09-08-1992 (WEDC) Minutes DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC.
MINUTES
SEPTEMBER 8, 1992
The Directors of the Development Corporation of Wylie, Inc. met
in regular session at 4:00 P.M. on Tuesday, September 8, 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; John Yeager,
Secretary Treasurer 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. Member John Mondy was absent.
Jim Smith called the meeting to order.
DISCUSS AND CONSIDER APPROVAL OF MINUTES OF SEPTEMBER 8. 1992
REGULAR MEETING : A correction was made - John Tobin not James
Blakey seconded the motion to approve the minutes. With this
correction being made John Yeager made a motion that the minutes
be approved, seconded by John Tobin. The motion carried with all
in favor.
DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: The
Treasurer's Report (See attached report at the end of these
minutes) reported the following:
Balance as of July 31, 1992 $337,972.68
August Revenues 18,909.51
August Expenses 37,264.78
Petty Cash Expenses 115.17
Balance as of August 31, 1992 $319,502 .24
John Tobin made a motion that the treasurer's report be accepted
as written, seconded by James Blakey. The motion carried with
all in favor.
REVIEW AND VOTE ON MASTER BRAKE SERVICE. INC. LOAN REQUEST:
Master Brake has presented financial statements for the board's
review. The present proposal is that Master Brake will bid
$150,000 for the property at this Saturday's auction. Provident
Bank has agreed to fund up to $120,000 and the Development
Corporation will fund $30,000 with a five year pay out on a
second lien. They will then be asking the Development
Corporation for a grant to make some improvements if successful
in their bid. The RTC appraisal is $210,000. Master Brake had
an independent appraisal done and it came back at $200,000.
John Tobin made a motion that we approve the financing of 20% of
the purchase price, up to $30,000, the motion was seconded by
James Blakey. The motion carried with all in favor.
DISCUSS THE POSSIBLE PURCHASE OF LAND FOR A FUTURE INDUSTRIAL
PARK: The Executive Director presented the board with a
description of the piece of property which he looked at. It is
38 acres and the asking price is $7,000 an acre. The board felt
that more information was needed. No action was taken on this
item.
UPDATE ON AMERICAN MOLD. INC. REOUEST, FILED WITH TEXAS AIR
CONTROL BOARD. TO INCREASE PRODUCTION: The Executive Director
gave a report to the board on the status of American's Mold's
request to the Texas Air Control Board.
REPORT FROM EXECUTIVE DIRECTOR: The Executive Director gave a
report on his activities during the last month. He is still
looking for a location for the van conversion company. The video
promoting Wylie has been finished and is available.
Negotiations are continuing with J. D. Russell Co. and the Goldin
Pickle Company.
OTHER BUSINESS:
A) Make Decision on Location of Corporate Offices - a
decision on this was postponed until further information
could be obtained regarding the possible move to the Chamber
office.
B) Discuss the Need for the Corporation to Rent a Post
Office Post - The Executive Director felt they needed a
post office box because he was having difficulty getting
mail here. The board mutually agreed to rent a post office
box.
C) Discuss Membership in the Texas Industrial Council,
Inc. - The board decided to join this - it is $95.00
annually.
D) Discuss the Executive Director Attending a One Week (11/8
- 11/13/92) Seminar Being Offered by the Economic
Development Training Division of the Texas A & M University
System - no decision was made on this item - need further
details.
E) Discuss Agreement to Furnish Medicare Supplement
Insurance Coverage for Executive Director and Wife - The
Board instructed Mr. Womack to go ahead with the coverage he
chose since it was in the terms of his employment.
RECESS OPEN MEETING:
CONVENE TO WORKSHOP TO DISCUSS GOALS AND OBJECTIVES: No
discussion took place on this item.
RECONVENE REGULAR MEETING:
CITIZEN PARTICIPATION: None
There being no other business for discussion a motion was made
and seconded that the meeting be adjourned.
Minutes of the September 8, 1992, regular meeting approved by the
Board of Directors at its meeting on October 13 , 1992 .
//
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`I'i . n age , Secretary
PREPARED BY :
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Anita Collins