wylie Economic Development Corporation and Savage Precision Fabrication, Inc., a $25,000 loan (Note 1) was made to Savage to assist with relocation and renovation expenses. In addition, Savage has been eligible for $5,000 (Note 2) in reimbursements for landscaping and building beautification purposes. Note 1 of this agreement becomes due on January 31, 1997 in a payment equaling one-third of its value, or $8,333.33. Note 1 bears an interest rate of 10%per annum. To access Note 2, Savage was to have submitted verification of expenses for landscaping and building beautification within 180 days or by August 5, 1996. If there is no "Event of Default" as outlined in the Loan Agreement", principal payments will be forgiven and the WEDC Board of Directors have it within their authority to waive interest payments as well. It was also determined that the Board had it within their authority to waive the 180 day requirement within Note 2 and issue a check for $5,000 to Savage based on the receipt WEDC - Minutes December 17, 1996 Page 3 of proper documentation. The WEDC Board of Directors found no "Event of Default" and commended Savage for their progress and commitment to the Wylie community. MOTION: A motion was made by Marvin Fuller and seconded J.C. Worley to waive principal and interest payments for Note 1 of the loan agreement between the Wylie Economic Development Corporation and Savage Precision Fabrication, Inc. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. MOTION: A motion was made by Kevin St. John and seconded by Marvin Fuller to waive the 180 day requirement within Note 2 of the loan agreement between the Wylie Economic Development Corporation and Savage Precision Fabrication, Inc. and issue Savage a check for $5,000. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 5 - Discuss and Consider Payment Request in the Amount of $18,000.00 Submitted by JDC Construction for Entryway Improvements to Premier Business Park. MOTION: A motion was made by J.C. Worley and seconded by Marvin Fuller to approve payment to JDC Construction in the amount of $18,000.00 for entryway improvements to Premier Business Park. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 6 - Discuss and Consider the Approval of the November, 1996 Treasurer's Report for the Wylie Economic Development Corporation MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley to table consideration of the November, 1996 Treasurer's Report for the Wylie Economic Development Corporation. The WEDC Board of Directors voted 5 - 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. ohn eag , President Attest: _ Samuel D.R. Satterwhite Executive Director