06-22-2012 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Friday, June 22, 2012 6:30 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 6:30 a.m. Board Members present were:
Mitch Herzog and John Yeager. Board Meeting recessed at 7:18 a.m. with President Fuller
reconvening the meeting at 7:28 a.m. Chris Seely arrived at 7:50 a.m.
WEDC staff present was Executive Director Sam Satterwhite.
Ex-officio members Eric Hogue and Mindy Manson were present.
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 May 11, 2012 Minutes of the WEDC
Board of Directors Meeting.
MOTION: A motion was made by John Yeager and seconded by Mitch Herzog to
approve the May 11, 2012 Minutes of the WEDC Board of Directors
Meeting. The WEDC Board voted 3 —FOR and 0 —AGAINST in favor of
the motion.
ITEM NO. 2 — Consider and act upon approval of the May 24,2012 Minutes of the WEDC
Board of Directors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the May 24, 2012 Minutes of the WEDC Board of Directors
Meeting. The WEDC Board voted 3 — FOR and 0 —AGAINST in favor of
the motion.
ITEM NO. 3 — Consider and act upon approval of the May 2012 WEDC Treasurer's
Report.
President Fuller noted that the Deferred Charge was not reduced by $10,000 following Incentive
Payment #2 to Pulliam Properties and recommended amending the WEDC May financials to
reflect the correction.
WEDC—Minutes
June 22, 2012
Page 2 of 12
MOTION: A motion was made by John Yeager and seconded by Mitch Herzog to
approve the May 2012 WEDC Treasurer's Report as amended. The WEDC
Board voted 3 —FOR and 0—AGAINST in favor of the motion.
President Fuller noted that the Board will not consider Item No. 4 until which time Board
Member Seely arrives.
ITEM NO. 4 — Consider and act upon a request for proposal for debt associated with the
extension of Woodbridge Parkway.
Board President Marvin Fuller declared a conflict of interest and left the meeting at 7:56. Mr.
Fuller's conflict was based upon his employment at Inwood National Bank It was noted for the
record that Mr. Fuller will not participate in discussions involving the term sheet, bid responses,
requests for clarification, or any other matter having to do with this item.
Staff proposed a two month bid process for a RFP to finance the WEDC commitment of$2 mm
toward the $8.7 mm road project to extend Woodbridge Parkway from Hensley south
approximately 4,000 linear feet to State Highway 78. Staff anticipated delivering the Term Sheet
and bid packets to Viewpoint Bank, Chase Bank, CapitalOne, Bank of America, Texans Credit
Union, The American National Bank of Texas (ANB), and Inwood National Bank on June 22,
2012.
Staff provided an extraordinarily long period of time for financial institutions to respond based
upon what may transpire should any other bank bid on this package other than ANB. It was
noted that ANB holds the first lien on sales tax receipts and should any other financial institution
bid on this project, they will most likely request that they be given the opportunity to refinance
all WEDC debt in order to establish a first lien position on sales tax receipts. Should that
scenario occur, ANB will be given the opportunity to repackage existing debt as well.
Along with the Term Sheet, staff also sent the following information: Articles of Incorporation,
By-Laws, historical sales tax receipts, cash flow reports for the past 3 years, WEDC Balance
Sheet Sub ledger — Notes Payable, FY 2011 — 2012 Budget, WEDC Inventory Sub ledger,
Revenue and Expense Reports, Comprehensive Annual Financial Reports for years ended 2009,
2010, and 2011,project cost estimates, and the Interlocal Agreement between Wylie, Sachse, and
Collin County.
Staff reported that ongoing discussion are taking place between staff and the City Manager as to
the potential for City assistance via thoroughfare impact fees or other funding mechanisms the
Council may consider.
Staff recommended that the WEDC Board of Directors approve a Term Sheet for a construction
loan and authorize staff to distribute the same to all local financial institutions in the City of
Wylie.
MOTION: A motion was made by John Yeager and seconded by Chris Seely to
approve a Term Sheet for a construction loan and authorized staff to
WEDC —Minutes
June 22, 2012
Page 3 of 12
distribute the same to all local financial institutions in the City of Wylie.
The WEDC Board voted 3 —FOR and 0—AGAINST in favor of the motion.
President Fuller returned to the meeting at 8:17 a.m.
