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12-14-1993 (WEDC) Agenda Packet .ate MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, DECEMBER 14, 1993, 4:00 P.M. UNIVERSAL TRANSFORMER CO. BOARD ROOM 1000 COOPER DR, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . REVIEW ANDAPPROVE MINUTES OF NOVEMBER 9, 1993 REGULAR MEETING OF THE DEVELOPMENT CORPORATION OF WYLIE, INC. 2 . REVIEW AND APPROVE TREASURER'S REPORT ENDING NOVEMBER 30, 1993 3. REPORT FROM EXECUTIVE DIRECTOR, CHARLIE WOMACK. 4. REVIEW AND APPROVE LEGAL FEES SUBMITTED BY MCWILLIAM & HOUSER, ATTORNEYS FOR SERVICES RENDERED TO ASSURE OUR LIEN POSITION IN THE BANKRUPTCY PETITION - FILED fwv..-cA BY ;HEALTUCARE ENTERPRISES OF NORTH TEXAS LTD. AKA !il PHYSICIAN'.S REGIONAL HOSPITAL( s142. 5. DISCUSS POSSIBLE MARKETING PLANS TO DEVELOP AND DISPOSE OF THE SEVEN INDUSTRIAL LOTS PURCHASED IN THE 544 INDUSTRIAL PARK. 5. DISCUSS THE FEASIBILITY OF EMPLOYING AN OUTSIDE CONSULTING FIRM TO MAKE AN EVALUATION OF THE CURRENT ECONOMIC CLIMATE OF WYLIE AND THEN DEVELOP A STRATEGIC MARKETING PLAN TO PROMOTE INDUSTRIAL AND RETAIL GROWTH WITHIN THE CITY . 7 . DISCUSS UPCOMING JOINT WORKSESSION WITH CITY COUNCIL AND ADDRESS PRIORITIES, GOALS AND OBJECTIVES FOR WYLIE'S ECONOMIC DEVELOPMENT EFFORTS. B. RECESS OPEN MEETING 9. RECONVENE TO OPEN MEETING 10 . CITIZEN PARTICIPATION 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 DEVELOPMENT CORPORATION OF WYLIE, INC. BOARD OF DIRECTORS WILL MEET AT 4 :00 P.M. ON THE PO/IL DAY OF 101.(A4Lo ./ , 199W AT 1000 COOPER DR, IN THE CITY OF WYLIE, TEXAS FOR THE PURPOSE OF CONSIDERING THE ABOVE AGENDA. -4/ 1C;,�C MARY NIC OLS CITY SECRETARY _- DAY OF �e.4 7,c s1/ 1993, AT P T D THIS THE , _. , d-M. MINUTES DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, NOVEMBER 9, 1993 The Directors of the Development Corporation of Wylie, Inc. met in regular session at 4:00 PM on Tuesday, November 9, 1993 in the Development Corporation conference room at 108 N. Marble, Wylie, Texas. A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Raymond Cooper, Vice- President John Tobin, Secretary/Treasurer John Yeager, member John Mondy and newly appointed member Marvin Fuller. Executive Director Charlie Womack, Mayor John Akin, City Manager Steve Norwood and Administrative Assistant Mike Collins were also present. Representing City staff was Barbara LeCocq, Secretary. ITEM NO. 1 - ADMINISTER OATH OF OFFICE TO NEW MEMBER: Newly appointed member Marvin Fuller was given the oath of office by Secretary Barbara LeCocq. ITEM NO. 2 - DISCUSS AND APPROVE MINUTES OF OCTOBER 12. 1993 MEETING: In item 4, page 2 of the minutes for the meeting held on October 12, 1993, President Raymond Cooper asked that the word "Election" (of New Director) be changed to "appointment". With no further changes or corrections, a motion was made by John Yeager to approve the minutes as corrected, seconded by John Tobin. All in favor, motion carried. ITEM NO. 3 - DISCUSS AND APPROVE TREASURER'S REPORT ENDING OCTOBER 31, 1993: Treasurer's report shows Total funds available 10/1/93 as $495,854.63. Income $392,732.96. Expenses $11,548.53. The president called for a motion. Motion was made by John Tobin to approve the treasurer's report as submitted. Seconded by Marvin Fuller. All in favor. Motion Carried. ITEM NO. 4 - REPORT FROM EXECUTIVE DIRECTOR, CHARLIE WOMACK: Mr. Womack gave a report on current projects before the corporation. (Mr. Womack's written report attached hereto as a part of the official minutes.) Topics included status report on Physicians Regional Hospital, Roberts Manufacturing Company, Gerwin Corporation dba The Merry Miler Company, Unger & Associates, Inc. (UAI). Mr. Womack asked the directors to discuss Unger & Associates need for $1.5 million loan for working capital. Raymond Cooper suggested the the vacant Johnston Manufacturing building as a possible location for Unger. Mike Collins stated Ken Lane, President of American National Bank "has not closed the door on the deal". ITEM NO. 5 - APPROVE FINAL PRUCHASE PRICE OF SEVEN (7) INDUSTRIAL LOTS IN THE FM544 INDUSTRIAL PARK: Final purchase price of $126,782.00 approved by unanimous vote. Motion made by John Yeager, seconded by John Tobin. DevCorp of Wylie Minutes 110993 Page 1 ITEM NO. 6 - DISCUSS AND APPROVE LEGAL FEES SUBMITTED BY MCWILLIAMS & HOUSER: These fees were incurred during the proposed land purchase of the J. D. Russell Company property. A motion was made by John Tobin, seconded by John Monday, to approve for payment the amount of $2,019.25. All in favor. Motion carried. ITEM NO. 7 - RECESS OPEN MEETING: The open meeting was recessed. ITEM NO. 8 - CONVENE EXECUTIVE SESSION: Topics for discussion were: A. Discuss financial assistance request received from the Wylie Merchant's Association. B. Discuss cash grant request to complete repairs to 140 Kristen Lane. C. Discuss request from an interested party for the Development Corporation to build and lease a facility to house his company. ITEM NO. 9 - RECONVENE OPEN MEETING: Open Meeting reconvened. ITEM NO. 10 - ACTION, IF ANY. FROM EXECUTIVE SESSION: None ITEM NO. 11 - CITIZEN PARTICIPATION: None ITEM NO. 12 - ADJOURNMENT: Meeting adjourned. Raymond Cooper, President DEVELOPMENT CORPORATION of WYLIE, INC. Respe ly submitted: b a Lecocq, Sec etary DevCorp of Wylie Minutes 110993 Page 2 TREASURER'S REPORT ENDING 11/30/93 ENDING BALANCE - 10/31/93 Provident Bank-Wylie 94,429.74 American National Bank-Wylie 286,754.69 C/D American National Bank-Wylie 122,485.72 Petty Cash, Provident Bank-Wylie 41.56 Total funds available 11/1/93 503,711.71 INCOME Money Market funds 11/1/93 381,184.43 Sales tax revenue 27,741.80 Interest earned 634.35 Matured C/D#400001919 122,485.72 1993 property tax escrow 5,497.65 Funds availableduring month 537,543.95 EXPENSES GTE Southwest, Inc. 64.12 Oakridge Country Club 40.05 Provident Bank(941 tax payment) 470.00 Reimburse petty cash fund 487.44 City of Wylie(contract services) 44.75 Richardson C/C -'93 Wescom show 75.00 McWilliams&Houser-Legal fees 2019.25 American Express-'93 Wescom show 558.24 C.C.Womack(salary) 1,683.00 Bookkeeping Matters 200.00 A.A.R.P. Group Health Ins. Program 177.50 North Texas Commission 1,000.00 Commonwealth Land Title Co. 125,901.00 American National Bank-Note purchase 113,895.20 American National Bank-C/C purchase 8.590.52 Total checks written on Money Market acct. (255,206.07) PETTY CASH FUNDS Balance available 11/1/93 41.56 Transfer from general fund 487.44 Reimbursement Wylie C/C - supplies 16.15 Total funds available 545.15 EXPENSES U.S. Postal Service(stamps) 29.00 Maria's Restaurant(Unger) 14.23 Office Depot(supplies) 46.26 Wylie C/C luncheon 7.50 Wylie Printing&Office Supply-supplies 8.50 Total Petty Cash Expenses (105.49) OTHER CORPORATE FUNDS American National Bank Cashier's Check 8,590.52 Total Corporate Funds 11/30/93 291,368.06 RECAP OF FUNDS ON DEP.W/LOCAL BANKS American National Bank,Wylie 189,027.72 Provident Bank-Wylie 93,749.82 American National Bank-Terrell(C/C) 8,590.52 Total Bank Balances 291,368.06 Contingent Liabilities: (1) 1/20/93 commitment totaling$10,000.00 to reimburse Perma-Tune Electronics, Inc. for moving expenses from Anaheim, California. Current unfunded balance is $3,036.30. (2) 1/20/93 commitment not to exceed$6,000.00 to reimburse Perma-Tune Electronics, Inc. for partial expenses to train six(6)new employees who are permanently employed for a period of twelve (12)months. (3) 8/10/93 commitment to loan Wylie Machine Shop,Inc. a total of$10,000.00 to help defray current operating expenses due to building being destroyed by tornado. (4)Disputed claim of five thousand one hundred twenty-three dollars and seventy-one cents ($5,123.71) submitted by American National Bank for purported legal services filed in our behalf as a creditor of Healthcare Enterprises of North Texas,Ltd., aka Physicians Regional Hospital. (5) 1993 estimated property tax escrow payment totalling five thousand four hundred ninety-seven dollars and sixty- five cents($5,497.65)received from seller of the 544 Industrial Park properties. * A$2,000.00 escrow payment is due from Commonwealth Title&Land Co. (*) Total corporate funds available for future investments $263,710.40 BALANCE SHEET 11/30/93 Development Corporation of Wylie, Inc. CURRENT ASSETS: Provident Bank,General Fund 93,310.16 Provident Bank,Petty Cash 439.66 American National Bank-Money Market 189,027.72 American National Bank-C/C 8,590.52 Total Cash 291,368.06 Notes Receivables 113,145.71 Interest Receivables 4,408.15 Total receivables and Interest 117,553.86 FIXED ASSETS Furniture,Fixtures and Equipment 3,870.00 Total fixed Assets 3,870.00 REAL ESTATE Industrial Lots 126,901.00 Total Real Estate 126.901.00 OTHER ASSETS Escrow deposits 2,000.00 Total other assets 2,000.00 TOTAL ASSETS 541,692.92 LIABILITIES AND CAPITAL CURRENT LIABILITIES: Payroll taxes payable 470.00 Disputed legal fees 5,123.71 Property taxes 5,497.65 Total current liabilities 11,091.36 Long term liabilities -0- Capital 530,601.56 Total Capital 530,601.56 Total Liabilities and Capital 541,692.92 SUMMARY OF NOVEMBER ACTIVITIES Apparently business expansion and relocation plans have been put on "hold" until after the holidays because not one new prospect has called or has made a personal visit to discuss a future move or enlarge their present facilities. Two local individuals made personal visits to discuss a possible future relocation if economic conditions warrant such a move and if there were sufficient financial incentives available to justify the capital expenditure. Mike Collins and I attended an Economic Development Professionals Regional Prosperity Planning session hosted by the North Central Texas Council of Governments. Governor Richards made the request that a "Regional Prosperity Plan" be developed to determine the economic development goals and priorities of a sixteen (16) county region. The meeting was well attended by representatives from several cities, state and local municipalities. Participants voted to conduct a two-day workshop at a later date. Physicians Regional Hospital Unconfirmed reports indicate that the hospital continues to operate profitably and is able to meet current operating projections. Both Med-Surg and Geopsych units continue to meet average census count of previous months. The administration of daily activities of the hospital continue to be under the control of Mr. Gregg Pritchard, Chapter XI Trustee. A creditors' meeting was held with the U.S. Bankruptcy Court in Tyler on November 18, 1993. This meeting was scheduled to study the First Amended Disclosure Statement and the First Amended Joint Plan of Reorganization propounded by J. Gregg Pritchard, Trustee. The plan was adopted after several objections were filed by American Healthcare Management. Judge Abel overruled the objections and ordered the next meeting in Tyler on February 1, 1994. This meeting will permit the creditors to cast a vote for or against the plan. If the plan is approved it will be implemented thirty (30) days after certification. An attorney attending the Tyler meeting reported he is representing an investor group interested in the possible purchase of the physical assets of the hospital. The investor would then execute a lease of the properties to an operating group composed of medical doctors. No further details were offered. Jim Meara d/b/a The Meara Company D.R. Horton Homes, Inc. has purchased six lots in the Westgate sub-division. Four houses are under contract of sale and construction will begin in December. A model home will be constructed on one of the remaining lots. Another six building lots is scheduled to be purchased by March 31, 1994. Mr. Meara is optimistic that all forty-eight lots will be sold within a twenty-four month period. Unger & Associates, Inc. (UAI) Management continues to seek financing for expanded working capital needs. Some fifty-nine thousand new contracts were received during November. This has increased the loan dollar outstanding balance another eighty-nine million dollars. This increase in defaulted notes requires additional employees and increased leased space. The additional expense continues to create a real financial problem until sufficient cash flow is realized within the next six months. No local bank has been able to approve their working capital needs of one million, five hundred thousand dollars. No move is anticipated until their financial problems are solved. *� CITY OF WYLIE 2000 HWY.78N. -P.O. BOX 428 WYLIE,TEXAG ''^98 (214)442-2236 • Fi 142-4302 December 9, 1993 TO: Development Corporation Board FROM: Mayor John Akin and City Council SUBJECT: Economic Development Priorities On Tuesday, December 7, 1993, the City Council met in a worksession to discuss the city's priorities for economic development. In this 4—orkesessio, we discussed the priorities that were jointly agreed for in November of 1992. These priorities are attached for your review. It is apparent that the Development Corporation has not completed its listed priorities. The City Council is very concerned about the future direction of economic development in Wylie. As the economic development arm of the city, the City Council would like to conduct another joint worksession with the Board to discuss specific goals, objectives and the Development Corporation's economic development "plans" for Wylie. At this worksession (to be held in January), the Board should be prepared to address and update the council on the status of the incomplete priorities as well as future objectives. The City Council is extremely interested in the Development Corporation compiling a city fact book, developing a targeted business approach and an overall plan for economic development for the City of Wylie. Furthermore, the City Council is in agreement that the Development Corporation should pursue infrastructure improvements in Wylie's business parks and revitalization plans for the downtown area. In the coming weeks, the City Council will set a meeting date for our January worksession. Please bring your ideas and plans to this meeting. cc: Charlie Womack, Executive Director, Development Corporation of Wylie, Inc. Steve Norwood, City Manager, City of Wylie MEMORANDUM DATE • November 17, 1992 TO City of Wylie Council Members Ai'ti ►ev lopment Corporation Board PROM Steve Norwood, City ManageridrA� SUBJECT Joint Economic Development Goals This letter Is to follow-up on the recent meeting of the City Council and Development Board on Thursday, November 12, 1992. I believe we are all in agreement that for economic development to he successful, both City Council and the Development Corporation Board must be in sync to achieve our expected goals. We have great thoughts, ideas, and expectations of what economic development means for Wylie. However, these ideas must be written down and placed into action. Below is a comprised list of the priorities along with assignments to the revonsible party as stated from out joint meeting Please understand that some of these prioriti' •nay overlap. CITY OF WYLIE PRIORITIES: 1.) Develop and adopt comprehensive plan for the City of Wylie. 2.) Improve aesthetics of City through more effective Code Ordinances. 3.) Establish time-line for securing right-of-way and utility relocations for SH 78. 4.) Communicate information on Tax Incentive Policy to County, Commissioners,. • and Board of Trustees. • DEVELOPMENT CORPORATION PRIORITIES: 1.) Develop a Tax Incentive Policy for City, School, and County approval. 2.) Develop a computer data base on key commercial and industrial land tracts in - Wylie. 3.) implement a Business Retention Program which includes luncheons, site visits and other recognition items for existing businesses. 4.) Develop a formal policy regarding procedures for loans, grants and other monetary inducements for new and existing businesses. i he above mentioned priorities are short term in nature. All of the priorities for both City and Development Corporation should be accomplished within the next six (6) to nine (9) months. • Should you have any questions, please do not hesitate to contact me. • • Mark S. Houser State Bar No. 10049500 McWILLIAMS & HOUSER, P.C. 1600 Redbud Boulevard, Suite 400 • McKinney, Texas 75069-0844 214/542-1251 or 248-0152 • • IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TEXAS • SHERMAN DIVISION IN RE: § HEALTHCARE ENTERPRISES OF NORTH TEXAS, LTD, aka § CASE NO. 93-40325-CHA-11 PHYSICIANS REGIONAL HOSPITAL, DEBTOR § Chapter 11 NOTICE OF PARTIAL TRANSFER OF CLAIM 1. The undersigned, who resides at P.O. Box 844, McKinney, Texas 75069-0844, is the agent of DEVELOPMENT CORPORATION OF WYLIE, INC., P.O. Box 1467, Wylie, Texas 75098, and is authorized to to file this'Notice of Partial Transfer of Claim on behalf of the claimant. 2. As evidenced by a Proof of Claim filed with this Court on April 13, 1993, the DEBTOR was, at the time of the filing of the petition initiating this case, and still is indebted to AMERICAN NATIONAL BANK, in the sum of $111,198.91 plus $16.57,per day after March 23, 1993. Said Proof of Claim contains two (2) other notes not transferred, which claims are retained by AMERICAN NATIONAL BANK. 3. For and in consideration of the payment of$113,895.20, the current outstanding principal balance owing on said note, by DEVELOPMENT CORPORATION OF WYLIE, INC., AMERICAN NATIONAL BANK has transferred to DEVELOPMENT CORPORATION OF WYLIE, INC. the claim and note described in Paragraph 2 hereof including all personal guarantys incident thereto. 4. A duplicate of the note properly endorsed by AMERICAN NATIONAL BANK to DEVELOPMENT CORPORATION OF WYLIE, INC. is attached hereto, which endorsement effectuates the transfer of said note and claim. 5. The transfer is partial in that AMERICAN NATIONAL BANK retains that portion of its claims not transferred, namely notes #41403680 and #41402640. PURSUANT TO RULE 3001(e)(2), DEVELOPMENT CORPORATION OF WYLIE, INC. WILL BE SUBSTITUTED FOR AMERICAN NATIONAL BANK AS TO THE CLAIM DESCRIBED HEREIN UNLESS A WRITTEN OBJECTION OR REQUEST FOR HEARING IS FILED WITH THE UNITED STATES BANKRUPTCY CLERK, 660 N. CENTRAL EXPRESSWAY, SUITE 300-B, PLANO, TEXAS 75074, WITHIN TWENTY (20) DAYS FROM THE DATE OF FILING OF THIS NOTICE, UNLESS THE COURT, SUA SPONTE, OR UPON TIMELY APPLICATION OF A PARTY IN INTEREST, SHORTENS OR EXTENDS THE TIME FOR FILING SUCH OBJECTION OR REQUEST FOR HEARING. IF NO OBJECTION OR REQUEST FOR HEARING IS TIMELY FILED, THE PARTIAL TRANSFER OF CLAIM SHALL BE DEEMED TO BE UNOPPOSED AND SHALL BE EFFECTIVE IMMEDIATELY UPON THE EXPIRATION OF TWENTY (20) DAYS HEREFROM. THE COURT RESERVES THE RIGHT TO SET ANY MATTER FOR HEARING. • Name of Creditor: DEVELOPMENT CORPORATION OF WYLIE, INC. McWILLIAMS & HOUSER A Professional Corporation . MARK S. HOUSER State Bar No. 10049500 1600 Redbud Boulevard, Suite 400 McKinney, Texas 75069-0844 214-542-1251 or 248-0152 Fax 214-548-9881 or 952-8931 Attorneys for Creditor DEVELOPMENT CORPORATION OF WYLIE, INC. DATE: November 22, 1993 •f STRATEGIES FOR ATTRACTION OF NEW BUSINESS 1 . Attraction for a particular industry must be guided by a very clear set of principals . 2 . Should have an objective analysis of the community and the local and regional economic base. 3 . Choise of which industries to target must follow a clear under- standing of the region' s economic structure. 4 . Which industries with a small or new presence having potential for growth, given the region' s economic resources . 5. Concentrate your efforts toward firms which could be most successful in your area and which can best take advantage of the community' s resources . 6 . Attraction programs should focus on existing community strengths and particular local advantages and should target firms that can benefit from these advantages . AN ATTRACTION PROGRAM SHOULD INCLUDE: 1 . A promotional strategy. 2 . A system for identifying suspect industries and a plan for handling such industries . 3 . A well rehearsed and concise presentation on the basic ' s of the community. 4 . A determination that available sites are really available. A. The price of each site is firm and reasonable. B. Price will not increase should prospect show interest. 5 . A plan (preferably written) to address the community ' s shortcomings . A. Should have frank discussion of these shortcomings by a team with the prospect ' s representatives . 6 . A one page quick reference data sheet should be prepared on the community. A. The data reference sheet should con,tain-coM =unity=-base -- materials providing pertinent details . Handling Inquiries Once a suspect is identiff d:, the next step is to make an initial contact by telephone or letter. The object of a telephone call should beto• fan the suspect ' s interest in the community, and in the process to provide answers to any questions the suspect may have about the community. This is also the ideal opportunity to arrange, as soon as possible, for a face-to-face meeting with the executive. Your call should be planned very carefully in advance by . i . writing down the main selling points to ' be . made. It is very important not• to make disorganized calls. Arrange to send, or preferably to bring in person, additional information for a face- to-face meeting. The objectives for handling inquiries by mail are much the same as by phone. With both methods it is helpful to utilize a • Prospect Contact Report Once you have a fish on your line, you might be strongly tempted to talk about it. If you do, you might win community praise, but you will almost certainly lose the fish! It is very important that discretion and confidentiality be maintained at every stage of communication with an industrial representative. There are many reasons for discretion. An announcement that a company may build a plant elsewhere may cause uneasiness, well founded or not, in the community where the company already operates . Land costs may rise to prohibitive levels in the • community where the inquiry has been made. Ill-informed opposition on the part of prospective neighbors may be generated. The citizens of your community may be primed for a letdown if your location is not selected. Also, corporate management is usually reluctant to be exposed to a barrage of promotional literature from a large number of communities, many of which could not be considered in any case. When you receive any written or personal inquiry, you should assume that the inquirer wants no publicity of any kind relative to his interest. Your discretion will promote the inquirer ' s trust and confidence as you assist in providing the information desired or in making requested contacts in the community. Above all else, the importance of prompt, factual and honest communication is paramount. Industrial site seekers never ask the easy, general questions. They ask detailed questions about undramatic matters ( for example water analysis, tax assessment ratios, and the like) . These kinds of questions deserve and demand heavy digging. The industrial representative will be favorably impressed by hard facts and unfavorably impressed by information which is indefinite, inadequate or proven unreliable. NOTICE OF MEETING NOTICE IS HEREBY GIVEN THAT THE DEVELOPMENT CORPORATION OF WYLIE, INC. BOARD OF DIRECTORS WILL MEET AT 4:00 F.M. ON THE 9 DAY OF 1/41241114-4,(-444. , 199 9-3 AT 108 WEST MARBLE, IN THE CITY OF WYLIE, TEXAS FOR THE PURPOSE OF CONSIDERING THE ABOVE AGENDA. Lac) MARY NIOLS, CITY SECRETARY POSTED THIS THE 6 - --' DAY OF , 1993, AT 140t)PM. MINUTES DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, NOVEMBER 9, 1993 The Directors of the Development Corporation of Wylie, Inc. met in regular session at 4:00 PM . on Tuesday, November 9, 1993 in the Development Corporation conference room at 108 N. Marble, Wylie, Texas. A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Raymond Cooper, Vice- President John Tobin, Secretary/Treasurer John Yeager, member John Mondy and newly appointed member Marvin Fuller. Executive Director Charlie Womack, Mayor John Akin,City Manager Steve Norwood, and Administrative Assistant Mike Collins were also present. Representing City staff was Barbara LeCocq, Secretary. ITEM NO. 1 - ADMINISTER OATH OF OFFICE TO NEW MEMBER: Newly:appointed member Marvin Fuller was given the oath of office by Secretary Barbara LeCocq. ITEM NO. 2 - DISCUSS AND;APPROVE MINUTES OF OCTOBER 12;. 1993 MEETING: In item 4, page 2,of the minutes for the meeting held on October 12, 1993, President Raymond Cooper asked that the word "Election" (of New Director) be changed to, "appointment". With no further changes or corrections, a motion was made by John Yeager to approve the minutes as corrected, seconded hy John'Tobin. All in favor, motion carried. ITEM NO. 3 - DISCUSS AND APPRQVE TREASURER'S REPORT ENDING OCTOBEI 31,, • 1993: Treasurer's report shows Total funds available 10/1/93 as $495,854,63. Income $392,732.96. Expenses $11,548.53. The president called for a motion. Motion was made by John Tobin to approve the treasurer's report as submitted. Seconded by Marvin Fuller. All in favor. Motion Carried. ITEM NO. 4 - REPORT FROM EXECUTIVE DIRECTOR,. CHARLIE WOMACK: Mr. Womack gave a report on current projects before the corporation. '(Mr Womack's written report attached hereto as a part of the official minutes.) Topics included status report on Physicians Regional Hospital, Roberts,Manufacturing Company, Gerwin Corporation dba The.Merry Miler • .. Company, Unger.& Associates, Inc. (UAI). Mr. Womack asked the directors to discuss Unger & Associates need for $1..5 million loan for working capital. Raymond Cooper suggested the the vacant Johnston Manufacturing building as a possible location for Unger. Mike Collins stated Ken Lane, President of American National Bank "has not closed the door on the deal". ITEM NO. 5 - APPROVE FINAL PRUCHASE PRICE OF SEVEN (7) INDUSTRIAL LOTS IN THE FM544 INDUSTRIAL PARK: Final purchase price of $126,782.00 approved by unanimous vote. Motion made by John Yeager, seconded by John Tobin. DevCorp of Wylie Minutes 110993 Page 1 ITEM NO. 6 - DISCUSS AND APPROVE LEGAL FEES SUBMITTED BY MCWILLIAMS & HOUSER: These fees were incurred during the proposed land purchase of the J. D. Russell Company property. A motion was made by John Tobin, seconded by John Monday, to approve for payment the amount of $2,019.25. All in favor. Motion carried. ITEM NO. 7 - RECESS OPEN MEETING: The open meeting was recessed. ITEM NO. 8 - CONVENE EXECUTIVE SESSION: Topics for discussion were: A. Discuss financial assistance request received from the Wylie Merchant's Association. B. Discuss cash grant request to complete repairs to 140 Kristen Lane. C. Discuss request from an interested party for the Development Corporation to build and lease a facility to house his company. ITEM NO. 9 - RECONVENE OPEN MEETING: Open Meeting reconvened. ITEM NO. 10 - ACTION. IF ANY, FROM EXECUTIVE SESSION: None ITEM NO. 11 - CITIZEN PARTICIPATION: None ITEM NO. 12 - ADJOURNMENT: Meeting adjourned. Raymond Cooper, President DEVELOPMENT CORPORATION of WYLIE, INC. Respe ly submitted: b a Lecocq, Sec etary • DevCorp of Wylie Minutes 110993 Page 2 DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC. MINUTES OCTOBER 12 , 1993 The Directors of the Development Corporation of Wylie, Inc. met in regular session at 4:00 P.M. on Tuesday, October 12 , 1993 in the Development Corporation's office at 108 W. Marble, Wylie, Texas. A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Raymond Cooper, Vice President John Tobin, Secretary/Treasurer John Yeager and member John Mondy. Executive Director Charlie Womack, Mayor John Akin, Councilwoman Rita Allen, City Manager Steve Norwood and Administrative Assistant Mike Collins were also present . In attendance from the City Staff was Anita Collins . President Raymond Cooper called the meeting to order. DISCUSS AND CONSIDER APPROVAL OF MINUTES OF SEPTEMBER 10 , 1993 REGULAR MEETING: There being no corrections to the minutes a motion was made by John Yeager to approve the minutes as written. The motion was seconded by John Tobin. The motion carried with all in favor. DISCUSS AND CONSIDER TREASURER' S REPORT ENDING 09/31/93 : Total corporate funds available for investment as of September 31 , 1993 were $355,870 . 66. Expenses for September were $3, 917 . 74 and revenues were $19,006 . 79. A motion was made by John Tobin to approve the report as written. The motion was seconded by John Mondy. The motion carried with all in favor. REPORT FROM EXECUTIVE DIRECTOR: Mr . Womack gave a report of the September activities which included a report on the Physicians Regional Hospital . A reorganization plan for the hospital has been submitted to the Bankruptcy Court by the hospital group and an alternate proposal has been offered by American Healthcare Management . It has been stated that if Mr. Wedekind, who was released of his duties by the trustee, is not reinstated all physicians associated with the hospital and current administrative staff will submit their resignation. The trustee has instructed American National Bank- Wylie to offset their debt against the Certificate of Deposit that was pledged by the Development Corporation of Wylie, Inc. to secure the indebtedness . The bank has agreed to delay this action until the Corporation has had time to obtain legal advice on appropriate action to be taken to secure a lien position against the hospital and individual guarantors . There is a hearing scheduled for October 20 , 1993 at the Bankrupcty Court in Tyler . There has been no contact with the Major Employer since August . They have extended their current lease for an additional year and thus eliminated any need for an immediate relocation decision. Jim Meara reported that General Homes , Inc . will not be purchasing his property for development . Discussions are continuing with United Homecraft and D.R. Horton Homes . Mr. Womack has been unable to make contact with Allied Powder Technologies, Inc. Roberts Manufacturing Company has not reached any decisions on their consolidation or relocation. The Gerwin Corporation d/b/a The Merry Miler Company has found suitable facilities in Seagoville to meet their immediate needs . Wylie could still be a possible relocation site if they decide the Seagoville address is inadequate for future growth. Wescon ' 93 Trade Show was well attended and the convention facilities were excellent . The booth location was not good. ELECTION OF NEW DIRECTOR TO REPLACE MR. TIMOTHY S. ROBINSON: This item was postponed pending the outcome of tonight ' s City Council meeting where they will appoint a new member. REPORT BY CITY MANAGER, STEVE NORWOOD: Mr. Norwood reported to the Development Corporation that Mike Collins will now be coordinating all efforts for economic development . All questions regarding zoning, available land, building specifications , etc. that a prospective business might have should be directed to Mike . APPROVE FINAL PAYMENT OF OUR FEBRUARY 10 ,1993 COMMITMENT TO REIMBURSE THE WYLIE CHAMBER OF COMMERCE FOR SERVICES PROMOTING THE CITY OF WYLIE: The Chamber has submitted a report of their expenditures in this area and Mr. Cooper recommended payment of our commitment . Mr. Yeager made a motion that we make the $7 ,500 payment to the Wylie Chamber of Commerce, seconded by Mr . John Mondy. The motion carried with all in favor . APPROVE THE LIQUIDATION OF OUR GUARANTY WITH AMERICAN NATIONAL BANK, WYLIE, RELATING TO THEIR LOAN WITH HEALTHCARE ENTERPRISES OF NORTH TEXAS, LTD. : A motion was made by John Tobin to buy the note from American National Bank. This would make the Development Corporation an unsecured creditor and would give us full recourse against the guarantors . The motion was seconded by John Yeager. The motion carried with all in favor. RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Discuss Purchase Of Existing Industrial Building Lots RECONVENE TO OPEN MEETING ACTION FROM EXECUTIVE SESSION: A. Mr. Mondy made a motion that we purchase the seven lots that are still unoccupied on Business Way. We will make the owner an offer of sixty cents ( . 60) per square foot . If he doesn' t accept we will entertain a counter offer. CITIZEN PARTICIPATION: None There being no other business for discussion a motion was made and seconded that the meeting be adjourned. Minutes of the October 12 , 1993 , regular meeting approved by the Board of Directors at its meeting on November 9, 1993 . Raymond Cooper, President PREPARED BY: Anita Collins MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, OCTOBER 12, 1993, 4:00 P.M. WYLIE CHAMBER OF COMMERCE OFFICE 108 W. MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . ADMINISTER OATH OF OFFICE TO NEW MEMBER. 