08-14-1996 (WEDC) Minutes Minutes
THE DEVELOPMENT CORPORATION OF WYLIE, INC.
Wednesday,August 14, 1996
Board Members Present:
Marvin Fuller
Kevin St. John
J.C. Worley
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
With notice of the meeting posted in time and manner required by law and a quorum of
Board members present, the Board of Directors of the Development Corporation of Wylie,
Inc. met in Regular Session on Wednesday, August 14, 1996 in the Chamber of Commerce
Board Room at 108 W. Marble Street, Wylie, Texas.
The meeting was called to order by President John Yeager at 4:13 p.m.
ITEM NO. 1 - Discuss and Consider Approval of Minutes for the July 9, 1996 Regular
Board of Directors Meeting of the Development Corporation of Wylie, Inc.
MOTION: A motion was made by Marvin Fuller and seconded by J.C. Worley
to approve the minutes for the July 9, 1996 Regular Board of
Directors Meeting of the Development Corporation of Wylie, Inc.
The DCW Board of Directors voted 5 - FOR and 0 - AGAINST in
favor of the motion.
ITEM NO. 2 - Discuss and Consider Approval of Minutes for the August 6, 1996
Regular Board of Directors Meeting of the Development Corporation of Wylie, Inc.
MOTION: A motion was made by Merrill Young and seconded by J.C. Worley
to approve the minutes for the August 6, 1996 Regular Board of
Directors Meeting of the Development Corporation of Wylie, Inc.
The DCW Board of Directors voted 5 - FOR and 0 - AGAINST in
favor of the motion.
ITEM NO. 3 - Discuss and Consider Issues Surrounding Project Knickerbocker.
Staff discussed with Board members the upcoming meeting with Knickerbocker officials to
discuss specific terms of an incentive proposal to be offered. Working together with City of
Wylie officials, staff proposed and incentive package to include a land grant of +4 acres
within Premier Business Park and a 300% abatement on real and personal property over a
five-year period. The terms of the proposed incentive agreement will be six years so as to
Minutes
August 14, 1996
Page 2
allow the City of Wylie to recoup the abated taxes. The land will be granted to the prospect
over that same time period with terms of the grant to be negotiated with Knickerbocker
officials. Staff informed the Board that the DCW has received verbal support from Collin
County and the Collin County Community College District in regards to their participation
in an abatement agreement.
The Board believed that Project Knickerbocker would be a good fit for the first facility
within Premier Business Park and supported the incentive proposal presented by staff The
Board agreed that an analysis of all personal financial records would be necessary prior to
any legal commitments by the DCW and City of Wylie. The Board instructed staff to make
all members of the Wylie City Council aware that a tax abatement will be offered to
Knickerbocker subject to their final approval.
MOTION: A motion was made by Kevin St. John and seconded by Merrill
Young to approve a ±4 acre land grant to Project Knickerbocker and
recommend a 300% abatement over five years to the Wylie City
Council. The DCW Board of Directors voted 5 - FOR and 0 -
AGAINST in favor of the motion.
ITEM NO. 4 - Citizen Participation
Being no citizens present, the Board proceeded to Item No. 5.
ITEM NO. 5 - Adjourn
There being no further business, the meeting was adjourned at 5:25 p.m.
ohn Y .ger,�'resident
Attest:
Samuel D.R. Satterwhite, Director