10-13-1992 (WEDC) Agenda Packet Date Posted 10/07/92
Time Posted 2:00 P.M.
MEETING
DEVELOPMENT CORPORATION OF WYLIE, INC.
TUESDAY, OCTOBER 13 , 1992
4:00 PM
2000 HIGHWAY 78 NORTH, WYLIE, TEXAS
CALL TO ORDER
ORDER OF
BUSINESS BUSINESS
1 Discuss and Consider Approval of Minutes of
September 8 , 1992 Regular Meeting of the Development
Corporation of Wylie, Inc.
2 Discuss and Consider Treasurer's Report Ending 9/30/92
3 Report from Executive Director
A. Current status of Master Brake Service, Inc. loan
transaction
B. Current status of American Mold, Inc. request and
problems with the Texas Air Control Board
C. Up-date on move of office from City Hall to the
Wylie Chamber of Commerce facility
D. Current status report of efforts being made to re-
locate the Golden Pickle facility to Wylie
4 Other Business
A. Discuss and consider loan request of Robert Ard
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B. nd consider purchase of industrial facility 9 r
C. Discuss ' .3S��o Vot .6c*cc y ,' i !�
7So s� and' consider a possible "Grant" of land W 4A,
or building a facility to be leased to a major 6
corporation. SAN,
D. Discuss and make decision to enroll Executive Director
in a five and one-half day annual Basic Economic
Development Course being offered November 8 - 13, 1992
Tab, h by Texas Engineering Extension Service, of the Texas
A & M University System, College Station, Texas ,s i o. .
E. Sale of conference table to the City of Wylie for $50.00
F. Discuss audit proposal offered by Rutledge, Crain &
Co, P.C. /
s.Yew g I. 6L kk-e-
G. Discuss preparation of 1993 budget
5 Recess open meeting
6 Convene to Workshop to Discuss Goals and Objectives
7 Reconvene Regular Meeting
8 Citizen Participation
In Accordance With the Open Meeting Act, the Development
Corporation will hear comments of Public Interest From
Residents of the City of Wylie. Any discussion must be
limited to placing the item on a future agenda for further
Consideration.
9 Wylie Residents Wishing to Speak Should Limit Remarks to a
Maximum of Five (5) Minutes
11 Adjourn
NOTICE OF MEETING
Notice is hereby given that the Economic Development Corporation Board of
Wylie will meet at 4:00 P.M. on the /.3t - day of GC�...z./ , 1992
at 2000 Highway 78, North, in the City of Wylie, Texas, for the purpose
of considering the above agenda.
Mary Nichols( City Secretary
POSTED THIS THE / - DAY OF D C. Q-b-, , 1992, AT 4. 0v P.M.
DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC.
MINUTES
SEPTEMBER 8, 1992
The Directors of the Development Corporation of Wylie, Inc. met
in regular session at 4:00 P.M. on Tuesday, September 8, 1992 in
the Development Corporation's office at the Municipal Complex.
A quorum was present and notice of the meeting had been posted in
the time and manner required by law. Those present were Jim
Smith, President; James Blakey, Vice President; John Yeager,
Secretary Treasurer and member John Tobin . Executive Director
Charlie Womack, Mayor John Akin and City Manager Steve Norwood
were also present. In attendance from the City Staff was Anita
Collins. Member John Mondy was absent.
Jim Smith called the meeting to order.
DISCUSS AND CONSIDER APPROVAL OF MINUTES OF SEPTEMBER 8, 1992
REGULAR MEETING : A correction was made - John Tobin not James
Blakey seconded the motion to approve the minutes. With this
correction being made John Yeager made a motion that the minutes
be approved, seconded by John Tobin. The motion carried with all
in favor.
DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: The
Treasurer's Report (See attached report at the end of these
minutes) reported the following:
Balance as of July 31, 1992 $337,972.68
August Revenues 18,909.51
August Expenses 37,264.78
Petty Cash Expenses 115.17
Balance as of August 31, 1992 $319,502.24
John Tobin made a motion that the treasurer's report be accepted
as written, seconded by James Blakey. The motion carried with
all in favor.
