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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 S,To A=r7J if}ME3 SLAW, 3.�'►..S/�.z7N / �s�., 4->-) l ow)Ait • Esc Diu s 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.