10-05-2012 (WEDC) Minutestl
Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Friday, October 5, 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 6:30 a.m. Board Members present were:
Mitch Herzog, Demond Dawkins, Todd Wintters, and John Yeager.
WEDC staff present was Executive Director Sam Satterwhite.
Ex-officio members Mindy Manson and Eric Hogue 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 September 24, 2012 Minutes of the
Wylie Economic Development Corporation (WEDC) Board of Directors Meeting.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the September 24, 2012 Minutes of the Wylie Economic
Development Corporation. The WEDC Board voted 5 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 2 —Consider and act upon issues surrounding a Real Estate Note between Jerry
and Carmie Randack and the WEDC.
Similar to the Hughes refinancing, staff provided the incorrect interest rate to the WEDC Board
at the September 21, 2012 Board Meeting during which the purchase of the Randack Property
was approved. Through a miscommunication between staff and American National Bank, it was
reported to the Board that a 2.99% interest rate would be secured for the purchase of 1.089 acres
from Jerry and Carmie Randack opposed to the actual rate of 3.99%.
Staff recommended that the WEDC Board of Directors approve the purchase of Wylie Industrial
Park Block A, Lots 2A, 3, and 4 in the amount of $400,000, approve 100% financing for the
purchase with American National Bank at a rate of 3.99%, and further authorize President Fuller
to execute all documentation necessary to effectuate said purchase and financing.
WEDC—Minutes
October 5, 2012
Page 2 of 3
MOTION: A motion was made by Todd Wintters and seconded by John Yeager
authorizing President Fuller to execute all documentation necessary to
finance the purchase of Wylie Industrial Park Block A, Lots 2A, 3, and 4 at
an interest rate of 3.99%. The WEDC Board voted 5 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 3 — Consider and act upon issues surrounding an incentive agreement between
the WEDC and Texas Timber Wolf.
Staff reviewed that Texas Timber Wolf is a family owned and operated business providing
custom woodworking products including cabinets, new and used furniture, office and showroom
fixtures, and outdoor structures. Sarah and Wolfgang Blauen purchased 0.32 acre at the
northeast corner of Alanis and Martinez in 2011 and have completed their new 1,600 square foot
workshop.
The Wolfs purchased the 0.32 acre for $32,000 ($42,000 current value), expended $165,000 on
the construction of the building, and purchased$15,000 in equipment.
On 6-27-12 within Executive Session staff presented a request for relocation assistance from
Texas Timber Wolf. The WEDC Board directed staff to provide a $5,000 reimbursement
incentive payable upon the issuance of a certificate of occupancy. Staff presented a Performance
Agreement outlining the payment terms and performance measures between Texas Timber Wolf
and the WEDC. Staff recommended that the WEDC Board of Directors approve said
Performance Agreement providing for a reimbursement incentive in the amount of $5,000
further authorizing the WEDC Executive Director to execute the Agreement.
MOTION: A motion was made by Mitch Herzog and seconded by Todd Wintters to
approve a Performance Agreement between the WEDC and Texas Timber
Wolf further authorizing the WEDC Executive Director to execute the same.
The WEDC Board voted 5 —FOR and 0—AGAINST in favor of the motion.
EXECUTIVE SESSION
The WEDC Board recessed into Closed Session at 6:34 a.m. in compliance with Section 551.001
et.seq. Texas Government Code to wit:
Recess into Closed Session in compliance with Section 551.001, et.seq. Texas Government Code,
to wit:
Section 551.087 (Economic Development) of the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act).
• Request for Proposal - Project Detroit.
• Incentive Proposal—Project ATR.
WEDC—Minutes
October 5, 2012
Page 3 of 3
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 6:58 a.m. and took the following
action.
MOTION: A motion was made by Todd Winners and seconded by Demond Dawkins
approving an incentive package benefitting Apple Texas, Inc in the amount
of$177,000 to Direct Development and $25,000 to Apple Texas, Inc. The
WEDC Board voted 5 —FOR and 0—AGAINST in favor of the motion.
ADJOURNMENT
With no further business, President Fuller adjourned the WEDC Board meeting at 6:59 a.m.
--/14Ari.4,1 IA-
Marvin Fuller, President
ATTEST:
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Samuel Satterwhite, Director