03-16-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
March 16, 2004
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 March 16, 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 7:03 a.m.
ITEM NO. 1 —Consider and Act Upon Approval of Minutes for the March 1, 2004 Regular
Board of Directors Meeting of the WEDC.
MOTION: A motion was made by John Yeager and seconded by Gary Bartow
approving the minutes for the March 1, 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. 2 - Consider and Act Upon Issues Surrounding an Economic Development
Agreement Between Moulding Associates,Inc. and the WEDC.
Staff updated the Board regarding ongoing discussions between the WEDC and Moulding
Associates, Inc. (MAI) for a 28,800 square foot expansion to the existing 60,000 square foot
MAI facility located in Premier Business Park. MAI has committed to an increased appraised
valuation per the Collin County Central Appraisal District of$750,000 in addition to the existing
present value of$4,441,606.
Staff presented the WEDC Board of Directors with an Economic Development Agreement
between MAI and the WEDC. Secured by a Promissory Note and personal guaranties from Jeff
Cade (President) and Roger Cade (Vice President), the proposed $54,562 infrastructure
participation recommended by staff will be funded following issuance of a certificate of
occupancy by the City of Wylie and forgiven twelve (12) months following issuance of the same.
Staff indicated that the level of participation was calculated by estimating property taxes
generated by the $750,000 valuation to the City of Wylie and Wylie Independent School District
over a three year period.
WEDC —Minutes
March 16, 2004
Page 2
MOTION: A motion was made by John Yeager and seconded by Merrill Young
approving an Economic Development Agreement between Moulding
Associates, Inc. and the WEDC furthermore authorizing WEDC President
Marvin Fuller to execute all documentation necessary to effectuate the
Agreement. The WEDC Board of Directors voted 5 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 3 - EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:25 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. 4—RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 8:35 a.m. No action was taken
as a result of discussions held in Executive Session.
ITEM NO. 5—Staff Report.
Staff presented sales tax figures from the Comptroller's Office which reflected a 41.18% gain for
the month of February, 2003. Also, staff presented a cash flow analysis for the remainder of the
FY 2003 —2004.
ITEM NO. 6—Citizen Participation.
There being no citizen participation,President Fuller proceeded to Item No. 7.
ITEM NO. 7—Adjourn.
There being no further business, the meeting was adjourned at 8:50 a.m.
Marvin Fuller, President
WEDC—Minutes
March 16, 2004
Page 3
Attest:
"ems.,.. C
IDL-crJ-6 '
Samuel D.R. Satterwhite
Executive Director