01-30-2012 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Monday, January 30, 2012 11:30 A.M.
WEDC Offices—Conference Room
250 South Highway 78 — Wylie, Texas
CALL TO ORDER
Announce the presence of a Quorum
President Marvin Fuller called the meeting to order at 12:07 p.m. Board Members present were:
Mitch Herzog and Todd Wintters.
WEDC staff present was Executive Director Sam Satterwhite and Senior Assistant Gerry Harris.
Ex-officio member Eric Hogue was present. Also in attendance was City of Wylie Assistant City
Manager Jeff Butters.
CiTi7EN PARTICIPATION
There being no citizen participation, President Fuller proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1 — Consider and act upon approval of the January 20, 2012 Minutes of the
WEDC Board of Directors Meeting.
Staff noted that the date on the Agenda was incorrectly noted as January 30, 2012 and should
have been January 20, 2012.
MOTION: A motion was made by Mitch Herzog and seconded by Todd Wintters to
approve the January 20, 2012 Minutes of the WEDC Board of Directors
Meeting as amended. The WEDC Board voted 3 —FOR and 0 —AGAINST
in favor of the motion.
ITEM NO. 2 — Consider and act upon issues surrounding a Performance Agreement with
CSD Woodbridge, LLC (Clark Street Development) and the WEDC.
Staff presented the second draft of the Clark Street Development Performance Agreement. Staff
informed Clark Street that the amended performance measures and Default language had been
approved by the Board. Clark Street inquired if there was any room for negotiation of the
Default language with staff indicating the only options were 100% or 50% reduction of
Reimbursement Incentives upon default. While Clark Street could choose the 100% option and
hope for reconsideration in the future should there be a default,the 50% option was accepted.
WEDC—Minutes
January 30, 2012
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The only new item to be reviewed was language addressing a scenario under which Clark Street
is declared in default for not meeting square footage requirements and Clark Street has already
been reimbursed in excess of the reduced reimbursement amount of$550,000 (Section 2-f). The
question from Clark Street was whether sales tax reimbursements over the $550,000 would have
to be returned. It was staffs' opinion that excess reimbursements over the 50% reduced total
would not need to be returned to the WEDC because for that scenario to take place, sales taxes
generated from a smaller concept (less square footage) will be so far and above WEDC
projections that the City and 4B would be in a stronger position than originally anticipated.
Further, staff didn't believe there was much likelihood of this scenario taking place and was
willing to accept this request from Clark Street.
Staff recommended that the WEDC Board of Directors approve the Performance Agreement
between CSD Woodbridge, LLC (Clark Street Development) and the WEDC and approve
presenting the same to the Wylie City Council on February 14, 2012.
MOTION: A motion was made by Todd Wintters and seconded by Mitch Herzog to
approve the Performance Agreement between CDS Woodbridge, LLC and
WEDC. The WEDC Board voted 3 —FOR and 0 —AGAINST in favor of
the motion.
DISCUSSION ITEMS
ITEM NO. 3 — Staff Report: review issues surrounding WEDC participation at ICSC
2012, City of Wylie 19-acre tract/sewer line extension, extension of Woodbridge Parkway,
B&B Theatres, PM Realty, and a Performance Agreement with Dr. Shad Reif.
ICSC
Staff proposed that the WEDC participate in the annual ICSC Conferences in Las Vegas,Nevada
May 20 — 23, 2012. With funding approved in the FY 2011 — 2012 WEDC Budget, the Board
needed to determine which Members would be attending. The Mayor had expressed an interest
in attending and staff had requested that the City Manager determine if any other Council
members are interested.
City of Wylie 19-acre Tract/Sewer Line Extension
As staff reported earlier, bids will be requested from approximately six firms for the proposed
sewer line extension to serve 50 acres of commercial property north of F.M. 544 in the general
vicinity of Sanden Boulevard and F.M. 544. All easements have been verbally secured with the
WEDC committing to provide a sewer tap to each property.
Staff intends to bring to the Board on February 17th an outline of how the City of Wylie/WEDC
should master-plan and market the 19-acre tract. This plan will contemplate issues surrounding
FEMA/flood plain, surveying, developing a site plan, determining market value, and how to best
market the site.
WEDC—Minutes
January 30, 2012
Page 3 of 4
Extension of Woodbridge Parkway
Staff indicated that the Commissioners Court would be considering County participation during a
Regular meeting in February. Staff will be attending and one or more Board members may be
requested to attend as well.
B&B Theatres
Staff had no new information on this project.
PM Realt
Staff commented that Oncor was close to finalizing the overhead burial. While an exact dollar
amount was not provided, an Oncor representative did indicate that the multi-year payout of the
cost was approved.
Dr. Shad Reif
On April 20, 2011, the Board directed staff to present to Dr. Shad Reif the WEDC's intent to
fund a Performance Agreement in the amount of $14,400. Dr. Reif has broken ground on a
commercial project near the intersection of Jackson and State Highway 78. The project has a
proposed value of dz$30,000. 'I`he Board will be presented with a Performance Agreement
detailing the WEDC.participation at the February 17, 2012 Regular Board Meeting.
Ex-offtcio member Eric Hogue left the meeting at 12:35 p.m.
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 12:35 p.m. in compliance with Section
551.001, et.seq. Texas Government Code to wit:
Section 551.071 (Consultation with Attorney) of the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act).
• Receive legal advice concerning Cause No. 366-01521-2011 in the 366th Judicial District
in the case styled Wylie Economic Development Corporation vs. Sanden International
(U.S.A.), Inc.
Section 551.072 (Real Estate) of the Local Government Code, Vernon's Texas Code Annotated
(Open Meetings Act).
• Consider the sale of WEDC property located at the intersection of Cooper Drive and F.M.
544.
WEDC—Minutes
January 30,2012
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RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 12:46 p.m. and took no action.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 12:46 p.m.
Marvin Fuller,President
ATTEST:
Samuel Satterwhite
Executive Director