01-22-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
January 22, 2004
Board Members Present
Gary Bowland
Marvin Fuller
Kevin St. John
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 January 22, 2003 in the Dividend Room of Inwood National
Bank located at 201 North Ballard, Wylie, Texas.
The meeting was called to order by President Marvin Fuller at 7:05 a.m.
ITEM NO. 1 —EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:05 a.m. to hold
deliberations surrounding the purchase of real property in accordance with Section 551.072,
Government Code, Vernon's Texas Code Annotated (Open Meetings Act), and hold
deliberations regarding economic development negotiations between the WEDC and Project
"Bright Light" in accordance with Section 551.087, Government Code, Vernon's Texas Code
Annotated (Open Meetings Act).
ITEM NO. 2—RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 8:30 a.m.
The Board received staffs' recommendation to purchase a ±5.2 acre parcel of land from the
Birmingham Land Trust at a negotiated sales price of$2.00 per square foot. Staff informed the
Board that the sales price is contingent upon the WEDC financing the purchase through the Trust
for 5 years at 7% per annum. The Board instructed staff to pursue the purchase of the site
regardless of the outcome of negotiations between the WEDC and Bayco Products.
MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland
authorizing the WEDC Executive Director to execute a Real Estate Sales
Contract between the WEDC and the Birmingham Land Trust for the
WEDC-Minutes
January 22, 2004
Page 2
purchase of ±5.2 acre site located on Sanden Boulevard. The WEDC
Board of Directors voted 5 - FOR and 0 - AGAINST in favor of the
motion.
ITEM NO. 3-Staff Report.
Staff had no new information for Board members.
ITEM NO. 4-Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 5.
ITEM NO. 5-Adjourn.
There being no further business, the meeting was adjourned at 8:40 a.m.
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Marvin Fuller, President
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Attest:
Samuel D.R. Satterwhite
Executive Director