05-24-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
May 24, 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 May 24, 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 11:30 a.m.
ITEM NO. 1 —EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 11:30 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), and 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).
ITEM NO. 2 —RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 11:50 a.m. Staff had informed
the Board during Executive Session that KMS Interests had countered the WEDC counter of
$11.94 at $10.75 or $458,905. The Board as a whole believed that the value of the site will only
increase as Highway 78 and regardless of the outcome of the current KMS offer, additional
interest will be shown in the site. The Board instructed staff to make a final counter to KMS
based upon the following:
MOTION: A motion was made by Merrill Young and seconded by John Yeager
authorizing staff to counter the KMS offer at $500,000 or S11.71 per
square foot and require $1,000 in non-refundable escrow. The WEDC
Board of Directors voted 5 — FOR and 0 — AGAINST in favor of the
motion.
WEDC—Minutes
May 24, 2004
Page 2
ITEM NO. 3 —Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 4.
ITEM NO. 4—Adjourn.
There being no further business, the meeting was adjourned at 11:57 a.m.
--IV/1/4 /414,1
Marvin Fuller,President
Attest:
Samuel D.R. Satterwhite
Executive Director