REVIEW AND VOTE ON MASTER BRAKE SERVICE. INC. LOAN REOUEST:
Master Brake has presented financial statements for the board's
review. The present proposal is that Master Brake will bid
$150,000 for the property at this Saturday's auction. Provident
Bank has agreed to fund up to $120,000 and the Development
Corporation will fund $30,000 with a five year pay out on a
second lien. They will then be asking the Development
Corporation for a grant to make some improvements if successful
in their bid. The RTC appraisal is $210,000. Master Brake had
an independent appraisal done and it came back at $200,000.
John Tobin made a motion that we approve the financing of 20% of
the purchase price, up to $30,000, the motion was seconded by
James Blakey. The motion carried with all in favor.
DISCUSS THE POSSIBLE PURCHASE OF LAND FOR A FUTURE INDUSTRIAL
PARK: The Executive Director presented the board with a
description of the piece of property which he looked at. It is
38 acres and the asking price is $7,000 an acre. The board felt
that more information was needed. No action was taken on this
item.
UPDATE ON AMERICAN MOLD, INC. REQUEST, FILED WITH TEXAS AIR
CONTROL BOARD, TO INCREASE PRODUCTION: The Executive Director
gave a report to the board on the status of American's Mold's
request to the Texas Air Control Board.
REPORT FROM EXECUTIVE DIRECTOR: The Executive Director gave a
report on his activities during the last month. He is still
looking for a location for the van conversion company. The video
promoting Wylie has been finished and is available.
Negotiations are continuing with J. D. Russell Co. and the Goldin
Pickle Company.
OTHER BUSINESS:
A) Make Decision on Location of Corporate Offices - a
decision on this was postponed until further information
could be obtained regarding the possible move to the Chamber
office.
B) Discuss the Need for the Corporation to Rent a Post
Office . Post - The Executive Director felt they needed a
bur post office box because he was having difficulty getting
mail here. The board mutually agreed to rent a post office
box.
C) Discuss Membership in the Texas Industrial Council.
Inc. - The board decided to join this - it is $95.00
annually.
D) Discuss the Executive Director Attending a One Week (11/8
- 11/13/92) Seminar Being Offered by the Economic
Development Training Division of the Texas A & M University
System - no decision was made on this item - need further
details.
E) Discuss Agreement to Furnish Medicare Supplement
Insurance Coverage for Executive Director and Wife - The
Board instructed Mr. Womack to go ahead with the coverage he
chose since it was in the terms of his employment.
RECESS OPEN MEETING:
CONVENE TO WORKSHOP TO DISCUSS GOALS AND OBJECTIVES: No
discussion took place on this item.
RECONVENE REGULAR MEETING:
CITIZEN PARTICIPATION: None
There being no other business for discussion a motion was made
and seconded that the meeting be adjourned.
Minutes of the September 8, 1992, regular meeting approved by the
Board of Directors at its meeting on October 13, 1992.
John Yeager, Secretary
PREPARED BY :
62L4,
Anita Collins
TREASURER'S REPORT ENDING AUGUST 31, 1992
Ending balance 7/31/92
Checking account $217,476.73
C/D #6000017477 $120,000.00
Petty cash account $ 455.95
Total cash 7/31/92 $337,932.68
Checking account balance 7/31/92 $217,476.73
Income:
Sales Tax revenue $17,893. 36
Interest $ 590.25
Sale 10 video tapes $ 60.00
Total income $18,543.61
Expense:
Michael Brown Productions, Inc. $ 5,955.00
G.T.E. Southwest, Inc. $ 113.73
Oakridge Country Club $ 40.05
U. S. Postal Service . $ 29.00
City of Wylie (rent) $ 50.00
City of Wylie (ins.) $ 433.00
Holland Hitch of Wylie, Inc. $28,000.00
C. C. Womack $ 1,683.00
Custom Signs by Rudy $ 55.00
Provident Bank (2nd Quarter tax)$ 906.00
Total expense $37,264.78
Checking balance 8/31/92 $198,755.56
Petty cash account balance 7/31/92 $455.95
Expense:
Western Auto (keys) $ 2. 13
Wylie Printing (supplies) $14.90
Rotary Club of Wylie $30.00
Provident Bank (check chgs.) $68.14
Total expense $115. 17
Petty cash account balance 8/31/92 $340.78
•
C/D #600017477 (7/31/92 ) $120,000.00
Income:
Interest Provident Bank $365.90
Total interest $365.90
C/D account balance 8/31/92 $120,365.90
Total cash balance 8/31/92
$319,462.24
Total remaining for investments
$199,462.24
* C/D #6000017477 is pledged to Provident Bank, Wylie to secure a Line of Credit
for Physicians Regional Hospital.