2 . DISCUSS AND APPROVE MINUTES OF OCTOBER 12 , 1993 REGULAR MEETING OF THE DEVELOPMENT CORPORATION OF WYLIE, INC. 3 . DISCUSS AND APPROVE TREASURER' S REPORT ENDING OCTOBER 31 , 1993 . 4. REPORT FROM EXECUTIVE DIRECTOR, CHARLIE WOMACK. 5 . APPROVE FINAL PURCHASE PRICE OF SEVEN (7) INDUSTRIAL LOTS IN THE FM 544 INDUSTRIAL PARK, WYLIE, TEXAS. 6. DISCUSS AND APPROVE LEGAL FEES SUBMITTED BY MCWILLIAMS & HOUSER, ATTORNEYS FOR SERVICES RENDERED DURING OUR PROPOSED LAND PURCHASE FOR THE J.D. RUSSELL COMPANY. � as--a - ) 2 a ,' .„44.L /%fig, 7C- 7 . RECESS OPEN MEETING 8 . CONVENE TO EXECUTIVE SESSION A. DISCUSS FINANCIAL ASSISTANCE REQUEST RECEIVED FROM THE WYLIE MERCHANTS' ASSOCIATION. B. DISCUSS CASH GRANT REQUEST TO COMPL TE REPAIRS TO 140 KRISTEN LANE. P 171 . Crri( 4V.a ^ gIPiL 671 C. DISCUSS REQUEST FROM AN INTERESTED PARTY FOR THE DEVELOPMENT CORPORATION TO BUILD AND LEASE A FACILITY TO HOUSE HIS COMPANY. 9. RECONVENE OPEN MEETING 10 . ACTION, IF ANY, FROM EXECUTIVE SESSION 11 . CITIZEN PARTICIPATION. WYLIE RESIDENTS WISHING TO SPEAK SHOULD LIMIT REMARKS TO A MAXIMUM OF FIVE (5) MINUTES. 12 . ADJOURN. tI MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. " ,,,4l.- i TUESDAY, OCTOBER 12 , 1993 •�L 4 :00 PMr�,�Yl � WYLIE CHAMBER OF COMMERCE OFFICE 108 WEST MARBLE WYLIE, TEXAS —6-ry flr CALL TO ORDER VL,,,� ORDER OF BUSINESS BUSINESS �� 1 . Discuss and Consider Approval of Minutes of September 10 , 1993 Regular Meeting of the Development Corporation of Wylie, Inc . 6) L /ily.e.,.., - 2 . Discuss and Consider Treasurer's Report Ending 09/31/93 3 . Report from Executive Director 4. Election of New Director to Replace - Mr . Timothy S . Robinson 5 . Report by City Manager, Mr. Steve Norwood 6. Approve Final Payment of our February 10 , 1993 Commitment to Reimburse the Wylie Chamber of Commerce for Services Promoting the City of Wylie. 7 . Approve the Liquidation of our Guaranty with American National Bank, Wylie, relating to their loan with Healthcare Enterprises of North Texas, Ltd. 8 . Recess Open Meeting 9. Convene to Executive Session A. Discuss Purchase of Existing Industrial Building Lots 10 . Reconvene Open Meeting 11 . Action, if any, from Executive Session 12 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes . 13 . 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 /2 r/-- day of f -, , 1993 at 108 West Marble, in the City of Wylie, Texas , for the purpose of considering the above agenda. c/zehed).. , 171 Ma y cho s , City Secretary POSTED THIS THE 1 64' DAY OF QC---r�`'`1. , 1993, AT S OO /n. M. DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE , INC . MINUTES SEPTEMBER 14 , 1993 The Directors of the Development Corporation of Wylie , Inc . met in regular session at 4 : 00 P .M. on Tuesday, September 14 , 1993 in the Development Corporation ' s office at 108 W. Marble , Wylie , Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Raymond Cooper , Vice President John Tobin, Secretary/Treasurer John Yeager and member John Mondy. Executive Director Charlie Womack, Mayor John Akin and City Manager Steve Norwood were also present . In attendance from the City Staff was Anita Collins . Tim Robinson was absent from the meeting . President Raymond Cooper called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF AUGUST 10 , 1993 REGULAR MEETING: Item "B" of the executive session should show Mr . Yeager making the motion and the motion being seconded by Mr . Tobin . There being no other corrections to the minutes John Yeager made a motion that they be approved, seconded by John Tobin . The motion carried with all in favor . DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: Total corporate funds available for investment as of August 31 , 1993 were $363 , 147 . 47 . Expenses for August were $4 , 936 . 47 and revenues were $27 , 682 . 84 . A motion was made by John Yeager to accept the Treasurer ' s Report as read and was seconded by John Tobin . The motion carried with all in favor . (See attached report at the end of these minutes) . REPORT FROM EXECUTIVE DIRECTOR: A. Physicians Regional Hospital Status Report - Mr . Womack reported he has a copy of the hospital ' s reorganization plan. The plan prov _d-e s��tkat the Development Corporation ' s loan will be repaid" ¢ b t'`hree year period at 5 1/2% . The bankruptcy court must still approve the proposed payment plan. B . Major Employer Relocation Status Report - All plans for a relocation have been postponed until after the first of the year . C . Jim Meara, D/B/A the Meara Company Status Report - Mr. Meara reports that General Homes has completed their due- diligence study and plans to sign a contract to buy the forty-eight residential lots within a two ( 2 ) year period. The contract should be signed by the middle of September. The model home should be started by October 1 , 1993 . D . Applied Powder Technologies , Inc . - No contact was made during August . Mr . Chad has not returned my calls . E . Roberts Manufacturing Company - Mr . Larry Doyle, Distribution Facilities Manager for Roberts Manufacturing Company reported the company is still making plans to relocate but no definite decision will be made before next year . The company is taking a wait and see attitude . They are also considering another location . Mr . Doyle will keep us informed. F . Gerwin Corporation d/b/a The Merry Miler Company - The corporation owns and operates several satellite companies that convert vans and other vehicles for the tourist trade. Their Garland facility was recently destroyed by fire . They are looking for a 30 , 000 square foot building to temporarily house their manufacturing facilities . No facility was available , but they indicated a desire to move from Garland if a satisfactory financial incentive package was offered. G . Westcon ' 93 Trade Show - Mr . Womack gave the board the current status of this project . APPROVE THE RESIGNATION OF MR. TIMOTHY S. ROBINSON AS A DIRECTOR OF THE CORPORATION: President Cooper presented Mr . Robinson' s letter of resignation. Mr . Robinson's business is such that at this time he cannot serve on the board . John Yeager made a motion to accept Mr . Robinson' s resignation, seconded by Mr. Tobin. The motion carried with all in favor . APPROVE THE FINAL PAYMENT OF OUR FEBRUARY 10 , 1993 COMMITMENT TO REIMBURSE THE WYLIE CHAMBER OF COMMERCE FOR ADVERTISING EXPENSES: No action was taken on this item since the Development Corporation has not received an expense report from the Chamber on their expenditures related to advertising for the Corporation. APPROVE PAYMENT IN OCTOBER 1993 FOR AN ANNUAL MEMBERSHIP WITH THE NORTH TEXAS COMMISSION: The board members discussed the pros and cons of membership in this commission. Mr . Yeager made a motion to approve payment for a membership in North Texas Commission. Mr. Tobin seconded the motion. Mr . Mondy voted against the approval . The motion carried with three in favor and one against . RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Status Report on Land Purchase and Current Negotiations With Prospect to develop into Industrial Park . B . Status Report on Our Loan Commitment to Wylie Machine Shop , Inc . ACTION FROM EXECUTIVE SESSION A. No Action Taken B . No Action Taken 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 14 , 1993 , regular meeting approved by the Board of Directors at its meeting on October 12 , 1993 . Raymond Cooper , President PREPARED BY : Anita Collins TREASURER'S REPORT ENDING 10/31/93 ENDING BALANCE - 9/30/93 Provident Bank-Wylie 87,148.46 American National Bank-Wylie 286,151.59 C/D American National Bank-Wylie 122,485.72 Petty Cash, Provident Bank-Wylie 68.86 Total funds available 10/1/93 495,854.63 INCOME Demand funds available 373,300.05 Sales tax revenue 18,293.38 Interest earned 805.68 Note Payment Gingy's Heaven Sent 333.85 Checking funds available 392,732.96 EXPENSES GTE Southwest, Inc. 56.89 Oakridge Country Club 40.05 Provident Bank(941 tax payment) 470.00 Rotary Club of Wylie 90.00 City of Wylie(services) 44.75 C.C. Womack(salary) 1,683.00 Wylie Chamber of Commerce 7,500.00 Commonwealth Land Ttitle 1,000.00 Bookkeeping Matters 35.00 C.C. Womack-Wescon'93 Trade Show 451.34 A.A.R.P. Group Health Ins. Program 177.50 Total expenses 11,548.53 Checking funds available 11/1/93 381,184.43 PETTY CASH FUNDS Balance ending 9/30/93 68.86 Office Depot 10.39 Maria's Restaurant 9.41 Wylie Chamber of Commerce 7.50 Balance ending 10/31/93 41.56 DEMAND FUNDS AVAILABLE 11/1/93 Total value CD#400001919 122,485.72 122,485.72 Total CD and demand funds 10/31/93 503,711.71 Contingent Liabilities: (1) C/D#400001919 totaling$122,485.72 is pledged to American National Bank-Wylie,to secure loan#41403945 for Healthcare Enterprises of North Texas, Ltd. d/b/a Physicians Regional Hospital. Current unpaid balance is $113,895.20. Rate of interest is 5.5%. D/A is $16.58. (2) 1/20/93 commitment totaling$10,000.00 to reimburse Perma-Tune Electronics, Inc. for moving expenses from Anaheim, California. Current unfunded balance is $3,036.30. (3) 1/20/93 commitment not to exceed$6,000.00 to reimburse Perma-Tune Electronics, Inc. for partial expenses to train six(6)new employees who are permanently employed for a period of twelve(12)months. (4) 8/10/93 commitment to loan Wylie Machine Shop,Inc. a total of$10,000.00 to help defray current operating expenses due to building being destroyed by tornado. (5) 10/14/93 commitment to purchase seven(7)industrial lots located in 544 Industrial Park, Wylie for$.70 per ft. Total footage is 181,117 sq. ft. for cost of$126,781.90. Escrow of$1,000.00 has been paid leaving an unpaid balance of$125,781.90. *A$2,000.00 escrow payment is due from Commonwealth Title&Land Co. (*) Total corporate funds available for future investments $246,998.31 RECAP OF FUNDS ON DEPOSIT WITH LOCAL BANKS American National Bank-Wylie $409,240.41 Provident Bank-Wylie 94,471.30 Total Corporate funds available $503,711.71 BALANCE SHEET 10/31/93 Development Corporation of Wylie, Inc. ASSETS: Cash in Banks 381,225.99 Investments CD 122,485.72 Escrow deposits 3,000.00 Note receivable 3,145.71 Total Assets 509,857.42 LIABILITIES: Current Payables 2,489.25 Total Liabilities 2,489.25 Equity or Net Worth 507,368.17 Total Liabilities&Net Worth 509,857.42 ---- Contingent Liabilities: (1) CD#400001919 totaling$122,485.72 is pledged to American National Bank,Wylie to secure loan for Healthcare Enterprises of North Texas, Ltd. d/b/a Physicians Regional Hospital. Current balance including interest is$113,895.20. (2) 1/2093 commitment totaling$10,000 to reimburse Perma-Tune Electronics, Inc. for moving expenses from Anaheim, California. Current unfunded commitment is $3,036.30. (3) 1/20/93 commitment totaling$6,000.00 to reimburse Perma-Tune Electronics for expenses to train six(6)new employees who become permanently employed for one year. (4) 8/10/93 commitment to loan Wylie Machine Shop, Inc. a total of$10,000.00 to help defray additional expenses because of tornado damage to their existing facilities. (5) 10/14/93 commitment to purchase seven(7)industrial lots located in the 544 Industrial Park for a total cost of $126,781.90. SUMMARY OF OCTOBER ACTIVITIES Inquiries from interested parties increased during the month and this may indicate a more optimistic expansion attitude within the business community. Two major prospects have indicated expansion and relocation plans within the Metroplex area. Wylie has been selected as a possible candidate for serious consideration. Two vacant buildings have been sold and will be occupied by the new owners. One owner will be moving his business from Irving. Requests for small industrial buildings continue to be in demand, but currently there is none available in Wylie. Much time has been spent as a member of the unsecured creditors committee of the Physicians Regional Hospital. Our function is to formulate a plan that will be acceptable not only to the court, but to other unsecured creditors. Physicians Regional Hospital The hospital remains open despite inordinate efforts by American Healthcare Management (AHM) to force liquidation by a Chapter VII Bankruptcy petition. The judge rejected their petition and continued operation of the hospital by the Trustee. Unconfirmed reports indicate the hospital continues to operate profitably and has maintained an average census count equal to the last four months. An all day trial was held by the bankruptcy court in Tyler on October 20, 1993 to hear and decide on the Chapter VII petition filed by AHM. Some important decisions were ordered by the court. These are as follows: 1. Denied their petition to liquidate the assets of the hospital. 2. Accepted the resignation of Mr. Wedekind as administrator of the hospital. 3. The Trustee or his designate could assume the lease from AHM with a long-term payout. This will let the hospital operate without interference from AHM as long as future lease payments are made according to the terms of the lease. 4. Accepted, after oral presentations, a joint plan of reorganization filed by the trustee. 5. Instructed the trustee to present a disclosure statement for review and acceptance on November 18, at 10:00 a.m., in Tyler, Texas. Listed below are some of the major covenants contained in the plan of organization filed by the trustee: 1. If accepted, the effective date will be February 25, 1994, and any payments in the plan will be paid March 1, 1994. 2. Assumption of lease with AHM will become effective on February 25, 1994. 3. Cure of lease payments will be made over twelve (12) months starting from effective date. 4. 1993 ad valorem taxes to be paid in full by January 31, 1994. 5. Past due ad valorem taxes to be paid in eighteen (18) installments starting on effective date. 6. Unsecured creditors to receive equity in new company - anticipate sixty-five percent (65%) payout. 7. Cure Workers Compensation and Employers Liability Insurance coverage. 8. Provide professional and general liability insurance policy of no less than ten million ($10,000,000.00) combined single limit per claim no later than June 1, 1994. There is a dispute about the amount of coverage and this will be decided by the court. 9. No less than one hundred twenty thousand dollars ($120,000.00) will be maintained by new company as capital reserve or operating funds. October Summary Page 2 10. IRS payments of thirty seven hundred dollars ($3,700.00) will continue to be fully amortized over a five year period. The trustee has petitioned the court to waive the interest and penalties accrued on the indebtedness. 11. Unsecured creditors would begin receiving their pro-rata share of net cash flow after lease cure to AHM (should be approximately May of 1995). Thirty percent (30%) of claim would be converted to twenty one percent (21%) of equity. 12. A small mechanics and materialmens' lien of eight thousand seven hundred dollars ($8,700.00) will be liquidated. 13. An equipment lease for eleven thousand five hundred dollars ($11,500.00) will be paid off or settled. 14. All unsecured debts will be classified as Class Seven (7) claims. These claims shall be satisfied by the pro-rata issuance of shares of the common stock in the new company. It is anticipated that dividends from the new company can be declared on a quarterly basis beginning in the third quarter of 1995, and may result in distributions to shareholders over the life of the plan which will total approximately sixty-five percent (65%) of the original total claim. Major Employer Relocation Status Report Recent telephone conversation with our contact reveals current relocation plans have been discontinued until early next year. One of their major customers has experienced a huge loss of their market and there is a possibility the company will close several stores or will sell their entire Texas division. Our contact continues to assure us that if relocation plans are resumed, we will be notified immediately. He claims that Wylie continues to be a candidate for any new relocation site. Jim Meara dba The Meara Company Mr. Meara continues to be optimistic about the future development of the Westgate sub-division. Currently D.R. Horton Homes, Inc. is scheduled to purchase six building lots before the end of November. They claim one home has been sold and another is under contract. They plan to build the two houses and construct a model home. The homes will contain 2,000 - 2,400 square feet and will range in price from the low nineties to one hundred fifteen thousand. These houses will be comparable to the ones they are building in the Shepherd Glen sub-division, Sachse, Texas. Allied Powder Technologies, Inc. I have continued in my efforts to visit with the principal officers by telephone, but have been unsuccessful in having any dialogue with either Mr. Chad or Mr. Allen. They are either out of the office or busy talking on another line. I have requested a return call, but currently they haven't honored my request. I shall continue in my efforts, not only to visit with them, but will try to keep their interest in a possible move to Wylie. October Summary Page 2 Roberts Manufacturing Company Mr. Larry Doyle continues to insist that the company has postponed any relocation plans until early next year. The company apparently isn't optimistic about the future economic growth and is reluctant to make any relocation plans at this time. Mr. Doyle plans to be in California during December and he is hopeful additional information can be obtained on their possible move. He will continue to keep us informed on any new developments. Gerwin Corporation dba The Merry Miler Company No contact was made during the month because the company has moved into a new facility. They have signed a one-year lease and have no immediate plans to relocate during the next twelve months. We will contact them during November and try to determine if they continue to be a prospect for a relocation in the near future. Unger & Associates, Inc. (UAI) The company was organized in 1984 by Ron and Dennis Unger. The company provides collection services for defaulted student loans, collection services for the U.S. Department of Education, assists banks and other lenders to restore federal guarantees on loans where guarantee has been lost due to servicing violations, and offers default prevention programs to assist clients, primarily proprietary schools, to reduce the rate at which their students default on federal loans. UAI's production floor for its institutional collection and curing programs is located in Westfield, Massachusetts, where they employ 50 full-time collectors. The focus of business at UAI's Illinois and California officers is the execution of the company's U.S. Department of Education contracts. These two locations employ an additional fifty collectors. Their nationwide sales and customer service personnel are located in their corporate headquarters in Plano, Texas. Four full-time sales manager market UAI's institutional collection services to colleges and universities throughout the United States. Some twenty- five employees are located in the Plano office. The company is making plans to consolidate their entire network of offices in one location. Wylie is being considered as a possible location. Their preliminary plans call for a twenty-five thousand (25,000) square foot office building and parking space for eighty plus automobiles. They want a building that can be expanded because they project an employment level of approximately two hundred fifty people. Mike Collins with the city has calculated that approximately one and one-half acres will be required to meet their space requirements. A major factor in their move is obtaining a working capital loan totaling one million five hundred thousand ($1,500,000.00) dollars. Both local banks have been informed of their financial need and will be visiting with management to discus their financial requirements. City management and the Development Corporation will combine our efforts to bring this fine company to Wylie. SCHEDULE A «. Effective Date : October 25, 1993 G. F. No. G9046564 Commitment No. (none) , issued November 09, 1993 1 . The policy or policies to be issued are : (a) OWNER POLICY OF TITLE INSURANCE (Form T-1) (Not applicable for improved one-to-four family residential real estate) Policy Amount : $126, 782 . 00 I, '. PROPOSED INSURED: DEVELOPMENT CORPORATION OF WYLIE, INC. (b) TEXAS RESIDENTIAL OWNER POLICY OF TITLE INSURANCE --ONE-TO-FOUR FAMILY RESIDENCES (Form T-1R) Policy Amount : $ PROPOSED INSURED: (c) MORTGAGEE POLICY OF TITLE INSURANCE (Form T-2) Policy Amount : $ . 00 PROPOSED INSURED: • Proposed Borrower: DEVELOPMENT CORPORATION OF WYLIE, INC. (d) MORTGAGEE TITLE POLICY BINDER ON INTERIM CONSTRUCTION LOAN (Form T-13) Binder Amount : $ PROPOSED INSURED: Proposed Borrower: (e) Other: Policy Amount : $ . 00 PROPOSED INSURED: 2 . The interest in the land covered by this Commitment is : Fee Simple Title 3 . Record title to the land on the Effective Date appears to be vested in: 544 INDUSTRIAL PARK DEVELOPMENT Schedule A (Rev. 1/1/93) - Promulgated Page 2 Commitment for Title Insurance Valid Only If Schedules B, C, D Form 999 - Sheet 1 And Cover Page Are Attached • 4 . Legal description of land: Lots 1, 5, 6 , 7, 8, 9 and 10, Block 1, of .544 INDUSTRIAL PARK, an Addition to the City of Wylie, Collin County, Texas, according to the Plat thereof recorded in Volume F, Page 445, of the Map Records of Collin County, Texas . Schedule A (Rev. 1/1/93) - Promulgated *Page 2 • Commitment for Title Insurance Valid Only If Schedules B, C, D Form 999 - Sheet 2 And Cover Page Are Attached MCWILLIAMS & HOUSER A PROFESSIONAL CORPORATION ATTORNEYS 1600 REDBUD BLVD.,SUITE 400 ALEX M.ORR(1929-1988) 214/542-1251 STAN MCWILLIAMS P O.BOX 844 DALLAS 248-0152 MARK S.HOUSER McKINNEY,TEXAS 75069-0844 952-8926 GRADY R.THOMPSON TELECOPIER 214/548-9881 LEGAL SERVICES: Invoice submitted to : Development Corporation of Wylie ATTN: C. C. Womack P.O. Box 1467 Wylie, Texas 75098 October 15, 1993 In reference to: PURCHASE FROM WOOD, ET AL SALE TO PENVESCO/RUSSELL Hours Amount 09/10/93 msh Revise contract 0 . 30 45 . 00 09/13/93 msh 2 telephone conferences with C. C. 1 . 00 150 . 00 Womack; Make more revisions 09/14/93 msh 2 telephone conferences with C. C. 0 . 25 37 . 50 Womack 09/20/93 msh Telephone conference with C. C. 0 . 15 22 . 50 Womack, re : Status of Russell closing msh Telephone conference with 0 . 15 22 . 50 Commonwealth, re : Closing on Woods, DCW, Russell For professional services rendered 1 . 85 $277 . 50 Previous balance $1, 741 . 75 Balance due $2, 019 . 25 Thank you. fS 4/44' PLEASE INCLUDE COPY OF STATEMENT WITH REMITTANCE MCWILLIAMS & HOUSER A PROFESSIONAL CORPORATION ATTORNEYS 1600 REDBUD BLVD.,SUITE 400 ALEX M.ORR(1929-1988) 214/542-1251 -'" STAN MCWILLIAMS P.O.BOX 844 DALLAS 248-0152 MARK S.HOUSER MCKINNEY,TEXAS 75069-0844 952-8926 GRADY R.THOMPSON TELECOPIER 214/548-9881 LEGAL SERVICES: Invoice submitted to: Development Corporation of Wylie ATTN: C. C. Womack P.O. Box 1467 Wylie, Texas 75098 September 13, 1993 In reference to: PURCHASE FROM WOOD, ET AL SALE TO PENVESCO/RUSSELL Hours Amount 08/11/93 msh Telephone conference with Womack; 0 . 30 45 . 00 Telephone conference with Commonwealth, re : Title polilcy 08/12/93 msh Draft real estate contract for 3 . 00 450 . 00 Woods sale to DCW 08/13/93 msh Conference with Womack, re : 0 . 50 75 . 00 Contract terms 08/16/93 msh Telephone conference with Womack, 0 . 20 30 . 00 re : Changes to real estate contract 08/17/93 msh Telephone conference with Womack 0 . 15 22 . 50 08/23/93 bg 0 . 10 5 . 50 Bills msh Telephone conference with Womack, 0 . 15 22 . 50 re : Indemnity provisions of contract 08/24/93 msh Review and revise contract 1 . 00 150 . 00 PLEASE INCLUDE COPY OF STATEMENT WITH REMITTANCE MCWILLIAMS & HOUSER A PROFESSIONAL.CORPORATION ATTORNEYS 1600 REDBUD BLVD..SUITE 400 ALEX M.ORR(1929-1988) 214/542-1251 STAN MCWILLIAMS P.O.BOX 844 DALLAS 248-0152 MARK S.HOUSER McKINNEY,TEXAS 75069-0844 952-8926 GRADY R.THOMPSON TELECOPIER 214/548-9881 LEGAL SERVICES: Development Corporation of Wylie Page 2 Hours Amount 08/26/93 msh Telephone conference with Womack, 1 . 50 225 . 00 more changes to Penvesco contract; Draft changes 08/27/93 msh Revise Penvesco contract 2 . 00 300 . 00 08/30/93 msh Finish contract for Tracts A & B 1 . 25 187 . 50 ,„— 09/01/93 msh Telephone conference with Womack, 0 . 20 30 . 00 re : Revisions msh 0 . 50 75 . 00 09/02/93 msh Revise contract 0 .45 56 . 25 09/03/93 msh Revise contract with Russell 0 . 30 45 . 00 09/09/93 msh Telephone conference with Womack, 0 . 15 22 . 50 re : Revisions For professional services rendered 11 . 75 $1, 741 . 75 Balance due $1, 741 . 75 Thank you. /41°4 PLEASE INCLUDE COPY OF STATEMENT WITH REMITTANCE NTp-P Wylie Downtown Merchants Association ,14"ri\-‘ November 9, 1993 <1 rs 1N2 0 Mr. Raymond Cooper, President SS Economic Development Corporation of Wylie P.O. Box 1467 Wylie, Texas 75098 Dear Mr. Cooper, As a member and officer of the Wylie Merchants Association, and in conjunction with the "Keep Wylie Beautiful" Program, I am presenting this information to you for your consideration. One year ago, the Wylie Merchants of the Downtown area began work on a rejuv- enation project. The first step was a new architectural design for the buildings. This included minor changes such as paint designs, new lights or awnings. The EDC along with the City of Wylie and the Merchants Association agreed to help finance this project. At that time, the plan estimated to cost $2000.00. The architect, after an extremely long completion time, lowered his cost to $500.00, which the merchants paid without calling on the Corporation or the City. With the merchants and landlords working together on the new plan to spruce up the buildings,our new goal is to obtain new trash receptacles and more planter boxes to beautify the overall look of downtown Wylie. Business downtown is tough to hold on to when the general opinion if "old and rundown". Help us spruce up and change that opinion. A booming downtown will generate more jobs and generate a bigger tax revenue for Wylie. The purpose of this letter is to ask for financial assistance from the EDC. Twelve new aggregate and concrete trash receptacles with fiberglass rain caps will cost $131.00 each, for a total of $1,620.00. Eleven more planter boxes for the rest of downtown will cost $35.00 each for a total of $385.00. These prices are considered wholesale prices and by working with the City of Farmersville, we were able to avoid paying for the mold. The new recepticles and planters will be spread out between Boyd's Recording Studio down to Cartwright Signs on both sides of the street. Downtown Merchants love Wylie and love having their business in Wylie. We work hard to encourage more customers to come downtown to shop in Wylie. There are times when our (even our combined) financial resources are too limited to accomp- lish our goals. We hope you can see our point of view and help us in this worthwill project. Sincerely, Donna R. Larson Downtown Merchants Association Wylie Printing & Office Supply JMN Company P 0 Box 1520 Wylie , Texas 75098 October 11 ,1993 Raymond Cooper , President Development Corporation of Wylie . Inc . P O Box 1467 Wylie . Texas 75098 Ref : 140 Kristin Lane Dear Mr . Cooper • I have recently become the owner of a building in Wylie that has y been in arrears both income producing and tax paying . This build- ing has sustain a fair amount of tornado damage . I have step forward to take care of passed taxes , over $25 ,000 dollars , to which no taxing authority would abate the late charges . The 'property is office warehouse rental property half of this is not income producing due to the storm damage . I am requesting a $5 ,000 .00 Grant for storm damage . This request will enable me to finish the repairs six to twelve month ahead of schedule . This type of property has always been in great demand for the small business , starting businesses , the backbone of future growth . If you or your committee would like additional information or I can do more to make this an acceptable request please call at 442-2263 . SPric rely / tin P . tzpatrick MaAaging Partner _ ~ ` ^ � ~ - Mr . Raymond Cooper ^ . . ' 10-28-93 Pres. E. D. C. Wylie, Tx. ` ^ . Dear Mr . Cooper , . ` My name is Morris Cartwright , my wife and I established our business (CARTWRIGHT SIGNS & T-SHAT PRINTING) in May, 1984. This sole-proprietorship was established in ' Plano and in 1985 re-located to Wylie. In light of the Texas economy hitting rock bottom, our business has grown and prospered over the hard years, in fact we have survived when others have failed. With an initial investment of $200. 00 and no previous experience in the industry, this our first business saw our first year do $10, 000 in sales to a record high of $245, 000 in the fiscal year ended 1992. Taking into consideration the first 3. 5 years were part-time years with a one man operation to five full-time and twelve part-time employees in 1992. In the history of this business I 'have never once borrowed funds from any source for working capital only expansion _ (i . e. new computer system for graphic arts) . Mr . Cooper I am sure you will agree as most intellegent business people have agreed we do have the desire to succeed, we also have the desire to maintain our business in Wylie. I personally have strived for and achieved family and business involvement in this community, we are known, well ` liked and recognized as contributors of this fine community, we give because Wylie gives to us and we appreciate this opportunity. But now we are faced with a critical decision, one which will challenge our position here. Recently we lost our lease at our present location ( formerly the Johnston factory) . This decision by the Johnston Trust has put us in the position of relocating our business. Mr . Cooper as you may well know, Wylie has a shortage of space available to lease. Mr . Cooper and to directors of the Wylie Economic Development Corporation we come to you today not to seek a loan but to formally present to you our case, in hopes that this body will strongly consider the acquisition of land and provide a suitable structure which Morris and Cindi Cartwright dba Cartwright Signs may lease back for a term agreeable by both parties with the possible acquisition by Cartwright Signs. At this we have entered into an agreement with Mr . John Fitzpatrick who currently is rebuilding the structure located directly east of Holland Hitch. I consider this facility a temporary fix to our situation only because it is not — conducive to needs(i . e. out of the market place, next to the treatment plant/old city dump) . orris Cartwriglt � m / __ TREASURER'S REPORT ENDING 9/30/93 ENDING BALANCE -8/31/93 Provident Bank-Wylie 90,882.26 American National Bank-Wylie 267,328.74 C/D American National Bank-Wylie 122,225.91 Petty Cash,Provident Bank-Wylie 68.86 Total funds available 9/1/93 480,505.77 INCOME Demand funds available 358,211.00 Sales tax revenue 17,890.63 Interest earned 751.16 Payment Gingy's Heaven Sent 365.00 Total funds available 377,217.79 EXPENSES Helmberger Associates,Inc. 1,425.00 GTE Southwest,Inc. 66.19 Oakridge Country Club 40.05 Provident Bank(941 tax payment) 470.00 City of Wylie(services) 44.75 C.C.Womack 1,683.00 A.A.R.P. Group Health Ins.Program 177.50 U.S. Postal Service 11.25 Total expenses 3,917.74 Total funds available 8/31/93 373,300.05 PETTY CASH FUNDS AVAILABLE 8/31/93 68.86 Total Petty Cash funds available 9/30/93 68.86 Total Demand&Petty Cash 9/30/93 373,368.91 C/D #400001919 122,225.91 Int.earned during month 259.81 Total value 9/30/93 122,485.72 Total CD and demand funds available 9/30/93 495,854.63 Contingent Liabilities: (I) C/D#400001919 totaling$122,485.72 is pledged to American National Bank-Wylie, to secure loan#41403945 for Healthcare Enterprises of North Texas,Ltd.d/b/a Physicians Regional Hospital.Current unpaid balance is$113,447.67. Rate of interest is 5.5%. D/A is$16.58. (2) 1/20/93 commitment totaling$10,000.00 to reimburse Perma-Tune Electronics,Inc.for moving expenses from Anaheim, California. Current balance remaining on commitment is$3,036.30. (3) 1/20/93 commitment not to exceed$6,000.00 to reimburse Perma-Tune Electronics,Inc. for partial expenses to train six(6) new employees who are permanently employed for a period of twelve(12)months. (4) 8/10/93 commitment to loan Wylie Machine Shop, Inc. a total of$10,000.00 to help defray current operating expenses due to building being destroyed by tornado. (5) Unfunded commitment of$7,500.00 to Wylie Chamber of Commerce for promotional services rendered during months of April through September, 1993. (*) Total corporate funds available for future investments $355,870.66 RECAP OF FUNDS ON DEPOSIT WITH LOCAL BANKS American National Bank-Wylie $408,637.31 Provident Bank-Wylie 87,217.32 $495,854.63 BALANCE SHEET DEVELOPMENT CORPORATION OF WYLIE, INC. SEPTEMBER 30, 1993 ASSETS: CASH IN BANKS $373368. 