04-24-2002 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
April 24,2002
Board Members Present:
Marvin Fuller(arrived at 7:23 a.m.)
Kevin St. John
John Yeager
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 March 18, 2002 in the Conference Room of Woodbridge
Golf Club located at 7400 Country Club Drive, Wylie, Texas.
The meeting was called to order by President John Yeager at 7:18 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the March 4, 2002,
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
The WEDC Board requested that staff specify in Item No. 3 the intent of the WEDC to pursue
City of Wylie participation($12,000) in the demolition of Extruders.
MOTION: A motion was made by Merrill Young and seconded by Kevin St. John
approving the minutes for the March 4, 2002, Regular Board of Directors
Meeting of the Wylie Economic Development Corporation as amended.
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 Minutes for the March 18, 2002,
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Kevin St. John and seconded by Merrill Young
approving the minutes for the March 18, 2002, 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.
WEDC—Minutes
April 24, 2002
Page 4
ITEM NO. 3 —Consider and Act Upon Approval of the February, 2002 Treasurer's Report
for the Wylie Economic Development Corporation.
The WEDC Board of Directors directed staff to include Lone Star Circuits within the accounts
receivable and write off all fixed assets dealing with Premier Business Park. Board member
Fuller also directed staff to clarify the timing of Southern Fastening Systems incentive package
being included in the financial statements.
MOTION: A motion was made by Marvin Fuller and seconded by Merrill Young to
approve the February, 2002 Treasurer's Report for the Wylie Economic
Development Corporation as amended. The WEDC Board of Directors
voted 4—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 4 — Consider and Act Upon Approval of the March, 2002 Treasurer's Report
for the Wylie Economic Development Corporation.
The WEDC Board of Directors requested the identical amendments be addressed as in the
February Treasurer's Report. As well, Board member Fuller requested that staff clarify to the
Board, at the next regular meeting, how the note to American National Bank is accounted for
within the financial statements.
MOTION: A motion was made by Kevin St. John and seconded by Merrill Young to
approve the March, 2002 Treasurer's Report for the Wylie Economic
Development Corporation as amended. The WEDC Board of Directors
voted 4—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 5 — Consider and Act Upon Issues Surrounding the Purchase of Property
Generally Located at the Intersection of State Highway 78 and Martinez Lane.
Staff informed the WEDC Board of Directors that the 6-month extension on the Purchase
Agreements with Holland Hitch and Raynor Manufacturing Company are going to expire on
April 29, 2002. Staff also reminded the Board that a decision had been made to demolish the
industrial facility located on WEDC property utilizing the funds budgeted for the Martinez Lane
project.
MOTION: A motion was made by Marvin Fuller and seconded by Merrill Young
authorizing the WEDC Executive Director to request an additional 90-day
extension to the Purchase Agreements with Holland Hitch and Raynor
Manufacturing at no cost. Should the sellers require consideration for the
extension, staff is directed to allow the contracts to expire. The WEDC
Board of Directors voted 3 — FOR and 1 — AGAINST in favor of the
motion.
WEDC—Minutes
April 24, 2002
Page 4
ITEM NO. 6 — Consider and Act Upon Issues Surrounding the Relocation of a TXU Gas
Company Gas Main Impacting the Redevelopment of WEDC Property Located at 404 S.
Highway 78.
Staff briefed the Board on the need for the WEDC to participate in the relocation and extension
of a gas main line located on WEDC property, servicing Mann Made and B.E.&H. To extend the
main through WEDC property not only assists Mann Made and B.E.&H., but also allows for the
WEDC to prepare for the future retail development of the WEDC site. Staff indicated that Mr.
Don Hughes is willing to fund 50% of the extension being that he is the adjacent property owner.
The total project cost equals $5,486.
Staff explained that only 50% of the WEDC site is impacted by the main line. As the WEDC site
is subdivided, the gas main must be extended to serve additional sites. A gas main must be
adjacent to the property line of the site served with private service lines extending to the interior
of the site.
MOTION: A motion was made by Kevin St. John and seconded by Marvin Fuller
authorizing the expenditure of$2,743 for the extension of a gas main line
serving Mann Made and B.E.&H. The WEDC Board of Directors voted 4
—FOR and 0—AGAINST in favor of the motion.
ITEM NO. 7 — Consider and Act Upon Issues Surrounding a Letter of Intent from
Pangman Commercial Realty, L.P.
Staff presented the WEDC Board of Directors with a Letter of Intent from Pangman Commercial
Realty for the purchase of 5.77 acres from the WEDC for a purchase price of $1,193,870.70
($4.75 per square foot). Board member immediately rejected the Letter of Intent being that the
offer is far from an acceptable amount. Also, the Board believes that the entire area will better
served for the time being by a developer which intends to assemble the WEDC site along with
property surrounding Cooper Drive.
MOTION: A motion was made by Marvin Fuller and seconded by Merrill Young
rejecting the offer made by Pangman Commercial Realty, L.P. to purchase
WEDC property. The WEDC Board of Directors voted 4 — FOR and 0 —
AGAINST in favor of the motion.
ITEM NO. 8—Citizen Participation.
There being no citizen participation, President Yeager proceeded to Item No. 9.
ITEM NO. 9—Adjourn.
WEDC—Minutes
April 24, 2002
Page 4
ITEM NO. 9—Adjourn.
There being no further business, the meeting was adjourned at 8:41 a.m.
ri! _e_.,,-,,Y
ohn Y ger, President
Attest:
J .
Samuel D.R. Satterwhite
Executive Director