05-11-1993 (WEDC) Minutes DIRECTORS OF DEVELOPMENT CORPORATION OF WYLIE, INC.
MINUTES
MAY 11 , 1993
The Directors of the Development Corporation of Wylie, Inc. met
in regular session at 4:00 P.M. on Tuesday, May 11 , 1993 in the
Development Corporation's office at 108 W. Marble, Wylie, Texas .
A quorum was present and notice of the meeting had been posted in
the time and manner required by law. Those present were
President Jim Smith, Vice President James Blakey and members John
Mondy and 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 .
President Jim Smith called the meeting to order.
DISCUSS AND CONSIDER APPROVAL OF MINUTES OF APRIL 11, 1993
REGULAR MEETING : The minutes should reflect the action that was
taken as a result of the executive session. Mr. John Yeager made
a motion for Mr. James Blakey to prepare and submit, on behalf of
the Corporation, a contract to purchase approximately thirty
eight point five three (35 .83) acres of land not to exceed the
cost of thirty five hundred dollars ($3,500 . 00) per acre. His
motion included for the Corporation to issue a check not to
exceed one thousand dollars ($1,000 .00) to be used as an escrow
payment . The motion was seconded by Mr. John Tobin. The motion
carried with four members voting in favor and Vice-President
James Blakey abstained.
DISCUSS AND CONSIDER APPROVAL OF TREASURER'S REPORT: Total
corporate fund as of April 30 , 1993 were $417 , 510 . 29 . Expenses
for April were $6, 484. 24 and revenues were $17 , 240 . 31 . Total
available funds are $290 , 631 . 79. A motion was made by John Tobin
to accept the Treasurer's Report as read and was seconded by
James Blakey. The motion carried with all in favor. (See
attached report at the end of these minutes) .
REPORT FROM EXECUTIVE DIRECTOR:
A. Physicians Regional Hospital Status Report - The
hospital was adequately insured and they do have business
interruption insurance . Their scheduled May 15th payment of
$30 ,000 has been reduced to $10 ,000 and it continues to be
seen if that payment will be made. Their payment schedules
will have to approved by the Court and the Administer. The
board discussed turning the CD into a direct loan to the
hospital and charging interest .
B. American Molds, Inc. Status Report - They have
received their permit to expand their operations .
C. Major Employer Relocation Status Report - Negotiations
are continuing on this project . President Jim Smith
requested that Mr. Womack get with the WISD School Board and
set up a meeting between the Development Corporation and the
WISD School Board to discuss tax abatement .
D. PERMA-TUNE Inc . Status Report - This employer is now
located and operating in Wylie and is happy with his move
here.
E. GINNY' S Inc. Status Report - This company will be
moving in to the old post office located at Jackson and Oak.
F. Jim Meara, D/B/A the Meara Company Status Report - Mr.
Meara has continued to meet with the City Manager to reach
an agreement for some relief on this item. It appears there
will be an item on the May 11, 1993 City Council meeting to
waive for a period of two years the Impact Fees on all
existing developed building residential lots .
G. New Prospect - Auto Photo Systems , Inc . - This
prospect seems to have been lost to the City of Carrollton.
H. Crane Safety & Maintenance, Inc. - Mr. Crisuolo has
reported that the property he now occupies has been sold and
he has 90 days to vacate the premises . He is interested in
the Corporation either financing or leasing back a new
facility for his company to occupy. He has an industrial
lot in mind and claims that he can build a 3, 500 sq. ft .
facility for approximately $45 ,000 which includes the land
cost . He claims that he can raise sufficient funds to have
a 20% equity should the Corporation decide they would
provide the permanent financing requirements .
I . Possible Funding for a Dinner Honoring the Retirement of
a C.E.O. of a Major Wylie Employer - The board recommended
this item be referred to the Chamber of Commerce for their
consideration.
REVIEW AND DISCUSS THE POSSIBILITY OF THE CORPORATION SHARING IN
THE EXPENSE TO REPAIR REGENCY DRIVE AND STEEL ROAD: The board
discussed the cost estimates presented by the City. Mr. Jim
Smith was concerned about whether the Development Corporation
could actually do street repairs on an individual basis . The
board discussed the feasibility of the property owners sharing in
this cost of the renovation.
RECESS OPEN MEETING
CONVENE TO EXECUTIVE SESSION:
A. Update on Land Purchase
B. Review and Discuss Request for Financial Assistance Received
from Two Local Employers Who are Interested in Relocating and
Expanding their Facilities .
RECONVENE REGULAR MEETING
No action was taken in executive session.
CITIZEN PARTICIPATION: None
There being no other business for discussion a motion was made
and seconded that the meeting be adjourned.
Minutes of the May 11 1993 , regular meeting approved by the Board
of Directors at its meeting on June 8th, 1993 .
im Smith, Presiidnt
PREPARED BY:
6/1cA-- dC-11-C-9
Anita Collins