ITEM NO. 5 — Consider and act upon approval of incentive payment #2 of 5 to Ascend
Custom Extrusions as per the Performance Agreement between the WEDC and Ascend.
Staff reviewed that Section 2 (b) of the Performance Agreement between the WEDC and Ascend
states that the WEDC is required to fund an incentive payment of $76,518 based upon the
completion of the following performance measures:
1. Documentation of continuous occupancy of the leased space at the Property, except to the
extent such occupancy may be disrupted due to condemnation or casualty; and
2. Documentation on or before twelve months from the Permit Date (Certification of
Occupancy) of equipment and inventory in the City of Wylie with an ad valorem value of
not less than $5,700,000.
The Permit Date has been established as June 23, 2011 at which time the City of Wylie issued a
temporary certificate of occupancy to allow Ascend to test/operate machinery. Ascend has
occupied the Property continuously as evidenced by ongoing lease payments for the past 12
months. Ascend presented an ad valorem value of$5,852,778 for personal property to the Collin
CAD. Staff noted that Ascends audited financials as of December 31, 2011 reflect equipment
less accumulated depreciation valued at$7,895,641. This large difference is a result of Ascend's
auditors including soft costs in that value such as internal/external labor for installation, moving,
and storage of both presses. Further, Press #2 which was purchased in 2011 did not arrive in
Wylie until after January 1, 2012 therefore was not included within the appraised value.
Staff recommended approval of Incentive Payment #2 to Ascend Custom Extrusions in the
amount of $76,518 as required under the terms of the Performance Agreement between the
WEDC and Ascend.
Board members inquired as to the potential for the figure to change prior to the values being
certified by the Collin CAD on July 31, 2012. Staff indicated that he had inquired as to the same
potential with Ascend officials with their response being that no challenge has been made
pertaining to personal property values. While the Board in no way questioned Ascend's
response, it was believed that Payment#2 should not be made prior to Collin CAD certification
on July 31, 2012.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to fund
Incentive Payment #2 to Ascend Custom Extrusions in the amount of
$76,518 following certification by the Collin CAD of a personal property
value in excess of $5.7 mm. The WEDC Board voted 3 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 6—Consider and act upon issues surrounding a WEDC Budget Transfer for FY
2011—2012.
WEDC—Minutes
June 22, 2012
Page 4 of 12
Staff reported that the Community Development Account for FY 2011 — 2012 has a current
balance of-$1,500 with additional anticipated expenses in the amount of$4,500. In anticipation
of those expenses, staff requested a Budget Transfer in the amount of$6,000.
Community Development is over budget due to the following events:
1. The Wylie EDC Invitational was over budget by $3,652 due to the tremendous turn out
from the regional development community; and
2. Expenditures for Boots & Barbeque were $2,350 over budget due to the Executive
Director committing to fill an unanticipated need for the committee.
In previous budget years the Insurance Account has only budgeted for the annual bond at $303.
This fiscal year it was determined that the WEDC will be responsible for the insurance on the
WEDC-owned buildings. The fiscal year contribution will be paid in full after the Purchasing
Agent has finalized the quote; staff requested a Budget Transfer in the amount of$775.
With the addition of the iPad interne connection fee, the Communications Account will not be
within the budgeted amount. In addition, the Executive Director will be purchasing a cell phone
which will be reimbursed from the Communications Account. To insure that the Account will
not be over-budget at year end, staff requested a Budget Transfer in the amount of$700.
Staff recommended a $7,475 transfer from the Special Services Account which will leave a
balance of$173,314 in Special Services.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the Budget Transfer Request in the amount of$7,475. The WEDC
Board voted 3 —FOR and 0—AGAINST in favor of the motion.
ITEM NO. 7 — Consider and act upon issues pertaining to the FY 2012 — 2013 WEDC
Budget.
Staff presented the second draft of the FY 2012—2013 WEDC Budget. The Board will have one
more opportunity to make changes during. the July Board meeting. Departmental presentations
to Council will be held on either July 17th or 19th. A formal Budget Work Session for the City
Council will be held on July 31st with a proposed City budget filed with the City Secretary on
August 3, 2012. The attached budget is primarily based upon past expenditures and current
programs in place with new programs or increased expenditures detailed below.
