07-14-1992 (WEDC) Minutes DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC.
MINUTES
July 14 , 1992
The Directors of the Development Corporation of Wylie, Inc. met
in regular session at 4 :00 P.M. on Tuesday, July 14, 1992 in the
Development Corporation's office at the Municipal Complex. A
quorum was present and notice of the meeting had been posted in
the time and manner required by law. Those present were Jim
Smith, President; James Blakey, Vice President 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.
Jim Smith called the meeting to order.
DISCUSS AND CONSIDER APPROVAL OF MINUTES OF JUNE 14. 1992 REGULAR
MEETING : James Blakey made a motion that the minutes be
approved . without any corrections. John Tobin seconded the
motion. The motion carried with all in favor.
DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: Jim Smith
read the treasurer's report as prepared by Bart Peddicord, former
Secretary-Treasurer and member of the board. The report stated
the expenditures and revenues of the Development Corporation of
Wylie, Inc. for the month of June. Mr. Smith reported the
current balance to be $325,357.71, sales tax received in June was
$13 ,529.42, interest received was $873 .65 and expenditures in
the amount of $4,097.04 . The expenditures were as follows:
Rent - $50.00, C. C. Womack - $849.50 for salary, $174.79 -
Oak Ridge Country Club reception, $22.75 for office supplies and
$3 ,000 to the Chamber of Commerce for advertising. A motion was
made by John Tobin to approve the report and was seconded by John
Yeager. The motion carried with all in favor.
OATH OF OFFICE FOR NEW MEMBER: This item not carried out as new
member was not present.
DISCUSS AND CONSIDER APPOINTMENT OF SECRETARY/TREASURER: John
Tobin nominated John Yeager to be the new Secretary/Treasurer,
James Blakey seconded the nomination. The vote carried with all
in favor.
DISCUSS AND CONSIDER PROPOSAL FROM MASTER BRAKE SERVICE: The
Executive Director presented a proposal from Master Brake
Systems, Inc. (copy of proposal attached at end of minutes) .
Master Brake proposes that the Development Corporation purchase
the vacant Tarrant plumbing building in Wylie at a price not to
exceed $150,000 and advance their company a "cash grant" of
$30,000 to be spent for renovation purposes. Master Brake would
M,_ then execute a five year lease with an option to purchase the
property at a pre-arranged or negotiated sales price. A motion
was made by James Blakey authorizing the Executive Director to
proceed with an appraisal of the property. The motion was
seconded by John Tobin. The motion carried with all in favor.
DISCUSS AND CONSIDER PROPOSAL FROM PHYSICIANS REGIONAL HOSPITAL:
Physicians Regional Hospital has requested assistance (copy of
request attached) from the Development Corporation. They are
asking the Development Corporation to place a $120,000 CD into
Provident Bank Wylie to collateralize a $120,000 loan to the
Hospital to fund the development of a new Geriatric Psychiatric
Unit at the Hospital and working capital deficits during
development of this Unit.
REPORT FROM EXECUTIVE DIRECTOR: Charlie Womack gave his monthly
report (copy attached) and an update on the prospects pending at
this time. They are Metrocast, Inc, Perma Tune, Inc, Golden
Pickle, and Master Brake Systems, Inc.
FINALIZE SEMI-ANNUAL REPORT TO CITY COUNCIL: The board members
were given a draft of the report (copy attached to minutes)
prepared by Jim Smith. A motion was made by James Blakey to
approve the report for presentation to the City Council
RECESS OPEN MEETING:
CONVENE TO WORKSHOP TO DISCUSS GOALS AND OBJECTIVES: No
discussion was held on this item.
RECONVENE REGULAR MEETING:
CITIZEN PARTICIPATION: No citizen participation
ADJOURN: There being no other matters of business for
discussion, a motion was made by James Blakey and seconded by
John Tobin to adjourn this meeting. The motion carried with all
in favor.
Minutes of the July 14, 1992 , regular meeting approved by the
Board of Directors at its meeting on August 11, 1992.
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Ji' Smith, Presidrs
PREPARED BY :
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Anita Collins