03-04-2002 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
March 4,2002
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 March 4, 2002 in the Conference Room of Woodbridge Golf
Club at 7400 Country Club Drive, Wylie, Texas.
The meeting was called to order by President John Yeager at 12:14 p.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the February 14, 2002,
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 February 14, 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. 2 — Consider and Act Upon Approval of the January, 2002 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 January, 2002 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.
WEDC—Minutes
March 4, 2002
Page 4
ITEM NO. 3 — Consider and Act Upon Issues Surrounding the Demolition of Facilities
Located at 404 S. Highway 78.
Staff presented three bids to the WEDC Board of Directors for demolition of the Extruders
facility:
Building Only To Grade
1. American Environmental $110,000 $225,000
2. The Andrew Joseph Company 110,000 221,685
3. Intercon Demolition 105,407 200,000
Staff indicated that should the WEDC Board of Directors authorize the acceptance of the
Intercon Demolition bid of$200,000, the WEDC's ability to fund the development of Premier
Business Park South (Martinez Lane) would be greatly hampered. Staff strongly urged that the
development of the 5-acre tract should be the number one priority of the WEDC. While the
financial burden to demolish the facility will be great, the positive impact to the community and
the WEDC site will be immediate.
Based upon debt service and land acquisition dedicated to the Martinez project and a $10,000
settlement with Extruders, the WEDC could reallocate $188,000 toward the demolition. Mr.
Fuller suggested that the WEDC approach the Wylie City Council and request their financial
support toward the project. While staff was confident in the City of Wylie support, no formal
financial commitment could be made by the City Manager's office prior to October 1, 2002. The
Board instructed staff to pursue the financial support from the City of Wylie ($12,000) during the
formal budget process.
Mr. Fuller voiced concern regarding the need for patience in the development of the Extruders
site. The long-term goal of the WEDC should be for a well ordered retail center and not simply
selling the land continued Mr. Fuller. Mr. St. John's goal is to put tax paying businesses on the
site utilizing WEDC funds currently used for debt service to attract business. Mr. Bowland
commented that the WEDC needs to have a land planner advise the WEDC as to the
opportunities and restrictions the site will present to retail developers. Furthermore, with the
added input from a land planner, the WEDC can respond to pad site inquiries more knowledge as
to the impact of subdividing the site.
The WEDC Board of Directors instructed staff to hire a land planner to develop several different
scenarios as to the development of the WEDC 5 acres. Following that presentation, the WEDC
Board indicated that consideration of the demolition of the facility will take place.
WEDC —Minutes
March 4, 2002
Page 4
MOTION: A motion was made by Gary Bowland and seconded by Kevin St. John to
table consideration of demolishing the industrial facility located at 404 S.
Highway 78. The WEDC Board of Directors voted 4 — FOR and 1 —
AGAINST in favor of the motion.
ITEM NO. 4 — Consider and Act Upon Issues Surrounding a Loan Agreement Between
L.G. Motorsports and the Wylie Economic Development Corporation.
Staff indicated that on March 2, 2001, the WEDC Board of Directors declared Mr. Lou Gigliotti
in default of the Loan Agreement between the WEDC and L.G. Motorsports. The event-giving
rise to the default was the lack of landscape maintenance at L.G. Motorsports. The Board
authorized a cure period and Mr. Gigliotti brought his property into compliance on April 30,
2001. However, the WEDC Board of Directors never officially forgave the final payment of
$8,610.67.
MOTION: A motion was made by Kevin St. John and seconded by Merrill to forgive
the final payment of $8,610.67 subsequent to the terms of the Loan
Agreement between Louis Gigliotti and the WEDC. 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 a Loan Agreement Between
Best Technologies,Inc. and the Wylie Economic Development Corporation.
Staff indicated that Best Technologies, Inc. (BTI) was approximately $10,000 short of appraised
value commitments resulting from the sale and eventual relocation back to Wylie. Kevin St.
John indicated that for the past 5 years, BTI has been a valuable business partner in Wylie and
that the relative small amount that BTI is short on their appraised value should in no way detract
from the overwhelming benefits made to the City of Wylie.
MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to
forgive the final payment subsequent to the terms of the Loan Agreement
between Best Technologies, Inc. and the WEDC. The WEDC Board of
Directors voted 5 —FOR and 0—AGAINST in favor of the motion.
ITEM NO. 6—Citizen Participation.
There being no citizen participation, President Yeager proceeded to Item No. 7.
ITEM NO. 7—Adjourn.
WEDC—Minutes
March 4, 2002
Page 4
There being no further business, the meeting was adjourned at 1:25 p.m.
• Yea r, President
Attest:
Samuel D.R. Satterwhite
Executive Director