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05-25-2006 (WEDC) Minutes Wylie Economic DPORevelopm ATIenONt C Minutes Wylie Economic Development Corporation Board of Directors Meeting Thursday, May 25, 2006 —6:00 P.M. Inwood National Bank— Conference Room 200 South Hwy. 78 —Wylie, Texas CALL TO ORDER Announce the presence of a Quorum. President Fuller called the meeting to order at 6:00 p.m. Board Members present were: Gary Bartow, Merrill Young, Mitch Herzog, and John Yeager. Staff present was Executive Director Sam Satterwhite and Assistant Gerry Harris CITIZEN PARTICIPATION There being no citizen participation, President Fuller proceeded to Discussion Items. DISCUSSION ITEMS ITEM NO. 1 — Discuss Issues Surrounding a Real Estate Sale Contract Between James L. Hughes and the Wylie Economic Development Corporation (WEDC). Staff indicated to the Board that the WEDC would be requesting that Council authorize the WEDC to enter into debt to purchase the Hughes tract on May 23, 2006. No new information was provided to the WEDC for consideration or review. ITEM NO. 2 — Discuss Issues Surrounding a Commercial Lease Between the WEDC and The Green Sculptor. As authorized by the Board, staff presented the negotiated lease between the Green Sculptor and the WEDC for WEDC property located at 706 Cooper Drive. Staff indicated that the lease rate had been increased from $450 per month to WEDC —Minutes May 25, 2006 Page 2 of 5 $650 per month for June and July with an increase to $720 per month beginning in August, 2006. ITEM NO. 3 — Discuss Issues Surrounding the Development of a Strategic Plan. Staff presented a preliminary list of three strategic planners that had been contacted and a summary of the services that they offer. The Board recommended that Staff continue to research the planners and report back with more information. ITEM NO. 4— Discuss Issues Surrounding WEDC Legal Services. Staff presented a group of attorneys that are being interviewed in consideration for the position of WEDC legal counsel. The Board instructed Staff to continue gathering information and report back. ACTION ITEMS ITEM NO. 1 — Consider and Act Upon Approval of the May 12, 2006 Minutes of the WEDC Board of Directors Meeting. MOTION: A motion was made by Gary Bartow and seconded by Merrill Young to approve the May 12, 2006 Minutes of the WEDC Board of Directors Meeting. The WEDC Board voted 5 — FOR and 0 —AGAINST in favor of the motion. ITEM NO. 2 — Consider and Act Upon Approval of the April, 2006 WEDC Treasurer's Report. President Fuller again questioned the status of the WEDC Balance sheet as to its completeness. Staff indicated that Finance staff had not completed their review and update of the Balance Sheet, but was diligently pursuing completion. The Board directed staff to continue to present the Treasurer's Report to the Board, but until the promised changes are made, each report will be tabled until which time the Finance Department completes their promised adjustments. Staff again reviewed that several WEDC assets were not noted in the Balance Sheet, the Birmingham note was not identified as a note payable, a deferred charge of$150,000 has no explanation, and two properties purchased on Cooper Drive are not identified as an asset. Mr. Fuller directed staff to thank the Finance Department for their work to this point, but until their adjustments are complete, the Board cannot continue to approve incomplete financial statements. WEDC—Minutes May 25, 2006 Page 3 of 5 President Fuller directed staff to investigate why interest cannot be recorded monthly opposed to quarterly, present the forgiveness schedules for Bayco and Lone Star Circuits at a future Board Meeting, and to ensure that adequate detail is provided within the Executive Director Expense Report so that the business purpose served is clearly identifiable. President Fuller also posed the question to the Board as to the need for independent accounting services so that the WEDC can be in more control regarding the timely recording of entries/corrections to the WEDC financial statements. Also, President Fuller directed staff to pursue cost participation from the City of Wylie in the amount of $2,500 for the Collin College Plain and Fancy Ball. MOTION: A motion was made by Merrill Young and seconded by Gary Bartow to table the April 2006 Treasurer's Report. The WEDC Board voted 5 — FOR and 0 —AGAINST in favor of the motion. ITEM NO. 3 — Consider and Act Upon Issues Surrounding the Physical