12-28-2005 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
December 28,2005
Board Members Present
Gary Bartow
Gary Bowland
Marvin Fuller
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 December 28, 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 7:05 a.m.
ITEM NO. 1 — Executive Session: Convene into Executive Session to Hold Deliberations
Regarding Real Property (Purchase of Real Property Located at 706 Cooper Drive by the
WEDC) as Authorized in Section 551.072 if the Local Government Code, Vernon's Texas
Code Annotated (Open Meetings Act).
The WEDC Board of Directors convened into Executive Session at 7:06 a.m.
ITEM NO. 2—Reconvene into Open Meeting.
The WEDC Board reconvened into Open Meeting at 7:45 a.m.
Based upon direction from the Board, staff indicated that the WEDC was under contract with Mr.
Bob Heath and Mr. Dick Sharman to purchase a .464 acre tract located on Cooper Drive. The
purchase price is $185,000 and is scheduled to close on December 31, 2005 should the Board
ratify the contract and approve the sale. Per the contract, the WEDC is required to pay all closing
costs, including the title policy, which equals $1,934.22.
The Board discussed that the Heath/Sharman tract has potential even despite its location on the
north side of Cooper. Being that there is only one property to the east with an empty lot
comprising V2 acre and a single structure on a second V2 acre, the goal of redeveloping eastward
towards Baylor is attainable with less difficulty than within the interior of Cooper Drive.
WEDC—Minutes
December 28, 2005
Page 2
MOTION: A motion was made by Gary Bowland and seconded by Merrill Young to
ratify the contract between the WEDC and Heath/Sharman, approve the
purchase of property located at 709 Cooper Drive, and authorize WEDC
President Fuller to execute all documentation necessary to effectuate the
purchase. The WEDC Board of Directors voted 5 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 3—Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 4.
ITEM NO. 4—Adjourn.
There being no further business, the meeting was adjourned at 7:50 a.m.
1104
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director