Summary of August Activities
I returned from a short vacation on August 5 and had an
early meeting with Mr. Steve Phieffer. I have had several
meetings with Mr. Phieffer about a possible move of his
company to Wylie. It has been difficult to obtain any
definite information on him or the company he represents.
He claims to own and operate a van conversion company that
is looking to locate on a 10 - 12 acre site. The company is
now dormant after having sold their manufacturing properties
in Ft. Worth.
We have made visits of several site locations in the Wylie
area. The only site that has interested him is the old
equestrian center located north of Hwy 544 between Wylie and
Murphy. The orange metal barns are in fair condition but
all would need extensive renovation before actual production
could become a reality.
We finally were able to reach the owner of this property by
telephone. Mr. Tom Mannewitz acknowledged that he would
sell the property at a price. We asked if he would give us
an idea of his asking price. He agreed to think about it
and promised to call us when he had made a decision. Our
last conversation was August 19th and we are still waiting
for his reply.
Attended a meeting called by Mr. Bill Nelson, Parks Director
for the City of Wylie. This meeting was a result of Mr.
Norwood's desire to establish a "Meal on Wheels" program for
the older citizens of Wylie. It was decided that Mr. Nelson
should continue his negotiations with the Director of this
program and then have an organizational meeting at a later
date. The development corporation may receive a request for
financial assistance should the City decide to implement
this program.
Completed the credit and financial files relating to the
Physician Regional Hospital loan with the Provident Bank,
Wylie. During the month the hospital has drawn down $90,000
of their operating Line of Credit. Their geriatric unit
census continues to improve with an average daily count of
nine. They were able to invoice Medicare for some service
already provided and a substantial payment was received
within a short period of time. This additional income has
assisted them to meet current liabilities without having to
draw the entire committed amount of their operating "Line of
Credit".
I made a trip to Michael Brown's studio in Arlington to pick
up the video tapes purchased by the Corporation to promote
the image of Wylie. Delivered tapes to several entities
that are in a position to show the video to anyone that
might have an interest in moving to Wylie.
I have attended two meetings with James Blakey, Steve
Norwood, and representatives from the J. D. Russell Co.
This meeting was in conjunction with the purchase of the
Century Redi-Mix property located on Hwy 544. J. D. Russell
Company is domiciled in Arizona but has maintained a
facility in Wylie for eleven years. They want to expand
their Wylie operations and the redi-mix property would meet
their current and future needs. Their main interest in the
meeting was what financial assistance could they expect from
the Development Corporation or would the City of Wylie
consider offering any tax abatements should they purchase
the property. No decisions or commitments were made during
either of the meetings. The owner has returned to Arizona
and has promised to let us know when he has made a decision.
I spent some time planning and organizing the presentation
of our "Cash Grant" to Holland Hitch of Texas, Inc. The
presentation was made before a good audience and received
excellent local press coverage.
Several hours have been spent accumulating financial
information and coordinating a joint effort with Provident
Bank, Wylie to finalize the loan request submitted by Master
Brake Service, Inc. This loan is for the purchase of the
Tarrant Plumbing Building at a public auction scheduled for
September 14, 1992. Should the company be a successful
purchaser they plan to relocate their activities to the new
location. The loan request will be discussed and a final
decision made during our September board meeting.
We continue to discuss a possible relocation of the Goldin
Pickle Company to Wylie. I have had several telephone
conversations with the President, Mr. Steve Collette. At
Mr. Collette's request a letter has been written inviting
him to make a tour of Wylie and of our interest in
discussing a possible move of his company to this area.