09-11-2003 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
September 11, 2003
Board Members Present
Gary Bowland
Marvin Fuller
Kevin St. John
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 September11, 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 7:13 a.m.
ITEM NO. 1 — Consider and Act Upon Approval of Minutes for the August 26, 2003,
Regular Board of Directors Meeting of the Wylie Economic Development Corporation.
MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland to
approve the minutes for the August 26, 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 Issues Surrounding Potential Office/Warehouse
Development Located at 404 S. Highway 78.
Staff presented an amendment to the incentive package approved by the Board at the August 26,
2003 WEDC Board Meeting between the WEDC and Thomas W. Allred & Company. Initially,
the WEDC Board approved the package based upon new value of $450,000. Staff has
determined though that new value is now estimated at $350,000 with the developer requesting a
$300,000 minimum so that the Year 2 incentive will not be withdrawn based upon appraised
value not meeting the WEDC requirements. Furthermore, based upon $300,000 and a 1.5 year
factor (as agreed upon in the previous package), the incentive agreement is now valued at
$10,463 opposed to the original $15,700. President Fuller recommended that the package be
paid out over a 2 year period based upon the decreased size of the package.
MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland
authorizing the WEDC Executive Director to negotiate an incentive
package with Thomas W. Allred & Company with a minimum value of
WEDC—Minutes
September 11, 2003
Page 2
$10,463. 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 the Development of WEDC
Property Located at 404 S. Highway 78.
Staff attached a development resume of Mr. Mark R. Smith. Mr. Smith approached the WEDC
with an interest in bringing a retail development to the WEDC site. Staff made no
recommendation to the Board regarding the above issue; therefore no motion/action was
required.
ITEM NO. 4 — Consider and Act Upon Issues Surrounding Funds Held in a Money Market
Account at American National Bank.
Staff presented to the Board that the WEDC currently has a Money Market Account at American
National Bank — Wylie, earning a rate of 0.70% interest with a balance of $105,928.89. Staff
became aware, through conversations with American National Bank(ANB) and Inwood National
Bank, that a minimum interest rate of 1.5% could be obtained via short term certificate of
deposits or a money market account.
Staff requested that the WEDC Board of Directors authorize the WEDC Treasurer and Executive
Director to negotiate with ANB and Inwood for the placement of approximately $105,928.89 in
an interest bearing account. President Fuller indicated that liquidity and security should be a
priority over the interest rate.
MOTION: A motion was made by Kevin St. John and seconded by Gary Bowland
authorizing the WEDC Treasurer and Executive Director to negotiate with
American National Bank and Inwood National Bank to secure either a
Money Market Account or a certificate of deposit to place approximately
$105,929 of WEDC funds. The motion further authorized the WEDC
Treasurer and WEDC Executive Director to execute all documentation
required to effectuate any new investment account of WEDC monies
currently held in an American National Money Market Account. The
WEDC Board of Directors voted 3 — FOR and 0 — AGAINST in favor of
the motion.
ITEM NO. 5—Staff Update.
Staff discussed issues surrounding Moulding Associates, Dickey's Barbeque, the expansion of
State Highway 78 and Wylie Carpet &Tile. Staff made no recommendation to the WEDC Board
of Directors regarding the above issues, therefore no motion/action was required.
WEDC—Minutes
September 11, 2003
Page 3
ITEM NO. 6—Citizen Participation.
There being no citizen participation, President Fuller proceeded to Item No. 7.
ITEM NO. 7—Adjourn.
There being no further business, the meeting was adjourned at 8:20 a.m.
Marvin Fuller, President
Attest:
11,111Mr(I
Samuel D.R. Satterwhite
Executive Director