10-05-2001 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
October 5,2001
Board Members Present:
Gary Bowland
Marvin Fuller
Kevin St. John
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
With notice of the meeting posted in time and manner required by law and a quorum of Board
members present, the Board of Directors of the Wylie Economic Development Corporation
(WEDC) met in Regular Session on October 5, 2001 in the City Council Conference Room of
the Wylie Municipal Complex located at 2000 Highway 78 North, Wylie, Texas.
The meeting was called to order by President John Yeager at 7:15 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the September 5, 2001
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Marvin Fuller and seconded by Merrill Young to
approve minutes for the September 5, 2001 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.
ITEM NO. 2 — Consider and Act Upon Approval of the August, 2001 Treasurer's Report
for the Wylie Economic Development Corporation.
Staff indicated that a comprehensive review of all loan packages will be preformed so that
potential forgiveness of payments may be identified. Furthermore, the potential forgiveness by
the Board will impact WEDC accounts receivable for the October, 2001 Treasurer's Report.
Board member Fuller requested that staff follow-up on a release of lien for Phil Easterling (CPI
Communications).
WEDC —Minutes
October 5, 2001
Page 2
MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to
approve the August, 2001 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 5 —FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 3 — Consider and Act Upon Issues Surrounding the Purchase of Property
Generally Located at the Intersection of State Highway 78 and Martinez Lane.
Being that the Feasibility Periods are to expire on the Raynor tract and the Holland Hitch Tract
on October 16, 2001 and October 29, 2001 respectively, staff initiated a discussion which
analyzed the WEDC's goal of developing a third business park in light of the current state of the
local and national economy. Staff stated that the financial position of the WEDC has not
changed since the WEDC entered into contracts with Raynor and Holland. Also, even with
expansion and relocation inquiries slowing, staff remains confident in the strength of the Dallas
market to remain strong in light of a potential national recession and that the WEDC should close
on the two industrial tracts. Board member Young agreed with staff that the Dallas market
should remain strong and that the potential for business relocation/expansion to the site is high.
Board members St. John and Fuller were not quite so confident. Board member St. John stated
that should this recession reach the depth of the 1980's,property values will plummet, businesses
will cut back and not expand, and the WEDC will be more limited in its ability to assist
businesses because of the additional debt service. Board member Fuller was equally concerned
with the state of the economy and its impact on business expansion/relocation.
Board member Bowland suggested that WEDC staff approach both Raynor and Holland and
request a 6-month extension of the feasibility period with the earnest money becoming non-
refundable following the expiration of the original feasibility periods. Board member Bowland
further suggested that should an extension not be acceptable to either party,the WEDC terminate
the respective contract. Should the WEDC have to terminate and the recession continue, the
WEDC may be able to purchase the tract at a much reduced rate. Board member St. John added
that should the property owner's request less than a 6-month extension, staff may negotiate down
to a 3-month extension. Board member Yeager was confident that the property owners would
agree to an extension which will give the WEDC additional time to attract prospects to the site
and make a more informed decision regarding the impact the national economy will have on
local economic development efforts.
WEDC—Minutes
October 5, 2001
Page 3
MOTION: A motion was made by Gary Bowland and seconded by Kevin St. John
authorizing staff to negotiate for a 6-month extension on feasibility periods
currently allowed for in Agreements to Purchase with Raynor and Holland
Hitch. The WEDC Board of Directors voted 4 —FOR and 1 —AGAINST
in favor of the motion.
ITEM NO. 4—Citizen Participation.
There being no citizen participation, President Yeager proceeded to Item No. 5.
ITEM NO. 5—Adjourn.
There being no further business, the meeting was adjourned at 9:30 a.m.
John Yea r, President
Attest:
Samuel D.R. Satterwhite
Executive Director