Revenue Sales Tax — While FY 09 — 10 and FY 10 — 11 sales tax was budgeted with flat
projections, a 5% gain was projected for FY 11 — 12. Keeping in line with
conservative revenue forecasting and new retail concepts coming on line within
Woodbridge Crossing, a 6% growth rate will be utilized for FY 12 — 13 which
results in projected sales tax receipts of$1,743,989.
Fund Balance — After completing year end expenditure reports provided by
Finance, staff is projecting a fund balance as of 10-1-12 of $1,016,955. After
WEDC—Minutes
June 22, 2012
Page 5 of 12
adjusting for the Reserved Fund Balance dedicated to Ascend debt service, the
'unreserved' fund balance is estimated at$528,773.
Rental Income — All WEDC facilities are projected to be leased with revenue
projected at $98,400. For cash flow/budgeting purposes, Ascend lease payments
($488,184) are listed under Rental Income even though they are booked under
Account #46150 (Interest Earnings) and Account #49550 (Lease Principal
Payments).
Expenses Compensation— Staff proposed a 2.5% Merit Increase for Senior Assistant Gerry
Harris equating to a budget increase of $1,524 which includes $1,219 in salary
and an estimated $305 in benefits. A Merit Increase for the Director position was
not proposed.
Phone Allowance — Staff proposed a $468 increase to the Phone Allowance for
the Senior Assistant to offset actual expenses incurred from internet connectivity.
While the WEDC did not fund the purchase of Ms. Harris's IPAD, it was
encouraged due to beneficial business applications outside of the office.
Insurance — Expenses associated with health insurance, FICA, etc. are identical
to FY 2011 — 12. Updated figures have not been provided.
Office Supplies — The last fold-up aerial produced by the WEDC was flown in
spring 2010. Staff proposed new aerials developed at a cost of$8,000. Staff also
proposed the purchase of approximately 40 pad folios ($750) which are
distributed to each Leadership Wylie class over a three year period.
Incentives — In FY 12 — 13, the WEDC will fund final incentive payments to
Savage and Pulliam Construction. One-time expenses will also be associated with
B&B Theatre, PM Realty, and Clark Street. Ongoing sales tax reimbursement
programs will be associated B&B and Clark Street but will not impact the current
budget. As well, Ascend will be in the third year of its 5 year grant program.
Sales tax reimbursement to Direct Development is budgeted at $341,754.
Provided for the Board's review was a projection for sales tax reimbursements to
Direct Development through 2021. As of October 2013, $2.6 million is estimated
to have been reimbursed to Direct Development from the City of Wylie and
WEDC. Assuming the square footage performance measure is met by October 1,
2013, it is projected the Direct Development will earn $10.4 million in
reimbursements out of a maximum$12 million. Should Direct not meet its square
footage requirement, the maximum incentive will be reduced to $6 million which
is projected to be reimbursed by 2017.
As a review, the WEDC typically provides for a 'Future Projects' line item for
incentive programs for as of yet unidentified relocations/expansions. The current
estimate for this line item is $411,455. While this budgeted line item is down
from the prior year's budget of$716,232, there are non-reoccurring expenditures
WEDC—Minutes
June 22, 2012
Page 6 of 12
within the proposed budget equaling $445,372 (PM Realty, B&B, and Clark
Street) which have greatly impacted the Future Projects budget. Staff noted that
should the WEDC have a project requiring a significant amount of cash, an
additional $350,000 at a minimum could be reallocated from the Land, Streets &
Alleys, Travel, and Advertising.
Special Services — Staff proposed a joint program with the Chamber of
Commerce to fund a 'Business 2 Business' program focusing on
manufacturing/distribution. The approach will be to reach out to all
manufacturing business in Wylie and create a directory which identifies their
services provided to promote cross utilization of local businesses. The program
will also seek input from these businesses as to what services the Chamber and
WEDC can provide which are currently not available or existing opportunities of
which these businesses are not aware.
The estimated budget of $10,000 will provide for the production of a directory
and networking events. There will be no cost to the businesses to participate and
it will not be limited to Chamber members. The Board will be provided with the
opportunity to evaluate the program in 2013 to determine effectiveness and
evaluate any future funding.
Staff has also budgeted $1,300 for city-wide traffic counts. This annual expense
has typically come out miscellaneous funds within the Special Services account.
