04-26-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
April 26, 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 26, 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 April 6, 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 April 6, 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 March, 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 March, 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 — Consider and Act Upon Issues Surrounding an Economic Development
Incentive Agreement Between Southern Fastening Systems, Inc. and the WEDC.
Staff informed the Board that Ricky Tonneson of Southern Fastening Systems had requested that
the WEDC fund a portion of the $30,000 purchase price of 2.791 acres, adjacent and west of the
existing Southern site, from the Richard Parker group. Staff reminded the Board that the above
purchase is closely tied to the Bayco project in that the WEDC could not purchase its 3.244 acres
from the Parker Group without disposing of the flood plain property behind Southern (2.791
acres). Staff argued that had Southern not purchased the subject tract, which has very little use to
Southern because of its flood plain status, that either the WEDC or Bayco would have had to
fund 100% of the $30,000 purchase price.
WEDC —Minutes
April 26, 2004
Page 2
Staff recommended that the WEDC fund $15,000 of the $30,000 purchase price and restructure
the existing Economic Development Incentive Agreement between Southern and the WEDC.
The restructured Agreement would reflect a maximum incentive available to Southern of
$35,000 (maximum currently available under the Agreement is $50,000).
Board member Bowland raised the issue that if the $50,000 incentive is not approved by the
Board in November, the WEDC will have little recourse in retrieving the $15,000 assistance.
Staff emphasize again that had Southern had not agreed to purchase the subject property, the
Bayco project would have been greatly complicated. President Fuller concurred and supported
staff's recommendation.
MOTION: A motion was made by Gary Bowland and seconded by John Yeager
approving the funding of $15,000 toward the purchase of 2.791 acres by
Southern Fastening Systems, Inc. from the Richard Parker Group and
furthermore authorizing staff to amend the existing Economic
Development Incentive Agreement to reflect a maximum incentive
available to Southern Fastening Systems, Inc. in November, 2004 of
$35,000. The WEDC Board of Directors voted 4 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 4 — Discuss and Consider Issues Surrounding Strategic Planning for the
WEDC.
In a continuing effort to establish a long-range strategic plan for the WEDC, staff presented the
WEDC Board with an analysis of existing conditions of Regency Business Park. During the
April 21, 2004 WEDC Board Meeting, the Board identified Regency as key component within
the WEDC strategic plan. Staff identified 30 different property owners within a boundary of
Hooper and Regency to the west and East, and F.M. 544 and Steel Road to the north and south.
As well, staff identified an appraised value of$7.5 million for the same properties.
Staff concluded that a broad stroke redevelopment effort of this area would be difficult at best if
the WEDC were considering purchasing this property for redevelopment. Even if the property
adjacent to the F.M. 544 corridor was redeveloped, Central Storage represents $2 million in
valuation which would most likely not represent a sales price.
At the May Board meeting, President Fuller directed staff to prepare an analysis of other
communities in Rockwall, Kaufman, and Collin Counties which have passed 4A, 4B, and
Property Tax Reduction Issues. Furthermore, President Fuller instructed staff to place strategic
planning on each and every future WEDC agenda for continued discussion and analysis.
No action was taken as a result of discussions surrounding Item No. 4.
WEDC —Minutes
April 26, 2004
Page 3
ITEM NO. 5- EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:50 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 Bayco Products, Inc. in accordance with Section 551.087, Government Code,
Vernon's Texas Code Annotated (Open Meetings Act), 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 surrounding personnel
matters (evaluation of the Executive Director) as authorized in the Local Government Code,
Section 551.074 in accordance with Government Code, Vernon's Texas Code Annotated (Open
Meetings Act).
ITEM NO. 6—RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 8:40 a.m. No formal action was
taken in regards to the issues detailed in Item No. 3. The WEDC Board did however perfouu an
evaluation of the WEDC Executive Director with written evidence of such provided to the City
of Wylie Human Resources Department.
ITEM NO. 7— Staff Report.
Staff provided the WEDC Board of Directors with information pertaining to WEDC participation
in the MAI Door Program with Carroll Jewelry, the status of the hiring process for a City
Manager, the potential for a Baylor Hospital facility in Wylie, and a status report on expansion
plans for Lone Star Circuits.
ITEM NO. 8—Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 9.
ITEM NO. 9—Adjourn.
There being no further business,the meeting was adjourned at 8:50 a.m.
. 7Varif7///t
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director