01-15-2002 (WEDC) Minutes l `
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Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
January 15, 2002
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 January 15, 2002 in the Woodbridge Golf Club Conference
Room located at 7400 Country Club Drive, Wylie, Texas.
The meeting was called to order by President John Yeager at 7:20 a.m.
ITEM NO. 1 — Consider and Act upon Approval of Minutes for the December 14, 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
approving the minutes for the December 14, 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 Minutes for the January 4, 2002,
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Marvin Fuller and seconded by Gary Bowland
approving the minutes for the January 4, 2002, 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. 3 — Consider and Act upon Approval of the November, 2001 Treasurer's
Report for the Wylie Economic Development Corporation.
WEDC —Minutes
January 15, 2002
Page 2
WEDC Treasurer, Marvin Fuller, indicated that the Balance Sheet should be amended to reflect a
$5,000 credit to rental income since Extruders released their security deposit in relation to the
lease of 404 S. Highway 78. The Balance Sheet currently reflects Rental Deposits as a liability.
MOTION: A motion was made by Gary Bowland and seconded by Kevin St. John
approving the November, 2001 Treasurer's Report for the Wylie
Economic Development Corporation as amended. The WEDC Board of
Directors voted 5 —FOR and 0—AGAINST in favor of the motion.
ITEM NO. 4—Consider and Act upon Approval of the December, 2001 Treasurer's Report
for the Wylie Economic Development Corporation.
WEDC Treasurer, Mr. Marvin Fuller,proposed the identical amendment as Item No. 3.
MOTION: A motion was made by Kevin St. John and seconded by Merrill Young
approving the December, 2001 Treasurer's Report for the Wylie Economic
Development Corporation as amended. The WEDC Board of Directors
voted 5 —FOR and 0—AGAINST in favor of the motion.
ITEM NO. 5—Consider and Act Upon Issues Surrounding an Incentive Agreement
Between Southern Fastening Systems,Inc. and the Wylie Economic Development
Corporation.
Staff updated WEDC Board members as to the progress of the Southern Fastening Systems
project. Of particular interest was the potential for Southern to construct the Phase II expansion
(18,000 square feet) immediately.
No action was taken as a result of discussions surrounding Southern Fastening Systems, Inc.
ITEM NO. 6—Executive Session:
The WEDC Board of Directors convened into Executive Session at 7:40 a.m. to discuss
personnel matters relating to an Employment Agreement between the Wylie Economic
Development corporation and its Executive Director, as authorized in the Local Government
Code, Section 551.074.
ITEM NO. 7—Reconvene From Executive Session:
The WEDC Board of Directors reconvened from Executive Session at 7:45 a.m.
MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland
approving an Employment Agreement between the WEDC and its
WEDC—Minutes
January 15, 2002
Page 2
Executive Director, Samuel Satterwhite. The WEDC Board of Directors
voted 5 —FOR and 0—AGAINST in favor of the motion.
ITEM NO. 8—Citizen Participation.
There being no citizen participation, President Yeager proceeded to Item No. 9.
ITEM NO. 9—Adjourn.
There being no further business, the meeting was adjourned at 8:00 a.m.
use
John Yeag , President
Attest:
Samuel D.R. Satterwhite
Executive Director