02-26-2007 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Monday, February 26, 2007—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 6:15 a.m. Board Members present were: Gary Bartow,
Mitch Herzog, and Merrill Young.
Staff present was Executive Director Sam Satterwhite and Administrative Assistant Gerry Harris.
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 February 16, 2007 Minutes of the
WEDC Board of Directors Meeting.
MOTION: A motion was made by Gary Bartow and seconded by Mitch Herzog to approve
the February 16, 2007 Minutes of the WEDC Board of Directors Meeting. The
WEDC Board voted 4—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 2 — Consider and Act Upon Issues Surrounding a WEDC Note Held by Inwood
National Bank.
Staff reviewed with the Board that the WEDC borrowed $878,372 from Inwood National Bank for the
purchase of the Holland, Raynor, and Ferrell tracts. The Ferrell tract represented $239,372. Based
upon the recent sale of 0.0915 acre of the Ferrell tract to Collin County, the WEDC received $23,086.
Staff recommended that should the Board be interested in reducing the principal of the Inwood note,
the current WEDC cash position would allow for a payment of$23,086.
The WEDC Board believed that the paving of Martinez should be completed prior to consideration of
this issue. With potential change orders relating to Martinez and the possible purchase of industrial
land, the WEDC should protect its cash reserve until which time Martinez is complete.
MOTION: A motion was made by Merrill Young and seconded by Gary Bartow to table the
issue until the Martinez paving project is complete. The WEDC Board voted 4 —
FOR and 0—AGAINST in favor of the motion.
WEDC—Minutes
February 26, 2007
Page 2 of 2
EXECUTIVE SESSION
The WEDC Board of Directors convened into Executive Session at 6:20 a.m.
I. Consider and Act Upon Issues Surrounding Project Garnet Hill as Authorized in Section
551.087 (Economic Development Negotiations) of the Local Government Code,
Vernon's Texas Annotated(Open Meetings Act).
II. Consider and Act Upon Issues Surrounding the Purchase of 3.2 Acres Located Near the
Intersection of Hensley and Sanden Boulevard as Authorized in Section 551.072 (Real
Property) of the Local Government Code, Vernon's Texas Code Annotated (Open
Meetings Act).
III. 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 (Economic Development Negotiations) 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 8:05 a.m. No action was taken as a
result of discussions held in Executive Session.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 8:06 a.m.
7/714 ,24./k
Marvin Fuller, President
ATTEST:
Samuel D.R. Satterwhite
Executive Director