Community Development - With a 20% gain in attendance at the WEDC
Invitational,the budget is proposed to be increased from $9,000 to $12,000. Also,
with the additional sporting ticket being purchased,the budget was increased from
$7,500 to $10,000 annually for sporting events to allow for baseball playoffs. The
WEDC currently has a 25% stake in Maverick's tickets and a 40% stake in
Ranger's tickets.
Communications —The communications budget is proposed to increase by $480
to fund interne connection for the Director's Ipad. This expense is funded
differently than Ms. Harris's Ipad due to the Directors equipment being property
of the WEDC and under a corporate account.
Rental Expense — The lease expense of WEDC offices was reduced due to the
Chamber increasing their rate paid and the WEDC reducing the same. This
arrangement was contemplated in writing when the Chamber/WEDC first
occupied 250 S. Highway 78.
Travel & Training — The ICSC National Conference budget was increased by
$1,803. This increase is directly attributed to under budgeting for the event in FY
2011 — 2012. The current budget contemplates funding for Mayor, staff and two
Board members. Should additional City representatives attend the event in the
future; additional funds can be reallocated from Prospect Recruitment within the
Travel & Training Account or funded out of the Council's budget.
WEDC—Minutes
June 22, 2012
Page 7 of 12
Insurance — As reported previously, insurance costs for loss/casualty will be
$1,000 in FY 2012 — 2013 pending final verification from the City of Wylie
Purchasing Agent. Staff hopes to have that final verification by the July Board
meeting.
Audit & Legal—Legal costs have been reduced from $80,000 to $20,000 for FY
2012— 13.
Debt Service — Staff has budgeted $237,780 for debt service associated with the
extension of Woodbridge Parkway from Hensley to State Highway 78. The
current budget contemplates 100% funding of the $2 million WEDC commitment
for a period of 10 years at a fixed rate of 3.54%. Staff is currently negotiating
with the City of Wylie to identify their funding source for approximately 50% of
the commitment and will be distributing an RFP for financing on June 22nd
pending Board review and approval. WEDC funding will need to be available for
the project on or about October 2012.
Land — A budget of $300,000 has been proposed with no specific project
identified at this time.
Staff reported that the presented figures will be submitted to the City of Wylie Finance Depart
for input into the budget documents being distributed to Council for departmental presentations.
Staff noted that at the time of final approval, the Board must vote on the Insurance line item
separately with Mr. Yeager citing a conflict of interest.
Board Member Herzog requested that the Computer Hardware and Software budget be increased
from $2,000 to $3,000 and also to not produce the aerials until the most recent photos are flown.
Staff had no recommendation. The Board chose to delay final approval until after the July 20,
2012 Board meeting, but directed staff to submit the figures presented to the Finance
Department.
DISCUSSION ITEMS
ITEM NO. 8 - Staff Report: review issues surrounding an Amended and Restated Performance
Agreement between the WEDC and Woodbridge Crossing, Commercial Lease/Performance
Agreement between the WEDC and ACE, Duel Products, WEDC By-Laws, Wylie Ice Cream
Holdings, Chemical Recycling, Inc., WEDC officers, WISD 1.5 acres, Executive Director
personnel evaluation, ICSC affiliation for past WEDC Board members, B&B Theatres,
Woodbridge Centre, and regional housing starts.
Woodbridge Crossing
Woodbridge Crossing is currently in compliance with all terms of the Amended and Restated
Performance Agreement. The Sales Tax Reimbursement Report was presented which identified
all sales taxes generated through April 2012 within Woodbridge Crossing for the City General
WEDC—Minutes
June 22, 2012
Page 8 of 12
Fund, the WEDC, and the 4B. As a reminder, the City and WEDC will be reimbursing 85% of
all sales tax generated within Woodbridge Crossing through September 2013. Beginning
October 2013, 65% of all sales taxes generated will be reimbursed.
Direct Development is currently in compliance with all terms under the Performance Agreement
with the next performance measure of a cumulative 385,118 square feet due by September 1,
2013. There is currently 318,152 square feet in place within Woodbridge Crossing. Ross, Rack
Room, and Rue 21 are currently under construction and will result in approximately 40,000
square feet. Rosa's Café is under construction as well which will result in an additional 6,940
square feet.
A summary of Direct Developments' Performance Obligations was attached for the Board's
review.
