11-21-2000 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Tuesday, November 21, 2000
Board Members Present:
Gary Bowland
Marvin Fuller
John Yeager
Staff Present:
Samuel Satterwhite, Executive Director
Ashley Barnes, 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 November 21, 2000 in the Wylie Chamber of Commerce
Conference Room at 108A W. Marble, Wylie, Texas.
The meeting was called to order by Chairman Yeager at 2:06 p.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the October 27, 2000
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Marvin Fuller and seconded by Gary
Bowland to approve the minutes for the October 27, 2000 Regular
Board of Directors Meeting of the Wylie Economic Development
Corporation. The WEDC Board of Directors voted 3 —FOR and 0
—AGAINST in favor of the motion.
ITEM NO. 2 — Consider and Act Upon Approval of the September, 2000 Treasurer's
Report for the Wylie Economic Development Corporation.
Staff questioned the fact that the City of Wylie Finance Department classifies the note payable to
American National Bank as current net earnings. In an attempt to clarify the issue, a conference
call was made to Judy Klusman, City of Wylie Assistant Finance Manager. Mrs. Klusman
explained that the WEDC is a special revenue fund and those funds classify accounts payable as
net earnings. Board Member Fuller suggested that the item be tabled until a more clear
explanation of the item is received.
MOTION: A motion was made by Marvin Fuller and seconded by Gary
Bowland to table the September Treasurer's Report for the Wylie
Economic Development Corporation. The WEDC Board of
Directors voted 3 —FOR and 0—AGAINST in favor of the motion.
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November 21, 2000
Page 2
ITEM NO. 3 — Consider and Act Upon Issues Surrounding a Loan Agreement Between
Gary Bottoms and the Wylie Economic Development Corporation.
Staff informed the Board that Gary Bottoms of Best Technologies, Inc. is currently due for
consideration of payment 3. Best Technologies has not been in default over the life of their Loan
Agreement. Therefore, according to the Loan Agreement Between Gary Bottoms and the
WEDC, principal and interest for payment 3 ($28,281.25) shall be forgiven.
MOTION: A motion was made Gary Bowland and seconded by Marvin Fuller to
forgive payment 3 associated with the Loan Agreement between the
WEDC and Gary Bottoms. The WEDC Board of Directors voted 3 —FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 4 — Consider and Act Upon Issues Surrounding a Loan Agreement Between
Yelrow, L.C. and the Wylie Economic Development Corporation.
Staff informed the Board that Yelrow, L.C. is currently due for consideration of payment 1.
Yelrow has met the requirements of the Loan Agreement and has not been in default over the life
of the Loan Agreement. Therefore, according to the Loan Agreement between Yelrow, L.C. and
the WEDC, principal and interest for payment 1 ($10,715.33) shall be forgiven.
MOTION: A motion was made by Gary Bowland and seconded by Marvin Fuller to
forgive payment 1 associated with the Loan Agreement between the
WEDC and Yelrow, L.C. The WEDC Board of Directors voted 3 — FOR
and 0—AGAINST in favor of the motion.
ITEM NO. 5 — Discuss Issues Surrounding a Retail Development Generally located at the
Southwest Corner of Westgate Way and F.M. 544.
Staff informed the Board that Tractor Supply Company (TSC) had presented a formal proposal
to the WEDC. Staff presented the proposal as an update only at the time. No action was taken.
ITEM NO. 6—EXECUTIVE SESSION:
The Wylie Economic Development Corporation Board of Directors
convened into Executive Session at 2:45 p.m. to discuss the purchase of
Real Property as Authorized in the Texas Local Government Code,
Section 551.072.
ITEM NO. 7—RECONVENE FROM EXECUTIVE SESSION:
The Wylie Economic Development Corporation Board of Directors
reconvened from executive Session at 2:50 p.m. No action was taken as a
result of Executive Session.
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November 21, 2000
Page 3
ITEM NO. 8—Citizen Participation.
There being no citizens present, the Chairman proceeded to Item No. 9.
ITEM NO. 9—Adjourn.
There being no further business, the meeting was adjourned at 2:52 p.m.
John Yeager, President
Attest:
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Samuel D.R. Satterwhite
Executive Director