09-30-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
September 30, 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 September 30, 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 6:58 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the September 21, 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 September 21, 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 - EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:02 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 8:30 a.m.
During Executive Session, staff reviewed contracts presented to the WEDC by Greenway
Investments, Shafer Properties, and Colter's Holdings to purchase approximately 3.06 acres. All
three contracts were relatively equal in regards to earnest money, inspection and closing periods,
and non-refundable independent consideration. The unanimous sentiment of the Board was to
allow Shafer Properties to pursue development on the WEDC site. The terms accepted by the
Board are as follows: $12.00 per square foot, $25,000 earnest money with $5,000 independent
consideration being non-refundable within 15 days, 120-day inspection period with a 30-day
WEDC —Minutes
September 30, 2004
Page 2
close, stand-alone pad sites on Lots 1 & 2 with strip development on Lots 3 & 4. The Board
instructed staff to develop a contract based on the above parameters.
MOTION: A motion was made by John Yeager and seconded by Gary Bowland
authorizing the WEDC Executive Director to develop a contract between
the WEDC and Shafer Properties for the sale of approximately 3.06 acres.
The WEDC Board of Directors voted 5 —FOR and 0—AGAINST in favor
of the motion.
ITEM NO. 4—Staff Report.
Staff updated the Board on issues surrounding Farrell Construction, Fab-Tech, Cirrus, and the
redevelopment of the Carlisle site.
ITEM NO. 5— Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 6.
ITEM NO. 6—Adjourn.
There being no further business, the meeting was adjourned at 8:35 a.m.
8(401
6:15/1/641-
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director