08-31-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
August 31, 2004
Board Members Present
Gary Bartow
Gary Bowland
Marvin Fuller
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 August 31, 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 6:59 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the August 16, 2004
Regular Board of Directors Meeting of the WEDC.
MOTION: A motion was made by Gary Bartow and seconded by Merrill Young
approving the minutes for the August 16, 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 Approval of the July, 2004 Treasurer's
Report for the Wylie Economic Development Corporation.
MOTION: A motion was made by Merrill Young and seconded by Gary Bowland
approving the July, 2004 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.
ITEM NO. 3 - EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:08 a.m. to hold
deliberations surrounding the sale of WEDC property located at 404 S. Highway 78 as authorized
in Section 551.072 in accordance with 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 7:57 a.m.
WEDC—Minutes
August 31, 2004
Page 2
During Executive Session, staff presented a Commercial Contract presented by The Cirrus Group
to purchase approximately 2.05 acres from the WEDC for the development of a Baylor medical
office facility. Cirrus intends to construct approximately 20,000 square feet to house 5 — 7
Baylor doctors with the balance of the office space to be leased for ancillary medical uses. Cirrus
has offered$329,500 for the approximate 2.05 acres.
Staff indicated that while this offer could be below market, the development of medical offices
brings a great deal of value not only to the balance of the WEDC site, but to the entire
community. The current office market is virtually unproven in Wylie being that there has been
very little new office construction. The WEDC Board agrees that the depth of the WEDC site
presents a challenge to the development of 100% retail of the WEDC site. Should an office.
project develop on the north side of the WEDC site, not only is the depth issue resolved, but the
pad sites with frontage will benefit greatly (in terms of value) from the traffic generated by the
office development. Furthermore, the lack of adequate office space for doctors and the lack of
doctors available for Wylie residents is a community-wide concern which will be addressed by
the development of a Baylor facility on the WEDC site.
Board President Fuller agreed with the added value the Baylor development brings to the WEDC
site. In addressing the issue of selling at a perceived below market rate, President Fuller believes
there is little difference between the incentive packages provided to other WEDC projects and
selling at below market to Cirrus for the development of a Baylor facility. However, President
Fuller, along with all other Board members, will require the following criteria to be met prior to
entering into any agreement to sell to Cirrus:
1. Cirrus must commit to a fixed valuation of real property and a minimum square footage
to be constructed; and
2. Cirrus must provide a date upon which a certificate of occupancy will be issued by the
City of Wylie for the medical office facility; and
3. Cirrus must provide copies of any other contracts which have been negotiated for
commercial property in Wylie; and
4. The WEDC will require reasonable site plan approval ; and
5. Cirrus will provide WEDC with a copy of the lease agreement between Cirrus and
Baylor. Should Cirrus not enter into a contract with Baylor, a reversion of ownership or
specific penalties will be required.
MOTION: A motion was made by Merrill Young and seconded by John Yeager
authorizing the WEDC Executive Director to negotiate a Commercial
Contract with The Cirrus Group for the sale of approximately 2.05 acres of
WEDC property. The WEDC Board of Directors voted 5 — FOR and 0 —
AGAINST in favor of the motion.
WEDC—Minutes
August 31, 2004
Page 3
ITEM NO. 5—Staff Report.
Staff updated the Board on the closing of the Bayco project, ongoing negotiations with Sanden
International for the development of a distribution center, and the upcoming Texas Economic
Development Council annual conference.
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 8:15 a.m.
111,0'144' )/' 4;41
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director