09-21-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
September 21, 2004
Board Members Present
Gary Bartow
Gary Bowland
Marvin Fuller
John Yeager
Merrill Young
Staff Present
Samuel Satterwhite, Executive Director
Others Present
Stephen Summers, The Staubach Company
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 September 21, 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 7:05 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the August 31, 2004
Regular Board of Directors Meeting of the WEDC.
MOTION: A motion was made by Merrill Young and seconded by Gary Bartow
approving the minutes for the August 31, 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 August, 2004 Treasurer's Report
for the Wylie Economic Development Corporation.
Staff indicated that within the Balance Sheet, the Deferred Incentives for Southern Fastening
Systems should reflect $135,000 opposed to $150,000. The $15,000 difference is a result of the
WEDC participation in purchasing land to the west of the Southern Fastening site.
MOTION: A motion was made by John Yeager and seconded by Gary Bowland
approving the August, 2004 Treasurer's Report as amended for the Wylie
Economic Development Corporation. The WEDC Board of Directors
voted 5 —FOR and 0—AGAINST in favor of the motion.
WEDC —Minutes
September 21, 2004
Page 2
ITEM NO. 3 - EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:17 a.m. to hold
deliberations regarding real property (sale of WEDC property located at 404 S. Highway 78 and
purchase of real property by the WEDC within the Wylie Community) as authorized in Section
551.072 of the Local 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.
During Executive Session, staff presented a Commercial Contract presented by Colter's
Holdings, Inc. and Greenway Investments, Inc. for the purchase of approximately 3.06 acres from
the WEDC located at 404 S. Highway 78. Staff, along with Stephan Summers of The Staubach
Company, presented the merits of both the Colter's group and Greenway Investments.
President Fuller, along with all Board members, believed that the WEDC may be too focused on
end users and should concentrate on the design of the site. Board member Bowland believed that
a higher asking price (opposed to $9.75/sq. ft. by Greenway and $11.00/sq. ft. by Colter's) would
address less desirable end users ability to locate to the site and bear the cost burden of higher
lease rates. Staff suggested that with the anticipated contract with Cirrus, or the future
development of lots 5 and 6 as per the concept plan, it will be important to maintain visibility
through Lots 1 and 2 from Highway 78. Furthermore and based upon that philosophy, the
WEDC could require that a minimum of 2 pad sites be developed in the general vicinity of Lots 1
and 2 and a strip center design could be developed on Lots 3 and 4.
The Board agreed that the following development criteria should be presented to both Colter's
and Greenway for their consideration:
1. The WEDC will require $12.00 per square foot for the approximate 3.06 acres fronting
State Highway 78; and
2. A maximum 120-day inspection period will be granted; and
3. An additional 45-day period can be purchased for the non-refundable amount of$5,000;
and
4. Earnest money in the amount of$10,000 will be required with $2,500 considered non-
refundable independent consideration; and
5. All title work will be prerormed by Commonwealth Land Title, Wylie, Texas; and
6. Two, stand-alone structures will developed on Lots 1 and 2; and
7. A maximum of one fast food development will be allowed on either Lot 1 or 2; and
8. The WEDC will reserve review and approval authority as to the layout of the 3.06 acre
development as it relates to building orientation and building materials utilized.
WEDC —Minutes
September 21, 2004
Page 3
MOTION: A motion was made by Gary Bartow and seconded by Merrill Young
authorizing the WEDC Executive Director to respond to Colter's Holdings
and Greenway Investment with the above listed development criteria for
the sale of approximately 3.06 acres. The WEDC Board of Directors
voted 5 —FOR and 0—AGAINST in favor of the motion.
Staff also presented information surrounding the purchase of approximately 1.0904 acres from
Ferrell Construction located near the intersection of F.M. 544 and Regency Drive with frontage
on F.M. 544. Staff indicated that the previous offer of $219,372 was countered by the Ferrell
representative at $239,372. With a square foot price of$5.04, staff believed that the additional
$20,000 is not overpriced and still meets the goal of redevelopment for the F.M. 544 corridor.
Staff reminded the Board that the intent of the WEDC is to purchase the site, demolish the
existing facility, and market with the adjacent sites for redevelopment.
MOTION: A motion was made by John Yeager and seconded by Gary Bartow
authorizing the WEDC Executive Director to execute changes to a
Commercial Contract between Ferrell Construction and the WEDC for the
purchase of approximately 1.0904 acres for $239,372. The WEDC Board
of Directors voted 5 --FOR and 0—AGAINST in favor of the motion.
ITEM NO. 5—Staff Report.
Staff had no new information to present to the WEDC Board of Directors.
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 9:00 a.m.
/ ; ;
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Marvin Fuller,President
Attest:
Samuel D.R. Satterwhite
Executive Director