91 INVESTMENTS (C/D) $122485. 72 ESCROW DEPOSIT $ 2000. 00 NOTE RECEIVABLE (GINGY'S) $ 3459. 99 TOTAL ASSETS $501314. 62 LIABILITIES & NET WORTH: CURRENT LIABILITIES $ 470. 00 NET WORTH $501844. 62 TOTAL LIABILITIES & NET WORTH $501314. 62 CONTINGENT LIABILITIES: ( 1 ) C/D#40001919 totaling $122, 485. 72 is pledged to American National Bank, Wylie to secure loan for Healthcare Enterprises of No. Texas, Ltd. , d/b/a Physicians Regional Hospital . Current balance including interest is $113, 447. 67. ( 2) 1 /20/93 commitment totaling $10, 000.00 to reimburse Perma- tune Electronics, Inc. for moving expenses from Anaheim, California. Current unfunded commitment is $3, 036. 30. ( 3 ) 1 /20/93 commitment totaling $6, 000.00 to reimburse Perma- Tune Electronics, Inc. for expenses to train six( 6) new employees who become permanently employed for one year. ( 4 ) 8/10/93 commitment to loan Wylie Machine Shop, Inc. a total of $10, 000.00 to help defray additional expenses because of tornado damage to their operating facilities. ( 5) Unfunded commitment to Wylie Chamber of Commerce for $7, 500.00 to pay for promotional services rendered during months of April through September, 1993. SUMMARY OF SEPTEMBER ACTIVITIES September has been an unrewarding month as far as actual accomplishments are concerned. Our prolonged negotiations with the J.D. Russell Company failed to produce positive results and the hospital's disagreement with the landlord continues unabated in the Bankruptcy Court. All new prospects have decided to delay any immediate decisions or have found other locations that would meet their current needs. Physicians Regional Hospital Mr. Mark Liston, C.F.O. of the hospital reports another record month for gross billings of approximately $940,000.00 with a net income in excess of$25,000.00. The latter amount will increase their net profits for the first nine months to $155,000.00 despite a $26,000.00 loss during May when the hospital was closed because of tornado damage. A reorganization plan has been submitted to the Bankruptcy Court by the hospital group and an alternate proposal has been offered by American Healthcare Management. On paper, the hospital group has made the most attractive offer to satisfy the unsecured creditors but my observation leads me to believe their plan will never be accepted by the parties that are responsible for making the final decision. In a recent meeting with the Unsecured Creditors Committee and their attorney, Mr. Joseph J. Wielebinski, only the American Healthcare Management plan was presented and discussed. As an Ex-Officio member of the committee, I had no vote as to what plan would be acceptable. Mr. Larry Wedekind has been released of his duties by the Trustee, Mr. J. Gregg Pritchard. Mr. Wedekind has appealed this decision and a hearing is scheduled for October 20, 1993. It is my understanding all practicing physicians associated with the hospital and current administrative staff will submit their resignations if Mr. Wedekind is not reinstated in his former capacity. The trustee has instructed American National Bank - Wylie to offset their debt against the Certificate of Deposit that was pledged by the Development Corporation of Wylie, Inc. to secure the indebtedness. The bank has agreed to delay this action until the Corporation has had time to obtain legal advice on appropriate action to be taken to secure a lien position against the hospital and individual guarantors. Copies of all loan documents have been delivered to attorney Mark Hauser, in care of McWilliams and Hauser, P.C. in McKinney, Texas. They have agreed to give us an opinion before our scheduled board meeting of Tuesday, September 12, 1993. Major Employer Relocation Status Report No contact has been made with the company since our August report. In our last contact, the company had decided to postpone any relocation plans until early 1994. They have extended their lease for an additional year and this has eliminated any need for an immediate relocation decision. This will give them additional time to study the economy and make a more accurate projection if they need to expand their current facilities. Jim Meara d/b/a/The Meara Company Mr. Meara has reported General Homes, Inc. has completed their due-diligence study and has decided to discontinue any negotiations to purchase the property for development. Management continues discussions with United Homecraft and D.R. Horton Homes for the development of this property. Mr. Meara continues to be optimistic about the development of this property. Allied Powder Technologies, Inc. I have continued my attempts to reach Mr. Chad during the month, but he has failed to return my calls. The operator claims he is out of the city and will return my calls when he returns to his office. I shall continue my calls until we are told that the City of Wylie isn't being considered as a relocation site. Roberts Manufacturing Company Mr. Larry Doyle reports there has been no new activities during September. He is scheduled to visit the home office during November and he is hopeful management has made a definite decision to either relocate or consolidate all manufacturing at their home office facilities. He will continue to keep us informed of any new developments. Gerwin Corporation d/b/a The Merry Miler Company The company has found a suitable building in Seagoville that meets their immediate needs. They have a . one year lease with an option to purchase at any time during the lease period. The building contains 20,000 square feet of manufacturing space, but has a limited parking and storage space. This amount of parking space isn't sufficient to house their inventory of six hundred vehicles. The location is some three blocks from a major street and gives the company very little exposure to a prospective buyer. Mr. J.F. Kash, President, did express an interest in considering the City of Wylie as a possible relocation site if they decide the Seagoville address is inadequate for future growth. We assured him of our desire to prepare a relocation package that he could consider before the termination of his present lease. He appeared to be amenable to our offer and said it would be considered before a definite decision would be made on the current lease agreement. Wescon '93 Trade Show Eleven individuals representing Collin County converged on San Francisco to promote this area as a possible relocation site. The individuals and the entity they represented are as follows: Dr. John Anthony - President, Collin County Community College Judge Ron Harris - Judge, Collin County Ms. Carol Moore - Texas Department of Commerce John Bennett - Texas Utilities Ms. Sally Riha - Dallas Chamber of Commerce Ms. Kathy Mayfield - Richardson Chamber of Commerce David Pitstick - Allen Economic Development Board Tom Palmer- Frisco Economic Development Corporation Randy Williams - McKinney Economic Development Partnership Cole Morran - Plano Economic Development Board The convention facilities were excellent. The show was well attended from all reports. Our group was disappointed in our booth location because management changed our original location from the end of a major aisle to a corner site. Puerto Rico wanted three spaces for their exhibit and this could only be obtained by moving us from our original site. We worked in groups of three and in my opinion the other members were truly professional in their attempts to sell this area as a prime location for any business. We were disappointed that most of the people that visited our booth were not the decision maker but more in a support or subordinate position. Each member on duty could advertise his city by handing out a business card to anyone that would accept it. I gave away many cards, but I have no idea if this will germinate any future prospect. The group made a recommendation to Ms. Moore that in future trade shows, the State of Texas should have a large display with each city or group renting space within the area purchased by the state. Two other groups from Texas were participants in the show and because of our scattered locations, made very little impact on the importance of our state. We feel a concentration of our efforts will produce better results. A subsequent meeting of all participants is scheduled for Friday, October 15. At that time we should have a list of individuals that visited our booth and the name of the company they represented. San Francisco is a very expensive city, and I have some serious doubts the results from this show will justify the cost. I sincerely hope that my analysis is incorrect and that this area will eventually benefit from this endeavor. WYLIE CHAMBER OF COMMERCE ECONOMIC DEVELOPMENT BUDGET MONTHLY EXPENSE REPORT MONTHLY DATE EXPENSE PROJECT AMOUNT MARCH 1993 CLEANUP/GREENUP $279.14 C MI FMt RVE-Y- EDC $.75A0 7 PROGRAM OF WORK- EDC $ 150.00 TOTAL $ 504.14 $504.14 APRIL 1993 CbtaAMITY SURVEY- $2,282.20 / CLEANUP/GREENUP $2,212.60 , ' PID $ 124.84 Fa*VerOWNtiAti.MEETING '' $ 23.84 7, DEV CORP. - INFOMART BOOTH $ 349.00 TOTAL $4,992.48 $4,992.48 MAY 1993 DEV CORP - INFO MART BOOTH $ 278.00 TX C OF C - OPEN MEETING ACT $ 75.00 CLEANUP/GREENUP $ 550.77 I TORNADO CLEANUP $ 450.00 BUMPER STICKERS - PROMO $ 325.00 COMMUNITY SURVEY $ 5.00 TOTAL $1,683.77 $1,683.77 1JUNE 1993 TORNADO THANK YOU - PROMO $ 475.00 <" I PID RECEPTION $ 223.76 INDUSTRIAL LUNCHEON $ 78.10 TOTAL $ 776.86 $776.86 JULY 1993 INDUSTRIAL LUNCHEON $ 380.00 EDC $ 30.00 CLEANUP/GREENUP -AM MOLDS $ 65.00 COMMUNITY SURVEY $ 228.10 NEW TEACHER LUNCHEON $ 24.83 i TOTAL $ 727.93 $727.93 AUGUST 1993 NEW TEACHER LNCHN - PROMO $ 80.00 ' ' L-' -J NEW TEACHER LNCHN - PROMO $ 80.00 /' / _.„,,-------- ..---- NEW TEACHER LNCHN - PROMO $ 240.00 _ NEW TEACHER LNCHN - PROMO $ 26,87 -�'�� TOTAL $ 426.87 _ $426.87 I SEPT. 1993 1 $ 0.00 $9,112.05 TOTAL BALANCE SHEET DEVELOPMENT CORPORATION OF WYLIE, INC. SEPTEMBER 30, 1993 ASSETS: CASH IN BANKS $373368. 91 INVESTMENTS (C/D) $122485. 72 ESCROW DEPOSIT $ 2000 . 00 NOTE RECEIVABLE (GINGY 'S ) $ 3459 . 99 TOTAL ASSETS $501314 . 62 LIABILITIES & NET WORTH: • CURRENT LIABILITIES $ 470. 00 NET WORTH $501844 . 62 TOTAL LIABILITIES & NET WORTH $501314 . 62 CONTINGENT LIABILITIES: ( 1 ) C/D#40001919 totaling $122, 485. 72 is pledged to American National Bank, Wylie to secure loan for Healthcare Enterprises of No. Texas, Ltd. , d/b/a Physicians Regional Hospital . Current balance including interest is $113, 447. 67. ( 2) 1 /20/93 commitment totaling $10, 000 . 00 to reimburse Perma- tune Electronics, Inc. for moving expenses from Anaheim, California. Current unfunded commitment is $3, 036. 30 . ( 3 ) 1 /20/93 commitment totaling $6, 000. 00 to reimburse Perma- Tune Electronics, Inc. for expenses to train six( 6) new employees who become permanently employed for one year. ( 4 ) 8/10/93 commitment to loan Wylie Machine Shop, Inc. a total of $10, 000. 00 to help defray additional expenses because of tornado damage to their operating facilities. ( 5) Unfunded commitment to Wylie Chamber of Commerce for $7, 500 . 00 to pay for promotional services rendered during months of April through September, 1993 . MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, SEPTEMBER 14, 1993 4:00 PM WYLIE CHAMBER OF COMMERCE OFFICE 108 WEST MARBLE WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of August 10 , 1993 Regular Meeting of the Development Corporation of Wylie, Inc. 2 . Discuss and Consider Treasurer's Report Ending 08/31/93 3 . Report from Executive Director: A. Physicians Regional Hospital Status Report B. Major Relocation Prospect Status Report C. Jim Meara, D/B/A The Meara Company Status Report D. Applied Powder Technologies , Inc . Status Report E. Status Report on Roberts Manufacturing Company F. Report of Recent Conversation with Principal Officers of the Gerwin Corporation, DBA The Merry Miler Company G. Status Report on Wescon/93 Trade Show in San Francisco, California 4. Approve the Resignation of Mr. Timothy S. Robinson as a Director of the Corporation. 5. Approve the Final Payment of our February 10 , 1993 Commitment to Reimburse the Wylie Chamber of Commerce for Advertising Expenses 6. Approve Payment in October 1993 for an Annual Membership with the North Texas Commission 7 . Recess Open Meeting 8 . Convene to Executive Session A. Status Report on Land Purchase and Current Negotiations With Prospect to Develop into Industrial Park. B. Status Report on Our Loan Commitment to Wylie Machine Shop, Inc. 9. Reconvene Open Meeting 10 . Action, if any, from Executive Session 11. Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes . 12 . Adjourn. NOTICE OF MEETING Notice is hereby given that the Economic Development Corporation Board of ......4Wylie will meet at 4:00 P.M. on the /1� . day of , 1993 at 108 West Marble, in the City of Wylie, Texas, for the purpose of considering the above agenda. /(-0-14-- Mary Ni/ i hols , C ty Secretary POSTED THIS THE /49b- DAY OF , 1993 , AT S•00/fM. DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC . MINUTES AUGUST 10 , 1993 The Directors of the Development Corporation of Wylie , Inc . met in regular session at 4 : 00 P.M. on Tuesday, August 10 , 1993 in the Development Corporation' s office at 108 W. Marble , Wylie, Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Raymond Cooper, Vice President John Tobin, Secretary/Treasurer John Yeager and member John Mondy . Executive Director Charlie Womack, and Mayor John Akin were also present . In attendance from the City Staff was Anita Collins . Tim Robinson was absent from the meeting. President Raymond Cooper called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF JULY 13 , 1993 REGULAR MEETING AND THE JULY 29 , 1993 SPECIAL MEETING: There being no corrections to either set of minutes John Yeager made a motion that they be approved, seconded by John Tobin. The motion carried with all in favor . DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: Total corporate funds as of July 31 , 1993 were $457 , 527 . 70 . Expenses for May were $7 , 463 . 55 and revenues were $14 , 650 . 04 . Total available funds were $336, 104 . 55 . A motion was made by John Tobin to accept the Treasurer ' s Report as read and was seconded by John Mondy. The motion carried with all in favor . ( See attached report at the end of these minutes) . REPORT FROM EXECUTIVE DIRECTOR: A. Physicians Regional Hospital Status Report - All tornado damage to the hospital and the medical plaza building have been repaired. Expense for the repairs was fully paid by insurance coverage, but there was approximately $45 , 000 of downtime expense that was not covered by their business interruption insurance policy . The hospital is currently looking for two family certified physicians to occupy a vacated space in the medical plaza . The bankruptcy proceeding are continuing and American National Bank filed an amended motion with the Bankruptcy Court to lift the automatic stay . B . Major Employer Relocation Status Report - A recent conversation revealed that a site in Wylie is still under consideration. Mr . Womack 's source reported the company has made no decision but he will be attending a corporate meeting in Jacksonville, Flordia during the latter part of August . He feels that the company will make a decision at this meeting to relocate or continue operating from their present facility . He promised to make contact when he returns from this trip to Florida . C . Jim Meara, D/B/A the Meara Company Status Report - Mr . Meara reported that all new lots have been surveyed and staked and the utility lines have been marked . A new plat will be filed during the first week of August . A contract has been signed with General Homes , Inc . They have three weeks to complete their due diligence and feasibility study . They should take down the first four lots by September 1 , 1993 , and their model home should be stared by the middle of September, 1993 . D. Applied Powder Technologies , Inc . - A recent telephone call with Mr . Chad revealed that they were still considering a move to this area provided they could get their financial affairs in order . They are 'still negotiating with a financial group that appears to be ready to close a deal that would permit them to complete their relocation plans . E. Roberts Manufacturing Company - Mr . Larry Doyle , Distribution Facilities Manager for Roberts Manufacturing Company called and subsequently came by our office . He represents a manufacturing company located in California since 1936 . The company manufactures plumbing fixtures and distributes their products throughout eight regional warehouses ; one of which is located in Dallas . He will be taking a video tape with him on a trip to the corporate office during the middle of August . He promised to be in touch as soon as he has additional information regarding the company ' s relocation plans . F. Staubach Company - Mr . Tom McCarthy called on July 26th requesting information regarding any incentives being offered by Wylie to attract new businesses to the City . He claimed to represent the Staubach Company and they have been commissioned to find a relocation site for a manufacturing company which would employ approximately one hundred fifty people . I immediately responded to this request and will continue to be in contact with Mr . McCarthy until he informs me there is no interest in relocating to Wylie . G. Westcon ' 93 Trade Show - A meeting for all Collin County participants was Lela' in McKinney . _ic;a , 1• July 16th. Collin County Community College will design and make the backdrop to be used in the booth. A working committee was appointed by the chairman and they will have a report ready for our next meeting in August . Everyone seemed excited and feels this show will provide the exposure that is needed to promote economic growth for the Collin County area . DISCUSS AND APPROVE RUTLEDGE CRAIN & COMPANY, P. C . TO AUDIT THE FINANCIAL STATEMENTS OF THE DEVELOPMENT CORP . OF WYLIE, INC. FOR THE YEAR ENDING 09/30/93 : The engagement letter from Rutledge Crain & Company was discussed. Based on their preliminary estimates the fee should not exceed $1 ,000 . A motion was made by John Yeager to engage the firm of Rutledge Crain & Company to prepare the financial audit for the year ending 09/30/93 . The motion carried with all in favor. RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Status Report on Land Purchase and Current Negotiations With Prospect to develop into Industrial Park . B . Review and Make Decision for Financial Assistance Request From Three Local Businesses . ACTION FROM EXECUTIVE SESSION A. No action taken. B . A motion was made by John Yeager that the Development Corporation make a loan to Wylie Machine Shop in the amount of $10 , 000 . 00 . Loan is to be repaid over a three ( 3 ) year period at the prime rate . A motion was made by John Tobin and seconded by John Yeager to make this loan. The motion carried with all in favor . CITIZEN PARTICIPATION: None There being no other business for discussion a motion was made and seconded that the meting be adjourned . Minutes of the August 10 , 1993 , regular meeting approved by the Board of Directors at its meeting on September 14 , 1993 . Raymond Cooper, President PREPARED BY : Anita Collins TREASURER'S REPORT ENDING 8/31/93 ENDING BALANCE -7/31/93 Provident Bank-Wylie 95,613.55 American National Bank-Wylie 239,851.08 C/D American National Bank-Wylie 121,926.09 Petty Cash,Provident Bank-Wylie 136.98 Total funds available 8/31/93 457,527.70 INCOME Regular checking funds 335,464.63 Sales tax revenue 26,948.08 Interest earned 734.76 Total funds available 363,147.47 EXPENSES GTE Southwest, Inc. 66.04 Oakridge Country Club 40.05 Provident Bank(941 tax payment) 470.00 City of Wylie(services) 64.50 C.C. Womack 1,683.00 Greater Dallas Chamber of Commerce 435.38 Commonwealth Title(Escrow) 2,000.00 A.A.R.P. Group Health Ins. Program 177.50 Total expenses 4,936.47 Total funds available 8/31/93 358,211.00 PETTY CASH FUNDS AVAILABLE 7/31/93 136.98 Wylie Rotary Club 20.00 Wylie Chamber of Commerce- 7.50 Old Country Steak House(Russell) 40.62 Total Petty Cash funds available 8/31/93 68.86 Total Demand&Petty Cash 8/31/93 356,279.86 C/D #400001919 Value ending 7/31/93 121,926.09 Int. earned during month 299.82 Total value 8/31/93 122,225.91 Total funds available 8/31/93 480,505.77 (1) C/D#400001919 totaling$122,225.91 is pledged to American National Bank-Wylie, to secure loan#41403945 for Healthcare Enterprises of North Texas,Ltd. d/b/a Physicians Regional Hospital. Current balance including accrued interest is $112,884.10 • (2) 1/2093 commitment totaling$10,000.00 to reimburse Perma-Tune Electronics, Inc. for moving expenses from Anaheim, California. Current balance remaining on commitment is$3,036.30. (3) 1/20/93 commitment not to exceed$6,000.00 to reimburse Perma-Tune Electronics, Inc. for partial expenses to train six(6) new employees who are permanently employed for a period of twelve(12) months. (4) 8/10/93 commitment to loan Wylie Machine Shop, Inc. a total of$10,000.00 to help defray current operating expenses due to building being destroyed by tornado. (5) On contract to purchase 50.993 acres of land costing$200,000.00. Have escrowed$2,000.00. Remaining balance $198,000.00. (*) Total corporate funds available for future investments 150,585.37 RECAP OF FUNDS ON DEPOSIT WITH LOCAL BANKS American National Bank-Wylie 389,554.65 Provident Bank-Wylie 90,951.12 480,505.77 SUMMARY OF AUGUST ACTIVITIES: We continue to receive telephone calls from prospects wanting to lease space ranging from one thousand to thirty thousand square feet. Currently there are no available sites for lease that meet these specifications. We continue to hear rumors that there are plans being developed by individuals to build rental properties to meet the current demand. Comments from other local cities indicate some interest from prospects looking for properties that they are unable to supply. There is ample retail space, but available industrial sites continue to be a problem. Good legitimate prospects are beginning to delay any expansion efforts until they are convinced the economy will have future growth. PHYSICIANS REGIONAL HOSPITAL There were no new developments during the month to conclude the Chapter XI Bankruptcy Petition. We continue to receive information that progress is being made to resolve the issues that have prolonged a workable solution, but we have been unable to substantiate any of these facts. The hospital continues to report record gross revenue for the month of August. This is the third straight month for a record gross revenue, and the daily census continues to be above average during the summer months. These are usually the slowest months during the year, and it is hopeful the preceding revenues will continue to set new records. A motion filed by the American National Bank to lift the automatic stay imposed by the Bankruptcy Court has been withdrawn because their legal staff thought the adversarial and unsecured creditors would object to this request. A copy of the Amended Plan of Reorganization has been obtained from the hospital. In their plan, our note dated December 16, 1992 shall be paid over a three year period at an interest rate of five and one-half percent per annum (51/2%). Each installment will include equal monthly principal and accrued interest payment. The hospital has furnished the Bankruptcy Court a Disclosure Statement. This document supports the Amended Plan of Reorganization by giving in detail how the success of the "Plan" can be achieved. A hearing by the creditors to review the Disclosure Statement is scheduled for September 8, 1993. If the creditors approve this document then it should expedite acceptance of their reorganization plan. MAJOR EMPLOYER RELOCATION STATUS REPORT A decision has been made by management to postpone any relocation plans until next year. Their decision was made because they were able to renew their present lease until August 31, 1995, and because of their inability to develop a long-range growth plan that would justify the additional relocation expense. Their short range financial projections are pessimistic due to the extreme competitiveness in the food industry. Local contact continues to insist that the City of Wylie is still being considered as a possible relocation site. August Summary Page 2 JIM MEARA d/b/a/THE MEARA COMPANY Mr. Meara reports General Homes has completed their due-diligence study and plan to sign a contract to buy the forty-eight residential lots within a two (2) year period. The contract should be signed by the middle of September. They will immediately take-down four (4) lots. They plan to start their model home by October 1, 1993. The contract requires the purchaser to take-down a minimum of eight building lots each ninety days until the property is completely developed. Mr. Meara continues to mention that he would like the Corporation to assist financially in an advertising program to promote the sale of homes in this subdivision. APPLIED POWDER TECHNOLOGIES, INC. No contact was made during August. A telephone call was made to Mr. Chad, President, but he was unavailable. I left my name and number with the operator and asked that he return my call. He hasn't returned my call. In the meantime, I shall continue in my efforts to reach him for an update on their relocation plans. ROBERTS MANUFACTURING COMPANY Mr. Larry Doyle reported the company is still making plans to relocate, but no definite decision will be made before next year. Apparently the company has adopted a wait and see posture until they are convinced the economy is in a long sustained growth period. Mr Doyle reports that the City of Wylie is definitely a prime site should the company make a decision to move. They are also considering an unknown site in New Mexico. We have been assure by our contact that he will keep us abreast of any new developments. GERWIN CORPORATION d/b/a THE MERRY MILER COMPANY The corporation owns and operates several satellite companies that converts vans and other vehicles for the tourist trade. Their main office is in Bristol, Indiana. A subsidiary company is domiciled in Garland, Texas. The Garland facility was recently destroyed by fire. They came to Wylie looking for a 30,000 square foot building to temporarily house their manufacturing facilities. No facility was available, but they did indicate a desire to move from Garland if a satisfactory financial incentive package was offered. Mr. J.F. Kash, President of the parent company, did emphasize the company plans to rebuild a permanent facility somewhere in the Metroplex area. We encouraged him to seriously consider the City of Wylie as an excellent location for a permanent plant site. We recommended four possible sites that might meet his needs. He was also given a video tape of Wylie and several other printed articles that related to current statistical information relating to our City. August Summary Page 3 A subsequent conversation with Mr. Kash revealed a temporary location has been acquired and the company operations will be resumed within the next thirty days. In the meantime, management will be making plans for a permanent building site. He assured me the City of Wylie would get an opportunity to present a financial incentive program before a final decision would be made. C A R M O D Y L P ROB I NSON 4950W Texas Commerce Tower 2200 Ross Avenue, LB 129 Dallas, Texas 75201 50 TTelehone 214 720-2560 August 12, 1993 Raymond Co er, President Developm t Corporation of Wylie, Inc. 301 Do ood Drive Wylie Texas 75098 oration of Wylie, Re Letter of resignation from Development Corp Inc. Dear Raymond: the initial meeting of the Development Corporation of Wylie,As was discussed during the „Corporation" ) , my schedule, to say Inc. (the the least, is hectic. Unfortunately, due to my schedule, I have clear that my schedule will not been unable to attend three of the four scheduled meetings since my e appointment. Now that it is artici ant in the Corporation, I have permitthe e actively be a P P of end the time tod decision to resign as someonerwho �Has Corporation an made allow the City Council to appointefull in the future, I will promote the great City of Wylie from my practice; however, at this be able to take more time away time that is not possible. I have appreciated the courtesy shown to me not be in conbectto ion with e an this venture and am disappointed that active I ill on participant.articipant. Despite this fact, I have eifulvel c nfi once that the the committee will be able to do a very City. Very truly yours, Timothy S. Robinson TSR/jk P.S. During he first and only meeting I attended, we discussed the possibility of the City doing an upscale brochure to be used at re ared by the various shows throughout tfe�brochure which to ct wasew p prepess. ared I have enclosed a copy of ourpursue Hilaryo ,Hudgens still assist you,s. If a 1ecision is if necessary,made if you decide to proposal, I will use Mr. Hudgens for this project. Raymond Cooper August 12, 1993 Page 2 Enclosure cc: John Tobin 1109 Hughes Court Wylie, Texas 75098 John Yeager 402 Woodhollow Drive Wylie, Texas 75098 John Mondy 114 Douglas Drive Wy ie, Texas 75098 harles Womack 108 West Marble Wylie Texas 75098 Mayor John Akin P.O. Box 428 Wylie, Texas 75098 Steve Norwood 401 Fleming Wylie, Texas 75098 6 . Convene to Executive Session A. Status Report on Land Purchase and Current Negotiations With Prospect to Develop into Industrial Park . B . Review and Make Decision for Financial Assistance Request from Three Local Businesses . Al // 67' its � -. � .,�- ,,»y ,, 1 ,--- 5 d 44(-71 8 . Reconvene Open Meeting 9 . Action, if any, from Executive Session 9 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes . 10 . 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 /C -- day of , 1993 at 108 West Marble , in the City of Wylie, Texas , for the purpose of considering the above agenda . i ;1/c 1-4//i Mary Ni ho , City Secretary POSTED THIS THE ir:^tL DAY OF 7(tcyzt:.-4.1 , 1993 , AT &`' M DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE , INC . MINUTES JULY 13 , 1993 The Directors of the Development Corporation of Wylie , Inc . met in regular session at 4 : 00 P .M. on Tuesday , July 13 , 1993 in the Development Corporation' s office at 108 W . Marble , Wylie , Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law . Those present were President Raymond Cooper , Vice President John Tobin, Secretary/Treasurer John Yeager and member John Mondy . Executive Director Charlie Womack , Mayor John Akin and City Manager Steve Norwood were also present . In attendance from the City Staff was Anita Collins . Tim Robinson was absent from the meeting . President Raymond Cooper called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF JUNE 8 , 1993 REGULAR MEETING : There being no corrections to the minutes John Yeager made a motion that they be approved, seconded by John Mondy . Mr . Cooper did not vote since he was not on the board at that time and not in attendance at the meeting . The motion carried with all in favor . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF JUNE 24 , 1993 SPECIAL MEETING : There being no corrections to the minutes John Mondy made a motion that they be approved, seconded by John Yeager . The motion carried with all in favor . DISCUSS AND CONSIDER APPROVAL OF TREASURER' S REPORT: Total corporate funds as of June 30 , 1993 were $450 ,015 . 81 . Expenses for May were $6 , 120 . 37 and revenues were $334 , 207 . 16 . Total available funds were $328 , 429 . 