02-25-2008 (WEDC) Minutes Minutes
Wylie Economic Development Corporation
Board of Directors Meeting
Monday, February 25, 2008 —5:00 P.M.
Inwood National Bank—Conference Room
200 South Highway 78 —Wylie,Texas
CALL TO ORDER
Announce the presence of a pyorum
President Fuller called the meeting to order at 5:11 p.m. Board Members present were: John
Yeager, Mitch Herzog, and Chris Seely.
Staff present was Executive Director Sam Satterwhite and Administrative Assistant Gerry Harris.
Ex-Officio Board Member Mindy Manson was present.
CITIZEN PARTICIPATION
There being no citizen participation, President Fuller proceeded to Action Items.
ACTION ITEMS -- -- - - -
ITEM NO. I — Consider and Act Upon Approval of the February 15, 2008 Minutes of the
WEDC Board of Directors Meeting.
Mr. Fuller asked that the minutes clarify the details concerning the Bad Debt entry made to the
January Treasurer's report. Mr. Herzog asked that the February 15th minutes, as well as all
future minutes clarify the reference to Herzog Development Corporation as being owned by Mr.
Don Herzog.
MOTION: A motion was made by Merrill Young and seconded by John Yeager to
approve the February 15, 2008 Minutes of the WEDC Board of Directors
Meeting as amended. The WEDC Board voted 4 —FOR and 0—AGAINST
in favor of the motion.
ITEM NO. 2 - Consider and Act Upon Approval of a Budget Transfer for the WEDC FY
2007—2008 Budget.
Staff presented budget transfers to Car Allowance for the Administrative Assistant ($700.00) and
Furniture & Fixtures ($1,000.00). To offset increased expenses, staff recommended that
Incentives be reduced by$1,700.00.
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
approve the Budget Transfer for the WEDC FY 007 — 2008 Budget. The
WEDC Board voted 4—FOR and 0—AGAINST in favor of the motion.
WE —Minutes
February 25, 2008
Page 2 of 3 _
EXECUTIVE SESSION
The WEDC Board of Directors convened into Executive Session at 5:17 .m.
I. Consider and Act Upon Issues Surrounding the Purchase of a 0.2755 Acre Tract Known as
Lot 8, Railroad Industrial Park, Wylie, Texas as Authorized in Section 551.072 (Real
Property) of the Local Government Code, Vernon's Texas Code Annotated (Open
Meetings Act).
IL Consider and Act Upon Issues Surrounding a Letter of Intent Between the WEDC and
Savage Precision Fabrication, Inc. as Authorized in Section 551.087 (Economic
Development Negotiations) of the Local Government Code, Vernon's Texas Code
Annotated(Open Meetings Act).
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 6:07 p.m.
Actions taken from Executive Session:
I. Staff had explained that while the WEDC had authorized its Executive Director to execute
a Letter of Intent between the WEDC and Cazad, there had been no formal authority to
execute a Real Estate Contract. Staff conveyed further that negotiations progressed rapidly
with staff having a limited ability to present a draft contract to the Board for consideration.
Being that the terms of the contract were identical to those identified in the Letter of Intent,
staff chose to execute the contract. Being that there was no formal authority to execute the
same, staff requested that the WEDC Board of Directors ratify the contract as presented.
MOTION: A motion was made by Chris Seely and seconded by John Yeager to ratify
a Real Estate Sales Contract between the WEDC and Mr. Joseph and Mrs.
Karen Cazad for the purchase of 0.2755 acre in the amount of$200,000.
The WEDC Board voted 4 — FOR and 0 — AGAINST in favor of the
motion.
In addition to the above action, the WEDC Board directed staff to develop a Request for
Proposal for financing the above purchase and distribute the same to local financial institutions.
IL Staff requested that the WEDC Board of Directors consider increasing the reimbursement
amount to Savage for moving costs associated with the relocation of equipment, inventory,
and fixtures from Two Hundred-Fifty Thousand Three Hundred Fifty Seven Dollars
($204,357 to Two Hundred-Fifty-Four Thousand Three Hundred Fifty Seven Dollars
($254,357).
WEDC Minutes
February 25, 2008
Page 3 of 3
MOTION: A motion was made by Mitch Herzog and seconded by John Yeager to
amend the Letter of Intent between the WEDC and Savage to $254,357 for
the reimbursement of moving costs. The WEDC Board voted 4 — FOR
and o—AGAINST in favor of the motion.
No further action was taken as a result of discussions held in Executive Session.
ADJOURNMENT
With no further business, President Marvin Fuller adjourned the WEDC Board meeting at 6:08
p.m.
/1/1/A,
i )(Ai,
Marvin Fuller, President
ATTEST:
Samuel D.R. Satterwhite
Executive Director