08-26-2003 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
August 26, 2003
Board Members Present
Gary Bowland
Marvin Fuller
Kevin St. John(arrived at 7:10 a.m.)
John Yeager
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 August 26, 2003 in the Conference Room of Woodbridge
Golf Club located at 7400 Country Club Drive, Wylie, Texas.
The meeting was called to order by President Marvin Fuller at 7:03 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the July 30, 2003, Regular
Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Gary Bowland and seconded by John Yeager to
approve the minutes for the July 30, 2003, 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 July, 2003 Treasurer's Report for
the Wylie Economic Development Corporation.
MOTION: A motion was made by John Yeager and seconded by Gary Bowland to
approve the July, 2003 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.
ITEM NO. 3 — Consider and Act Upon Issues Surrounding Potential Office/Warehouse
Development Located on F.M. 544.
Staff presented a commercial project consisting of 6,600 square feet of speculative
office/warehouse located between Hooper Road and Regency Drive on the north side of F.M.
544. Comprised of 8, 15' x 55' units, the facility will have tilt wall construction and meet all
City of Wylie requirements in regards to landscaping and parking. The proposed project value
WEDC —Minutes
August 26, 2003
Page 2
has been estimated at $450,000 which will have a tax impact to the City of Wylie and Wylie ISD
of±$10,463 per year. Adjacent to the east of the lot is a drainage easement with the northern
boundary being the Kansas City Southern rail line.
Board members discussed their concern with a precedent which will exist for projects with
relatively little value and assisting speculative projects. Board member Bowland commented that
WEDC funds should be focused on the business itself, not solely to increase the tax base. Board
member St. John indicated that there are very few opportunities for small businesses to locate to
Wylie and lease a small facility. Staff commented that this project should not be considered only
on its impact to the tax role, but the impact to the 544 corridor in the Regency Business Park
area. President Fuller, while agreeing with Mr. Bowland, believed the greatest impact this
project will have is to spark new development along the corridor which is one of the three
gateways to the community. President Fuller added that a similar project not having a significant
aesthetic impact on an area would not receive his support.
Staff recommended a 1.5 year factor (taxes generated over 1.5 years to the City of Wylie and
WISD) tied to a minimum of$450,000 construction cost/valuation payable over three years.
MOTION: A motion was made by Kevin St. John and seconded by John Yeager
authorizing the WEDC Executive Director to negotiate an incentive
package, with an approximate value of$15,700, between the WEDC and
Thomas W. Allred & Company. The WEDC Board of Directors voted 4—
FOR and 0—AGAINST in favor of the motion.
ITEM NO. 4 — Consider and Act Upon Issues Surrounding an Expansion of Moulding
Associates, Inc.
Staff presented an expansion proposed by Moulding Associates, Inc. (MAI) in Premier Business
Park. With an existing 60,000 square foot facility, MAI proposes a 30,000 square foot expansion
with an estimated construction cost of$650,000 - $750,000.
Staff indicated that the original incentive agreement between the WEDC and MAI has exceeded
original expectations. MAI originally proposed a combined $3.4 million in value. The appraised
value for 2003, as per the Collin County Central Appraisal District, indicates a total appraised
value of $4.6 million. As well, staff estimated taxes to be generated from the original MAI
project at $97,375. MAI will pay$112,691 in property taxes for 2003.
Based upon the above construction estimates, staff proposed an incentive package ranging from
$45,000 to $52,000. The package was arrived at by calculating three years of tax receipts to the
Wylie Independent School District and the City of Wylie.
MOTION: A motion was made by Gary Bowland and seconded by John Yeager
authorizing the WEDC Executive Director to negotiate an incentive
WEDC—Minutes
August 26, 2003
Page 3
package, ranging from $45,000 to $52,000, between the WEDC and
Moulding Associates, Inc. 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 Development of WEDC
Property Located at 404 S. Highway 78.
Staff had no new information to present to the WEDC Board of Directors surrounding
development of the WEDC site. Staff made no recommendation to the WEDC Board of
Directors regarding the above item, therefore no motion was required.
ITEM NO. 6—Staff Update.
Staff discussed issues surrounding Chili's opening being moved to December 15, 2003, industrial
development surrounding the KCS site, and Greenway Development Company retail interests
outside the Westgate/544 area. Staff made no recommendation to the WEDC Board of Directors
regarding the above issues, therefore no motion was required.
ITEM NO. 7—Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 8.
ITEM NO. 8—Adjourn.
There being no further business, the meeting was adjourned at 7:58 a.m.
-141
,441 ia,
Marvin Fuller, President
Attest:
. ----cti-
..--;..,...._ ______„›
Samuel D.R. Satterwhite
Executive Director