11-08-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
November 8, 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 November 8, 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 7:02 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the September 30, 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 September 30, 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 September, 2004 Treasurer's
Report for the Wylie Economic Development Corporation.
MOTION: A motion was made by Gary Bartow and seconded by Gary Bowland
approving the September, 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—EXECUTIVE SESSION:
The WEDC Board of Directors convened into Executive Session at 7:12 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 7:40 a.m.
WEDC—Minutes
November 8, 2004
Page 2
During Executive Session, staff presented the WEDC Board of Directors with a contract from
The Weitzman Group. While the WEDC has an executed Letter of Intent with Shafer
Properties, the WEDC has no legal basis for not pursuing the Weitzman offer being that there is
no executed contract between the two parties. While the Weitzman offer is approximately 105
greater than that of Shafer, the Boards primary interest in Weitzman revolved upon the potential
to close the sale in 30 days.
MOTION: A motion was made by Merrill Young and seconded by Gary Rowland
authorizing the WEDC Executive Director to develop a contract between
the WEDC and the Weitzman Group for the sale of approximately 3.06
acres. The WEDC Board of Directors voted 4 —FOR and 0 — AGAINST
in favor of the motion.
ITEM NO. 5—Staff Report.
Staff updated the Board on issues surrounding a potential incentive package to be presented to
Extruders division of Atrium Companies for a $4.8 million expansion resulting in an additional
80 jobs.
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 7:55 a.m.
•
4/1 ti,)„,/,„ ,)-A (re4 .
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director