02-10-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
February 10, 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 February 10, 2004 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 7:06 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the December 23, 2003
Regular Board of Directors Meeting of the WEDC.
MOTION: A motion was made by Kevin St. John and seconded by Merrill Young
approving the minutes for the December 23, 2003 Regular Board of
Directors Meeting of the WEDC. The WEDC Board of Directors voted 5
—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 2 - Consider and Act Upon Approval of Minutes for the January 22, 2004
Regular Board of Directors Meeting of the WEDC.
MOTION: A motion was made by John Yeager and seconded by Merrill Young
approving the minutes for the January 22, 2004 Regular Board of
Directors Meeting of the WEDC. The WEDC Board of Directors voted 5
—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 3 - Consider and Act Upon Approval of the December, 2003 Treasurer's Report
for the Wylie Economic Development Corporation.
MOTION: A motion was made by Merrill Young and seconded by John Yeager
approving the December, 2003 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 5 --FOR
and 0—AGAINST in favor of the motion.
WEDC —Minutes
February 10, 2004
Page 2
ITEM NO. 4 - EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:20 a.m. to hold
deliberations surrounding the sale of WEDC property located at 404 S. Highway 78 in
accordance with Section 551.072, Government Code, Vernon's Texas Code Annotated (Open
Meetings Act), 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), and hold deliberations surrounding the
purchase of real property in accordance with Section 551.072, Government Code, Vernon's
Texas Code Annotated(Open Meetings Act).
ITEM NO. 5—RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 8:13 a.m.
Discussion was held regarding the presentation of a Note and Security Agreement between the
WEDC and the Birmingham Land Trust. The Board instructed staff to strike all references to
insurance and risk of loss as well as references prohibiting the WEDC from affixing the collateral
(sales tax)to any real estate in the future.
MOTION: A motion was made by Kevin St. John and seconded by Merrill Young
approving a Promissory Note and Security Agreement between the WEDC
and Birmingham Land Trust and authorizing President Fuller to execute
all documents necessary to effectuate the sale of +5.2 acres from the
Birmingham Land Trust. The WEDC Board of Directors voted 5 — FOR
and 0-AGAINST in favor of the motion.
ITEM NO. 6—Staff Report.
Staff had no new information for Board members.
ITEM NO. 7—Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 8.
ITEM NO. 8—Adjourn.
There being no further business, the meeting was adjo�i at 8:35 a.m.
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Marvin Fuller,President
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Samuel D.R. Satterwhite
Executive Director