49 . A motion was made by John Tobin to accept the Treasurer ' s Report as read and was seconded by John Mondy . The motion carried with all in favor . (See attached report at the end of these minutes) . REPORT FROM EXECUTIVE DIRECTOR: A. Physicians Regional Hospital Status Reportforhe hospital is hopeful that their bankruptcy petition reorganization will be accepted. All available beds were full during the last two weeks of June . They continue to be optimistic that the situation will improve for them. B . Major Employer Relocation Status Report - A recent conversation with local management reveals no decision has been made by the corporate office and relocation plans are on hold pending management changes . C . Jim Meara , D/B/A the Meara Company Status Report - Mr . Meara reports his efforts to have the impact fees waived by the City Council have been unsuccessful but he will continue to research his options for a possible solution to this current problem. The Wylie Planning and Zoning Board approved the replating of the duplex building lots in the sub-division to fifty-eight (58 ) single family residential lots . Recommendation of the P & Z board will be reviewed and a final decision will be made by the Wylie City Council in their next scheduled meeting on July 13 , 1993 . D . Crane Safety & Maintenance , Inc . - Mr . Crisuolo has signed a contract to purchase an industrial building lot from Provident Bank - Wylie . There are no immediate plans to construct a building until the lot is free and clear of debt . The company has bid several big jobs with good profit margins which if they are the successful bidder , should generate sufficient funds to liquidate lot debt and construct building . Currently management has no plans to request any financial assistance from the Development Corporation . E . Applied Powder Technologies , Inc . - This is a company out of Calgary , Alberta, Canada . The company manufactures a broad range of metal powders at its production facility in Connecticut for the North American coating industry . Wylie is one of the five cities within the metroplex that would be a good candidate for their consideration. There was a meeting on June 28 with Mr . Chad and Mr . Allen from APT and various representatives from the City , Chamber , and Development Corporation. F . S-Line Corporation - Mr . Womack reported that he sent them one of the videos and called them back after they had opportunity to look at the video . They were impressed with the video but their plans for relocation have been put on hold. G. Roberts Manufacturing Company - This company is presently located in California with a small office in West Dallas . REVIEW AND APPROVE BUDGET FOR YEAR BEGINNING 10/01/93 AND ENDING 09/30/94: Expenditures for the upcoming budget year were discussed and the following change was recommended: That advertising for the Chamber of Commerce be raised to $15 ,000 in order for them to do the advertising for the Development Corporation and that promotions be at $6 ,000 . With this change a motion was made by John Yeager to adopt the budget as presented, seconded by John Tobin. The motion carried with all in favor . DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC . MINUTES JULY 29 , 1993 The Directors of the Development Corporation of Wylie , Inc . met in regular session at 4 : 00 P .M. on Thursday , July 29 , 1993 in the Development Corporation ' s office at 108 W . Marble , Wylie , Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law . Those present were President Raymond Cooper , Vice President John Tobin, Secretary/Treasurer John Yeager and member John Mondy . Executive Director Charlie Womack , Mayor John Akin and City Manager Steve Norwood were also present . In attendance from the City Staff was Anita Collins . Tim Robinson was absent from the meeting . President Raymond Cooper called the meeting to order . RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Update on Contract to Purchase a Tract of Land for Future Development . B . Review and Make Decison for Financial Assistance Request from Local Business . RECONVENE OPEN MEETING ACTION TAKEN IN EXECUTIVE SESSION A. No action taken B . A motion was made by John Mondy and seconded by John Tobin that the Development Corporation approve a $15 ,000 grant for the J .D. Russell Co. for Industrial Relocation subject to completion of utility extensions as conditioned in the package . CITIZEN PARTICIPATION: None There being no other business for discussion a motion was made and seconded that the meeting be adjourned. Minutes of the July 29 , 1993 , special meeting approved by the Board of Directors at its meeting on August 10 , 1993 . Raymond Cooper , President PREPARED BY : Anita Collins RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Update on Contract to Purchase a Tract of Land for Future Development . B . Update on " Request by Two Local Employers Interested in Financial Assistance to Relocate their Current Operations . C . Report on Another Company that is Planning a Relocation and Has some Interest in the Wylie area . RECONVENE OPEN MEETING ACTION FROM EXECUTIVE SESSION A. No action taken. B . A motion was made by John Yeager that the Development Corporation make a loan to Gingy' s Heaven Scent for $3 , 800 . 00 at six percent ( 6%) interest and payable in twelve equal monthly installments . The motion was seconded by John Tobin and carried with all in favor . C. No action taken. CITIZEN PARTICIPATION: None There being no other business for discussion a motion was made and seconded that the meeting be adjourned. Minutes of the July 13 , 1993 , regular meeting approved by the Board of Directors at its meeting on August 10 , 1993 . Raymond Cooper , President PREPARED BY : Anita Collins SUMMARY OF JULY ACTIVITIES New business activity during the month has been non-existent except for one telephone call from the Staubach Company. Most of my activities have been devoted to completing an agreement with all parties interested in the J.D. Russell relocation project. Some time has been spent with economic directors of various Collin County entities interested in participating in the Wescon '93 Trade Show in San Francisco, California. Considerable time has to be spent with daily office activities and visiting with local business people requesting financial information. Internal office and civic activities have increased to such an extent that little time can be allocated to doing research and outside solicitation of new business. I shall continue to work on eliminating many of the small distractions that take much of my available productive time. Physicians Regional Hospital All tornado damage to hospital and medical plaza buildings has been repaired. Expense for the repairs was fully paid by insurance coverage, but there was approximately forty-five thousand dollars of downtime expense that wasn't covered by their Business Interruption insurance policy. Mr. Wedekind maintains the problem was created from a lack of communication between himself and the insurance agent. Mr. Wedekind is attempting to find two (2) family certified physicians to occupy the space vacated by the dentist. Both must be certified to practice in the Emergency Room. This will give some relief to the physicians that have been doing double duty during the past several months. He is also trying to add an orthopedic surgeon to the current staff. The addition of another surgeon should increase the census count in the Med-Surg activities which has been an area that needs to improve. The census count during July has been good and this has generated $916,099.00 in gross revenue. This is another record for gross revenues during a summer month. Med-Surg has an average census count of eight and Geopsych maintained an average count of nine. During the last week of July, the Geopsych unit was full and there was a waiting list that would probably utilize the capacity of twelve units for the entire month of August. On July 20, 1993, the American National Bank filed an amended motion with the United States Bankruptcy Court to lift the automatic stay. This order, if granted, would permit the bank to take whatever action they consider necessary to protect their interest. We visited by telephone with Mr. Wedekind and his attorney, Mr. Mark Chaviller, with the firm of Hale & Spencer. Mr. Chaviller claimed an agreement has been negotiated with American National whereby the hospital will make a ten thousand dollar principal reduction and pay all accrued interest due on the note secured by our certificate of deposit. They will continue to pay each month an additional principal payment of three thousand dollars plus all unpaid accrued interest. This procedure will continue until the new business plan is approved by the bankruptcy court. Mr. Chaviller says this is the only way the court will approve a payment to a creditor prior to the court's approval of a new business plan. The hearing of this petition is scheduled for September 2, 1993. Major Employer Relocation Status Report A recent conversation with our contact revealed that a site in Wylie was still under consideration. Our source reported the company has made no decision, but he will be attending a corporate meeting in Jacksonville, Florida during the latter part of August. He feels the company will make a decision during July Activity Report Page 2 this meeting either to relocate or continue operating from their present facility. He promised to contact us when he returns and give us a report if a final decision has been made by management. Jim Meara, d/b/a The Meara Company Status Report All new lots have been surveyed and staked. the utility lines have been marked. A new plat will be filed during the first week of August. A contract has been signed with General Homes, Inc. They have three weeks to complete their due diligence and feasibility study.They should take down the first four lots by September 1, 1993, and their model home should be started by the middle of September, 1993. Allied Powder Technologies, Inc. (APT) A recent telephone call with Mr. Jeffery J. Chad revealed that they were still considering a move to this area provided they could get their financial affairs in order. They are still negotiating with a financial group that appears to be ready to close a deal that would permit them to complete their relocation plans. Mr. Chad said they were still interested in a possible move to Wylie and expressed appreciation that we were still interested in their move to our city. Roberts Manufacturing Company Mr. Larry Doyle, Distribution Facilities Manager for Roberts Manufacturing Company called and subsequently came by our office. He represents a manufacturing company locate in California since 1936. The company manufactures plumbing fixtures and distributes their products through eight regional warehouses; one of which is located in Dallas, Texas. The company has made a decision to move from California because of the environmental laws and the cost to operate in that state. A subsequent visit with Mr. Doyle revealed the company has an interest in Wylie and he is taking the video tape with him on a trip to the corporate office. He will be making the trip during the middle of August and should have some definite information by the end of the month. He promised to be in touch as soon as he has additional information regarding the company's relocation plans. Telephone call from the Staubach Company On July 26, we received a telephone call from Mr. Tom McCarthy requesting information regarding any incentives being offered by Wylie to attract new businesses to the city. He claimed to represent the Staubach Company and they have been commissioned to find a relocation site for a manufacturing company which would employ approximately one hundred fifty people. We responded immediately to his request and attached is a copy of a letter in our response to his telephone call. We shall continue to correspond with Mr. McCarthy until he tells us the company has no interest in relocating in Wylie. July Activity Report Page 3 Westcon '93 Trade Show A meeting for all Collin County participants was held in McKinney on Friday, July 16, 1993. Economic directors from Plano, Richardson, Frisco, Allen, McKinney, Collin County Community College, and Wylie were present. Other attendees were Collin County Judge, Ron Harris; Mike Finney, General Manager of Southfork Ranch; and Sally Riha, Dallas Chamber of Commerce. Cole Morvant, Director of Economic Development for Plano, was elected Chairman of the group. Each participant will make his or her own airline and hotel arrangements. Collin County Community College will design and make the backdrop to be used in the booth. A working committee was appointed by the chairman and they will have a report ready for our next meeting which will be scheduled before the 15th of August. Everyone seemed excited and feel this show will provide the exposure that is needed to promote economic growth for the Collin County area. RUTLEDGE CRAIN & COMPANY, PC 461j CERTIFIED PUBLIC ACCOUNTANTS -/ c1601 E. Lamar, Suite 109 Arlington,Texas 76011 Metro(817)265-9989 Fax(817)861-9623 July 27, 1993 Development Corporation of Wylie, Inc. do Mr. C. C. Womack, Executive Director P.O. Box 1467 Wylie, Texas 75098 We are pleased to confirm our understanding of the services we are to provide for the Development Corporation of Wylie, Inc. for the year ended September 30, 1993. We will audit the financial statements of the Development Corporation of Wylie, Inc. as of and for the year ended September 30, 1993. Our audit will be made in accordance with generally accepted auditing standards and will include tests of the accounting records of the Development Corporation of Wylie, Inc. and other procedures we consider necessary to enable us to express an unqualified opinion that the financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles. If our opinion is other than unqualified, we will fully discuss the reasons with you in advance. Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will also request certain written representations from you about the financial statements and related matters. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgement about the number of transactions to be examined and the areas to be tested. Also, we will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. However, because of the concept of reasonable assurance and because we will not perform a detailed examination of all transactions, there is a risk that material errors, irregularities, or illegal acts, including fraud or defalcations, may exist and not be detected by us. We will advise you, however, of any matters of that nature that come to our attention. Our responsibility as auditors is limited to the period covered by our audit and does not extend to matters that might arise during any later periods for which we are not engaged as auditors. We understand that you will provide us with the basic information required for our audit and that you are responsible for the accuracy and completeness of that information. We will advise you Members Christian A Rutledge.CPA American Institute of Certified Public Accountants Lewis Crnin.CPA Texas Society of Certified Public Accountants about appropriate accounting principles and their application and will assist in the preparation of your financial statements, but the responsibility for the financial statements remains with you. This responsibility includes the maintenance of adequate records and related internal control structure policies and procedures, the selection and application of accounting principles, and the safeguarding of assets. We understand that your employees will type all cash or other confirmations we request, locate any invoices selected by us for testing, and provide analyses where appropriate. Our audit is not specifically designed and cannot be relied on to disclose reportable conditions, that is, significant deficiencies in the design or operation of the internal control structure. However, during the audit, if we become aware of such reportable conditions or ways that we believe management practices can be improved, we will communicate them to you in a separate letter. Our fees for these services will be based on the actual time spent at our standard hourly rates, plus travel and other out-of-pocket costs such as report production, typing, postage, etc. Our standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. In accordance with our firm policies, work may be suspended if your account becomes 30 days or more overdue and may not be resumed until your account is paid in full. Based on our preliminary estimates, the fee should not exceed $1,000. This estimate is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. We appreciate the opportunity to be of service to the Development Corporation of Wylie, Inc. and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Very truly yours, CN- - 1 f RESPONSE: This letter correctly sets forth the understanding of the Development Corporation of Wylie, Inc.. By: Title: Date: RUTLEDGE CRAIN & COMPANY, PC CERTIFIED PUBLIC ACCOUNTANTS 1601 E. Lamar, Suite 109 Arlington, Texas 76011 Metro(817)265-9989 Fax(817)861-9623 November 2, 1992 Development Corporation of Wylie, Inc. do Mr. C. C. Womack, Executive Director P.O. Box 1467 Wylie, Texas 75098 Thank you for your response to our engagement letter dated October 3, 1992. We understand your desire to agree to a maximum fee for the audit. However, we are precluded by the "Rules of Professional Conduct," that are determined by the Texas State Board of Public Accountancy, which is an agency of the State of Texas. For your reference, we are enclosing a copy of the rules. Please read Section 501.45, (c) (2) which addresses competitive bidding. Briefly, we are in the second year of a multiyear contract under which, initially, more than one "certificate or registration holder" proposed to perform the audits of the City of Wylie and Wylie Development Corporation. Given that circumstance, we are permitted only to propose an estimated fee for each year of the multiyear contract. It is our intention to invoice Wylie Development Corporation based on the actual hours we expend on the audit at our established hourly rates for auditing. Please note that last year we invoiced Wylie Development Corporation for less than the fee estimate. Although we cannot assure you that will happen again this year, we have very rarely requested a client pay more than the original fee estimate. We have scheduled the audit to be performed during the week of November 16 - 20, 1992 and look forward to continuing to audit Wylie Development Corporation. If you have any questions, please do not hesitate to contact us. Very truly yours, /a Members: Christian A.Rutledge,CPA American Institute of Certified Public Accountants Lewis Crain,CPA Texas Society of Certified Public Accountants MEETING DEVELOPMENT CORPORATION OF WYLIE , INC . TUESDAY, AUGUST 10 , 1993 4 :00 PM WYLIE CHAMBER OF COMMERCE OFFICE 108 WEST MARBLE WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of July 13 , 1993 Regular Meeting and July 29 , 1993 Special Meeting of the Development Corporation of Wylie , Inc . 2 . Discuss and Consider Treasurer ' s Report Ending 07/31/93 . 3 . Report from Executive Director : A. Physicians Regional Hospital Status Report B . Major Employer Relocation Status Report C . Jim Meara, D/B/A The Meara Company Status Report D . Status Report on Applied Powder Technologies , Inc . E . Status Report on Roberts Manufacturing Company . F . Report on Telephone Call from The Staubach Company G. Status Report on Wescon/93 Trade Show in San Francisco, California 4 . Discuss and Approve Rutledge Crain & Company , P .C . to Audit the Financial Statements of the Development Corp . Of Wylie , Inc . for the Year Ending 09/30/93 . 5 . Recess Open Meeting Hospital receives, commendation "Accreditation with Commendation" is "This outstanding level of achievement the official rating given this week to reflects the exemplary efforts of your Physicians Regional Hospital of Wylie by organization to provide high quality care the Joint Commission on Accreditation of for those you serve." IIealth care Organizations. Signed by Kenneth G. IIermann, Joint A letter dated July 26 and received by Commission vice president for Lawrence J. Wedekind, hospital CEO and accreditation surveys, the letter went on to administrator, said, "The Joint say, "Congratulations on your important Commission is pleased to inform you that achievement of accreditation with the three-year accreditation awarded your commendation." organization has been changed to accreditation with commendation as a Copies went to I)r. T.M. Trimble, result of the findings from your most president of the medical staff, and Bill recent full survey... Davis,chairman. * A total of 2, 762 hospitals were examined during 1992 by this organization and only 5.6% were given this prestigeous rating. It is believed that this is the only hospital in the Metroplex to receive this award. MEMORANDUM TO: Steve Norwood FROM: Steve Deiter SUBJECT: Development Co•so :tion Guarantee of PR Hospital N DATE: July 30, 1993 • I have this (lat.- received copies of the most recent of the voluminous filings in the Physicians Regional Hospital (Hospital) Bankruptcy proceedings. Most of the items I have recieved copies of have been largely inconsequential from the City's perspective, but the one received today has the potential of being significant to the Development Corporation. The Motion was filed by American National Bank and seeks to have the "automatic stay" of the bankruptcy proceedings lifted to allow them (American National) to go against the Hospital to collect on their security, as the Hospital is default on its notes with the Bank. 24- The security for two of the notes are vehicles and do not concern the City. The&`secunty for the other note (dated 12-92 in the amount of$120,000) is the Development Corporation CD No.400001694, in the amount of $120,000. If the Court grants the Motion (I have no idea of whether it will or not) the Bank could then "foreclose" on its security and take the aforesaid CD. My recollection is that payment of the secured amount was personally guaranteed to the Development Corporation by certain individuals associated with the hospital. However from the information contained in the subject motion (which includes a copy of the $120,000 note) it does not appear that there is any guarantee to the Bank. Therefore the Bank is not obligated to go against any third parties to enforce its collection rights to the collateral and could take the CD (assuming other procedural formalities are observed) without the Development Corporation having a chance to enforce its guarantors. In the event the Bank would choose to do so the Development Corporation would loose the $120,000 unless and until such time as it was able to effect payment from the guarantors. Given all of the above I suggest that someone from the Development Corporation be in close contact with an officer at the Bank to keep apprised of the Banks position on enforcing its rights to the pledged CD. This would become particularly important if and when the motion was granted, as the Bank could then act rather quickly and to the detriment of the Development Corporation. 1 I am directing a copy of this to the Council and to Charlie Womac so that they might be apprised of this latest development. cc: City Council Charlie Womac 2 JULY 28 . 1993 TO: DEVELOPMENT CORPORATION OF WYLIE , INC. FROM: WYLIE MACHINE SHOP . INC. 210 INDUSTRIAL COURT WYLIE , TEXAS 75098 REQUEST FOR FINANCIAL ASSISTANCE AS A RESULT OF TORNADO MAY 13 , 1993 THE SHOP BUILDING WAS TOTALLY DESTROYED AND MAJOR DAMAGE SUSTAINED TO MACHINERY AS A DIRECT RESULT OF ABOVE MENTIONED STORM WE ARE ASKING FOR FINANCIAL ASSISTANCE BECAUSE OF THE FOLLOWING: CLEAN UP EXPENSES : BFI INDUSTRIES FOR DUMPSTERS PROVIDED TO HAUL OFF DEBRIS TOTAL COST: $2300 . 00 INVOICE ATTACHED CLEAN UP LABOR @ $10 . 00 PER HOUR PAID TO REGULAR FULL TIME EMPLOYEES FOR THREE WEEKS TOTAL LABOR: $7200 . 00 ( NO EMPLOYEES LOST WAGES I)UE TO DOWN TIME ) DEBT SERVICE : $13.52 .00 BLDG. PAYMENT PROVIDENT BANK $ 428 . 72 MACHINE PAYMENT FIRST NATIONAL BANK SACHSE TOTAL FOR THREE MONTHS DOWN TIME $5342 . 16 UTILITIES : TU ELECTRIC $1500 .00 CITY OF WYLIE 300 . 00 INCLUDING CHARGE OF $93 . 00 FOR WATER DURING MONTH WHILE METER DISCONNECTED TAXES : EMPLOYMENT TAXES PAID TEC $446 . 31 DOWN TIME COST FOR ACCTS RECEIVABLE LOST IN MAY, JUNE AND JULY $10 , 000 . 00 D� TOTAL REQUESTED: $27 , 088 . 47 /6, D sG yuk 7 - 2 — 7 87 11i / 3G � �• a? ?, 7g tL 4Q* . _ WYLIE MACHINE SHOP, INC . 6T*F[ED �UGUST 1991 AFTER OWNER RETIRED FROM TEXA6 INSTkUMEN [S , INC . ./O8 5HOP AND PROTOTYPE MACHINING �UILD1NG TOlALLY DESTROYED BY TORNADO MAY 1 , 1993 . MACK"lNES ARE FRESENTLY UNUSABLE BECAUSE OF STORM DAMAGE : LACk OF SHELTER AND POWER AO RUN SAME PUY R . Y AND JANICE NEELY 631 WlLUOW WAY WYLlE . TEXAB 75098 BbSINEAD PHONE : 442-4347 HOME PHONE : 442-29�3 CURRENTLY 5IX FULL-TIME EMPLOYEES mUM6�� iJF LAS [ TWELVE MONTHS SIX PULL-TIME EMPLOYEES FOiR PART-TIME APPROXIMATELY 20 HOURS EACH PER WEEK PLAN ON ADDING TWO FULL-TIME EMPLOYEES IN 1993 -^ ~- ` EXPENSES PER MONTHLY 0FERATlUN SALARIES: FR06RAMN0 $2`500.00 EXPEDITER 1.250.V0 MACHlNGT 2.000.00 M. DP[kATUK A5oV.00 FOREMAN J.0OO.00 DFFlCE i.500.00 $)1.75V.V0 PA,FOLL TAyE�/FlCA �`��0.0O UTILITIES: ELECTRIC $ 1,2 i�j 0.O0 TELEPH0HE 4VV.V0 mAA 150.V0 $ 05100 NOTE FOMENTS: P118V0ENT $ 1.376.00 CUNNINGHAM 272.01".) MOBBS 311.0b FIRST NATIONAL 428.79 -- F\RST NATIONAL 173.59 s 2.56}.44 $17.661.44 MONTHLY EXPENSES CL[ANUF EXPENSES: RF[ 11 DUhPSTE66 @351(V(ESTlMATED} $ 3.550.VV NIXON BOB-CAT 2.VVV.VV $ 5`85V.VV EXTRA CLEANK WAGES FA{3 $ 3.7V5.00 STORAGE BLDG. 120.V0 $ 9.6/5.00 TOTAL CLEAN-UP NvLlE MACHINE SHOP. INC. P.G. BOX 6V8 '— ZN INDUSTRIAL COURT NYLlE, TEXAS 75098 MEETING „„ DEVELOPMENT CORPORATION OF WYLIE, INC. THURSDAY, JULY 29 , 1993 4 : 00 PM WYLIE CHAMBER OF COMMERCE OFFICE, 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Open Meeting 2 . Recess Open Meeting 3 . Convene to Executive Session A. Update on Contract to Purchase Tract of Land for Future Industrial Development B . Review and Make Decision for Financial Assistance Request from Local Business 4 . Reconvene Open Meeting 5 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five ( 5) Minutes . 6 . 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 .2 9 -- day of , 1993 at 108 West Marble , in the City of Wylie , Texas , for the purpose of considering the above agenda . C it ie1& h' ec Mary Nich ls , y r etar y POSTED THIS THE o2 6 -6C, DAY OF 1-4 , 1993 , ATS,04) !; M. STATUS REPORT OF J.D. RUSSELL COMPANY Negotiations have been finalized between the Development Corporation of Wylie, Inc. (DCW) and the J.D. Russell Company (JDR). Each has agreed to the following terms and conditions: Development Corporation of Wylie (DCW) 1. Purchase approximately 51.531 acres of unimproved land to be turned into an industrial park. 2. Agreed purchase price of two hundred thousand dollars ($200,000) 3. Cost pre acre of three thousand eight hundred eighty-one dollars and fifteen cents ($3,881.15) 4. Simultaneously at closing, DCW will deed to JDR approximately eleven point three nine eight acres (11.398) for immediate development. 5. DCW will furnish JDR a copy of an environmental study to be made by Helmberger Associates. DCW will pay for study. 6. DCW will execute an option purchase agreement to JDR for the purchase of the remaining forty point one three three acres (40.133) at a sale price of forty five hundred dollars ($4,500) per acre. 7. Purchase option will be no longer than a two (2) year period. 8. DCW will have a "first refusal agreement" on any subsequent proposed land sale by JDR prior to their actual ownership of the optioned property. 9. DCW will fund a "cash grant" not to exceed fifteen thousand dollars ($15,000.00) to reimburse JDR for their moving and relocation expenses. J.D. Russell Company (JDR) 1. JDR will escrow with DCW at closing a sum of eleven thousand three hundred ninety-eight dollars ($11,398.00) to be refunded when "roll back taxes" are due when the eleven point three nine eight acres (11.398) are rezoned from "A" to "I" classification. 2. JDR will escrow with DCW an additional eighteen thousand six hundred ninety-one dollars ($18,691.00) to purchase the twenty-four month (24) purchase option totaling one hundred eighty thousand five hundred ninety-eight dollars and fifty cents ($180,598.50). (a) The escrowed amount will be credited as a payment if option is exercised within the two year period. (b) The escrowed amount is calculated on a six percent (6%) annual interest charge on the actual cost ($155,762) of the property under option. 3. JDR will immediately, after closing, begin development of a new industrial building for their occupancy on approximately eight point eight nine eight acres (8.898) and the remaining two point five acres (2.5) will be available for future expansion. 4. The deeded eleven point three nine eight (11.398) acres will be returned by JDR to WDC for ten dollars ($10.00) and other considerations should the property not be developed within a twelve (12) month period. 5. JDR will begin construction of a public street from the end of Regency Road to a cul de sac and then extend another future street to the location property line of the deeded property. 6. JDR will escrow sufficient funds with the City of Wylie (CW) to ensure the extension and completion of a public street from eastern property line to Hooper Road. (a) Construction of road will begin immediately after the remaining property is purchased. 7. JDR will landscape the deeded property when construction is completed. Any landscaping must have prior approval of CW and DCW. 8. JDR will pay for all building and other fees required by public entities. Terms and Covenants not completely reconciled 1. No agreement as to who will be responsible for the repaving or repairing of Regency Road from Hwy 544 to Steel Road. 2. JDR wants some tangible evidence from CW that the pump station supplying water to the property will be repaired within a specified time frame. 3. Some evidence that CW will reduce their impact fee structure because JDR is a small water user. 4. Some evidence that CW will agree to approve a tax abatement program for the JDR Company. 