11-15-2004 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
November 15,2004
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 15, 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 7:00 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the November 8, 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 November 8, 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 —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 within the Wylie Community by the WEDC) as
authorized in Section 551.072 of the Local Government Code, Vernon's Texas Code
Annotated (Open Meetings Act).
ITEM NO. 3—RECONVENE INTO OPEN MEETING:
The WEDC Board of Directors reconvened into open meeting at 7:58 a.m.
During Executive Session, staff presented the WEDC Board of Directors with contracts from the
Weitzman Group and Shafer Properties for the purchase from the WEDC 3.13 acres located at
404 S. Highway 78. Staff had provided both entities the opportunity to submit updated offers due
to the additional interest in the site in the prior weeks. Shafer submitted an offer of$14.00 per
square foot while Weitzman submitted an offer of $13.00 per square foot. The following day,
Weitzman submitted an email clarifying their position and submitted an offer of $14.00 per
square foot. Weitzman offered a 15 day inspection period with and a 30 day close. Shafer offered
a 15 day inspection period with a 15 day close. Both groups however requested the
WEDC—Minutes
November 15, 2004
Page 2
opportunity to extend the inspection period should the need for a Phase II environmental was
deemed necessary.
MOTION: A motion was made by Merrill Young and seconded by Gary Bartow to
accept the Weitzman offer of$14.00 per square foot and authorized staff
to execute all documentation necessary to effectuate a contract. The
WEDC Board of Directors voted 4 —FOR and 0 —AGAINST in favor of
the motion.
ITEM NO. 4— Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 5.
ITEM NO. 5—Adjourn.
There being no further business, the meeting was adjourned at 8:05 a.m.
G��, fires
Marvin Fuller, President
Attest:
Samuel D.R. Satterwhite
Executive Director