11-15-2017 (WEDC) Minutes mutes
Wylie Economic Development Corporation
Board of Directors Meeting
Wednesday,November15, 2017—6:30 A.M.
WEDC Offices—Conference Room
250 South Highway 78—Wylie, Texas
CALL TOO ' I ER
Announce the presence of a Quorum
President Marvin Fuller called the meeting to order at 6:33 a.m. Board Members present were
John Yeager, Todd Wintters, and Bryan Brokaw.
Ex-officio members Mayor Eric Hogue and City Manager Mindy Manson were present.
WEDC staff present was Executive Director Sam Satterwhite, Assistant Director Jason Greiner
and Senior Assistant Angel Wygant.
CITIZEN PARTICIPATION
Lynn Grimes attended and thank the Board for their support of the Wylie Christian Care Center
Thanksgiving luncheon.
With no further citizen participation, President Fuller proceeded to Action Items.
ACTION ITEMS
ITEM NO. 1—Consider and act upon approval of the October 25,2017 Minutes of the Wylie
Economic Development Corporation (WEDC) Board of Directors Meeting.
MOTION: A motion was made by John Yeager and seconded by
Todd Wintters to approve the October 25, 2017 Minutes of the Wylie
Economic Development Corporation. The WEDC Board voted 4—FOR and
0—AGAINST in favor of the motion.
ITEM NO. 2 — Consider and act upon approval of the October 2017 WEDC Treasurers
Report.
Staff reviewed key items within the Treasurer's Report and called the Board's attention to the
correction of the duplicate expense ($60,915.35) booking within Incentives which was corrected
by Finance.
MOTION: A motion was made by Todd Wintters and seconded by
Bryan Brokaw to approve the October 2017 Treasurers Report for the Wylie
Economic Development Corporation. The WEDC Board voted 4—FOR and
0—AGAINST in favor of the motion.
WEDC—Minutes
November 15,2017
Page 2 of 3
ITEM NO. 3 Consider and act upon a Performance Agreement between Mikten, Inc. and
the WEDC.
Mike Sargent, with Mikten, Inc., intends to construct two buildings with a cumulative 11,940
square feet. The proposed WEDC Performance Agreement provides a$10,000 incentive upon the
issuance of a Certificate of Completion for the construction of a 5,970-square foot structure located
on the eastern half of the property and an additional$10,000 incentive once the building is finished
out and fully leased. The return on investment is less than one year. Staff noted a correction in
Section VIII of the agreement requiring the retention of jobs. While new or retained jobs will
absolutely be a product of this project,staff believes that the focus of the Agreement should remain
on new, speculative construction. Therefore, staff suggested the removal of"jobs retained" from
Section VIII of the Agreement.
Staff recommended that the WEDC Board of Directors approve a Performance Agreement
between the WEDC and Mikten, Inc., as amended to remove "jobs retained," from Section VIII,
providing a maximum incentive of$20,000 and further authorizing the WEDC Executive Director
to execute said Agreement.
MOTION: A motion was made by John Yeager and seconded by Todd Wintters to
approve a Performance Agreement between the WEDC and Mikten, Inc., as
amended,providing a maximum incentive of$20,000 and further authorizing
the WEDC Executive Director to execute said Agreement. The WEDC Board
voted 4—FOR and 0—AGAINST in favor of the motion.
DISCUSSION ITEMS
ITEM NO. 4 - Staff report: Staff reviewed issues surrounding WEDC Performance Agreement
Summary, Environmental Activity Summary, Highway 78 WEDC Pad Sites, 544 Gateway
Property, KREA Acquisitions, LLC, Promotional Activity and regional housing starts.
Staff informed the Board that KREA had not yet called for its final inspection with the City and
staff had sent an email to Mr.Kash Parbhu reminding him of the obligations under the Performance
Agreements and the terms of the extensions provided under the First and Second Amendments of
the Agreement. Staff remains hopeful that KREA will meet the 11-30-17 deadline for a Certificate
of Occupancy. Mr. Parbhu acknowledged receipt of the reminder and thanked the WEDC for its
support. No action was requested by staff for this item.
ITEM NO. 5 —Discussion of issues to be placed on a future WEDC Board Meeting agenda (no
substantial consideration/discussion allowed).
Staff reported that they are still working on clarifications on the laws applicable to Economic
Development Corporations in Texas that might affect the WEDC By-Laws. As soon as this
process is complete,the item will be placed on a future Agenda for discussion by the Board.
No Board Members requested that an item be placed on future agendas.
Mr.Demond Dawkins arrived at 6:48 a.m.
WEDC—Minutes
November 15, 2017
Page 3 of 3
EXECUTIVE SESSION
Recessed into Closed Session at 6:50 a.m. in compliance with Section 551.001, et.seq. Texas
Government Code, to wit:
Section 551.072 (Real Estate) of the Local Government Code, Vernon's Texas Code Annotated
(Open Meetings Act). Consider the sale or acquisition of properties located near the intersection
of:
• Cooper&Highway 78
• Cooper& 544
• Brown&Highway 78
• Brown& Ballard
• Oak&Birmingham
• Brown& Eubanks
Section 551.087(Economic Development) of the Local Government Code,Vernon's Texas Code
Annotated(Open Meetings Act). Deliberation regarding commercial or financial information that
the WEDC has received from a business prospect and to discuss the offer of incentives for:
• Project 2015-12a
• Project 2017-8a
• Project 2017-10a
• Project 2017-11a
• Project 2017-11b
RECONVENE INTO OPEN MEETING
The WEDC Board of Directors reconvened into open session at 8:07 a.m. and took no action.
ADJO NT
With no further business, President Fuller adjourned the WEDC Board meeting at 8:07 a.m.
Marvin Fuller,President
ATTEST:
Samuel Satterwhite, Director