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,
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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
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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