5. JDR would like a commitment from CW that they would assist in furnishing utility lines when Phase II begins to be developed. July 15, 1993 (Letter sent to all School Board Members and Susan Williamson) Mr. Jim Hysaw 2001 Quail Run Road Wylie, Texas 75098 • Dear Jim: The J.D. Russell Company, presently located in Wylie, is planning a relocation and major expansion of their operation. The expansion will greatly increase the size of their physical plant and, eventually, their work force. Unfortunately, J.D. Russell's relocation to another area of Wylie is NOT a foregone conclusion -- other communities are presently courting them with some very attractive incentives. Wylie is competing with communities like Garland, which has well established economic incentives and tax abatement plans that involve ALL of the local taxing authorities. The City of Wylie and Collin County are prepared to consider and grant tax relief in the form of property tax abatements during the first four years. An "abatement", if granted, will NOT create an expense or loss of current revenue. In fact, a progressive abatement program will actually allow the City, County, and I.S.D. to IMMEDIATELY INCREASE their tax revenues substantially, and will create a tax base which will provide even greater revenue in the very near future. In the case of the J.D. Russell Company, a tax abatement will make sound economic sense for the Wylie I.S.D., and for the community. The proposed relocation property is currently being taxed on an agricultural exemption and provides the school district with an annual revenue of$158.66. If a four-year, abatement program were granted by the School Board, the rezoning of this property will generate an immediate return of$11,250.00 in 1993 for roll back taxes. In the 1994 and1995 tax years, an additional $7,411.00 would be generated each year. Projected revenue in 1996 and 1997, the last two years of the abatement, would be $8,797.00 per year in school taxes. Additionally, roll back taxes of$27,000 would be collected in 1995 when the J.D. Russell Company exercised its option to purchase the additional acreage from the Development Corporation of Wylie. Total projected revenues to the Wylie I.S.D. from this property by year-end 1998 (under the requested abatement plan) would be approximately $86,872. If the J.D. Russell Company relocates to another city and the land remains farmland, total revenue for the same period will be approximately $951.00. I have enclosed a chart to illustrate the comparison I have outlined. Jobs, tax base, economic well being, quality of life, exceptional educational opportunities, are all things the Chamber of Commerce is striving to enhance and promote. We desire to work with our School Board and City Council to achieve what is best for everyone in our community. The Wylie Chamber of Commerce supports approval of an abatement plan to assure the retention of a fine corporate citizen such as the J.D. Russell Company, and to open the door for future economic growth and prosperity. As always, I am available to you to provide any additional information or to answer any questions you may have. Thank you for taking the time to consider this very important issue. Sincerely, Ken Lane, President Wylie Chamber of Commerce KLK/bj Enclosure TAX CONTRIBUTION COMPARISON for Wylie I.S.D. Revenues PRESENT TAXES YEARS 1 &2 YEARS 3 & 4 YEAR 5 ALL 51 ACRES WITH 50% WITH 50% WITH NO TAX ABATEMENT TAX ABATEMENT TAX ABATEMENT $ 84.82 County School $3,961 County School $4,654 County School $8,615 County School $ 73.87 w.l.s.o. $3,450 W.I.S.D. $4,143 w.l.s.o. $7,593 w.l.S.o. $158.66 TOTAL $7,411 PER YEAR $8,797 PER YEAR $16,206 TOTAL PLUS: PLUS: Roll Back Taxes Roll Back Taxes $11,250.00 $27,000.00 Based on Market Value: Based on Additional $1,000,000.00 Property Valued At: Land-$50,000 $175,000.00 Buildings-$500,000 Note:Additional Buildings Concrete-$250,000 and businesses not Equipment-$200,000 included Note 1: Current assessed market value for property is $203,000, but taxable agriculture value is $10,000. Note 2: All projections on this chart are based on realistic cost estimates for the new facility and equipment. Mr. President and fellow board members: I am C.C. Womack, Executive Director of the Development Corporation of Wylie. The principal objective of the Corporation is dedicated to the creation and retention of jobs within the City of Wylie. I thank you for this opportunity to visit with you about an important request that we would like you to consider. My Board of Directors has requested that I appear before you and request you consider a tax abatement agreement with a local company that has decided to expand and relocate their manufacturing facility. Several sites outside the City have been considered, especially a neighboring city where the company owner currently owns a►i industrial site. For the past several weeks, we have been trying to keep the J.D. Russell Company from moving or building a facility in another city. To indicate our desire, the Corporation has negotiated a purchase of unimproved farm land for future industrial development. Approximately twelve acres will be deeded to the Russell Company free and clear of debt. They will immediately request the City of Wylie rezone, the deeded property from agricultural to industrial classification. When the reclassification has been approved, they will immediately seek a building permit to construct their new facility consisting of approximately fifty thousand square feet. They will occupy approximately eight and one half acres, and the remaining two and one-half acres will be retained for building a new manufacturing facility for another local industrial company that plans to expand within a two year period. The Development Corporation has agreed to give the J.D. Russell Company a two year purchase option on the acreage remaining in the original site. They will replat the property into several parcels to be rezoned as industrial building sites. Each time a property is rezoned a "roll back tax" is collected from the owner. The current roll back tax on this property will amount to approximately fifty-one thousand dollars, and the Wylie I.S.D. will be the largest recipient of these additional tax funds. Ladies and gentlemen of the Board, it is a proven fact that in today's competitive market for the creation and retention of jobs, both the private and public sectors must work together to generate a wholesome business attitude for the continued growth of any community. There is hardly a day that passes when someone will ask the question "When is Wylie going to get a Walmart, a Home Depot, a Braums, a Chili's, or many other popular business names. My standard answer is "This will not happen until there are more roof tops located in Wylie." The only way to accomplish accelerated growth is to increase our industrial and retail job markets. Not only will this produce more job opportunities, but will help decrease the tax burden that is now being placed on the individual homeowner. My mission tonight is to ask this board to consider an individual tax abatement program for the J.D. Russell Company. Our surrounding cities and school districts have established tax abatement incentives for the retention and attraction of new business. I can make available to each of you a copy of the current tax abatement programs being offered by Dallas, Richardson, Garland, Plano, Allen, and McKinney school districts. Most have discovered that this and other incentives are a prime motivating factor for any business to consider when building or relocating in their city or school district. The City of Wylie has recently adopted a tax abatement program and we believe they have unofficially agreed to negotiate a plan with the J.D. Russell Company. We believe other taxing entities will approve a tax abatement program provided the City of Wylie and the Wylie I.S.D. both agree on a tax abatement plan for the J.D. Russell company. We believe there will be no immediate loss in tax revenue dollars should you approve a plan, and we know there will be a substantial reward should this project become a reality. • We sincerely believe that both the public and private sector should make a concentrated effort to retain this fine company in our city. The net result will be more jobs and the taxing entities will generate a considerable increase in revenues within a short period of time. Thank you again for letting me share this brief time with you. I will be happy to answer any questions you may have regarding our negotiations with the J.D. Russell Company. • 2144423 60 U RUSSFI.1.. TEXRS LTD 1 Pa2 rl K. 29 'R 1 : 11 THE J. D. RUSSELL COMPANY July 29, 1993 Charlie WoiQack Rxet;utive Director Development Corporation of Wylie, Inc. 108 West garble Wylie, TX 75098 Mr . Womack : First, The JD Russell Company would like to thank you, Mr . Womack, for all the negotiations and hard work that you have put into our relocation and expansion project. We look forward t4 working with you and the Development Corporation in the future to bring more tax-producing industries to Wylie and provide this community with economic growth. Just a► reminder that The JD Russell Company properties and buiidinge are owned by Penvesco. All property will actually be deeded to Penvesco . As verbally agreed, The JD Russell Company requests that the Development Corporation provide fifteen thousand dollars ( $15, 000) for moving expenses . These funds will be paid when site dirtwork begins on the 11 .398 acres to be deeded to The JD Russell Company, The JD Russell Company (Penvesco ) agrees to the following terms and conditions of our agreement with The Development Corporation. Thp Devellinvent CorpoKation wU-i : 1. purchase approximately 51 . 53 acres of land (Abstract 835, Tract 17 ) to be developed into hen industrial park . 2 . Agreed purchase price of two hundred thousand dollars ( $200, 000) . 3 . Cost per acre of three thousand eight hundred eighty-one dollarn and fifteen cents ($3881 , 15) . 4 . Simultaneously at closing, DCW will deed JDR eleven point three nine eight acres (11. 398 ) for immediate development, this property will be referred to as Phase 1 . 5 . DCW will furnish JDR a copy of an invironmentaj Study indicating no environmenta1 problems . ,7 Initial � 3 21444233G0 J D PUSSEL1. 1LXPS EZ)1 Pi3.3 AL. '93 13:11 NIIUMMWINimmr THE J. D. RUSSELL COMPANY Page 2 6 . Seller will provide JDR a complete boundary survey of 51. 53 acres; with the 11 . 398 acres to be ,deeded to JDR designated . 7 . DCW will execute an option Purchase Agreement to JDR for the purchase of the remaining forty point one three three acres (40.133 ) at 6 percent interest per year on the original purchase price. Thin property will be referred to a9 Phase 2. 03881. 15 Purchase Price, I?er Acre + 232.. 87 Plus 6% 04114.02 JDR Purchase Price Per Acre If Purchased In Gees Than 12 Months From Date Of Closing $165, 107 .96 Total Price 40.133 Acres If Purchased In Lean Than 12 Month From Ddto of c1ohing • 4 246,84 Additional 6% $4360 . 86 JDR Purchase Price Per Acre. If Purchased In More Than 12 Months From Date Of Closing $175, 014 . 39 Total Price 40 , 133 Acres If Purchased In More Than 12 Months Prom Date of Closing 8 . Purchasse option will be no longer than a two ( 2) year period. 9 . Development of the 40 . 133 acre option property is contingent upon the closing of Maxwell Creek Landfill unless there are prospects available for the property prior to the landfill 'e closing. 10 . It is not the intent of JDR to sell any of the optional property prior to their actual ownership or prior to development . However, it JDR. elects to sell its option DCW may elect to keep the property through a "firrst refusal agreement" . 11 . DCW will provide JDR with fifteen thousand dollare ( $15, 000) for moving expenses . This money will granted to .IDR when sita dirtwork of the Phase 1 property begins . 12 . JDR surveyors, Site Engineers, and Geotechnical Engineers will have access to the property prior to closing. 7,' Initial iv 5 . JD' wi11 cor trru a nc to bl stAco thet� w i so"ut 'f. c� R 1 \ l ,Cxinna otrr; R pen ,y Road ap rcix r�tc\iy g3��fect to end in a CU1-de'-sa�^Jas �axt\-of our' Phi/r.e 2 1 444 23560 J D f,'JSS;ELL TEXAS R52 P01 JUL 2Q '93 13:1'r THE J . D. RUSSELL COMPANY Page 3 t The JDRusse ,l MParly (Penve6CO1 w, lIz 1 . JDR agrees to pay $4114 . 02 per acre for the Phase 2 property if purchased in less than one year following closing of the Phase 1 property. JDR agrees to pay $4360 . 85 pet acre for. the Phase 2 property if purchased in more than one year following closing of the Phase 1 property. 2 . 3DR will escrow with DCW at closing a sum of twelve thousand dollars ( $12,000) to be refunded when Roll Back Taxes are due on the 11 .398, Phase 1 property at the time it its rezoned from "Agriculture" to "Industrial" . 3 . JDR will escrow an additional twenty thousand dollars ( 020, 000) as good faith that development will begin on the 11. 398 Phase 1 property as soon an Industrial zoning Is granted by CW. When rite dirtwork begins on the Phase 1 property, DCW will refund the $20, 000 to JDR. 4 _ JDR will forfeit all escrow moniesland deed 11 . 398 acres for Phase 1 back to DCW if development does not begin within one year following closing . 5. JDR will construct a concrete public street that will extend south from Regency Road approximately 430 feet to end in a cul-de-sac as part of our Phase 1 protect . 6 . JDR will install water and sewer lines, as designed by JDR site engineers and to CW specifications, along the 430 foot roadway in Phase 1. Any additional fees, other than regular filing fees, for reviewing these plans will be horn by CW. 7 . JDR will construct a concrete public street connecting Regency Road and Hooper Road as part of development of Phase 2 property. Construction of this road will begin as soon as there is a need for development of the Phase 2 property. 8 , JDR will escrow fifty-thousand dollars ( $50, 000 ) in the form of a surety bond or letter of credit with the City of Wylie to ensure the extension and completion of a public street connecting Regency and trooper Roads . / � Initials %f5 2144423568 J D RUST 7E 052 P02 RA- 29 _93 1.3:17 THE J. D. RUSSELL COMPANY Page 4 This surety bond or letter of credit will be issued at closing of the phase 2 property provided that cW has rezoned the Phase 2 property to Industrial and CW has implemented an improvement agreement with sufficient scheduling of improvements to Regency Road and upgrades to the water pump station at Steel Road and Hooper Road. The surety bond or letter of credit will be returned to JDR when the public roadway connecting Regency and Hooper Roads is complete. 9 JDR will providendscaping f developed t o 10 . JDR will pay for all building and other fees required by all public entities . Teens and Covenant$ Not CQgtpletely Re congiledi doping on Contract Sgptingent Upon Satisfactory Agreements On The Following Ittnnn : 1 . Commitment from City of Wylie (CW) confirming completion date of upgrades to Regency Road north of Steel Road to make it comparable to Regency Road south of Steel . Target Date July 1996 2 . Commitment from CW confirming that ,upgrades to the water pump station near Steel will be made within 120 days of notice that Phase 2 development will begin. 3 . Commitment that CW will provide installation of water and sewer lines along 2200 Foot public roadway for Phase 2 development; with CW incurring impact fees for Phase 2 , 4 . CW will reduce water and sewer impact fees to a Commercial Rate of approximately $12, 600 for the Phase 1 property. 5 . Tax Abatement will be granted by all taxing agencies at fifty percent (50%) for the first four years following completion of JDR 's new facility, to begin in 1995. In1tials/" / DEVELOPMENT CORPORATION OF WYLIE P. O. Box 1467 (214) 442-7901 Wylie, TX 75098 C. C.WOMACK Executive Director July 26, 1993 Mr. Tom McCarthy The Staubach Co. Dear Mr. McCarthy: Thank you for your telephone call today in which you mentioned Wylie as a possible relocation site for one of your clients. We welcome the opportunity to tell you about our city and how relocating here could benefit your client. Your telephone call was referred to this office because this is a non-profit corporation organized to create and retain jobs within the city of Wylie. Our funds are generated by a one-half cent sales tax which can be used for cash grants, ownership of properties, funding low interest loans and other financial incentives that attract new business to our city. The city of Wylie and the Wylie Independent School District have both indicated a willingness to consider a "tax abatement" program for any company interested in a possible move into this area. Each "tax abatement' incentive agreement is decided individually on the pertinent facts presented by each individual applicant. Recently, the city offered to negotiate "impact fees" with a new prospective employer. They may additionally consider furnishing utilities to a property site if the service is not already available. This corporation is currently negotiating a purchase of approximately fifty two acres of undeveloped land for a new industrial park. Some eleven acres will be deeded free of debt to a local company for their plant relocation. Simultaneously with the closing, the company will sign a two year option agreement to purchase the remaining acreage at a pre-determined price. We would be interested in discussing a similar program with you or your client. Our corporation has a professionally prepared six to seven minute video tape showing some of the major employers and other highlights of our city. We would be happy to make a copy available to you, at your request. We will "fax" under separate cover, a list of available industrial properties now being offered for sale. There are other excellent sites available which have not been included because they have a current agricultural classification. These properties can be re-zoned without any problems. We would be most appreciative if you would permit us an audience with you and your associates . Please call if you would like to schedule a luncheon meeting where we can become better acquainted or if you need additional information. Sincerely yours, C. C. Womack MEETING DEVELOPMENT CORPORATION OF WYLIE, INC . TUESDAY , JULY 13 , 1993 4 : 00 PM WYLIE CHAMBER OF COMMERCE OFFICE 108 WEST MARBLE WYLIE , TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of June 8 , 1993 Regular Meeting and June 24 , 1993 Special Meeting of the Development Corporation of Wylie , Inc . 2 . Discuss and Consider Treasurer ' s Report Ending 06/30/93 . 3 . Report from Executive Director : A . Physicians Regional Hospital Status Report B . Major Employer Relocation Status Report C . Jim Meara , D/B/A The Meara Company Status Report D . Craney & Maintenance , Inc . Status Report E . Report on Meeting with Representatives from Applied Powder Technologies , Inc . F . Report on Discussion with S-Line Corporation, Dallas Texas Regarding Relocation Plans G . Report on Telephone Call from Roberts Manufacturing Company . 4 . Review and Approve Budget for Year Beginning 10/01/ 93 and Ending 09/30/ 94 5 . Recess Open Meeting " 6 . Convene to Executive Session A. Update on Contract to Purchase Tract of Land for Future Development . B . Review and Make Decision for Financial Assistance Request from Three Local Businesses . C . Discuss Purchase and Building Out of Existing Industrial Lots . 8 . Reconvene Open Meeting 9 . Citizen Participation . Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five ( 5 ) Minutes . 10 . 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 is2 day of , 1993 at 108 West Marble , in the City of Wylie , Texas , for the purpose of considering the above agenda . r^ Mary Ni&hols , City Secretary POSTED THIS THE -K- DAY OF , 1993 , AT-5O F M. DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC . MINUTES JUNE 8 , 1993 The Directors of the Development Corporation of Wylie, Inc . met in regular session at 4 : 00 P .M. on Tuesday , June 8 , 1993 in the Development Corporation' s office at 108 W . Marble, Wylie , Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law . Those present were President Jim Smith, Vice President James Blakey , Secretary/Treasurer John Yeager and members John Mondy and 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 . President Jim Smith called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF MAY 8 , 1993 REGULAR MEETING : The minutes of the May 11 , 1993 meeting should read ( 38 . 53 ) not ( 35 . 83) . There being no other corrections to the minutes James Blakey made a motion that they be approved without any further corrections , seconded by John Mondy . The motion carried with all in favor . DISCUSS AND CONSIDER APPROVAL OF TREASURER' S REPORT: Total corporate funds as of May 31 , 1993 were $439 , 513 . 39 . Expenses for May were $6 , 119 . 11 and revenues were $27 , 818 . 25 . Total available funds were $318 , 227 . 79 . A motion was made by John Tobin to accept the Treasurer ' s Report as read and was seconded by James Blakey . The motion carried with all in favor . (See attached report at the end of these minutes ) . REPORT FROM EXECUTIVE DIRECTOR: A . Physicians Regional Hospital Status Report - The hospital was closed for eight days and the Medical Plaza building should reopen within the next ninety ( 90 ) days . All patients were removed from the hospital immediately after the tornado and no fees were generated during the closed period. All tenants in the professional building have moved to other locations . A hearing was scheduled by the court for May 26 , 1993 but has been rescheduled for late July or August on the bankruptcy petition . B . Major Employer Relocation Status Report - A recent conversation with local management reveals no decision has been made by the corporate office . Mr . Womack ' s contact indicated that the home office was going through some management changes and this has delayed any definite decision on the relocation of the Dallas facility . He agreed to keep us abreast of any new deveiocments . C . FERMA-TUNE Inc . Status deport - Management feports business has been better than expected . Two employees have been added to meet current demands . One local company came to their rescue when a supplier failed to supply parts as scheduled and it didn ' t become necessary to stop production . Mr . Lenarduzzi continues to be happy with his move to Wylie and is anxious to sell his California home so he can establish a permanent residence in Wylie . D . GINNY ' S Inc . Status Report - Company has completed their move to their new location in the old Post Office building . They need more space and are looking for a facility where their patterns can be stored . Employees are happy with the new location because there are windows in the building that make their working area a much more attractive area . Mrs . Leon (owner) has discussed the possibility of asking the corporation for financial assistance to help defray some of their moving and renovating expenses . E . Jim Meara , D/B/A the Meara Company Status Report - Mr . Meara has continued to meet with the City Manager to reach an agreement for some relief on this item. The City Council declined Mr . Meara ' s request for the city to dace a - moratorium for two years on the collection of impact tees when requesting a building permit on an existingeloped building lot . Mr . Meara reported that negotiations fcr the sale of this property to General Homes is in its final stages . F . Crane Safety & Maintenance , Inc . - Mr . Crisuolo continues to negotiate a land purchase from Provident Bank and has requested they consider providing interim and permanent financing on the new facility . The bank has agreed to consider this request but additional information is needed before they will make a decision . Mr . Criscuolo is developing the final plan and estimated cost of the new facility . He will be spending the first week in June erecting a large crane in Denver , Colorado and this will delay completing the information for the bank . He believes all the financing will be furnished by the bank and there will be no need for the corporation to provide any financial assistance . G . Update on Plans to Honor Mr . Hiroshi Takahashi , Chairman/President and C . E . O . , Sanden International (U . S .A. ) , Inc . - Sanden is hosting a farewell reception honoring Mr . Hiroshi Takahashi at the Bristol Suites Hotel in Dallas on June 10 , 1993 from 6 : 00 P .M. - 8 : 00 P .M. The members of the Development Corporation have been invited . H . Mr . Womack informed the board that he had visited with each business that had sustained damage from the tornado . They were told that the Development Corporation would consider any request for financial assistance if the need was necessary to get them back into production as soon as possible . No requests for assistance have been received . RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A . Update on Contract to Purchase a Tract of Land for Future Development . B . Update on Request by Two Local Em' lo,Yers interested .in Financial Assistance to Relocate t :e, r Current Operations . C . Report on Another Company that i. Planning a Relocation snO Has some Interest to the Wylie area . RECONVENE REGULAR MEETING A . A motion was made by John Yeager to purchase the 51 . 531 acres at a cost not to exceed $200 , 000 . 00 . The motion was seconded by John Tobin. The motion carried with all in favor . B . No action taken . C . No action taken . CITIZEN PARTICIPATION : None There being no other business for discussion a motion was made and seconded that the meeting be adjourned . Minutes of the June 8th 1993 , regular meeting approved by the Board of Directors at its meeting on July 13th, 1993 . Jim Smith , President PREPARED BY : (}01--/- Anita Collins DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE , INC . MINUTES JUNE 24 , 1993 The Directors of the Development Corporation of Wylie , Inc . met in a special session at 4 : 00 P .M . on Thursday , June 24 , 1993 in the Development Corporation ' s office at 108 W . Marble , Wylie , Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law . Those present were Secretary/Treasurer John Yeager and members John Mondy and John Tobin and new members Tim Robinson and Raymond Cooper . Executive Director Charlie Womack , and Mayor John Akin . In attendance from the City Staff was Anita Collins . Secretary/Treasurer John Yeager called the meeting to order . ADMINISTER OATH OF OFFICE TO NEW MEMBERS : Anita Collins administered the oath of office to new members Tim Robinson and Raymond Cooper . NOMINATE NEW CORPORATE OFFICERS : John Tobin nominated Raymond Cooper for President , the nomination was seconded by Tim Robinson. There were no further nominations for President . The board voted on the nomination of Raymond Cooper for President and all were in favor . Mr . Cooper then called for nominations for Vice-President . Tim Robinson nominated John Tobin for Vice-President , the nomination was seconded by John Mondy . There were no further nominations for Vice-President . The board voted on the nomination of John Tobin for Vice-President and all were in favor . NAME OFFICERS AUTHORIZED TO SIGN CHECKS TO WITHDRAW CORPORATE FUNDS FROM AMERICAN NATIONAL BANK IN WYLIE AND PROVIDENT BANK, WYLIE : All three officers are authorized to sign checks to withdraw corporate funds . Checks require signature of any two of the officers . REVIEW CURRENT FINANCIAL STATUS OF CORPORATION: The board reviewed the current financial status of the corporation (See attached report at the end of these minutes) . DISCUSS NEW (1994) BUDGET: The board discussed what they felt should and should not be included in the budget . The board felt they should budget to attend trade shows in order to advertise our City. The board also felt they should consider providing industrial buildings for businesses considering moving to Wylie . CONVENE TO EXECUTIVE SESSION : A . Update on Request by Two Local Employers Interested in Financial Assistance to Relocate their Current Operations . RECONVENE REGULAR MEETING A motion was made by Tim Robinson to authorize Charlie Womack to make a proposal to the J . D . Russell Company as follows : The Development Corporation will ''live them 15 acry they in turn will come up with the money for the rollback taxes _.-. l the option to buy . The Development Corporation will attempt to get the right of first refusal in contract , a.r,rtie . if that becomes an obstacle and = y _:loll- else =s ridnt they will withdraw that e u_ _ e,, .- _ . The : _ ci _. the land owner . J . D . Russell and tne Corporation shall .:cc_. The motion was seconded by Jon:__ Yeao.er _i L _ _ _ l� '_ ., all favor . CITIZEN PARTICIPATION : None There being no other business for discussion a motion was made and seconded that the meeting be adjourned . Minutes of the June 24th 1993 , special meeting approved by the Board of Directors at its meeting on July 13th, 1993 . Raymond Cooper , President PREPARED BY : i Anita Collins TREASURER'S REPORT 6/30/93 Ending balance -5/31/93 Provident Bank -Wylie 93,704.00 American National Bank-Wylie 224,341.99 C/D #400001820 (American National) 121,285.60 Petty Cash (Provident Bank) 181.80 Total funds available 5/31/93 439,513.39 Income Regular checking funds 5/31/93 318,045.99 Sales tax revenue 14,483.26 Interest earned 677.91 Escrow refund 1000.00 Total demands funds available 334,207.16 Expenses G.T.E. Southwest, Inc. 59.37 Oakridge Country Club 73.00 City of Wylie (contract labor) 57.25 Provident Bank -Wylie (941 tax) 470.00 C.C. Womack 1,783.00 Perna-Tune Electronics, Inc. 3,428.90 AARP Group Health Ins. Program 177.50 Total expenses 5,949.02 Total demands funds 6/30/93 328,258.14 Petty cash funds 5/31/93 181.80 Wylie Printing & Office Supply 2.95 Wylie Chamber of Commerce 7.50 Balance available 6/30/93 171.35 Total demand &petty cash 6/30/93 328,429.49 C/D #400001820 balance 5/31/.93 121,285.60 Interest earned during month 300.72 C/D value 6/30/93 121,586.32 121,586.32 Total corporate funds 6/30/93 450,015.81 (1) C/D #400001820 totaling $121,586.32 is pledged to American National Bank, Wylie to secure a loan for Physicians Regional Hospital that has a current balance of$111,839.90 (2) 1/20/93 Commitment totaling $10,000.00 to reimburse Perma-Tune Electronics, Inc. for moving expenses. A total of$6,963.70 has been paid reducing our current liability to $3,036.30 (3) 1/20/93 Committed a total not to exceed$6,000.00 to reimburse Perma-Tune Electronics, Inc. for partial expenses to train six (6) new employees who are permanently employed for a period of twelve (12) months. Total corporate funds available for future investments $329,139.61 Recap of funds on deposit with local banks: American National Bank -Wylie Provident Bank -Wylie 360,881.80 Total corporate funds 89,134.01 450,015.81 PROPOSED BUDGET Development Corporation of Wylie, Inc. 10/1/93 through 9/30/94 REVENUES: Projected tax revenues 224,000 Interest on deposits 12,000 TOTAL REVENUE 236,000 ACCOUNTING 1,200 Audit 500 Report preparations 1,700 TOTAL ADVERTISING Trade Shows 4,000 Go Wylie Chamber of Commerce 500 117000 Advertising Materials 1,000 Magazine &Newspaper Ads 1000 TOTAL 16,000 CONTRACT LABOR City of Wylie 900 Secretarial assistance 600 TOTAL 1,500 DUES Rotary Club of Wylie 400 Oakridge Country Club 520 North Texas Commission 1,000 Texas Industrial Development Council 95 American Economic Development Council 285 TOTAL 2,300 FURNITURE & EQUIPMENT Computer & Printer 1,500 Software 500 TOTAL 2,000 INSURANCE Liability 1,500 Fidelity Bond 2,050 Unemployment Compensation 650 I Iospitalization Supplement 2,200 TOTAL 6,400 LEGAL Loan Closings 1,000 Miscellaneous Legal 200 TOTAL 1,200 Development Corp. of Wylie Proposed Budget Page 2 MISCELLANEOUS Industrial Luncheons 1,000 Petty Cash Transfers 600 Mileage & Out of Pocket Expenses 400 TOTAL 2,000 POSTAGE Stamps 60 Special Mailings 40 TOTAL 100 PRINTING Regular 50 Special 150 TOTAL 200 PROMOTION Dallas Realty Fair 400 Various projects during year 600 TOTAL 1,000 PUBLICATIONS Wall Street Journal 200 Forbes 50 Miscellaneous Publications 50 TOTAL 300 SALARIES C.C. Womack 24,000 TOTAL 24,000 SUPPLIES Copier paper 75 Computer paper 75 Various supplies 50 TOTAL 200 TELEPHONE GTE (Basic Rate) 730 Long Distance 270 TOTAL 1,000 TRAINING Economic Development Institute 900 (2) Two Texas Engr. Extension Service 300 TOTAL 1,200 Development Corp. of Wylie Proposed Budget Page 3 TRAVEL C.C. Womack - .28 per mile 300 Trade Shows 700 TOTAL 1,000 TAXES Social Security 1,500 Medicare 400 TOTAL 1,900 Od Total Projected Expenses .64,900- ( ti D O d Summary of June Activities June has been a very active month for telephone inquiries, personal visits with many of the local business owners, preparation for "Industrial" luncheon and other related discussions with people who personally made a physical visit to my office. There has been some interest from firms and individuals making inquiries regarding the availability of suitable building for their particular needs. Most of the inquiries want information regarding tax incentives and what kind of financial assistance is offered by the Development Corporation. Two local investors are making plans to build separate industrial buildings for lease. This should meet our immediate need for small industrial buildings. Physicians Regional Hospital Most tornado damage to the hospital and Medical Plaza buildings have been repaired. The doctors that vacated the Plaza building after the tornado have either returned or plan to move in the immediate future. All will return except the dentist who has moved to another permanent location in the City of Wylie. Management has decided to use this vacated space to enlarge the geopsych unit and add an additional family practitioner who should add patients to the daily census count. The census count during June has broken all records for this month during the past five years. All available beds were occupied during the last two weeks of June. Management has estimated gross billing revenue for the month should reach approximately $860,075. This should cover some of the short-fall in revenue during the month of August. Ken Lane's secretary called and reported that an agreement has been reached between the parties involved in the past due loan discussions. She