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02-02-2000 (WEDC) Minutes Minutes WYLIE ECONOMIC DEVELOPMENT CORPORATION Tuesday, February 2,2000 Board Members Present: Gary Bowland Marvin Fuller Kevin St. John John Yeager Merrill Young Staff Present: Samuel Satterwhite, Executive Director Ashley Gillean,Administrative Assistant Others: Joel Scott, Council Member Don Light, Century 21,The Castle Company With notice of the meeting posted in time and manner required by law and a quorum of Board members present, the Board of Directors of the Wylie Economic Development Corporation (WEDC) met in Regular Session on June 27, 2000 in the Conference Room of the Wylie Chamber of Commerce at 108A W. Marble, Wylie, Texas. The meeting was called to order by President John Yeager at 2:06 p.m. PRESENTATION: Mr. Don Light, President of Century 21 The Castle Company. Mr. Light presented the Board with information on creative ways to market/advertise. Mr. Light suggested that the WEDC could utilize virtual tours via CD-ROM of the Wylie community or specific parcels of property being marketed by the WEDC. Disks could be duplicated and distributed to business owner considering relocation. Mr. Light also suggested that an "800" number with extensions could provide useful information; each extension being assigned a specific topic for the caller to choose from. ITEM NO. 1 — Discuss and Consider Approval of Minutes for the Wylie Economic Development Corporation Regular Meeting on December 14, 1999. MOTION: A motion was made by Marvin Fuller and seconded by Kevin St. John to approve the minutes of the December 14, 1999 Regular Board of Directors Meeting of the Wylie Economic Development Corporation. The WEDC Board of Directors voted 5 — FOR and 0 — AGAINST in favor of the motion. WEDC-Minutes February 2, 2000 Page 2 ITEM NO. 2 - Discuss and Consider Approval of the November, 1999 Treasurer's Report for the Wylie Economic Development Corporation. MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to approve the November, 1999 Treasurer's Report of the Wylie Economic Development Corporation. The WEDC Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 3 - Discuss and Consider Approval of the December, 1999 Treasurer's Report for the Wylie Economic Development Corporation. MOTION: A motion was made by Kevin St. John and seconded by Merrill Young to approve the December, 1999 Treasurer's Report of the Wylie Economic Development Corporation. The WEDC Board of Directors voted 5 - FOR and 0 -AGAINST in favor of the motion. ITEM NO. 4 - Discuss and Consider Issues Surrounding a Loan Agreement Between CPI Communications and the WEDC. Staff informed the Board that CPI Communications is currently due for consideration of payments 1 and 2. CPI has not been in default over the life of their Loan Agreement. Therefore, according to the Loan Agreement between CPI and the WEDC, principal and interest for payments 1 and 2 should automatically be forgiven. MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to forgive payments 1 and 2 associated with the Loan Agreement between the WEDC and CPI. The Board voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 5 - Discuss and Consider Issues Surrounding a Loan Agreement Between Accurate Automatic and the WEDC. Staff informed the Board that DC & Associates (Accurate Automatic) is currently due for consideration of payment 2. As required by the Loan Agreement, DC & Associates completed the expansion to their facility and the expansion to the parking lot. Therefore, with no event of default to the Loan Agreement payment 2 should automatically be forgiven. MOTION: A motion was made by Marvin Fuller and seconded by Kevin St. John to forgive payment 2 associated with the Loan Agreement between the WEDC and DC & Associates. The Board voted 5 - FOR and 0 - AGAINST in favor of the motion. WEDC -Minutes February 2, 2000 Page 3 ITEM NO. 6 - Discuss and Consider Issues Surrounding a Loan Agreement Between Hoffman Blast Room Equipment and the WEDC. Staff informed the Board that Hoffman Blast Room Equipment is currently due for consideration of payment 2. Hoffman has not been in default over the life of the Loan Agreement. Therefore, principal and interest for payment 2 should automatically be forgiven. MOTION: A motion was made by Marvin Fuller and seconded by Merrill Young to forgive payment 2 associated with the Loan Agreement between the WEDC and Hoffman Blast Room Equipment. The Board voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 7 - Discuss and Consider Issues Surrounding a Loan Agreement Between Moulding Associates, Inc. and the WEDC. Staff informed the Board that Moulding Associates is currently due for consideration of payment 1. Moulding Associates has not been in default over the life of the Loan Agreement. Therefore, principal and interest for payment 1 should automatically be forgiven. MOTION: A motion was made by Marvin Fuller and seconded by Kevin St. John to forgive principal and interest payments associated with payment 1 under the Loan Agreement between the WEDC and Moulding Associates, Inc. The Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 8 - Discuss and Consider Issues Surrounding a Loan Agreement Between L. G. Motorsports and the WEDC. Staff informed the Board that L. G. Motorsports is currently due for consideration of payments 1 and 2. L. G. Motorsports has not been in default over the life of the Loan Agreement. Therefore, principal and interest for payments 1 and 2 should automatically be