04-06-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
April 6, 2004
Board Members Present
Gary Bartow
Gary Bowland
Marvin Fuller
John Yeager
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 April 6, 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 7:15 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the March 16, 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 16, 2004 Regular Board of Directors
Meeting of the WEDC. The WEDC Board of Directors voted 4 — FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 2 - Consider and Act upon Approval of the February, 2004 Treasurer's Report
for the Wylie Economic Development Corporation.
MOTION: A motion was made by Gary Bowland and seconded by John Yeager
approving the February, 2004 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4—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).
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April 6, 2004
Page 2
ITEM NO. 4—RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 9:15 a.m. The WEDC Board
discussed an offer made on WEDC property located on Highway 78. KMS Interests had offered
$450,000 for 1.147 acres in response to the WEDC counter of$524,615. The WEDC Board of
Directors settled on a final counter of$480,000 and a requirement that KMS funds 50% of the
costs associated with the extension of Cooper Drive to State Highway 78 (only that part adjacent
to KMS property) and the extension of the existing access drive and a water line fronting the site.
MOTION: A motion was made by Gary Bartow and seconded by John Yeager
authorizing WEDC staff to counter the KMS offer at $480,000. The
WEDC Board of Directors voted 4 — FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. 5—Staff Report.
Staff reported that Home Depot sales are at a level at which the Wylie store is exceeding
comparable sales of surrounding stores in several departments. Staff also updated the Board on
the platting/zoning of the Bayco site and a new relocation project staff is working on(Fab-Tech)
ITEM NO. 6 — Discuss and Consider Issues Surrounding Strategic Planning for the
WEDC.
As a beginning to the strategic planning process, staff provided the Board with a an update as to
completed projects to date, cash flow projections for the balance of FY 2003 — 2004, and budget
projections for FY 2004 — 2005. The current fiscal status of the WEDC is 100% of funds are
committed for FY 2003 — 2004 and the WEDC will have between $114,000 and $214,000 of
uncommitted funds for FY 2004 — 2005 depending on the fiscal impact of Wal Mart. Staff also
represented that the amount of land which is properly zoned for industrial development is limited
at best.
Staff proposed that the WEDC begin to take one or two of the following courses of action:
1. Continue as is—infill existing industrial properties as projects approach the WEDC;
2. Continue as is and set aside funds for land acquisition; or
3. Dispose of the 78 site as soon as possible and utilize proceeds for acquisition.
President Fuller commented that Wylie has several areas within the community which require
redevelopment (i.e. Cooper Drive, Regency Business Park). The publicly funded redevelopment
of these areas will have a lasting impact of the future development of the community. Without a
public initiative, the above areas, along with others, will continue to be unsightly entryways to
the community and remain in the same development stage for many years. Staff commented that
the WEDC is already heavily invested in Cooper Drive and our efforts to this point and forward
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April 6, 2004
Page 3
will most likely contribute to the redevelopment of the existing industrial uses without further
investment.
The Board instructed staff to perform a detailed analysis of the present condition of Regency
Business Park (specifically the 544 corridor). Furthermore, staff is to develop a plan of action as
to the City of Wylie/WEDC approach to the development of the 250 acres which has industrial
zoning adjacent to the KCS switching facility. Staff indicated that the KCS site is the last
remaining large undeveloped industrial site within the current boundaries of the community.
Staff reiterated that this is the first of several strategic planning discussions which will be held of
the next several months with the end goal being the development of a 3 — 5 year Action Plan.
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 adjourned at 10:15 a.m.
7 /4
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director