06-16-2005 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
June 16,2005
Board Members Present
Gary Bartow
Gary Bowland
Marvin Fuller
Merrill Young
Staff Present
Samuel Satterwhite, Executive Director
Others Present
Councilman Earl Newsom
Councilman Rick White
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 June 16, 2005 in the Conference Room of Inwood National
Bank located at 200 South Highway 78, Wylie, Texas.
The meeting was called to order by President Marvin Fuller at 5:00 p.m.
ITEM NO. 1 — Consider and Act Upon Approval of the May 13, 2005 Minutes for the
Wylie Economic Development Corporation (WEDC) Board of Directors Meeting.
MOTION: A motion was made by Gary Bowland and seconded by Gary Bartow to
approve the May 13, 2005 Minutes for the WEDC Board of Directors
Meeting. The WEDC Board of Directors voted 4 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 2 — Consider and Act Upon Approval of the May 27, 2005 Minutes for the
Wylie Economic Development Corporation (WEDC) Board of Directors Meeting.
MOTION: A motion was made by Gary Bartow and seconded by Gary Bowland to
approve the May 27, 2005 Minutes for the WEDC Board of Directors
Meeting. The WEDC Board of Directors voted 4 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 3 — Consider and Act Upon Approval of the April, 2005 Treasurer's Report for
the Wylie Economic Development Corporation.
MOTION: A motion was made by Gary Bartow and seconded by Merrill Young to
approve the April, 2005 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4—FOR
and 0—AGAINST in favor of the motion.
WEDC—Minutes
June 16, 2005
Page 2
ITEM NO. 4 — Consider and Act Upon Approval of the May, 2005 Treasurer's Report for
the Wylie Economic Development Corporation.
MOTION: A motion was made by Gary Bowland and seconded by Gary Bartow to
approve the May, 2005 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4—FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 5 — Consider and Act Issues Surrounding an Incentive Agreement Between the
WEDC and Extruders Division of Atrium Companies. Inc.
Staff reviewed with the Board negotiations for an incentive package between the WEDC and
Extruders. Staff has proposed a $230,000 incentive package payable over a three year period.
Payment 1 of $80,000 will be funded when Extruders receives a building permit for 10,800
square foot expansion and produces documentation that the expansion is valued at $3.3 million.
Payments 2, 3, and 4 will be funded upon confirmation that a minimum appraised value of
$26,248,935 exists at the site. Following confirmation of the valuation, the WEDC will fund an
$833 incentive per new employee hired up to a maximum of$50,000 per year. President Fuller
and Board member Bowland directed staff to confirm with Extruders officials their
understanding of the default associated with the minimum valuation requirement.
MOTION: A motion was made by Merrill Young and seconded by Gary Bowland
authorizing the development of an incentive package between Extruders
division of Atrium Companies and the WEDC with a potential value of up
to $230,000. The WEDC Board of Directors voted 4 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 6 — Consider and Act Upon Contracts Between Raynor Manufacturing,
Holland USA, Inc. and the WEDC.
Staff reviewed the existing contracts between the WEDC, Holland USA, and Raynor
Manufacturing. Staff also presented to the Board a draft RFP for financing the above contracts in
addition to water, sewer and street improvements as well as financing for the Ferrell Construction
contract. The following details the requested item to be placed in the financing package:
Holland Contract $339,000
Raynor Contract 300,000
Martinez Lane Improvements 116,667
Holland/Raynor Utility/street Improvements 250,000
Ferrell Contract 239,372
Total $1,245,039
WEDC—Minutes
June 16, 2005
Page 3
Board member Bowland stated that based upon our proven track record to service a $1.2 million
note, any bank would be eager to finance the above projects.
MOTION: A motion was made by Gary Bowland and seconded by Gary Bartow to
authorize the Executive Director to present an RFP for financing
$1,245,039 for economic development projects to all local financial
institutions. The WEDC Board of Directors voted 4 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 7 — Executive Session. Convene into Executive Session to Hold Deliberations
Regarding Real Property (Purchase of Real Property within the Wylie Community by the
WEDC) as Authorized in Section 551.072 of the Local Government Code, Vernon's Texas Code
Annotated (Open Meetings Act), and Hold Deliberations Surrounding Personnel Matters
(Evaluation of the Executive Director and Amendments to the Employment Agreement Between
the WEDC and its Executive Director) as Authorized in the Local Government Code, Vernon's
Texas Annotated (Open Meetings Act).
The WEDC Board of Directors convened into Executive Session at 5:48 p.m.
ITEM NO. 8—Reconvene Into Open Meeting.
The WEDC Board of Directors reconvened into open meeting at 6:15 p.m.
In regards to the purchase of Lot 5, Block A of Wylie Industrial Park, the Board instructed staff
that following the purchase of the site, staff is to initiate a zoning change from Corridor
Commercial to Retail.
MOTION: A motion was made by Merrill Young and seconded by Gary Bartow
authorizing President Fuller to execute all documentation required to
effectuate the purchase of Lot 5, Block A of Wylie Industrial Park. The
WEDC Board of Directors voted 4 — FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. 7—Executive Session (continued).
The WEDC Board of Directors reconvened into Executive Session at 6:25 p.m.
ITEM NO. 8—Reconvene Into Open Meeting.
The WEDC Board of Directors reconvened into open meeting at 7:00 p.m.
The Executive Director had made a request to the WEDC Chairman to remove the residency
requirement from his Employment Agreement. While the Board declined the request, a
compromise was presented in the form of the following motion.
WEDC—Minutes
June 16, 2005
Page 4
MOTION: A motion was made by Gary Bowland and seconded by Merrill Young to
amend the residency requirement with the Executive Directors'
Employment Agreement allowing the Executive Director to reside either
within the City limits, the boundary of the Wylie Independent School
District, or the Wylie Extra Territorial Jurisdiction located within Collin
County. The WEDC Board of Directors voted 4 — FOR and 0 —
AGAINST in favor of the motion.
The WEDC Board of Directors preformed its annual evaluation of the Executive Director. While
the Board was pleased performance overall, the Board instructed the Executive Director that all
future Board packets must be received at least three days prior to the Board meeting.
MOTION: A motion was made by Gary Bartow and seconded by Merrill Young to
increase the salary of the Executive Director by 8.14%. The WEDC Board
of Directors voted 4—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 9—Staff Report.
Staff had nothing further to report.
ITEM NO. 10—Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 11.
ITEM NO. 11 —Adjourn.
There being no further business, the meeting was adjourned at 7:25 p.m.
171(M/14
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director