04-29-1997 (WEDC) Minutes Minutes
WYLIE ECONOMIC DEVELOPMENT CORPORATION
Monday,April 29, 1997
Board Members Present:
Marvin Fuller(left at 3:23 p.m.)
Kevin St. John(arrived at 3:33 p.m.)
J.C. Worley •
John Yeager
Merrill Young
Staff Present:
Samuel Satterwhite, Executive Director
Others Present:
Mindy Manson, Assistant to the City Manager
John Motter(The Wylie News)
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 29, 1997 in the Wylie Chamber of Commerce Board
Room, at 108 W. Marble, Wylie, Texas.
The meeting was called to order by President John Yeager at 3:11 p.m.
ITEM NO. 1 - Discuss and Consider Approval of Minutes for the March 18, 1997 Regular
Board of Directors Meeting of the Wylie Economic Development Corporation.
Staff pointed out several clerical errors which were included in the minutes. On page 2, Item No.
4, "incentives would be necessary" opposed to "incentives would not be necessary" to support a
company requiring financial assistance to relocate. In addition, the Motion for Item No. 5 should
read, A motion was made by Marvin Fuller and seconded by J.C. Worley to offer Lots 8, 9, and
10 to Best Technology Inc. for the construction of a 15,000 square foot facility and relocation of
real and personal property.
MOTION: A motion was made by Marvin Fuller and seconded by Merrill Young to
approve the Minutes for the March 18, 1997 Regular Meeting of the Wylie
Economic Development Corporation Board of Directors as amended. The
WEDC Board of Directors voted 3 - FOR and 0 - AGAINST in favor of
the motion.
ITEM NO. 2 - Staff Reports.
Staff discussed issues surrounding Wylie Machine, the proposed City of Wylie Enterprise Zone,
WEDC computer/phone upgrades, CPI Communications, Premier Business Park, restaurant
development, WEDC interne capabilities, the TEDC mid-year conference, L.G. Motorsports,
and Best Technology, Inc.
WEDC -Minutes
April 29, 1997
Page 2
Of particular interest to the Board was the fact that Mr. Gary Bottoms of Best Technology, Inc.
had accepted in principal the conveyance of WEDC owned property on Business Way to BTI for
the construction of a 15,000 square foot facility employing 55 individuals. The Board instructed
staff to maintain contact with Mr. Bottoms and provide any assistance deemed necessary.
ITEM No. 3 - Discuss and Consider Issues Surrounding an Investment Policy Adopted by
the City of Wylie City Council.
Staff informed the Board that according to Chapter 2256 of Title 10 of the Local Government
Code (Page 1, Section I, City of Wylie Investment Policy), the investment officer of the City of
Wylie must manage all investment of public monies. Specifically, Mr. Brady Snellgrove (City of
Wylie Investment Officer) must oversee the investment of WEDC funds. Currently, the WEDC
maintains $66,667 in the TexPool municipal investment account earning 5.5% interest and
$243,175 in a money market investment account at American National Bank (ANB) earning
4.0% interest.
Mr. Snellgrove informed staff that if the WEDC were to put all funds into the TexPool municipal
investment account, the WEDC would realize an additional $2,952 in interest annually.
President Yeager commented that if the WEDC encourages businesses to invest in the
community, shouldn't the WEDC do the same at some level? Board member St. John suggested
that the WEDC maintain a significant presence at a local bank while increasing deposits in
TexPool, thus decreasing the unrealized interest. Staff commented that just as with the WEDC
operating account managed by the City of Wylie, the WEDC Board of Directors will be in 100%
control of the specific use and distribution of any funds invested.
The Board instructed staff to invite Mr. Snellgrove to attend the May 20th Board Meeting to
discuss the Investment Policy and its impact on the WEDC.
MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley to
table consideration of an Investment Policy adopted by the City of Wylie
City Council. The WEDC Board of Directors voted 4 - FOR and 0 -
AGAINST in favor of the motion.
ITEM No. 4 - Discuss and Consider Issues Surrounding the Development of Marketing
Materials for the Wylie Economic Development Corporation.
Staff discussed the need for a brochure which highlights the benefits of relocating a business to
Wylie. Unlike the Community Profile which provides general demographic information, this
type of brochure will be used to promote access, the WISD's benefit to the business community,
quality of life issues effecting relocation's, commercial/industrial property, the WEDC, Premier
Business Park, and a pro-business municipality. It was estimated that this brochure will have a
shelf life of approximately 18 months to 2 years.
WEDC - Minutes
April 29, 1997
Page 3
To fund this brochure, the WEDC will need to identify an alternative funding source. The
identification of this alternative funding source is necessary due to the fact that the WEDC has
already budgeted the maximum 10% for promotional items (advertising). Staff proposed that the
WEDC Board of Directors consider the use of unspent marketing dollars for the 1995-1996 fiscal
year. During FY 1995-96, the WEDC budgeted $21,100 for marketing while only expending
$8,375 leaving an unspent amount of $12,725. Staff added that the Comptroller of Public
Accounts approved of the use of previous years funds to support marketing activities so long as
the combined expenditures do not exceed 20% of revenue over the two year period.
The WEDC Board of Directors believe that this brochure is an important part of necessary
marketing materials and based on estimates provided by staff, authorized an amount not to
exceed $5,000 for the design and development of this brochure.
MOTION: A motion was made by Kevin St. John and seconded by J.C. Worley to
approve the design and development of a marketing brochure with the
intent of expending advertising dollars which were not utilized during the
1995-1996 fiscal year and further stipulating a cost not to exceed $5,000.
The WEDC Board of Directors voted 4 - FOR and 0 - AGAINST in favor
of the motion.
ITEM No. 5 - Discuss and Consider Issues Surrounding a Kansas City Southern Railway
Facility in Wylie,Texas.
Staff updated the Board on issues surrounding a site visit to Jackson, Mississippi to tour an
existing Kansas City Southern (KCS) intermodal facility. Staff discussed issues such as traffic
impact, effect on industrial property, impact on residential property, and a physical description of
the site. Staff explained that due to the existing impact of truck traffic, no conclusions can be
drawn regarding the traffic impact. Also, being that the facility has been in operations for only 2
months, the impact on industrial property has not been realized. Finally, residential property
surrounding the Jackson facility is completely unlike residential development near the proposed
Wylie facility. A residential community abuts the facility itself Although unknowingly, one
property owner has even constructed a porch within KCS right-of-way.
The most constructive piece of information was the fact that KCS officials were cooperative in
every phase of construction of the Jackson facility. City services were rerouted at KCS expense,
sound burms and barriers were constructed to accommodate the residential community, and
property owners were offered fair prices for property purchased by KCS. In addition, staff
commented favorably on the physical appearance and operation of the facility.
WEDC - Minutes
April 29, 1997
Page 4
ITEM No. 6 - Discuss and Consider Approval of the March, 1997 Treasurer's Report for
the Wylie Economic Development Corporation.
MOTION: A motion was made by Merrill Young and seconded by J.C. Worley to
approve the March, 1997 Treasurer's Report for the Wylie Economic
Development Corporation. The WEDC Board of Directors voted 4 - FOR
and 0 - AGAINST in favor of the motion.
ITEM No. 7-Adjourn.
There being no further business,the meeting was adjourned at 4:25 p.m.
ohn ger
President
Attest:
Samuel D.R. Satterwhite
Executive Director