forgiven. MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to forgive principal and interest payments associated with payment 1 and 2 under the Loan Agreement between the WEDC and Mr. Louis Gigliotti. The Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the motion. WEDC - Minutes February 2, 2000 Page 4 ITEM NO. 9 - Discuss and Consider Issues Surrounding the Purchase of Equipment by Savage Precision Fabrication,Inc. Staff informed the Board that Mr. Scott Gardner, President of Savage Precision Fabrication, Inc. approached the WEDC with a request for assistance in the purchase of additional equipment. A total of$34,007 in incentives have been provided to Savage by the WEDC. Board Member St. John commented that Savage continues to be one of the most beneficial projects undertaken by the WEDC. Savage has doubled employment in three years and spurred growth in the downtown area by undertaking extensive renovations. Staff provided documentation supporting the purchase of$507,213 in new equipment since June 1999. Also, Mr. Gardner has indicated that four additional Leadwell CNC Lathes must be purchased with in the next 6 months to maintain demand for output. The new lathes will be purchased for$246,500. MOTION: A motion was made by Gary Bowland and seconded by Marvin Fuller to authorize the expenditure of $10,000 to assist Savage Precision Fabrication with equipment purchased and an additional $5,000 with the purchase of four additional Leadwell CNC Lathes. The Board voted 5 - FOR and 0-AGAINST in favor of the motion. ITEM NO. 10-Discuss and Consider Issues Surrounding the WEDC Strategic Plan 2000. There was no discussion on this item. The Board requested this item be tabled until the regularly scheduled WEDC February meeting. ITEM NO. 11 - Discuss and Consider a Resolution Supporting the Dallas Bid 2012 Olympic Bid Committee. Staff informed the Board that the City of Dallas has formed a committee to support the metroplex as the site for the 2012 Summer Olympics. The Collin County Commissioners Court has requested that Economic Development Corporations, Chambers of Commerce, the Collin County Community College, and municipalities support the initiative due to the economic benefit to the entire metroplex. MOTION: A motion was made by Marvin Fuller and seconded by Kevin St. John to approve a resolution supporting the Dallas 2012 Bid Committee. The Board voted 5 -FOR and 0 -AGAINST in favor of the motion. WEDC -Minutes February 2,2000 Page 5 ITEM NO. 12 - Discuss and Consider Issues Surrounding a Loan Agreement Between Mr. Tony Linduff(Multi-Machining,Inc.) and the WEDC. Staff reviewed the proposed Loan agreement between the WEDC and Mr. Tony Linduff(Multi- Machining, Inc.). Staff commented that construction plans have already been submitted to the City of Wylie for the 13,500 square feet, 100% masonry facility. Staff suggested an amendment to the agreement which would more clearly state the required 100% masonry construction. Board Member St. John stated that section 3 a(i) currently requires WEDC approval for construction materials and landscaping. Any further language will be redundant and an unnecessary expenditure legal fees. MOTION: A motion was made by Kevin St. John and seconded by Merrill Young to approve Loan Agreement between the WEDC and Mr. Tony Linduff of Multi-Machining, Inc.. The Board voted 4 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 13 - Discuss Appointments to the Exploratory Committee for the Development of a Recreation/Civic Center. Staff presented the need to appoint a Board member to an Exploratory Committee that is being formed to discuss the development of a recreation/civic center. MOTION: A motion was made by Gary Bowland and seconded by Kevin St. John to appoint Merrill Young to serve on an exploratory committee for the development of a recreation/civic center. The Board voted 4 - FOR and 0 -AGAINST in favor of the motion. ITEM NO. 14 - Discuss and Consider Issues Surrounding the Expansion of Sanden International(USA), Inc. MOTION: A motion was made by Merrill Young and seconded by Kevin St. John to table this item. The Board voted 4 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 15 - Discuss and Consider Issues Surrounding an ISO Rating Affecting Insurance Rates for the Wylie Community. City of Wylie staff had requested that an item be placed upon the WEDC agenda to discuss the ISO insurance rating which will be set by the state within the next year. Mike Collins, Wylie City Manager, has requested this item be tabled to allow more time to determine the actual savings to the individual and cost to the community by lowering the ISO rating. WEDC -Minutes February 2, 2000 Page 6 MOTION: A motion was made by Merrill Young and seconded by Gary Bowland to table discussion/consideration of the ISO insurance rating until further information could be provided. The Board voted 4 - FOR and 0 - AGAINST in favor of the motion. ITEM NO. 16-Executive Session. There was no discussion on this item at the time. The Board requested it be tabled until the regularly scheduled February meeting. ITEM NO. 17-Reconvene from Executive Session. No action was taken at this time. ITEM NO. 18-Staff Reports. Staff had no further information to report. ITEM NO. 19 - Citizen Participation. There being no citizens present, the Chairman proceeded to Item No. 20. ITEM NO. 20-Adjourn. There being no further business, the meeting was adjourned at 4:20 p.m. John Yeager`'resident Attest: Samuel D. R. Satterwhite Executive Director