reported the hospital would make an immediate principal reduction of thirty thousand dollars ($30,000) and pay all past due accrued interest. They would continue to make a principal reduction of three thousand dollars ($3,000) each month plus pay the accrued interest until their financial business plan was approved by the court. We have requested that this agreement be ratified by a signed statement from all parties. Mr. Wedekind has reported that an agreement offer has been submitted by American Healthcare Management (AHM). All covenants are acceptable except the provision for the purchase of a ten percent (10%) limited partnership interest owned by AHM. Mr. Wedekind feels the court will dismiss their (AHM) petition for Chapter VII liquidation and will address this issue when the reorganization plan is approved. Mr. Wedekind continues to negotiate with a prospective purchaser of the entire medical facility and land from AHM. The purchaser must be willing to spend an additional one million, two hundred thousand dollars ($1,200,000) for renovation of current facilities and adding an additional twenty (20) patient rooms. He continues to be optimistic that present negotiations will be successful, but will not be finalized until after the bankruptcy plan has been approved by the court. June Activity Summary Page 2 Major Employer Relocation Status Report Management continues to report that all re-location plans have been placed on hold until certain events are finalized. We have been told that Wylie will continue as a possible relocation site when and if a moving plan is resurrected. We shall continue to visit with our contact at least monthly until we have been informed that all future relocation plans have been terminated. Jim Meara d/b/a/The Meara Company The Wylie Planning and Zoning Board has approved the replating of the duplex building lots in the sub-division to fifty-eight (58) single family residential lots. Recommendations of the P & Z board will be reviewed and a final decision will be made by the Wylie City Council in their next meeting scheduled for July 13, 1993. Mr. Meara reports his efforts to have the impact fees waived by the city haven't been successful, but he will continue to research his options for a possible solution to this current problem. General Homes, Inc. continues to have an interest in building out the residential lots during a twenty-four (24) month period. They also have an interest in developing the remaining acreage if the developed lots are sold within the twenty-four (24) month period. This would create another one hundred (100) home in Wylie. Crane Safety and Maintenance, Inc. The company has signed a contract to purchase an industrial building lot from Provident Bank - Wylie. There are no immediate plans to construct a building until the lot is free and clear of debt. The company has bid several big jobs with good profit margins which if they are the successful bidder, should generate sufficient funds to liquidate lot debt and construct building. Currently management has no plans to request any financial assistance from the Development Corporation. Applied Powder Technologies, Inc. (APT) The company is wholly owned by the Chad family and their home office is located in Calgary, Alberta, Canada. Their production facility is located in Millford, Connecticut. APT purchases a ceramic oxide powder in bulk form from Russia, and then packages and distributes throughout the world. The company manufactures a broad range of metal powders at its facility in Connecticut for the North America coating industry. June Activity Summary Page 3 APT has planned for several months to expand their market worldwide and they have decided to locate a facility near an international airport and within a reasonable major seaport. A demographic study revealed that the Metroplex was an ideal location and would even improve should the North American Trade Agreement be ratified by the participating nations. APT's study further revealed five cities within the Metroplex are would be a good candidate for their consideration. One of these sites happened to be the City of Wylie. On the morning of Friday, June 25, I received a fax letter from Linda Johnson, with the Economic and Industrial Development Department of Lone Star Gas Company. Ms. Johnson asked that I prepare an agenda and a list of the participants that would attend a meeting the company officials scheduled for Monday, June 28. The meeting was held as scheduled and the following named individuals gave of their time to meet with Jeffery J. Chad, President, and Charles Allen, Corporate Development of APT: Steve Norwood, City Manager Ken Lane,President, Wylie Chamber of Commerce John Tobin,President, Starlight Homes, Inc. Rodger "Rod"Taylor, General Manager of Human Resources, Sanden International (USA),Inc. Larry Nulf, Vice President&General Manger, Holland Hitch of Texas, Inc. Ray Turner,President& C.E.O., Provident Bank-Wylie C.C. Womack,Executive Director,Development Corporation of Wylie The meeting was very informal, but a very constructive dialogue was presented by all participants. The participants representing APT presented the criteria that they would use in choosing a site for a new facility. These requirements are as follows: Location: Pro-business community Free Trade Zone Status Proximity to rail an highway transportation 30 miles from major airport Affordable labor, real estate, and support services Facility: 10,000 sq. ft. building/expandable to 20,000 sq. ft. 7,500 sq. ft. warehouse 5,000 sq. ft. production 2,500 sq. ft. office Lease with option to purchase Sprinkler system Air-conditioned One (1) loading dock Fifteen Foot (15') ceiling height Ability to hand dust collection system June Activity Summary Page 4 Financing: Three hundred fifty thousand dollar ($350,000) for immediate capital investment General consensus among the Wylie participants was disappointment because they felt APT management was prepared to make a formal presentation of their future plans and financial needs. It appeared they wanted to become acquainted with the area and never intended to enter into a serious discussion during their initial visit. It was getting late and they had another scheduled meeting before retiring for the evening. Status Report of J.D. Russell Company Negotiations between the Development Corporation of Wylie, Inc. (DCW) and the J.D. Russell Company(JDR) have been completed with each agreeing to the following described terms and covenants: Development Corporation of Wylie (DCW) 1. Purchase approximately 51.53 acres of land to be developed into an industrial park. 2. Agreed purchase price of two hundred thousand dollars ($200,000.00) 3. Cost per acre of three thousand eight hundred eighty-one dollars and fifteen cents. ($3,881.15) 4. Simultaneously at closing DCW will deed to JDR approximately eleven point three nine eight acres (11.398) for immediate development. 5. DCW will furnish JDR a copy of an Environmental Study to be made by Helmberger Associates. 6. DCW will execute an option purchase agreement to JDR for the purchase of the remaining forty plus one three three acres (40.133) at a take down price of forty-five hundred dollars ($4,500) per acre. 7. Purchase option will be no longer than a two year(2) period. 8. DCW will have a "first refusal agreement" on any subsequent proposed land sale by JDR prior to their actual ownership of the optioned property. J.D. Russell Company (JDR) 1. JDR will escrow with DCW at closing a sum of twelve thousand dollars ($12,000) to be refunded when "roll back taxes" are due when the eleven point three nine eight acres (11.398) are rezoned from "A" to an "I" classification. 2. JDR will escrow an additional twenty-one thousand seven hundred dollars ($21,700) to pay for the twenty-four month (24) purchase option totaling one hundred eighty thousand five hundred ninety-eight dollars and fifty cents ($180,598.50) (a) The escrow amount will be credited toward the purchase price should option be exercised within the two (2)year period. (b) The escrow amount is calculated on a six percent (6%) interest charge on the proposed purchase price of one hundred eighty thousand five hundred ninety-eight dollars and fifty cents ($180,598.50). J.D. Russell Status Report Page 2 3. JDR will immediately, after closing, begin development of a new industrial building for their occupancy on approximately eight point eight nine eight acres (8.898) and the remaining two point five acres (2.5) will be made available for the future home of Fab-Tech, Inc. 4. JDR will begin construction of a public street from the end of Regency Road to a cul de sac in the center of the purchased property and then extend street to the eastern property line of the deeded land. 5. JDR will escrow sufficient funds with the City of Wylie (CW) to ensure the extension and completion of a public street from their eastern property line to Hooper Road. (a) Construction of road will begin immediately after the remaining property is purchased. 6. JDR will provide landscaping of deeded property to satisfy DCW and CW. 7. JDR will pay for all building and other fees required by all public entities. Terms and Covenants not completely reconciled. 1. No agreement on who will be responsible for the repaving or repairing of Regency Road from Hwy 544 to Steel Road. 2. JDR wants a letter from CW confirming date when repairs to water pump station near Hooper Road will be completed. 3. Who will pay to extend utilities from existing lines to new plant site. 4. If CW is going to reduce impact fees because JDR is a small water user. 5. What, if any, tax abatements are going to be offered by any of the taxing agencies. MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. THURSDAY, JUNE 24 , 1993 4 : 00 PM WYLIE CHAMBER OF COMMERCE OFFICE, 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Administer Oath of Office to New Members 2 . Nominate New Corporate Officers 3 . Name Officers Authorized to Sign Checks to Withdraw Corporate Funds from American National Bank in Wylie And Provident Bank , Wylie Alm., der144.4,141. 4 . Review Current Financia Status of Corporate n Jer Lit 5 . Discuss/� New (1994) Budget ,f- pc.4,e," P c + r « ax ie !. AL„, emiA6 . Recess Open Meeting "" 7 . Convene to Executive Session A. Update on Request by Two Local Employers Interested in Financial Assistance to Relocate their Current Operations . 8 . Reconvene Open Meeting 9 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes . 10 . Adjourn. NOTICE OF MEETING Notice is hereby given that the Economic Development Coyporation)--t ,,--- Board of Wylie will meet at 4 : 00 P.M. on the � � day of , 1993 at 108 West Marble, in the City of Wylie, Texas , for the purpose of considering the above agenda. ‘.4 /C. .aJ Mary Ni hts , city Secretary POSTED THIS THE / " - DAY OF ,/(- .`. ,_ - , 1993 , AT 5:00 RM. MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, JUNE 8 , 1993 4: 00 PM WYLIE CHAMBER OF COMMERCE OFFICE, 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of May 8, 1993 Regular Meeting of the Development Corporation of Wylie, Inc. 2 . Discuss and Consider Treasurer's Report Ending 05/31/93 . 3 . Report from Executive Director: A. Physicians Regional Hospital Status Report / B. Major Employer Relocation Status Report C. Perma-Tune, Inc. Relocation Status Report D. Ginny's Inc . Status Report E. Jim Meara, D/B/A The Meara Company Status Report F. Crane Safety & Maintenance, Inc. G. Up-date on Plans to Honor Mr. Hiroshi Takahashi , Chairman/President and C.E.O. , Sanden International (U. S.A. ) , Inc. H. Brief Discussion of Mr. Womack's Visit with Several Companies that Suffered Damage to their Facilities During the Recent Tornado 4 . Recess Open Meeting 5 . Convene to Executive Session A. Update on Contract to Purchase a Tract of Land for Future Development . B. Update on Request by Two Local Employers Interested in Financial Assistance to Relocate their Current Operations . C. Report on Another Company that is Planning a Relocation and has some Interest in the Wylie area. 6 . Reconvene Open Meeting 7 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes . 10 . Adjourn. NOTICE OF MEETING Notice is hereby given that the Economic Development Co poration Board of Wylie will meet at 4:00 P.M. on the day of , 1993 at 108 West Marble, in the City of Wylie, Texas, for the purpose of considering the above agenda. 41444 f dusd2-4) Mary Ni hols, city Secretary POSTED THIS THE 1` DAY OF )121=-7 , 1993, AT M. DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC. MINUTES MAY 11 , 1993 The Directors of the Development Corporation of Wylie, Inc. met in regular session at 4 : 00 P.M. on Tuesday, May 11 , 1993 in the Development Corporation' s office at 108 W . Marble, Wylie, Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Jim Smith, Vice President James Blakey and members John Mondy and 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 . President Jim Smith called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF APRIL 11 . 1993 REGULAR MEETING : The minutes should reflect the action that was taken as a result of the executive session. Mr. John Yeager made a motion for Mr. James Blakey to prepare and submit , on behalf of the Corporation, a contract to purchase approximately thirty eight point five three (34. 3) acres of land not to exceed the cost of thirty five hundred dollars ($3 , 500 .00) per acre. His motion included for the Corporation to issue a check not to exceed one thousand dollars ($1,000 .00) to be used as an escrow payment . The motion was seconded by Mr . John Tobin. The motion carried with four members voting in favor and Vice-President James Blakey abstained. DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: Total corporate fund as of April 30 , 1993 were $417 , 510 . 29 . Expenses for April were $6, 484 . 24 and revenues were $17 , 240 . 31 . Total available funds are $290, 631 . 79. A motion was made by John Tobin to accept the Treasurer's Report as read and was seconded by James Blakey. The motion carried with all in favor . (See attached report at the end of these minutes) . REPORT FROM EXECUTIVE DIRECTOR: A. Physicians Regional Hospital Status Report - The hospital was adequately insured and they do have business interruption insurance . Their scheduled May 15th payment of $30 ,000 has been reduced to $10 ,000 and it continues to be seen if that payment will be made. Their payment schedules will have to approved by the Court and the Administer. The board discussed turning the CD into a direct loan to the hospital and charging interest . B. American Molds, Inc . Status Report - They have received their permit to expand their operations . C. Major Employer Relocation Status Report - Negotiations are continuing on this project . President Jim Smith requested that Mr. Womack get with the WISD School Board and set up a meeting between the Development Corporation and the WISD School Board to discuss tax abatement . nGitl S//, -- S-/i�,1 'yam-Ze 1M'S A - W�;abf D. PERMA-TUNE Inc . Status Report - This erapl oyer is noj located and operating in Wylie and is happy with his move here. 4 be ;� ,t. ., E. GINNY' S Inc. Status Report - This company will t moving in to the old post office located at Jackson and Oak. 43 F. Jim Meara, D/B/A the Meara Company Status Report - Mr . Meara has continued to meet with the City Manager to reach an agreement for some relief on this item. It appears there will be an item on the May 11 , 1993 City Council meeting to waive for a period of two years the Impact Fees on all existing developed building residential lots . G. New Prospect - Auto Photo Systems , Inc . - This prospect seems to have been lost to the City of Carrollton. H. Crane Safety & Maintenance, Inc . - Mr. Crisuolo has reported that the property he now occupies has been sold and he has 90 days to vacate the premises . He is interested in the Corporation either financing or leasing back a new facility for his company to occupy. He has an industrial lot in mind and claims that he can build a 3 , 500 sq. ft . facility for approximately $45 ,000 which includes the land cost . He claims that he can raise sufficient funds to have a 20% equity should the Corporation decide they would provide the permanent financing requirements . I . Possible Funding for a Dinner Honoring the Retirement of a C.E.O . of a Major Wylie Employer - The board recommended this item be referred to the Chamber of Commerce for their consideration. REVIEW AND DISCUSS THE POSSIBILITY OF THE CORPORATION SHARING IN THE EXPENSE TO REPAIR REGENCY DRIVE AND STEEL ROAD: The board discussed the cost estimates presented by the City. Mr. Jim Smith was concerned about whether the Development Corporation could actually do street repairs on an individual basis . The board discussed the feasibility of the property owners sharing in this cost of the renovation. RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Update on Land Purchase B. Review and Discuss Request for Financial Assistance Received from Two Local Employers Who are Interested in Relocating and Expanding their Facilities . RECONVENE REGULAR MEETING No action was taken in executive session. CITIZEN PARTICIPATION: None There being no other business for discussion a motion was made and seconded that the meeting be adjourned. Minutes of the May 11 1993 , regular meeting approved by the Board of Directors at its meeting on June 8th, 1993 . Jim Smith, President PREPARED BY: Anita Collins TREASURER'S REPORT ENDING MAY 31, 1993 Ending Balance 4/30/93 Provident Bank, Wylie $ 99,365.68 American National Bank, Wylie 196,981.17 C/D #4000001694 (ANB, Wylie) 120,974.14 Petty Cash, Provident Bank 189.30 TOTAL FUNDS AVAILABLE 4/30/93 417,510.29 INCOME Total demand balance 4/30/93 296,346.85 Sales Tax Revenue 26,930.47 Interest earned 662.78 Reimbursement (Wylie Chamber) 225.00 FUNDS AVAILABLE DURING MONTH 324,165.10 EXPENSES G.T.E. Southwest, Inc. 68.38 Provident Bank (IRS Payment) 470.00 Perma-Tune Electronics, Inc. 3,534.80 0akridge Country Club 40.05 American Express (Lunch) 28.88 City of Wylie (contract labor) 116.50 C.C. Womack 1,683.00 A.A.R.P. Group Health Ins. 177.50 TOTAL EXPENSES 6,119.11 TOTAL DEMAND FUNDS 5/31/93 318,045.99 PETTY CASH BALANCE 4/30/93 189.30 Wylie Chamber of Commerce 7.50 BALANCE AVAILABLE 5/31/93 181.80 TOTAL DEMAND AND PETTY CASH 5/31/93 318,227..79 C/D #400001820 (Amer. Nat'l Bank) $ 120,974.14 Interest Earned during month 311 .46 Value of C/D ending 5/31/93 121,285.60 TOTAL CORPORATE FUNDS 5/31/93 439,513.39 C/D #400001820 totaling $121,285.60 is pledged to American National Bank, Wylie to secure a loan for Physicians Regional Hospital that has a current balance of $1 1 1,359.18. 1/20/93 Commitment totalling $10,000.00 to reimburse Perma-Tune Electronics, Inc. for moving expenses. A total of $3,534.80 has been paid reducing our current contingent liability to $6,465.20. 1/20/93 committed a total not to exceed $6,000.00 to reimburse Perma-Tune Electronics, Inc for partial expenses to train six new employees who are permanently employed for a period of twelve (12) months. Total funds available to corporation for future investments 315,689.01. Recap of funds on deposit with various banks American National Bank, Wylie 345,627.59 Provident Bank, Wylie 93,885.80 TOTAL CORPORATE.FUNDS 5/31/93 439,513.39 ;. SUMMARY OF MAY ACTIVITIES There were indications the manufacturing segment of our business was beginning to improve until the tornado either partially or totally destroyed several of our major employers. I have visited each business that sustained damage and told each about the activities of the corporation. An offer was made that we would consider any request for financial assistance if the need was necessary to get them back into production as soon as possible. Most had not been able to assess their actual loss until a settlement was made with their insurance carrier. Few companies have returned to full production, but others will either begin operations soon or will totally move to another location. No formal request for financial assistance has been received but I believe at least two companies will ask for some kind of aid during the month of June. Gross sales revenue continue to increase which is a good indication the retail business continues to show improvement. The revenue check for this month has exceeded the amount of any previous remittances. Two of our oldest and most successful retail merchants have decided to either sell or close their business. This will have an effect on our future revenue unless a buyer is found before their scheduled closing date. `. " �4 - m4y oi4.� Telephone calls continue to be received from individuals who claim they represent companies planning to relocate their present activities. All inquirers want to know if there are any financial or other incentives that would be offered a company to move their operations to Wylie. They would refuse to give the name of the party they claimed to represent and would conclude the conversation by offering to call again if their client has any interest in considering relocating in the Wylie area. No follow up calls have been received. Physicians' Regional Hospital The hospital and Medical Plaza buildings received extensive damage during the tornado. The hospital was closed for eight (8) days and the Medical Plaza building should reopen within the next ninety (90) days. All patients were removed from the hospital immediately after the tornado and no fees were generated during the closed period. All tenants in the professional building have moved to other locations. Mr. Wedekind has made a trip to Philadelphia in an attempt to reach a compromise agreement whereby American Healthcare Management (AHM) would terminate the lawsuit that has delayed the hospital (PRH) from filing their reorganizational plan. No agreement was reached and management (PRH) is convinced AHM will not be satisfied until they have complete control of the hospital. A hearing on the Chapter VII bankruptcy petition was scheduled by the court for May 26, 1993. This meeting was postponed because the financial office (PRH) had to be relocated . due to the damage to their quarters and records. Management believes the hearing will be rescheduled for late July or early August. In the meantime depositions are being taken from all principal officers of each party involved in the current lawsuit. May Activity Report Page 2 Ken Lane reports no progress has been made to renegotiate the terms of their past due note. He claims the bank's legal staff continues to be in contact with the law firm representing PRH, but no agreement will be confirmed until the lawsuit is decided by the court. In the meantime, Mr. Mark Liston, Chief Financial Officer of PRH has agreed to escrow $10,000.00 plus accrued interest in a "special" account. Their lawyer will then petition the court to release the funds as a partial payment on their delinquent obligation. If no objections are filed by creditors, then the court will issue an order for the funds to be credited to their indebtedness. The census count on May 28, 1993 indicated eleven (11) patients in the geopsych unit and nine (9) in the medical/surgical area. Management has estimated the gross billing for May will reach five hundred eighty thousand dollars ($580,000). This will create a short-fall of approximately two hundred thousand dollars ($200,000.00), and will greatly affect their cash flow during the months of July and August. Management continues to be optimistic about the future existence of the hospital. They believe the court will permit their reorganization plan as submitted after the Chapter VII petition is denied. Their plan, if accepted, will greatly reduce their constant cash flow problems. Major Employer Relocation Status Report A recent conversation with local management reveals no decision has been made by the corporate office. My contact indicated that the home office was going through some management changes and this has delayed any definite decision on the relocation of the Dallas facility. He agreed to keep us abreast of any new developments. Perma-Tune, Inc. Management reports business has been better than expected. Two employees have been added to meet current demands. One local company came to their rescue when a supplier failed to supply parts as scheduled and it didn't become necessary to stop production. Mr. Lenarduzzi continues to be happy with his move to Wylie and is anxious to sell his California home so he can establish a permanent residence in Wylie. Giney's, Inc. Status Report Company has completed their move to their new location in the old Post Office building. They need more space and are looking for a facility where their patterns can be stored. Employees are happy with the new location because there are windows in the building that makes their working area a much more attractive area. Mrs. Leon (owner) has discussed the possibility of asking the corporation for financial assistance to help defray some of her moving and renovating expenses. May Activity Report Page 3 Jim Meara, DB/A The Meara Company Company continues to negotiate purchase of the remaining lots in the old Fox & Jacobs sub-division. An application has been filed with the City to replat the duplex lots into fifty- eight (58) single family residential lots. Each lot will consist of seven thousand to seven thousand five hundred square feet. Minimum building requirements will be increased from eleven hundred to fourteen hundred fifty square feet. The City Council declined Mr. Meara's request for the city to place a moratorium for two years on the collection of impact fees when requesting a building permit on an existing developed building lot. It is my understanding this is not a dead issue because the city attorney has been requested to continue a review of this controversial subject. Mr. Meara reports that negotiations for the sale of this property to General Homes, Inc. is in its final stages. They plan to build thirty homes during the first year and will develop the entire property within a two year period. Their homes will range in size from 1800 to 2400 square feet and will be priced from $90,000 to $130,000. Crane Safety and Maintenance, Inc. Mr. Criscuolo continues to negotiate a land purchase from Provident Bank and has requested they consider providing interim and permanent financing on the new facility. The bank has agreed to consider this request but additional information is needed before they will make a decision. Mr. Criscuolo is developing the final plan and estimated cost of the new facility. He will be spending the first week in June erecting a large crane in Denver, Colorado and this will delay completing the information for the bank. He believes all the financing will be furnished by the bank and there will be no need for the Corporation to provide any financial assistance. SA DEN SANDEN INTERNATIONAL (U.S.A.), INC. 601 SOUTH SANDEN BLVD.,WYLIE,TX 75098-4999 TEL.NO.(214)442-8400 TELEX 212306(SANDEN DAL) May 18, 1993 Mr. Charlie Womack Economic Development Committee 108 W. Marble Wylie, TX 75098 Dear Mr. Womack: I am writing to inform you that as of May 20, 1993, I will resign from the position of Chairman/President & CEO of Sanden International (USA), Inc. Mr. Michitake Naka,currently Senior Vice President,will be my successor. He is a fine individual and is eager to assume the responsibility. May I ask you to extend the same support and friendship to him as you have to me. In addition, I would like to take this opportunity to thank you most heartily for the years we have had the pleasure of working together, for your cooperation and for your never failing interest in the progress of our Company. My best wishes for your continued success and good health. Sincerely yours, iroshi Takahashi Chairman/President & CEO TKH:nlm/cl 93517154 MAIL ALL CORRESPONDENCE TO:601 SOUTH SANDEN BLVD.,WYLIE,TX 75098-4999 SANDEN INTERNATIONAL (U.S.A.), INC MR. CH.ARLIE WOMACK ECONOMIC DEVELOPMENT COMMITTEE-WYLIE YOU ARE CORDIALLY INVITED TO ATTEND A FAREWELL RECEPTION HONORING: MR. HIROSHI TAKAHASHI CHAIRMAN OF SANDEN INTERNATIONAL (USA), INC. 1987 - 1993 BRISTOL SUITES HOTEL Windsor Ballroom 7800 Alpha Rd. Dallas, Texas Thursday, June 10, 1993 6:00 PM - 8:00 PM PLEASE RSVP BY JUNE 8, 1993 214 / 442-8711 TOTAL P.001 05-2 ,-9' Ii : EF FI". FDI MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, MAY 11, 1993 4:00 PM WYLIE CHAMBER OF COMMERCE OFFICE, 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of April 13, 1993 Regular Meeting of the Development Corporation of Wylie, Inc. 2 . Discuss and Consider Treasurer 's Report Ending 04/30/93 . 3 . Report from Executive Director : A. Physicians Regional Hospital Status Report B. American Molds , Inc. Status Report C. Major Employer Relocation Status Report D. Perma-Tune, Inc. Relocation Status Report E. Ginny 's Inc. Status Report F. Jim Meara, D/B/A The Meara Company Status Report G. New Prospect - Auto Photo Systems , Inc. ORJ Crane Safety & Maintenance, Inc . IJ Discuss Possible Funding for a Dinner Honoring The Retirement of a C.E.O. of a Major Wylie Employer Review and Discuss the Possibility of the Corporation Sharing in the Expense to Repair Regency Drive and Steel Road. 5 . Recess Open Meeting 6. Convene to Executive Session A. Update on Land Purchase B. Review and Discuss Request for Financial Assistance Received from Two Local Employers Who are Interested in Relocating and Expanding Their Facilities . 7 . Reconvene Open Meeting 8 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes . 9. 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 11 day of 1993 at 108 West Marble, in the City of Wylie, Texas , for the purpose of considering the above agenda. c/,1 !� Mary N ' cho s , ity Secretary POSTED THIS THE DAY OF , 1993, ATS.• :J/'M. DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC. MINUTES APRIL 13 , 1993 The Directors of the Development Corporation of Wylie, Inc . met in regular session at 4 : 00 P.M. on Tuesday, April 13 , 1993 in the Development Corporation's office at 108 W. Marble, Wylie, Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Jim Smith, Vice President James Blakey, Secretary Treasurer John Yeager and member John Mondy. Member John Tobin arrived late. Executive Director Charlie Womack, Mayor John Akin and City Manager Steve Norwood were also present . In attendance from the City Staff was Anita Collins . President Jim Smith called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF MARCH 9, 1993 REGULAR MEETING : The minutes should reflect that the $120 ,000 listed as an expense was in reality a transfer of funds from Provident Bank to American National Bank . Revenues were $26, 921 . 87 and expenses were $26, 747 . 