Ascend Commercial Lease and Performance Agreement
The Ascend Custom Extrusion Critical Dates Analysis and Performance Agreement Monitoring
Procedures were presented. Payment #1 of the Economic Incentives had been funded with
Ascend meeting all Performance Obligations within Section A of the attachment. A final
Certificate of Occupancy was issued on September 23td.
A meeting was held at Ascend on April 20th to discuss faulty roof drains at the Ascend facility.
Hill & Wilkinson addressed the faulty design and the drains have been functioning properly. As
well, the exterior of the building near the drains has been power washed to remove discoloration
caused by the increased overflow.
On May 31st, a one-year warranty evaluation was performed by Hill & Wilkinson. There were
some minor issues such as doors not closing properly and door thresholds not keeping water out.
The only significant issue was that water is still seeping into the pit under Press #1. Staff is
unaware how Hill&Wilkinson will be addressing the problem at this point.
Duel Products
On June 1, 2012, an appraisal was received by the WEDC and Duel products which was
supposedly the last document required by the IRS to secure a partial release from the existing
bankruptcy plan. Staff had been inquiring for two weeks if Duel had sent the documents with the
most recent response being that it would go out on June 20, 2012. Staff believed the WEDC
should consider allowing JTM to begin the design of their facility and request that Duel
authorize the replatting process to begin. Staff further believed that the WEDC should
reconsider a request from JTM to reimburse their design costs should they not be allowed to
build on the proposed site. Staff has changed its position on the reimbursement issue due to JTM
needing to begin construction as soon as possible.
WEDC—Minutes
June 22, 2012
Page 9 of 12
WEDC By-Laws
Staff confirmed with WEDC counsel that the WEDC By-Laws do not have to be amended due to
the address of the registered office being incorrect. However, the Certificate of Formation must
be amended with the Secretary of State which has already been accomplished. Staff had
suggested that several policies within the By-Laws be considered such as qualifications of Board
members and number of Board members. With the response from the Board on those issues
being less than supportive, staff does not anticipate bringing an action item to the Board for any
amendments to be made.
Wylie Ice Cream Holdings
Wylie Ice Cream Holdings picked up their building permit on June 14th. Staff anticipated
construction to begin within the next two weeks.
Chemical Recycling, Inc.
Staff and Assistant City Manager Butters had a conference call with WEDC counsel Mr. Randy
Hullett and Mr. Art Rodriquez who assists the City of Wylie with legal matters surrounding
environmental issues. Several months ago the Board had charged staff with the goal of cleaning
up the site previously owned by Chemical Recycling, Inc. which is just west of the railroad
tracks on F.M. 544. To be more specific, cleaning up the site to remove an existing metal
building and mow the grass which is approximately five feet tall in an attempt to make the 544
corridor more aesthetically pleasing.
Mr. Rodriquez indicated in no uncertain terms that we are to not disturb anything on this site
because of the liability involved. Anyone who enters the property and disturbs any dirt, exterior
wall, etc. could be included as a responsible party liable for the clean-up of hazardous materials
on-site.
Mr. Rodriguez indicated that for several years he has been attempting to have the enforcement
authority which currently rests with the EPA be transferred to the Texas Commission on
Environmental Quality (TCEQ). It is the belief of Mr. Rodriguez that the TCEQ will be more
responsive to a local community requesting assistance from a State agency. Again per Mr.
Rodriquez, the EPA is willing to release jurisdiction of the site and the TCEQ is willing to accept
jurisdiction, but the EPA has not sent the paperwork to the TCEQ. Mr. Rodriguez has since
contacted the EPA again with no response. Staff has requested that Mr. Rodriguez draft a letter
which staff in turn will take to Congressman's Hall to forward on to the EPA on his letterhead.
Staff will continue to provide updates monthly on this topic.
WEDC Officers
During the July Board meeting, the WEDC will elect officers. Staff attached Section V of the
By-Laws which details how officers are selected and the duties of the President, Vice President,
Secretary, and Treasurer. Current officers are Marvin Fuller — President, Mitch Herzog — Vice
President, John Yeager—Secretary, and Chris Seely—Treasurer.