Location of WEDC Offices. Staff had identified a site owned by Richard Parker, Inc. as a potential office for WEDC offices, President. Fuller inquired as to any interest in the site. Being that there was no interest in the site; President Fuller requested that Mr. Herzog not leave the meeting. Had the WEDC considered the site, Mr. Herzog would have identified his conflict of interest and left the meeting until consideration of the same was complete. Since the May 12th WEDC Board meeting, staff had identified an additional office on the second floor of the building currently occupied by Keller Williams located on Ballard Street. Staff indicated that this suite offers the best opportunity for the WEDC. President Fuller inquired as to any ADA problems the WEDC may encounter. Staff presented an opinion from Julie Fort which stated that as long as every accommodation possible was provided, the fact that there is no elevator access is not a violation of ADA in an of itself. The key is accommodating every reasonable request to meet with the WEDC or attend WEDC public meeting. This could be accomplished by curbside service and determining alternative meeting locations should a request be made. Mr. Fuller requested a 10-minute recess for the Board to view the proposed offices. The Board recessed at 7:38 p.m. The Board reconvened at 7:54 p.m. Mr. Yeager commented that the site did not have the best drive-up appeal, but seemed to be the only viable alternative. Staff indicated that the entire office would need new paint and carpet. Mr. Herzog estimated that renovations to the kitchen, paint and carpet could cost as much as $10,000. WEDC—Minutes May 25, 2006 Page 4 of 5 Staff indicated that the owner of the building, Mr. Bob Heath has set an 'as is' lease rate of$800 per month not including utilities. MOTION: A motion was made by Mitch Herzog and seconded by Merrill Young authorizing the WEDC Executive Director to negotiate a lease with Mr. Bob Heath for office facilities for the WEDC further authorizing staff spend up to $10,000 to renovate the offices for immediate WEDC use. The WEDC Board voted 5 — FOR and 0 —AGAINST in favor of the motion. ITEM NO. 4 — Consider and Act Upon Approval of the August 22, 2005 Minutes of the WEDC Board of Directors Meeting. Staff identified that an additional set of minutes, which was not originally identified through the audit process, was discovered recently and completed immediately. Staff pointed out further that a typographical error exists within Item No. 7 which should read `proceed to Item No. 8'. President Fuller requested that staff produce an inventory of agendas and completed minutes from 1996 to present. MOTION: A motion was made by John Yeager and seconded by Gary Bartow to approve the August 22, 2006 of the WEDC Board of Directors Meeting as amended. The WEDC Board voted 5 FOR — and 0 AGAINST in favor of the motion. EXECUTIVE SESSION The WEDC Board of Directors convened into Executive Session at 8:14 p.m. ITEM NO. 1 — Convene into Executive Session to Hold Deliberations Regarding Real Property (Purchase of Real Property by the WEDC Located at 707 Cooper Drive and Property Located Near the F.M. 544/F.M. 1378 Intersection) as Authorized in Section 551.072 of the Local Government Code, Vernon's Texas Code Annotated (Open Meetings Act). ITEM NO 2 — Convene into Executive Session to Hold Deliberations Regarding Economic Development Negotiations (offer of financial incentives to `Company A', `Company B', and `Company C') as Authorized in Section 551.087 of the Local Government Code, Vernon's Texas Code Annotated (Open Meetings Act). Mr. Herzog, citing a conflict of interest in regards to any discussion surrounding the purchase of real property located near the intersection of F.M. 544/F.M. WEDC—Minutes May 25, 2006 Page 5 of 5 1378, excused himself from the meeting during discussions surrounding that issue. RECONVENE INTO OPEN MEETING The WEDC Board of Directors reconvened into open session at 9:06 p.m. MOTION: A motion was made by Gary Bartow and seconded by Merrill Young authorizing staff to make an offer of $195,000 for the purchase of property located at 707 Cooper Drive. The WEDC Board of Directors voted 5 — FOR and 0 —AGAINST in favor of the motion. ADJOURNMENT With no further business, President Fuller adjourned the WEDC Board meeting at 9:07 p.m. Consensus of the WEDC Board was to adjourn. 1,711 4/14.1.:44 /ti& Marvin Fuller, President ATTEST: Samuel D.R. Satterwhite Executive Director