68 . There being no further corrections John Yeager made a motion that the minutes be approved as corrected. The motion was seconded by James Blakey.. The motion carried with all in favor. DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: A motion to accept the Treasurer's Report as read was made by James Blakey and seconded by John Mondy. The motion carried with all in favor. (See attached report at the end of these minutes) . REPORT FROM EXECUTIVE DIRECTOR: A. Physicians Regional Hospital Status Report - Weekly meetings are continuing with the hospital , the bank and Mr. Womack regarding the status of their ability to meet their debt . The hospital has filed for protection under Chapter 11 of the bankruptcy laws . The hospital did have a good March and is continuing to negotiate with their creditors to resolve the matter . B. American Molds , Inc . Status Report - The TACB is scheduled to make the final decision on their request for a permit on April 15 , 1993 . It is most likely that the TACB will approve the permit . C. Major Employer Relocation Status Report - Negotiations are continuing on this project . The board would like to see some response from the City, County and WISD on what kind of incentives they can offer. D . Perma-Tune Inc . Status Report - this employer is on his way and should be here on Sunday or Monday . They will be located at 709 Cooper . E. Ginny ' s Inc . Status Report - No progress has been made to find a suitable building for their production activities . They have a problem with the moisture in their current location. Two locations are available that meet their space requirements but the owners are only interested in selling . F . Jim Meara , D/B/A the Meara Company Status Report - Mr . Meara is continuing his efforts to find an acceptable builder to finish out the existing residential lots in the West Gate subdivision. He has been meeting with the City Manager and trying to negotiate some relief from the City on the current impact fees . G. New Prospect - Auto Photo Systems , Inc. - This company is domiciled in Tustin, California with its parent company being located in Surry, UK. They operate photofinishing laboratories and manufacture photographic booths and lease equipment . Their 1992 sales were $15 , 824 ,00 with an employee count of 120 . They would be willing to relocate if their current lease was bought out . The lease extends to November of 1996 and is reported to be $8 ,000 a month. H. Report on 27th Annual Economic Outlook Conference - Charlie Womack reported the highlights of the conference to the board members . REVIEW AND DISCUSS FINAL INDEPENDENT AUDITORS ' REPORT SUBMITTED BY RUTLEDGE CRAIN & CO. , P . C. FOR YEAR ENDING SEPTEMBER 1992 - The board discussed the audit and agreed that it accurately reflects the past year . A motion was made by John Yeager to accept it as presented, seconded by James Blakey . The motion carried with all in favor . UPDATE AND APPROVAL OF EXPENSE TO PURCHASE AERIAL PHOTOS FROM LANDISCOR - LANDIS AERIAL PHOTO, INC. - The photos are being worked on now and should be ready this week. A motion was made by John Mondy to pay the invoice when the maps are recieved. The motion was seconded by James Blakey . The motion carried with all in favor . RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Update on Land Purchase B . Discuss Purchase of Other Building Sites RECONVENE REGULAR MEETING No action was taken in executive session. CITIZEN PARTICIPATION: None There being no other business for discussion a motion was made and seconded that the meeting be adjourned. Minutes of the April 13 1993 , regular meeting approved by the Board of Directors at its meeting on May 11th, 1993 . Jim Smith, President PREPARED BY : Anita Collins TREASURER'S REPORT ENDING APRIL 30, 1993 ENDING BALANCE 3/31/93 Provident Bank, Wylie $ 89,072.08 American National Bank, Wylie 196,518.70 C/D #400001694 (ANB, Wylie) 120,619.72 Petty Cash, Provident Bank 342.84 TOTAL CASH ENDING 3/31/93 $406,553.34 INCOME: _ Total Demand Account Balances $285,590.78 /� Sales Tax Revenue 15,799.93 7 Interest Earned 691.13 Reimbursement (Aerial Maps) 749.25 FUNDS AVAILABLE DURING MONTH $302,831.09 EXPENSES: oakridge Country Club $ 40.05 GTE Southwest, Inc. 67.54 Provident Bank (IRS #944 Payment) 470.00 Rotary Club of Wylie 90.00 American Express (Car Rental) 165.40 Internal Revenue Services 140.77 C. C. Womack (Salary) 1,683.00 Landiscor Landis Aerial Photo, Inc. 2,070.00 Provident Bank (Escrow Payment) 1,000.00 Texas Employment Commission 162.00 Greater Dallas Assoc. of Realtors 225.00 C.C. Womack (Out-of-Pocket Expenses) 157.98 AARP Group Health Ins. Program 177.50 Bookkeeping Matters 35.00 TOTAL EXPENSES $ 6,484.24 TOTAL FUNDS AVAILABLE 4/30/93 $296,346.85 PETTY CASH BALANCE 3/31/93 $ 342.84 Office Depot 22.04 U.S. Postal Service (Stamps) 29.00 Brookshire's Food Store #76 80.00 Wylie Chamber of Commerce 22.50 BALANCE AVAILABLE 4/30/93 $ 189.30 TOTAL DEMAND FUNDS AVAILABLE 4/30/93 $296,536.15 C/D #400001820 (Amer. Natl. ) $120,619.72 Interest Earned During Month 354.42 TOTAL VALUE 4/30/93 $120,974.14 TOTAL CORPORATE FUNDS 4/30/93 $417,510.29 C/D #400001820 totalling $120,974.14 is pledged to American National Bank, to secure a loan for Physician's Regional Hospital that has a current unpaid balance of $110,878.50. 1/20/93 - Commitment totaling $10,000 to reimburse Perma-Tune, Inc. for their moving expenses from Anaheim, California. 1/20/93 - Committed $6,000 to reimburse Perma-Tune, Inc. for six (6) trainees that are permanently employed for a period of one year. TOTAL FUNDS AVAILABLE TO CORPORATION FOR FUTURE INVESTMENTS $290,631.79 Recap of funds on deposit with American National Bank $317,955.31 Recap of funds on deposit with Provident Bank $ 99,554.98 COMBINED TOTAL FUNDS $417,510.29 MEMORANDUMOire0tZC. -*RT DATE: February 2, 1993 TO: Steve Norwood/City Manager FROM: Jack Jones, Superintendent Public Works RE: Regency and Steel Road Overlay Per your request for an estimated cost of a 4" overlay of hot mix on Regency and Steel Road, I have pulled figures from 3 sources: REGENCY......DRIVE Estimated dimensions 1040 'L x 24 'W - 2774 sq. yds. A. Bolin Construction Co. (Jack Bolin) 1. 610 tons x $74.75 ton asphalt - (City Purchase) $15097.50 610 tons x $10. 00 ton laid (Contractor) $ 6100.00 2.3. Rental M/Grader - 1 Week (City) $ 915.00 4. Rental Power Broom - 2 Days (City) $ 250.00 5. Need Drainage Work First - (City) 0[)(1000000 Estimated Cost $22,362.50 B. North Star Paving Co. (APAC) (Steve Kutz) 1 . 610 tons x $31. 50 ton laid (Contractor) $19215.00 Rental M/Grader - 1 Week (City) `$ 915.00 2.3. Rental Power Broom - 2 Days (City) $ 250.00 4. Need Drainage Work First - (City) 000000000 Estimated Cost $20,780.00 C. Glen Thurman Paving (Kenneth Scott) 1 . 610 tons x $40.00 ton laid (Contractor) $24400.00 2. Rental M%Grader - 1 Week (City) $ 915.00 3. Rental Power Broom - 2 Days (City) $ 250.00 4. Need Drainage Work First - (City) 000000000 Estimated Cost $25,565.00 All rental and material prices subject to change without notice. / STEEL,....ROAD Estimated dimensions 2235'L x 24 'W - 5960 sq. yds. A. Bolin Construction Co. (Jack Bolin) 1 . 1312 tons x $24.75 ton asphalt (City Purchase) $32472.00 2 1312 tons x $10.00 ton laid (Contractor) $13120.00 3. Rental M/Grader - 1 Month (City) $ 2350.00 4. Rental Power Broom - 3 Days (City) $ 375. 00 5. Need Drainage Work First - (City) 000000000 Estimated Cost $48,717.00 B. North Star Paving Co. (APAC) (Steve k:utz) 1 . 1312 tons x $71 .50 ton laid (Contractor) $41328.00 2. Rental M/Grader - 1 Month (City) $ 2750.00 3. Rental Power Broom - 3 Days (City) $ 375.00 4. Need Drainage Work First - (City) 000000000 Estimated Cost $44,453.00 C. Glen Thurman Paving (Kenneth Scott) 1 . 1312 tons x $40.00 ton laid (Contractor) $52480.00 2Rental M/Grader - 1 Month (City) $ 2750.00 T. Rental Power Broom - 3 Days (City) $ 375.00 4. Need Drainage Work First - (City) 000000000 Estimated Cost $55,605.00 All rental and material prices subject to change without notice. xc: Brady Snellgrove, Finance Director Jim Holcomb, Purchasing Director 09 Goy _ o at'ad 4111 • () Ze- (/4(//q3 _ €9,,,t,„19 /7, '-‘)4 MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, APRIL 13 , 1993 4 :00 PM WYLIE CHAMBER OF COMMERCE OFFICE, 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of March 9 , 1993 Regular Meeting of the Development Corporation of Wylie, Inc . 2 . Discuss and Consider Treasurer ' s Report Ending 03/31/93 . 3 . Report from Executive Director : A. Physicians Regional Hospital Status Report ✓ B. American Molds , Inc . Status Report C. Major Employer Relocation Status Report .e ettft. D. Perma-Tune, Inc . Relocation Status Report444,14-040t0/1/4 E. Ginny ' s Inc . Status Report F. Jim Meara , D/B/A The Meara Company Status Report G. New Prospect - Auto Photo Sytems , Inc . ✓ H . Report on 27th Annual Basic Economic Development t/ Course conducted at Texas A & M University 4 , Review and Discuss Final Independent Auditors ' Report Submitted by Rutledge Crain & Co , P . C . for Year Ending September 1992 . 5 . Update and Approval of Expense to Purchase Aerial Photos From Landiscor - Landis Aerial Photo , Inc . 6 . Recess Open Meeting ✓` 7 . Convene to Executive Session A. Update on Land Purchase B . Discuss Purchase of Other Building Sites 11/4 S�.oa ` -''••- 8 . Reconvene Open Meeting 9 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes . 10 . 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 �-3 day of 6 e..-- , 1993 at 108 West Marble, in the City of Wylie, Texas , for the purpose of considering the above agenda. l h��t Mary Nich s , ity Secretary POSTED THIS THE AV DAY OF 1993 , AT O'•�D�T.M. MINUTES DEVELOPMENT CORPORATION OF WYLIE, INC. MARCH 9, 1993 The Directors of the Development Corporation of Wylie, Inc., met in regular session on Tuesday, March 9, 1993 at 4:00 PM in the Corporation Office at 108 W. Marble, Wylie, Texas. A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Jim Smith, Vice-President James Blakey, Secretary-Treasurer John Yeager, members John Tobin and John Mondy and Executive Director Charlie Womack. Also present were Mayor John Akin, City Manager Steve Norwood and secretaries, Mary Nichols and Barbara LeCocq. The meeting was called to order by President Jim Smith. ITEM NO. 1 - DISCUSS AND CONSIDER APPROVAL OF MINUTES OF FEBRUARY 9, 1993 REGULAR MEETING OF THE DEVELOPMENT CORPORATION OF WYLIE, INC. - President Smith called for any additions or corrections, hearing none, a motion was made by John Yeager, seconded by John Mondy to approve the minutes as submitted. All in favor. Motion carried. ITEM NO. 2 -DISCUSS AND CONSIDER TREASURER'S REPORT ENDING 2.28.93 - Discussion items were CD interest and availability of higher interest rate investment. Mr. Norwood explained TEXPOOL. Mr. Womack stated that 90 day treasury bills were slightly higher than CD's. The treasurer's report shows Total Cash Available $409,252.19, Expenses $126,747.68, Petty Cash Balance Available $112.66, Total Demand Funds Available 3.1.93 $282,617.17; CD total Value $120,299.17; Total Corporate Funds 2.28.93 $402,916.34. 1- ITEM NO. 3 - REPORT FROM EXECUTIVE DIRECTOR: A. Physicians Regional Hospital Status Report: Charlie Womack reported that the hospital's law firm suggests that if the hospital cannot resolve problems with parent company in Philadelphia, they file bankruptcy - let Cathy Sukkar and Steve Miller go which would equal a total savings of $130,000. Projection at end of year would be a positive cash flow of $100 thousand. Should not worry about ability to repay debt. B. American Molds Status Report: Mr. Wallace has received no response from the Texas Air Control Board regarding his permit request. He has written the Air Control Board demanding a decision be forthcoming soon or he would move his operation out of state. He claims their delay has caused him considerable financial damage. He appears to be reconciled that sufficient time and money has been spent in trying to satisfy this unsympathetic political appointed board. C. Major Employer Relocation Status Report: A week-long meeting will begin 3.15.93 in Florida at Corporate headquarters with the local principal officers of the company. A possible decision will be made during this meeting on a possible location. The local contact assured us that he would call on Tuesday, March 23, and report on a possible decision approved by the Corporate office. D. Perma-Tune Relocation Status Report: Mr. Lenarduzzi has been able to raise sufficient funds to liquidate the indebtedness secured by a lien on his home. He has been able to purchase equipment at an attractive price; Provident Bank has agreed to finance the purchase when the equipment is permanently located in Wylie. Seller has agreed to accept payment when financing has been arranged. Business has been good and looks better with a large sale in Germany that will he guaranteed with a negotiable Letter of Credit. Has agreed to furnish units on trial basis for vehicles owned and operated by Mexico City. Plans to sign and return our agreement when moving expenses are determined. Jim Smith directed Mr. Womack to contact the principal to determine the status of this move. Stated that the Development Corporation is committed to a$10,000 reimbursement of authorized expenses. E. Discussion with R.L. Hunt Co. - Mr. Womack's status report states the company will be engaged in the manufacturing and assembling of a structural honeycomb panel which is the basic building unit for proposed affordable housing projects. They project a manufacturing facility of 40,000 sq. ft, which can produce 30,000 panels per month per eight hour shift. Company is seeking start-up funds for equipment purchases and working capital. There is no available existing facility in Wylie; however, the Corporation might consider building one. F. Visit with Ms. Virginia Lane - Ginny's Inc. - No additional information received as of this time. G. Visit with Jerry Morrow, D/B/A Morrow's - No additional discussion. Mr. Morrow has no immediate plans to move his business out of Wylie. Corporation made assurances to Mr. Morrow they would try to find a suitable building for his operation or locate an investor who would build to suit his needs. H. Status Report on 27th Annual Basic Economic Development Course scheduled for March 21, 1993 to March 25, 1993 - Mr. Womack has been accepted and will be attending in College Station. (see item 4) Discussion with Jim Meara D/B/A The Meara Co. - This company is a land brokerage firm located in Dallas. They are proposing to develop a tract of land located on West Brown Street which includes ten remaining lots from the Fox and Jacobs Development and the undeveloped property west of Nortex Nursery. They are seeking re-zoning of one section from duplex to single-family residential. They are also seeking help from the Development Corporation for the extension of water or sewer service to the property. A meeting will be scheduled with the City Manager to explore the possibilities. J. Report Meeting with Greater Dallas Chamber of Commerce - Mr. Womack attended this meeting which was focused on the environmental situation. Wylie is rated a "6". By 1996 we must have ozone reduced to a "3". By 1994, all service stations must have vapor pump. In 1994 auto inspections will be more expensive. ITEM NO. 4 - APPROVAL OF REQUEST TO RENT AUTOMOBILE TO ATTEND 27TH BASIC ECONOMIC DEVELOPMENT COURSE IN COLLEGE STATION: A motion was made by John Tobin for Mr. Womack to rent a car and use his own judgment as to what kind of car to rent. Motion seconded by John Mondy. All in favor - motion carried. ITEM NO. 5 - REVIEW AND DISCUSS TENTATIVE AND PRELIMINARY AUDIT CONDUCTED BY RUTLEDGE CRAIN & CO.. P.C.: After a brief discussion, the concensus was that there seemed to be no changes needed. ITEM NO. 6 - RECESS OPEN MEETING TO CONVENE INTO EXECUTIVE SESSION: Meeting recessed by President Jim Smith. ITEM NO. 7 - EXECUTIVE SESSION: A. Update on Land Purchase B. Discuss purchase of Other Building Sites ITEM NO. 8 -RECONVENE OPEN MEETING: Meeting reconvened. No action required. ITEM NO. 9 - CITIZEN PARTICIPATION: None ITEM NO. 10 - ADJOURNMENT: There being no further business, a motion was made and seconded for adjournment. Meeting declared adjourned by President Jim Smith. Jim Smith, President Submitted by : Barbara LeCocq TREASURER'S REPORT ENDING MARCH 31, 1993 ENDING BALANCE 2/28/93 . 86,43593 Provident Bank, Wylie $196,068.5893 American National Bank, Wylie068.58 C/D #400001694 (ANB, Wylie) 196, 119.1 Petty Cash, Provident Bank 6 TOTAL CASH ENDING 3/31/93 $402,916.34 INCOME: Total Demand Balances 2/28/93 $282,504.51 504.51 Sales Tax Revenue 660.90 Interest Earned TOTAL CASH AVAILABLE 3/93 $297,628.53 EXPENSES: Oakridge Country Club $ 40.05 GTE Southwest, Inc. 73.98 IRS #941 Contribution 470.00 C. C. Womack (Salary) 1,683.00 Transfer Petty Cash Account 392.84 Phoenix Photocopy Systems 345.00 •/ C. C. Womack (Out-of-Pocket Expenses) 35.54 City of Wylie, Contract Labor 77.00 / Wylie Chamber of Commerce 7,500.00 ✓ College Station Hilton 362.84 AARP Group Health Insurance 177.50 Rutledge Crain & Co. , PC 880.00 TOTAL EXPENSES $ 12,037 .75 TOTAL FUNDS AVAILABLE 3/31/93 $285,590.78 PETTY CASH BALANCE 2/28/93 $ 112.66 Transfer from Regular Account 392.84 Wylie Printing & Office Supply 5.50 Wylie Printing & Office Supply 8.95 Office Depot - Typewriter 140.71 Wylie Chamber of Commerce 7.50 BALANCE AVAILABLE 3/31/93 $ 342.84 TOTAL DEMAND FUNDS AVAILABLE 3/31/93 $285,933.62 C/D #400001694 (Amer. Natl. ) $120,299.17 Interest Earned Month $120,619.72 TOTAL VALUE 2/28/93 TOTAL CORPORATE FUNDS 3/31/93 $406,553.34 C/D #400001694 totalling $120,619.72 is partially pledged to secure a loan totalling $110,000 for Physician's Regional Hospital with American National Bank, Wylie. 1/20/93 commitment for $10,000 to reimburse Perma-Tune, Inc. for moving expenses from Anaheim, California. 1/20/93 commitment not to exceed $6,000 to reimburse Perma-Tune, Inc. , for six (6) trainees that are retained by company for a twelve (12) month period. TOTAL FUNDS AVAILABLE TO CORPORATION FOR FUTURE INVESTMENTS $280,553.34 3/31/93 - Total Ending Balance American National Bank, Wylie $317, 138.42 3/31/93 - Total Ending Balance Provident Bank, Wylie $ 89,414.92 3/31/93 - RECAP OF TOTAL CORPORATE FUNDS $406,553.34 SUMMARY OF MARCH ACTIVITIES We continue to see very little evidence from local companies that are making any immediate plans to expand or relocate their current facilities. Several exploratory inquiries were received requesting information about various size industrial buildings. The most prominent size is a 2,000 - 3,000 sq. ft. industrial building. There are two available buildings, but the owners are only interested in selling the properties. Currently, no real prospect has emerged from this group of inquiries. Physician's Regional Hospital See attached memorandum dated 3/11/93. Some additional facts that have occurred subsequent to HENT filing of their bankruptcy petition. The presiding Judge scheduled a March 23 meeting in Tyler, Texas, to conduct a preliminary hearing for the creditors to express their interest in the Petition filed by HENT. The only participants that attended were attorneys representing American Healthcare Management (AHM) and Provident Bank, Wylie (PBN). AHM petitioned the Judge to appoint a Trustee to operate the hospital and change the Chapter XI Petition to a Chapter VII liquidation plan. The Judge denied both requests and approved the hospital to continue operation as "Debtor in Possession." This ruling will permit the hospital to operate under normal conditions without having to obtain the approval from the Trustee prior to any purchase or expenditure. The decision by the Judge apparently changed the adversarial attitude of the landlord because their seven demands were reduced to the following described three: (1) Immediate remittance of the two (2) past-due lease payments. (2) Establish a mechanism to assure their timely receipt of a monthly financial report. (3) HENT would buy back their ten percent (10%) limited partnership interest. RENT has responded to each demand in the following manner: (1) They continue to insist there is a rental agreement between the parties that has deferred these payments until December, 1994. (2) They will agree to furnish complete current financial information each month or whenever a formal request is received. (3) They have no immediate plans to purchase the ten percent (10%) limited partnership interest because of its impact on their working capital funds. 2 Projected March revenues exceeded the expected amount by approximately $50,000. This additional income alleviated some immediate financial needs due to creditors discontinuing their credit lines when the Bankruptcy Petition was filed. The March daily census for the geropsych unit averaged 10.5 patients and the medical/surgical averaged 8.0 patients. The two units generated gross revenue of $812,000. Management believes April and May revenues will be sufficient to meet daily operating needs and have additional funds to make a partial principal reduction on their note with American National Bank. This is the note that the Corporation has pledged a C/D to secure the hospital's indebtedness. Current plans are to meet with the attorney representing the American National Bank within the next two weeks and negotiate an agreement for a repayment schedule that will liquidate the entire indebtedness. The accrued interest on the note has been paid through March 11, 1993. Management continues to be optimistic about the future of the hospital because of the local citizens and staff support. All physicians using the hospital facility have been very supportive in their efforts to solve this current financial crisis by continuing to admit their patients into the hospital. American Molds, Inc. No final decision has been made by the Texas Air Control Board on the permit requested by the company. Mr. Wallace has received a telephone call form the Austin office and was told his application for new permit has been approved by the Staff Committee. Their recommendation will be presented to the full board on April 15, 1993. If the permit is approved by the Board, there will be a five-day waiting period before the actual permit is issued. The waiting period is mandatory in order to give any opposition time to file their objections to the permit being issued. Major Employer Relocation Status Report The company is still considering Wylie as a possible site location. Management has requested additional demographic information which has been supplied. Local management is continuing their study of the time element that is required to reach a major highway or freeway. This information will be most crucial in their ultimate site decision. One or members of their corporate management team will be visiting the proposed site in the near future.. Perma-Tune, Inc. The company is making plans to leave California on Friday, April 16. They should arrive here on Monday, April 19. They will occupy an industrial building located at 709 Cooper Drive. We have assisted Mr. Lenarduzzi in his attempt to determine the start-up cost and some of the 3 expenses that are required to incorporate his company in Texas. Mr. Lenarduzzi reported sales at an all time high, and he is very optimistic that his move to Texas will bring even richer rewards. Virginia Lane. D/B/A Gingy's, Inc. No progress has been made to find a suitable building for their production activities. Present location continues to be a problem due to the excessive moisture that permeates the finished product and each garment must be dry cleaned before shipment. This is a very expensive additional cost and makes it very difficult for the company to realize a reasonable profit in a very competitive market. Two locations are available to meet their space requirements but the owners are only interested in selling the property. We plan to continue our efforts to find a suitable location that will keep this company in Wylie. Jim Meara, D/B/A The Meara Company Mr. Meara continues in his efforts to find an acceptable builder that would be interested in building out the existing residential lots in the West Gate subdivision. He has been meeting with Mr. Steve Norwood, City Manager, trying to negotiate some relief from the City on their current "impact fee" structure. During our last conversation, Mr. Meara reported no concessions had been obtained from the City, but Mr. Norwood had offered his assistance by presenting a revised "impact fee" program before the City Council for their consideration. Mr. Meara has made no formal request but he has mentioned some areas where he feels the Corporation could offer financial assistance. Auto-Photo Systems. Inc. _ This company was referred to me by Mr. Gary Kennedy, Business Development Executive with TV Electric in Dallas. Apparently he has shopped this prospect with at least Marshall and Terrell, Texas. Each city has made an offer which has been declined by the prospect. This is a company that is domiciled in Tustin, California. Its parent company is located in Surry, UK. Their domestic company began business in 1985. They operate photofinishing laboratories and manufacture photographic booths and lease equipment. Their 1992 sales were $15,824,000 with an employee count of 120. They indicate a net worth of $972,000. Mr. Kennedy mentioned the company has a long-term lease, and they plan no move until an entity agrees to assume this liability. A D&B report reveals a monthly rental of $8,000, and I assume this payment will continue until the lease expires in November, 1996. Let us suppose the Development Corporation decides that effective July, 1993, we will assume the monthly payments until the duration of the lease. There will be forty (40) months remaining on the lease and this will equate to total out-of-pocket expense of $320,000. The only way we can reduce this expense is to find a tenant that would be willing to sublease the property until the expiration date of November, 1996. 4 Mr. Kennedy has agreed that more current financial information is needed before any formal financial request can be considered. He promised to obtain sufficient information before we are asked to consider submitting a formal proposal to the prospect. MEMORANDUM DATE: March 11, 1993 TO: File Healthcare Enterprises of North Texas, Ltd. FROM: C. C. Womack SUBJECT: Weekly Meeting The above-captioned subject meeting was attended by Steve Norwood, City Manager of Wylie; Ray Turner, President, Provident Bank, Wylie; Chuck Trimble, representing the Trimbles' interest; Stuart Kalb, in-house attorney; Larry Wedekind and Mark Liston, C.F.O. of hospital; and myself. Mr. Wedekind was notified on Wednesday, March 3, that he was scheduled to be in Philadelphia, PA, on Thursday, March 4, to meet with principal officers of American Healthcare Management (AHM). This company owns the physical properties that are being leased by Healthcare Enterprises of North Texas, Ltd. (HENT). The landlord also owns a ten percent (10%) Limited Partnership interest of HENT and is a participant in any profits generated by the hospital. Subsequent to this scheduled meeting, Mr. Wedekind had met with principal officers of AHM, and he had made the following request: 1. Requested a two (2) month moratorium on lease payments for the months of August and September, 1992. This would defer payments totaling approximately $134,000. Mr. Wedekind reported these negotiations had produced the following agreements: 1. Payment of the two (2) delinquent payments would be deferred until December, 1994. 2. Hospital would discontinue paying 1991 past due property taxes and would pay the 1992 property taxes by January 31, 1993. This would eliminate any interest or penalties on the 1992 taxes, and they then could concentrate on paying the delinquent 1991 taxes by July 31, 1993. 3. A formal agreement would be prepared by the legal staff of AHM and it would be sent to RENT for review and ratification. The agreement was prepared by AHM and subsequently ratified by HENT. It was returned to AHM for their ratification. AHM failed to ratify in a timely manner and management of HENT 2 called several times to see if there was a problem, but each time was told a backlog in the legal department had delayed their ratification of the agreement. They were assured there was no problem, and they could continue making their lease payments as if the agreement had been signed. Mr. Wedekind reported the March 4 meeting produced the following demands: 1. Immediate remittance for the two (2) past-due lease payments. 2. HENT to purchase immediately the ten percent (10%) Limited Partnership interest for a cost of $250,000. 3. Deposit two (2) months lease payments in a controlled account to assure that future rental payments would be made according to lease agreement. 4. Terminate Mr. Liston's employment and replace him with an individual named by AHM. 5. Immediately pay all delinquent 1991 property taxes. 6. Cancel a contract with the doctor providing services to the geriatric psychiatric unit. 7. They did not like the purchase of the CT scanner and wanted HENT to cancel the lease- purchase agreement. Mr. Wedekind reported that upon his return, he met with Mr. Stuart Kalb and the Trimble family. After much discussion, it was decided to take legal action to prevent AHM from attempting to force the hospital into Chapter Seven (7) Liquidation. It was decided to acquire the legal services from the firm of Hail, Spencer, Pronske and Trust of Dallas, Texas. They were recommended by the law firm of Fulbright and Jaworski that reported them to be the best bankruptcy lawyers in the area. A subsequent meeting with the firm of Hail, Spencer, and Pronske and Trust produced the following facts: 1. The total estimated cost of the bankruptcy should not exceed $50,000. 2. Will stop landlord from demanding an immediate payment of the delinquent rents. 3. File suit against landlord for damages. 4. Will allow debt to the Internal Revenue Service to be paid over a six (6) year period. 5. Will eliminate the contingent liability the hospital has signed for the Carrollton Healthcare facility. 3 6. Will give the hospital a longer period of time to repay the delinquent 1991 property taxes. 7. Will eliminate the demand for the repurchase of the ten (10) percent limited partnership interest. Mr. Wedekind emphasized to all present that only the landlord is considered adversarial and no other creditor will be adversely affected. CW/mf li . RUTLEDGE CRAIN & COMPANY, PC CERTIFIED PUBLIC ACCOUNTANTS 1601 E. Lamar, Suite 109 Arlington, Texas 76011 PCMetro(817)265-9989 Fax(817)861-9623 I IIINDEPENDENT AUDITORS' REPORT To the Board of Directors Development Corporation of Wylie, Inc. Wylie, Texas We have audited the accompanying balance sheet of the Development 1111 Corporation of Wylie, Inc. as of September 30, 1992 and the statement of revenues, expenditures, and changes in fund balance for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements 1111 based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 1111 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1111 In our opinion, the financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of the lir— Development Corporation of Wylie, Inc. as of September 30, 1992, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. Pb December 3, 1992 (except for Note 6 as to which the date is March 17, 1993) PI ill , ill • Members: Lewis Cram.CPA Christian A.Rutledge,CPA American Institute of Certified Public Accountants piiTexas Society of Certified Public Accountants DEVELOPMENT CORPORATION OF WYLIE, INC. SPECIAL REVENUE FUND BALANCE SHEET September 30, 1992 (With Comparative Totals for September 30, 1991) September 30, September 30, 1992 1991 ASSETS Cash in bank $ 213,896 $ 193,740 Investments 120,000 - Taxes receivable 13,176 10,887 TOTAL ASSETS $ 347,072 $ 204,627 LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable $ 1( $ TOTAL LIABILITIES 3,744 - • FUND EQUITY Fund balance - reserved for contingency 120,000 - Fund balance - unreserved 223,328 204,627 TOTAL FUND EQUITY 343,328 204,627 TOTAL LIABILITIES AND FUND EQUITY $ 347,072 $ 204,627 The accompanying notes to financial statements are an integral part of this statement. 2 IDEVELOPMENT CORPORATION OF WYLIE, INC. _ SPECIAL SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE. I Year Ended September 30, 1992 (With Comparative Totals for September 30, 1991) ISeptember 30, September 30, 1992 1991 REVENUES I Sales tax Interest $ 191,969 $ 183,075 10,199 5,090 Origination fees 1,310 I • 203,478 188,165 EXPENDITURES Current I Administrative 15,759 8,382 Business development 45,330 Capital outlay 3,688 • I64,777 8,382 REVENUES IN EXCESS OF EXPENDITURES 138,701 179,783 IBEGINNING FUND BALANCE ' 204,627 - ENDING FUND BALANCE $ 343,328 $ 204,627 1 .. I . I • i • The accompanying notes to financial statements are an integral part of this statement. DEVELOPMENT CORPORATION OF WYLIE, INC. SPECIAL REVENUE FUND I STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP Basis) and ACTUAL Year Ended September 30, 1992 IVariance Favorable I Budget Actual (Unfavorable) REVENUES Sales tax $ 220,000 $ 191,969 (28,031) Interest 7,000 10,199 3,199 Origination fees - 1,310 1,310 227,000 203,478 (23,522) I EXPENDITURES Current Administrative 29,600 15,759 13,841 Business development 29,500 45,330 (15,830) I Capital outlay 5,000 3,688 1,312 64,100 64,777 (677) IIREVENUES IN EXCESS OF EXPENDITURES $ 162,900 138,701 (24,199) BEGINNING FUND BALANCE 204,627 • II _- ENDING FUND BALANCE $ 343,328 II II I 1 II The accompanying notes to financial statements are an integral part of this statement. 