WEDC—Minutes
June 22, 2012
Page 10 of 12
WISD 1.5 acre Tract
The Scholz-Parker group closed on the WISD tract adjacent to the northwest corner of their
commercial tract on F.M. 544. The WEDC had pursued this sale for over 5 years in an attempt
to square off the adjacent tract. As a reminder, approximately 0.4 acre is capable of being
reclaimed from the floodplain. What staff had always believed the area was 1.5 acres was
actually 2.955 acres. The survey presented showed the tract takes in much of the adjacent
Muddy Creek which staff believed makes up the discrepancy in acreage.
Executive Director Personnel Evaluation
Each July the WEDC Board of Directors evaluates the performance of the WEDC Executive
Director. Staff presented a Performance Evaluation Report, Performance Indicators for the
Executive Director in chronological order for the past twelve months, and the Employment
Agreement of the Executive Director.
ICSC Affiliation for Past WEDC Board Members
Unless directed otherwise, staff believed it is in the best interest of the Wylie community to
extend membership within ICSC to all past Board members who show an interest. Nothing
within the ICSC membership criteria prohibit this relationship and it provides past Board
members who retain their local residency and remain active in the community to attend ICSC
events and promote retail opportunities in Wylie. Staff will require qualifying individuals to
reimburse the WEDC the $50 membership fee and be clear that no expense of any kind will be
reimbursed for attending an ICSC event. While beneficial to the community, this arrangement
also benefits past Board members with a greatly reduced membership rate.
B&B Theatres
B&B started dirt work on their site and plans on holding a ceremonial ground breaking in mid-
July when all of their principals can attend. Staff will update the Board as more information
becomes available.
Woodbridge Centre
It was reported that Kroger will hold its groundbreaking ceremony on June 27th at 11:00 a.m. on
their site at Woodbridge Parkway and F.M. 544.
Regional Housing Starts
Twenty homes were permitted in Wylie for May 2012. Sachse, Lavon and Murphy permitted a
combined thirty-one homes over the same period.
No action is requested by staff for this item.
WEDC—Minutes
June 22, 2012
Page 11 of 12
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 8:10 a.m. in compliance with Section 551.001
et.seq. Texas Government Code to wit:
Mayor Eric Hogue left the meeting at 9:00 a.m.
Board Member Mitch Herzog left the meeting at 9:46 a.m.
Section 551.087 (Economic Development) of the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act).
• Consider a Request for Proposal for Project Detroit.
• Consider a request for assistance from Project Warranty.
• Consider a request for assistance from Project ATR.
• Consider requests for assistance from Jal Dennis relating to a commercial development
on State Highway 78 and for the remediation of property owned by Chemical Recycling,
Inc.
Section 551.072 (Real Property) of the Local Government Code, Vernon's Texas Code
Annotated(Open Meetings Act).
• Purchase of properties located near the intersection of State Highway 78 and Cooper
Drive.
• Purchase of properties near the intersection of Regency and F.M. 544.
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 10:25 a.m. and took the
following action:
Project Detroit:
MOTION: A motion was made by Chris Seely and seconded by John Yeager to
recommend to Council a 50%, 5-year tax abatement on personal property
improvements, and provide a WEDC funded grant of $1,000 per new
employee not to exceed $220,000 over 5 years. The WEDC Board voted 3
—FOR and 0—Against in favor of the motion.
Project Warranty:
MOTION: A motion was made by John Yeager and seconded by Chris Seely to convey
1.433 acres of WEDC property located on F.M. 544 subject to a 4-year note
and performance requirements of a construction cost of$1.325 mm in year 1
and minimum valuation of$1.75 mm in years 2, 3, and 4. The WEDC Board
voted 4—FOR and 0—AGAINST in favor of the motion.
WEDC—Minutes
June 22, 2012
Page 12 of 12
Request for assistance from Mr. Jal Dennis:
MOTION: A motion was made by John Yeager and seconded by Chris Seely to deny a
request for assistance from Mr. Dennis for assistance in the remediation of
property previously owned by Chemical Recycling, Inc. The WEDC Board
voted 3 —FOR and 0—AGAINST in favor of the motion.
MOTION: A motion was made by John Yeager and seconded by Chris Seely directing
staff to pursue an incentive package to assist Mr. Dennis with a proposed
commercial development near the intersection of Ballard and State Highway
78. The WEDC Board voted 3 — FOR and 0 — AGAINST in favor of the
motion.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 10:30 a.m.
71
Marvin Fuller, President
ATTEST:
Samuel Satterwhite,Director