04-17-2000 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Thursday April 17, 2000
Board Members Present:
Gary Bowland
Marvin Fuller
Kevin St. John—arrived at 12:45 p.m.
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
Ashley Gillean, Administrative Assistant
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 April 17, 2000 in the Woodbridge Golf Club Conference
Room at 7400 Country Club Dr., Wylie, Texas.
The meeting was called to order by President Yeager at 12:05 p.m.
ITEM NO. 1 —Discuss and Consider Issues Surrounding the Development of an 8.035 Acre
Tract, Otherwise Known as Lot 3, Block B of Premier Industrial Park South, First
Revision.
Staff informed the Board that following notification by the WEDC that a project had been
initiated, Mr. George Frost conveyed his concern to staff that Extruders was not able to
undertake any additional capital expenditures at this time. Staff informed Mr. Frost that the
WEDC was willing to renegotiate the option only if Extruders was willing to release
approximately 4 acres adjacent to Hensley and Sanden Blvd. to accommodate Cates Control
System, Inc., and decrease the time frame in which Extruders will occupy the facility located at
404 S. Hwy 78.
On April 11, 2000, staff met with Mr. Frost, at that time he requested that the property be
conveyed to Extruders and should no expansion take place within 5 years, Extruders will pay for
the property under the current terms of the Option. Also, Extruders will agree to vacate the
facility at 404 S. Hwy 78 within 3 years. These terms were also indicated in letter form from
Atrium President and CFO, Mr. Jeff Hull.
Staff commented that Extruders is requesting the WEDC grant the land up front opposed to
purchasing it initially with the opportunity to be reimbursed following an expansion. The Board
believed the first priority is to secure the Cates project. Secondly, the Board believed that the
lease term of 404 S. Hwy 78 will have to be significantly reduced to grant the property up front.
WEDC - Minutes
April 17, 2000
Page 2
MOTION: A motion was made by Gary Bowland and seconded by Merrill Young to
reject the offer from Atrium/Extruders. The Board also authorized staff to
offer Extruders a grant of 4 acres provided they would vacate the facility at
404 S. Hwy 78 within 2 years. The WEDC Board of Directors voted 5 —
FOR and 0—AGAINST if favor of the motion.
ITEM NO. 2 - Citizen Participation.
There being no citizens present, the Chairman proceeded to Item No. 3.
ITEM NO. 3 - Adjourn.
There being no further business, the meeting was adjourned at 1:10 p.m.
John eager, President
Attest:
Samuel D.R. Satterwhite
Executive Director