11 DEVELOPMENT CORPORATION OF WYLIE, INC. NOTES TO FINANCIAL STATEMENTS I September 30, 1992 1 - SUMMARY OF SIGNIFICANT POLICIES The Development Corporation of Wylie, Inc. (Corporation) (a component unit of the City of 1 Wylie, Texas) was organized in 1990 under the Texas Non-Profit Corporation Act to promote and develop industrial and manufacturing enterprises and employment and the public welfare within the City of Wylie, Texas. The members of the board of directors are appointed by and accountable to the City Council of the City of Wylie, Texas. ' A. Basis of Presentation - Fund Accounting The accounts of the Corporation are organized using a special revenue fund (a governmental fund type) which is used to account for the collection and disbursement of earmarked Imonies. B. Basis of Accounting I The modified accrual basis of accounting is followed by governmental fund types. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the liability is incurred, if measurable. Sales taxes are recognized as revenue as earned under the susceptible to accrual concept. 2 - CASH IN BANK At year-end, the Corporation had cash in bank of $213,898 (book and bank balance). All of the bank balance was covered by $100,000 FDIC insurance and collateralized by securities held by the Corporation's depository in the Corporation's name. Iu. 2 - INVESTMENTS Investments consist of a certificate of deposit stated at cost with a maturity, when purchased, of greater than 90 days. 4 - RISK MANAGEMENT The Corporation is exposed primarily to risks of loss related to torts and illegal acts, and errors and omissions. Commercial insurance was purchased for these risks at a cost of $1,669 during the year. 5 - COMMITMENTS The Corporation has pledged its investments ($120,000) as collateral for a loan made by a local bank to a business located within the City of Wylie. 6 - SUBSEQUENT EVENT On March 12, 1993 the Corporation was informed that the business that had received a bank loan under the commitment discussed in Note 5 had filed for protection under bankruptcy laws while it is reorganized. Management is unable to determine the potential loss, if any, to the Corporation and has accordingly reserved fund balance in the full amount of the guarantee. LANDISCOR NO. LANDIS AERIAL PHOTO, INC . 1440 REGAL ROSi 4250 DALLAS , TEXAS 75247 . PHONE: (214 ) 631-4962 FAX: (214,) 631-1402 FACSIMILE TRANSMITTAL DATE: TO: , . c • FAX 14 Zgott. FROM: -V -pLYT V-c-3<47-' RE: NO . OF PAGES (INCLUDING COVER) : If there is a problem with this transmittal , please contact scIncic::' at (214 ) 631-4952 . fl SPECIAL INSTRUCTIONS : S t•-=4 -AL OF-5D , Y c): ?Pl WI- LE-vaosts 1'1` A is'a,c'• 4, .3 ' Lb" MOOTTf-:-D C.ATtire__E,c,q4) @,4(3-51,"-- k. g 11 ace: A & yoNV.-C.C.. .--Tt•-l.ANW--- C,)\ • - E• I1 f I BREAK-DOWN ON COST FOR EACH PURCHASER Development Corporation of Wylie, Inc. 1. One 1992 DFW Mural $1,050.00 2. One Color 30" X 40" Print of Wylie $ 191.25 3. Mounted on 3/16" Gator Board $ 58.50 4. Delivery and Mounting of Mural $ 21.00 TOTAL $1,320.75 City of Wylie 1. Two Color 30" X 40" Prints of Wylie $ 382.50 2. Two Prints Mounted on 3/16" Gator Board $ 117.00 TOTAL $ 499.50 Starlight Custom Homes, Inc. 1. One Color 30" X 40" Print of Wylie $ 191.25 2. Mounted on 3/16" Gator Board $ 58.50 TOTAL $ 249.75 TOTAL INVOICED BY LANDISCOR LANDIS AERIAL PHOTO $2,070.00 oc. -/Y/y, MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, MARCH 9 , 1993 4 :00 PM WYLIE CHAMBER OF COMMERCE OFFICE, 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of February 9, 199 Regular Meeting of the Development Corporation of Wylie Inc. 2 . Discuss and Consider Treasurer' s Report Ending 02/28/93 . 3 . Report from Executive Director : A. Physicians Regional Hospital Status Report B. American Molds , Inc . Status Report C. Major Employer Relocation Status Report r D. Perma-Tune, Inc . Relocation Status Report E. Discussion with R. L. Hunt Co. F. Visit with Ms . Virginia Lane - Ginny ' s Inc . G. Visit with Jerry Morrow, D/B/A Morrow' s H . Status Report on 27th Annual Basic Economic Development Course scheduled for March 21 , 1993 to March 26 , 1993 I . Discussion with Jim Meara, D/B/A The Meara Co. J . Report Meeting with Greater Dallas Chamber of Commerce 4 . Approval of Request to Rent Automobile to Attend 27th Basic Economic Development Course in College Station, Texas 5 . Review and Discuss Tentative and Preliminary Audit , Conducted by Rutledge Crain & Co. , P. C. 6. Recess Open Meeting 7 . Convene to Executive Session A. Update on Land Purchase B. Discuss Purchase of Other Building Sites 8 . Reconvene Open Meeting 9 . Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to Maximum of Five (5) Minutes . 10 . 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 yam- day of" i--' CIX' , 1993 at 108 West Marble, in the City of Wylie, Texas , for the purpose of considering the above agenda. 4ai7ith -)g46241.) Mary ' cho ' ty Secretary POSTED THIS THE (61-d DAY OFC� , 1993 , AT 5,00/ M. • DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC. MINUTES FEBRUARY 9, 1993 The Directors of the Development Corporation of Wylie, Inc . met in regular session at 4 :00 P.M. on Tuesday, February 9, 1993 in the Development Corporation' s office at 108 W. Marble, Wylie, Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were President Jim Smith, Vice President James Blakey, Secretary Treasurer John Yeager and members John Tobin and John Mondy. Executive Director Charlie Womack, Mayor John Akin and City Manager Steve Norwood were also present . In attendance from the City Staff was Anita Collins . President Jim Smith called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF NOVEMBER 10 , 1992 REGULAR MEETING : There being no corrections to the minutes John Yeager made a motion that the minutes be approved as written. The motion was seconded by John Tobin. The motion carried with all in favor . DISCUSS AND CONSIDER APPROVAL OF TREASURER' S REPORT: A motion to accept the Treasurer ' s Report as read was made by John Tobin and seconded by John Yeager . The motion carried with all in favor . (See attached report at the end of these minutes) . REPORT FROM EXECUTIVE DIRECTOR: A. Status report of meeting with the principals of Physicians Regional Hospital regarding the status of their loan for which the Development Corporation has placed a Certificate of Deposit for collateral . Their cash flow is looking better and January commitments were made . B . Current status report on American Molds , Inc . - no changes or new information since the last report . C. Current status report of discussions with a major employer that may consider a possible relocation to Wylie - negotiations and discussions are continuing with this major employer . D. Perma-Tune Inc . status report - no changes or new information since the last report . E. Update on Prison Negotiations - it appears to be a dead issue with the City, however, Collin County is still showing an interest in placing a prison in Collin County. F. Report on 9th Annual Economic Outlook Conference - Charlie Womack reported the highlights of the conference to the board members . G. Annual Financial and Activity Report - Mr . Womack went over with the board the reports he had prepared for presentation to the City Council . REPRESENTATIVE FROM WYLIE CHAMBER OF COMMERCE TO PRESENT FOR REVIEW AND APPROVAL THEIR 1993 ADVERTISING BUDGET: Mr. Ken Lane, President of the Wylie Chamber of Commerce presented to the board their budget for advertising projects . The Chamber is requesting that the Development Corporation fund these projects with their advertising budget . After a lengthy discussion of the pros and cons a motion was made by John Yeager . The motion was as follows : That the board should make the $3 , 200 final installment on the funds committed in 1992 and that the board make two installments of $7 , 500 each in 1993 . The first installment of $7 , 500 should be made in March of 1993 and the second installment of $7 ,500 be made in September of 1993 . The Chamber should make semi-annual accounting reports to the Development Corporation. The motion was seconded by John Tobin. The motion carried with all in favor. DISCUSS PURCHASE OF TICKETS TO THE ANNUAL WYLIE CHAMBER OF COMMERCE BANOUET SCHEDULED FOR FEBRUARY 20 , 1993 : A motion was made by James Blakey that the Development Corporation purchase twelve (12 ) tickets to the banquet . The motion was seconded by John Mondy and carried with all in favor . RECESS OPEN MEETING CONVENE TO EXECUTIVE SESSION: A. Discuss status of possible land purchase. The land has been taken off the market . • 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 February 9, 1993 , regular meeting approved by the Board of Directors at its meeting on March 9, 1993 . Jim Smith, President PREPARED BY : d2z/z Anita Collins ,.2/5/y 3 MEETING DEVELOPMENT CORPORATION OF WYLIE , INC . TUESDAY , FEBRUARY 9 , 1993 4 : 00 PM 108 WEST MARBLE , WYLIE , TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of January 12 , 1992 Regular Meeting of the Development Corporation of Wylie , Inc . 2 . Discuss and Consider Treasurer 's Report Ending 01/31/93 . 3 . Report from Executive Director = A . Physicians Regional Hospital Status Report B . American Molds , Inc . Status Report C . Major Employer Relocation Status Report D . Perma-Tune , Inc . Status Report E . Update on Prison Negotiations F . Report on 9th Annual Economic Outlook Conference G . Annual Financial and Activity Report 4 . Representative from Wylie Chamber of Commerce to present for Review and Approval of their 1993 Advertising Budget 5 . Discuss Purchase of Tickets to the Annual Wylie Chamber of Commerce Banquet scheduled for February 20 , 1993 . idaela4Sd, a 4 714Ag 6 . Recess Open Meeting S / , 7 . Convene to Executive Session A . Update on Land Purchase 8 . Reconvene Open Meeting ANNUAL REPORT INCOME: Sales Tax Revenue $188 , 334 Interest Earned 9 , 172 Other Fees 1, 200 TOTAL REVENUE $198,706 EXPENSES: Accounting $ 1, 015 Advertising (Chamber of Commerce) 14, 478 Cash Grants 29 , 000 Escrow Deposit 1, 750 Federal #941 Tax Payments 2 , 502 Insurance 2 , 267 Miscellaneous 2, 686 Furniture and Equipment 3 , 380 Remodeling Office Space 2 , 774 Petty Cash Deposits 902 Salaries 16, 000 Travel (Linda Hamar to California) 2 , 000 Video Promoting Wylie 10, 700 TOTAL EXPENSES $ 89,454 ACTIVITIES AND CURRENT STATUS REPORT 1. Mr. Michael Fornero, President, Johnston's Inc. Introduced Mr. Earl Whatley and Karl M. Cates. Both were brokers and claimed they needed 15,000 sq. ft. for an unnamed client. Two subsequent meetings with same individuals produced no results. 2. Mr. Cooper and Steve Phieffer Several meetings with Mr. Cooper and Steve Phieffer. Looked at several industrial locations. They claimed they needed 12-15 acres to build a van conversion and plastic molding facility. Negotiations have been suspended until adequate biographical, marketing, and financial information is submitted with a formal assistance request. 3. Harold F. Smith - R & D Aeronautical Engineering Co., Inc. A local company was purchasing the assets of a Florida company and planned to move the operations to a Wylie location. A cash grant totaling $75,000 was requested. The request was denied until supporting financial data was furnished to support the consideration of a cash grant. There is no current dialogue regarding this request. 4. N.T., Inc. This company was seeking to relocate in the metroplex. Their financial and industrial space requirements exceeded the current ability of the City or the Corporation to meet their needs. 5. Andacor, Inc. Investment company located in Plano. The president, Mr. David Chiu, claimed to represent a company domiciled in Hong Kong, China. The company was interested in making an investment in the metroplex area. Two subsequent telephone conversations produced no tangible results. 6. Terry Mulholland d/b/a Innovative Manufacturing Co. This was a non-operating company that was trying to finance and open a factory to build modular homes. Their financial and space needs exceeded our ability to supply. All negotiations were discontinued because their needs far exceeded the company's financial and operating history could justify further consideration. 2 7. Metrocast, Inc. A Garland company that wanted to move provided a loan could be secured from a local bank. The bank negotiated with the principals for several months. Personal visits were made to their Garland location. The bank agreed to finance the purchase of Tarrant Plumbing building provided they could arrange for the down payment. Negotiations were in progress for the Corporation to supply the down payment, but for some unknown reason they decided to stay in their current facility. 8. Golden Pickle. Inc. This is an old company domiciled in west Dallas. They needed to expand their capacity and the present location prohibited any expansion of their facilities. They had been negotiating with Garland officials for several months, and they began to believe their company was not wanted in that community. We visited with the principal owner several times, and he assured us Wylie would be his next choice if Garland declined their building request. Garland eventually approved their plans after the City sold them the building site. 9. Master Brake Systems. Inc. This is a company that is located in Dallas. The company has a need to expand their manufacturing facility. Their location prohibited any expansion. They decided the Tarrant Plumbing building would meet their immediate and future needs. The Corporation agreed to finance the down payment should the company be successful in purchasing the building at a public auction. They submitted the successful bid and all arrangements were to complete the move. When time came to close the real estate purchase, management decided for some reason to discontinue their decision to move. No future negotiations are anticipated. 10. Bethany Manufacturing Corporation This company is located in Garland. They operate a custom machine shop which includes complete fabrication and prototype productions. They need to expand, but their present location prohibits enlarging their facilities. They requested time to study their future needs before making a request for financial assistance. Apparently they decided to withdraw any expansion plans due to the reduction of expenses mandated by the Defense Department. We plan to continue a follow-up program until it is decided they are no longer a viable candidate. 11. Physician's Regional Hospital The hospital was experiencing a serious cash flow condition because of loss revenue when they closed their alcohol and drug abuse unit. After lengthy discussions, it was decided in order to assure a hospital facility in Wylie, The Corporation agreed to guarantee a$120,000 3 loan obtained from Provident Bank, Wylie. Many subsequent hours have been spent monitoring the progress being made by the hospital to become profitable and being able to service their existing obligations. 12. Robert Arden d/b/a Maria's Restaurant Mr. Arden had entered into a contract to purchase the property where the restaurant is located. He had made arrangements with a lender to finance 80% of the purchase price. The Corporation agreed to take a second lien position on the property and supply the 20% down payment requirement. Subsequent financial problems encountered by the borrower required the Corporation to cancel their commitment. 13. Art Criscuoloa - Crane Safety and Maintenance. Inc. The property where the company is domiciled was offered a sealed bid sale by the FDIC. The former owner asked the Corporation to submit a bid, and if we were the successful, they would execute a land lease with an option to buy. A bid of$35,010 was submitted, but all bids were rejected by the FDIC. Mr. Criscuolo believes the FDIC will offer the property again for sale, and he will ask us to participate in the possible purchase of the land. 14. Major Prospect Discussions with a major employer has been in progress for several weeks. Principal officers have seen possible building sites and have made a video of each property. We have furnished maps and a video of Wylie that is being sent to their Florida corporate office. We have also submitted a preliminary commitment letter regarding some possible financial incentives that might be available should they decide to relocate in Wylie. 117193 MEETING DEVELOPMENT CORPORATION OF WYLIE , INC . TUESDAY , JANUARY 12 , 1993 4 : 00 PM 108 WEST MARBLE , WYLIE , TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of December 8 , 1992 Regular Meeting of the Development Corporation of Wylie , Inc . 2 . Discuss and Consider Treasurer 's Report Ending 12/31/92 . 3 . Report from Executive Director : A . Physicians Regional Hospital Status Report B . American Molds , Inc . Status Report C . Major Employer Relocation Status Report D . Perma-Tune , Inc . Status Report E . Report Purchase of Used Copier 74. 1 l t tt.GC ®R 'E'e k �'�.'e7Je a44 4(2etIid�t+n~ "` j�'t 4 . Other�1ess . �, ��tidti„+r+ov A . Mike Schmidt - Building Official , City of Wylie - Explain City Master Plan 5 . Recess open meeting . 6 . Convene to Executive Session A . Discuss Status of Possible Land Purchase 7 . Reconvene Open Meeting 8 . Citizen Participation . Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five ( 5 ) Minutes . 10 . 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 /gilt day of t-G: y, , 1993 U O at 108 West Marble , in the City of Wylie , Texas , for the purpose of considering the above agenda . Mary Nic o1ls JCi y Secretary POSTED THIS THE / j , DAY OFP-41-14d14-415 , 1993 , AT 3;CePM . DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE , INC . MINUTES DECEMBER 8 , 1992 The Directors of the Development Corporation of Wile , Inc . met in regular session at 4 :00 P .M . on Tuesday , December 8 , 1992 in the Development Corporation 's office at 108 W . Marble , Wile , Texas . A quorum was present and notice of the meeting had been posted in the time and manner required by law . Those present were President Jim Smith , Vice President James Blakey , Secretary Treasurer John Yeager 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 . President Jim Smith called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF NOVEMBER 10 . 1992 REGULAR MEETING : The minutes should read "discuss and consider approval of minutes of October 13 , 1992 meeting" not November 10 , 1992 . With this correction being made James Blakey 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: A motion to accept the Treasurer 's Report as read was made by John Tobin and seconded by James Blakey . The motion carried with all in favor . ( See attached report at the end of these minutes ) REPORT FROM EXECUTIVE DIRECTOR: A . Status report of discussions with the principals of Physicians Regional Hospital regarding the status of their loan for which the Development Corporation has placed a Certificate of Deposit for collateral . B . Current status report on American Molds , Inc . - the hearing has not yet taken place . There will be a task force meeting in Austin on December 16 , 1992 . This task force was organized by the TACB and is a task force for nuisance ordinances . C . Current status report of discussions with a major e er that may consider a possible relocation to Wile negotiations and discussions are continuing with this major employer . D . Review and discuss a request for financial assistance received from Perma-Tune Inc . A motion was made by James Blakey that we grant them $10 ,000 when they initially move to Wile and then at the end of six months grant them $1 ,000 for each employee that has been employed with them full time for six months . The motion was seconded by John Yeager . The motion carried with all in favor . E . Report preliminary discussions with Metro Fleet Collision for possible financial assistance in their move to Wile - no formal request has been received at this time . F . Report discussions with Dr . Wade Wolverton for possible financial assistance for working capital and equipment purchases needed by his company chartered as S . I .R .A . - no commitment to be made at this time - could possibly assist them in getting financing for equipment . G . Discuss financial assistance request received from Crown Covers - cannot consider any assistance unless they move their business to Wile . H . Discuss the need and then approve the acceptance of competitive bids for the possible purchase or lease of new or used copier equipment - John Tobin made a motion that we purchase , upon satisfactory performance , a copier with a maximum cost of $2 ,500 .00 . The motion was seconded by John Yeager . The motion carried with all in favor . I . Review and then consider approval for one or more registrants to attend the 9th Annual Economic Outlook Conference scheduled in Dallas on Tuesday , January 26 , 1993 - the cost is $150 .00 per registrant , John Yeager made a motion that Mr . Womack should attend , seconded by James Blakey . The motion carried with all in favor . OTHER BUSINESS : Mr . Womack reported that he had a few inquiries this month for financial assistance and would be reporting more details . The people who purchased the Tarrant Plumbing building may need some financial assistance . RECESS OPEN MEETING CONVENE TO WORKSHOP TO DISCUSS GOALS AND OBJECTIVES : A . Discuss possible purchase of commercial property - a motion was made by John Yeager to purchase a tract of land1 to be known as Industrial tract 1 of a possible forty-seven acres . The motion was seconded / by John Tobin . James Blakey abstained from voting . The motion carried with Jim Smith in favor , John Yeager in favor and John Tobin in favor . 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 December 8 , 1992 , regular meeting approved by the Board of Directors at its meeting on January 12 , 1992 . John Yeager , Secretary PREPARED BY Anita Collins _STGO / ) MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, DECEMBER 8, 1992 4: 00 PM 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of November 10, 1992 Regular Meeting of the Development Corporation of Wylie, Inc 2. Discuss and Consider Treasurer ' s Report Ending 11/30/9'2. Report from Executive Director : A. Status report of discussions with the principals of Physicians Regional Hospital B. Current status report on American Melds, Inc . C. Current status report of discussions with a major employer that may consider a a. possible relocation' ion to Wylie. D. Review and discuss a request for financial assistance received from Perma-Tune, Inc . E. Report preliminary discussions with Metro Fleet Collision for possible financial assistance in their move to Wylie. F. Report discussions with Dr . Wade Wolverton for possible financial assistance for working capital and equipment purchases needed by his company charterd as S. I . R.A. G. Discuss financial assistance request received from Crown Covers. H. Discuss the need and then approve the acceptance of competitive bids for the possible purchase or lease of new or used copier equipment. I. Review and then consider approval for one or more registrants to attend the 9th Annual Economic Outlook Conference scheduled in Dallas on Tuesday, January 26, 1993. -~ 4. Other Business. 5. Recess open meeting. 6. Convene to Workshop to Discuss Goals and Objectives. A. Discuss possible purchase of commercial property. 7. Reconvene Regular Meeting. 8. Citizen Participation. Wylie Residents Wishing to Speak Should Limit Remarks to a Maximum of Five (5) Minutes. 10. 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 � day of /l 1992 __�� at 108 West Marble, in the City of Wylie, Texas, for the purpose of considering the above agenda. ^ Mary Niphop& [Cit /-Secretary POSTED THIS THE DAY OF _ _, 1992, AT_ 15�60 M. DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC. MINUTES NOVEMBER 10, 1992 The Directors of the Development Corporation of Wylie, Inc . met _t 1 �'�._ i 'i i in regular session+n at y�: `_?f�� '. '"�. on Tuesday, October�beif -+_', the Development Corporation' s office at 108 W. Marble, Wylie, Texas. A quorum was present and notice of the meeting had been posted in the time and manner required by law. Those present were John Yeager , Secretary Treasurer and members John Tobin and � Director Charlie Womack, Mayor John Akin, J+-+l'i!ii Mondy. Executive v=- �l r _e ac 9 and City Manager Steve Norwood were also present . In attendance from the City Staff was Anita Collins. John Yeager called the meeting to order . DISCUSS AND CONSIDER APPROVAL OF MINUTES OF NOVEMBER 10, 1992 REGULAR MEETING : A motion to approve the minutes as presented was made by John Tobin and seconded by John Mondy. The motion carried with all in favor . DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: A motion to accept the Treasurer ' s Report as read was made by John Tobin and seconded by John Mondy. The motion carried with all in favor . (See attached report at the end of these minutes) REPORT FROM EXECUTIVE DIRECTOR: A. Robert Arden has made a decision not to purchase the property, thus our commitment to make him a loan is no longer necessary. B. Our bid to purchase the property located at 3501 Eubanks Lane, Wylie is still in a pending status. There was only one other bidder for the property. C. Discussions are still continuing with a major employer on their possible relocation to Wylie. D. Mr . Womack has met with principals of Physicians Regional. Hospital regarding a.eih r inability to meet the October 31 , 1992 t _ loan payment to the bank. This is due to Medicare' s withholding payment on some claims. Mr . Womack will be meeting with them again this week or next . E. The contract with Rutledge, Crain & Co . , P. C. has been negotiated and will be signed. They will audit the Development Corporation books. F. American Molds is still working on acquiring the permit necessary to expand their facility. The hearing scheduled for this month has been postponed. The TACB has made a tour of American Molds. G. Mr . Womack reported that he was unable to get a reservation courseofferedTexas f for the by Engineering Extension Service, �= � the Texas A °. M University System, College Station, Texas. See report attached at the end of these minutes. OTHER BUSINESS: Mr . Womack reported that he had a few inquiries this month for financial assistance and would be reporting more details. Ken Ross of Ross Communications wants the Development Corporation to fix Cooper Drive. The people who purchased the Tarrant Plumbing building may need some financial assistance. SIRA is needing financial assistance. Mr. Womack should attend a seminar in Austin regarding a new fund for new businesses. RECESS OPEN MEETING CONVENE TO WORKSHOP TO DISCUSS GOALS AND OBJECTIVES: discussion took place. 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 November 10, 1992, regular meeting approved by the on December o 1992. Board of Directors at its meeting Y John Yeager , Secretary PREPARED BY . Anita Collins MEETING DEVELOPMENT CORPORATION OF WYLIE, INC. TUESDAY, NOVEMBER 10 , 1992 4:00 PM 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS BUSINESS 1 . Discuss and Consider Approval of Minutes of October 13 , 1992 Regular Meeting of the Development Corporation of Wylie, Inc. 2 . Discuss and Consider Treasurer's Report Ending 10/31/92 . 3 . Report from Executive Director: A. Current status of loan commitment to Robert Arden. B. Current status of our proposal to submit a bid to purchase the property located at 3501 Eubanks Lane, Wylie. C. Current discussion with a major employer on a possible relocation to Wylie. D. Status report of discussions with the principals of Physicians Regional Hospital. E. Report on current negotiations regarding audit proposal offered by Rutledge, Crain & Co. , P.C. F. Report on current status of American Molds, Inc. G. Report current status of five and one-half day course being offered by Texas Engineering Extension Service, of the Texas A & M University System, College Station Texas. 4 . Other Business. 5. Recess open meeting. 6. Convene to Workshop to Discuss Goals and Objectives. this period. John Tobin seconded the motion. The motion carried with all in favor. E. Sale of conference table to the City of Wylie for $50 .00 . The Development Corporation will not pay any rent in October and in return will leave the conference table now occupying their office. F. Discuss audit proposal offered by Rutledge, Crain & Co, P.C. - John Yeager made a motion that we allow the Executive Director to negotiate a contract with the auditors for less than a $1 ,TheO00 . The motion carriedtion was with all seconded by James Blakey. in favor. G. Discuss preparation of 1993 budget - see attached proposed budget presentation. John Yeager made a motion that we adopt the budget with the discussed changes. James Blakey seconded the motion. The motion carried with all in favor. 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 October 13 , 1992 , regular meeting approved by the Board of Directors at its meeting on November 10 , 1992 . le fn y g , Secretary PREPARED BY : Anita Collins MEETING DEVELOTUECORPORATION O F SDAY , NOVEMBER 10 ,WYLIE, INC. 1992 4:00 PM 108 WEST MARBLE, WYLIE, TEXAS CALL TO ORDER ORDER OF BUSINESS RLTSINESS Discuss and Consider Approval of Minutes of October 13 , 1992 Regular Meeting 1 • of the Development Corporation of Wylie, Inc. 2 . Discuss and Consider Treasurer's Report Ending 10/31/92 . 3 . Report from Executive Director: A. Current status of loan commitment to Robert Arden. B. Current status of our proposal to submit a bid to w purchase the property located at 3501 Eubanks Lane, Wylie. C. Current discussion with a major employer on a possib .f: relocation to Wylie. D. Status report of discussions with the principals of Physicians Regional Hospital . E. Report on current negotiations soregarding audit propoz l offered by Rutledge, .C. F. Report on current status of American Molds , Inc. G. Report current status of five and one-half day course being offered by Texas Engineering Extension ioneService, of the Texas A & M University System, Texas. 4. Other Business. 5. Recess open meeting. 6 . Convene to Workshop to Discuss Goals and Objectives. 7 . Reconvene Regular Meeting. 8. Citizen Participation. to a Maximum Residents Wishing to Speak Should Limit Remarks Wylie Res f Five (5) Minutes. 9. . 10. Adjourn. NOTICE OF MEETING went Corporation Board of Wylie will meet at is hereby given that the Economic Development 1992 Noticep�.C. iay 4:00 P.M. on the of Wylie, Texas, for the purpose at 108 West Marble, in the City of considering the above agenda. Mary N. ho , ity Secretary // �� , 1992, ATS_�f' M' (� Ems. DAY OFF POSTED THIS THE '--�'- DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE , INC . MINUTES OCTOBER 13 , 1992 Inc . met Wylie , in Corporation of l3 � 1992 ment Corp October Complex• of the Development on Tuesday , e Municipal 1992in The Directors po 4 ;io00 at had been postedJim in regular session e present and office flthe meeting resent were t quorum was notice law. Those present Yeager , the was present equired byPresident; John Monim A manner Vice and woman time and James Blakey , John Tobin Council the members John Akin, In President; and Mayor also present . Exec Smith, Treasurer Womack, were Allen Director n Charlie Steve Norwood Executive Managerwas Anita Collins . and City City Staff Allen ante from the attend Smith called the meeting to order . 13 1992 Jim IN17`rES OF OCTOBER business , under oration to APPROV .made for the Corp AND CONSIDEARcorrection was Need the Corporation DISCUSS it should "Discuss the Needfr for being made REGULAR should read not "Discuss correction seconded item b it " with this roved , post Office Box post" • the minutes be approved ,Rent a a post office favor • to Rent Yeager made a motion thca tied with all in IS John Yn The motion The by John Tobin. ER'S REPORT these TREASURER'S end of APPROV report at re SS AND eportDE See attached Treasurer's reported the following $319 ,502 . 24 minutes) Balance as of August 31 , 1992 17 , 131 . 46 September Revenues 2 ,033 . 38 September Expenses 21 .75 Cash Expenses petty Balance as of $eptember 30 , 1992 , s report be the treasurer carried that The motion made a ondedn John Tobin. James Blakey made seconded by accepted as with all in favor . Inc . loan FROM EXECUTIVE DIRECTOR. Service , on REPORT Master Brakethe at the of the owners received loan Current status close the a dead issue . A. transactione - Although failed to now appropriate they It appears this is this property they request and e. appropriate time. of American old , BInc . �a. _ the hearing B. Current status the Texas Air Control problems with